CVX max pain, gamma exposure (GEX) & options open interest
As of close · rank #212 by open interest · 1,394 sessions of history since Dec 1, 2020
CVX's nearest-expiration max pain is 205.00 for 2026-10-09, its GEX flip is 191.96, net GEX is 38,738,639, its put/call open-interest ratio is 0.70. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: volume/OI 0.09
CVX closed 5.4% below its gamma max of 217.93. It is 7.6% above the delta neutral price of 191.09. Total open interest is 479,928, -6.0% versus the previous session. Its options catalyst-intensity score is 43.0 out of 100, led by volume/OI 0.09. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -20,728 contracts · -6.8% |
| Put OI change, 1 session | -9,734 contracts · -4.7% |
| Call minus put OI growth, 1 session | -2.2 pp |
| Call OI change, 5 sessions | +15,409 contracts · +5.8% |
| Put OI change, 5 sessions | +8,035 contracts · +4.2% |
| Call minus put OI growth, 5 sessions | +1.6 pp |
| Daily call OI change surprise | -1.00σ (252 prior changes) |
| Daily put OI change surprise | -0.76σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.65σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 18 completed Day +10 paths · latest Mar 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +1.1% | -0.3% to +1.7% | 72% | +0.2% to +1.7% | +0.2% |
| Day +2 | 18 | +1.8% | -0.8% to +2.5% | 61% | -0.3% to +2.3% | 0.0% |
| Day +3 | 18 | +1.7% | +0.1% to +1.9% | 78% | +0.3% to +1.9% | +0.3% |
| Day +4 | 18 | +1.3% | +0.1% to +3.5% | 78% | +0.2% to +3.1% | +0.2% |
| Day +5 | 18 | +1.3% | -1.7% to +3.3% | 67% | -1.6% to +2.9% | 0.0% |
| Day +6 | 18 | +1.7% | -1.2% to +4.2% | 61% | -0.8% to +3.5% | 0.0% |
| Day +7 | 18 | +1.8% | -1.9% to +5.8% | 67% | -1.3% to +4.6% | 0.0% |
| Day +8 | 18 | +1.4% | -1.9% to +4.3% | 67% | -1.0% to +3.4% | 0.0% |
| Day +9 | 18 | +1.3% | -1.4% to +5.5% | 67% | -1.3% to +5.4% | 0.0% |
| Day +10 | 18 | +2.7% | -0.6% to +4.9% | 67% | -0.2% to +4.6% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest Mar 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.4% | -1.4% to +0.4% | 44% | -1.2% to +0.3% | 0.0% |
| Day +2 | 18 | +0.1% | -0.8% to +0.7% | 56% | -0.6% to +0.7% | 0.0% |
| Day +3 | 18 | +0.7% | -1.3% to +2.3% | 61% | -1.2% to +2.2% | 0.0% |
| Day +4 | 18 | +0.5% | -1.4% to +1.7% | 61% | -0.8% to +1.4% | 0.0% |
| Day +5 | 18 | +0.7% | -1.4% to +2.4% | 61% | -1.4% to +2.3% | 0.0% |
| Day +6 | 18 | +1.0% | -2.4% to +3.4% | 67% | -0.2% to +3.2% | 0.0% |
| Day +7 | 18 | +1.0% | -2.1% to +3.1% | 56% | -1.2% to +3.0% | 0.0% |
| Day +8 | 18 | +1.3% | -2.3% to +4.5% | 61% | -0.9% to +3.2% | 0.0% |
| Day +9 | 18 | +1.3% | -3.1% to +2.8% | 67% | -2.0% to +1.7% | 0.0% |
| Day +10 | 18 | +2.0% | -3.0% to +3.7% | 67% | -1.2% to +3.7% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 4% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 46.0% of 252 |
| Prior-year sessions closer to delta neutral | 65.9% of 252 |
| Open interest percentile (1y) | 15th |
| Daily open interest change versus prior year | -0.94σ (-30,462 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.1% |
| Open interest change, 21 sessions | -12.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 173.85 vs 170.61 (+1.9%)
- closed below delta neutral at 171.92 vs 173.64 (-1.0%)
- closed above delta neutral at 174.93 vs 174.07 (+0.5%)
- closed below delta neutral at 177.44 vs 178.85 (-0.8%)
- closed below gamma max at 201.73 vs 205.57 (-1.9%)
- closed above gamma max at 201.44 vs 200.13 (+0.7%)
- closed below gamma max at 180.55 vs 186.51 (-3.3%)
- closed above gamma max at 183.74 vs 181.46 (+1.2%)
- closed below gamma max at 182.40 vs 184.68 (-1.3%)
- closed above gamma max at 180.86 vs 178.64 (+1.2%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/CVX
Questions people ask about CVX
Where is CVX's gamma max today?
As of Oct 2, 2026, the gamma max for CVX is 217.93, +5.4% from the 206.77 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is CVX above or below its delta neutral price?
CVX closed above delta neutral: 206.77 against a delta neutral price of 191.09. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CVX have?
479,928 contracts of open interest across 641 listed contracts on Oct 2, 2026, -6.0% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.