CYPH max pain, gamma exposure (GEX) & options open interest
As of close · rank #476 by open interest · 137 sessions of history since Nov 14, 2025
CYPH's nearest-expiration max pain is 3.50 for 2026-10-09, net GEX is 2,655,498, its put/call open-interest ratio is 0.37. 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: 7d expected move +24.7% · front IV premium 15.2 pp · 25Δ risk reversal -87.7 pp
CYPH closed 25.8% below its gamma max of 3.81. It is 44.0% above the delta neutral price of 1.70. Total open interest is 158,268, -1.5% versus the previous session. Its options catalyst-intensity score is 82.9 out of 100, led by 7d expected move +24.7%, front IV premium 15.2 pp, 25Δ risk reversal -87.7 pp. 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 | -2,521 contracts · -2.1% |
| Put OI change, 1 session | +134 contracts · +0.3% |
| Call minus put OI growth, 1 session | -2.4 pp |
| Call OI change, 5 sessions | +16,611 contracts · +16.7% |
| Put OI change, 5 sessions | +11,352 contracts · +36.5% |
| Call minus put OI growth, 5 sessions | -19.8 pp |
| Daily call OI change surprise | — (121 prior changes) |
| Daily put OI change surprise | — (121 prior changes) |
| Daily call-minus-put growth surprise | — (121 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 above gamma max 2 completed Day +10 paths · latest Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 3 | -19.7% | -19.7% to -13.4% | 0% | – | – |
| Day +2 | 3 | -21.6% | -28.3% to -7.5% | 33% | – | – |
| Day +3 | 3 | -19.2% | -22.5% to -7.2% | 33% | – | – |
| Day +4 | 3 | -25.9% | -27.5% to -19.5% | 0% | – | – |
| Day +5 | 3 | -32.9% | -42.9% to -29.7% | 0% | – | – |
| Day +6 | 2 | -45.6% | -45.8% to -45.4% | 0% | – | – |
| Day +7 | 2 | -47.8% | -48.3% to -47.4% | 0% | – | – |
| Day +8 | 2 | -44.2% | -45.0% to -43.4% | 0% | – | – |
| Day +9 | 2 | -44.3% | -44.7% to -44.0% | 0% | – | – |
| Day +10 | 2 | -48.5% | -49.9% to -47.1% | 0% | – | – |
Crosses below gamma max 4 completed Day +10 paths · latest Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 4 | -2.1% | -2.6% to -1.1% | 25% | – | – |
| Day +2 | 4 | -5.0% | -9.6% to -2.9% | 0% | – | – |
| Day +3 | 4 | -1.0% | -17.5% to +3.7% | 50% | – | – |
| Day +4 | 4 | -3.6% | -16.0% to -0.2% | 25% | – | – |
| Day +5 | 4 | -6.4% | -22.1% to +2.8% | 25% | – | – |
| Day +6 | 4 | -28.0% | -50.1% to -4.4% | 25% | – | – |
| Day +7 | 4 | -24.6% | -45.8% to -3.0% | 25% | – | – |
| Day +8 | 4 | -28.5% | -47.3% to -9.1% | 0% | – | – |
| Day +9 | 4 | -23.6% | -46.7% to -1.5% | 0% | – | – |
| Day +10 | 4 | -25.0% | -46.3% to -1.8% | 25% | – | – |
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 137 sessions
| Sessions closed above gamma max | 67% |
| Gamma max crosses | 30 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 71.3% of 136 |
| Prior-year sessions closer to delta neutral | 44.9% of 136 |
| Open interest percentile (1y) | 99th |
| Daily open interest change versus prior year | – (-2,387 contracts; 135 prior changes) |
| Open interest change, 5 sessions | +21.5% |
| Open interest change, 21 sessions | +176.9% |
| History available | Nov 14, 2025 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 3.31 vs 4.08 (-23.3%)
- closed above gamma max at 4.12 vs 4.09 (+0.6%)
- closed below gamma max at 3.61 vs 3.97 (-9.8%)
- closed above gamma max at 3.07 vs 2.46 (+19.8%)
- closed below gamma max at 2.20 vs 2.31 (-4.9%)
- closed above gamma max at 2.45 vs 2.10 (+14.2%)
- closed below gamma max at 2.63 vs 3.28 (-24.9%)
- closed above gamma max at 1.07 vs 0.94 (+11.8%)
- closed below gamma max at 0.59 vs 0.63 (-6.2%)
- closed above gamma max at 0.62 vs 0.55 (+11.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CYPH
Questions people ask about CYPH
Where is CYPH's gamma max today?
As of Oct 2, 2026, the gamma max for CYPH is 3.81, +25.8% from the 3.03 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 CYPH above or below its delta neutral price?
CYPH closed above delta neutral: 3.03 against a delta neutral price of 1.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CYPH have?
158,268 contracts of open interest across 115 listed contracts on Oct 2, 2026, -1.5% 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.