CZR max pain, gamma exposure (GEX) & options open interest
As of close · rank #550 by open interest · 1,394 sessions of history since Dec 1, 2020
CZR's nearest-expiration max pain is 29.00 for 2026-10-09, its GEX flip is 19.49, net GEX is 11,884,713, its put/call open-interest ratio is 0.64. 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: front IV premium 11.1 pp · smile convexity 15.1 pp
CZR closed right at its gamma max of 29.65. It is 15.6% above the delta neutral price of 25.03. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 128,991, -2.4% versus the previous session. Its options catalyst-intensity score is 60.6 out of 100, led by front IV premium 11.1 pp, smile convexity 15.1 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 | -1,610 contracts · -2.0% |
| Put OI change, 1 session | -1,538 contracts · -3.0% |
| Call minus put OI growth, 1 session | +1.0 pp |
| Call OI change, 5 sessions | -1,546 contracts · -1.9% |
| Put OI change, 5 sessions | -1,171 contracts · -2.3% |
| Call minus put OI growth, 5 sessions | +0.4 pp |
| Daily call OI change surprise | -0.10σ (252 prior changes) |
| Daily put OI change surprise | -0.09σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.10σ (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 above gamma max 30 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +0.2% | -0.7% to +1.4% | 58% | -0.3% to +0.8% | 0.0% |
| Day +2 | 31 | -0.4% | -1.9% to +0.6% | 45% | -1.8% to +0.2% | 0.0% |
| Day +3 | 31 | -0.5% | -2.8% to +1.6% | 39% | -2.4% to +0.2% | 0.0% |
| Day +4 | 31 | -0.8% | -2.8% to +0.9% | 39% | -1.9% to +0.1% | 0.0% |
| Day +5 | 31 | -0.6% | -3.7% to +0.6% | 39% | -1.7% to +0.2% | 0.0% |
| Day +6 | 30 | -0.9% | -2.6% to +2.2% | 40% | -1.4% to +1.2% | 0.0% |
| Day +7 | 30 | -0.1% | -2.7% to +1.7% | 43% | -1.7% to +0.4% | 0.0% |
| Day +8 | 30 | -0.4% | -3.2% to +2.9% | 47% | -1.7% to +2.7% | 0.0% |
| Day +9 | 30 | -1.0% | -2.9% to +2.8% | 43% | -2.1% to +0.7% | 0.0% |
| Day +10 | 30 | -0.3% | -2.1% to +2.2% | 43% | -1.9% to +0.5% | 0.0% |
Crosses below gamma max 29 completed Day +10 paths · latest Sep 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.5% | -1.9% to +2.1% | 40% | -1.4% to +0.1% | 0.0% |
| Day +2 | 30 | -0.7% | -2.5% to +1.1% | 33% | -1.5% to 0.0% | 0.0% |
| Day +3 | 30 | +0.1% | -1.7% to +1.4% | 53% | -1.3% to +0.8% | 0.0% |
| Day +4 | 30 | +0.1% | -3.0% to +2.1% | 53% | -1.0% to +0.7% | 0.0% |
| Day +5 | 29 | -0.6% | -2.2% to +4.4% | 41% | -1.9% to +0.7% | 0.0% |
| Day +6 | 29 | -0.7% | -1.6% to +3.6% | 45% | -1.1% to +2.1% | 0.0% |
| Day +7 | 29 | +0.2% | -1.7% to +3.1% | 55% | -1.2% to +2.1% | 0.0% |
| Day +8 | 29 | -0.7% | -2.0% to +2.5% | 41% | -1.8% to +1.8% | 0.0% |
| Day +9 | 29 | -1.0% | -4.6% to +2.9% | 45% | -2.2% to +1.2% | 0.0% |
| Day +10 | 29 | -0.5% | -1.8% to +0.6% | 41% | -1.6% to +0.3% | 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 | 15 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 0.0% of 252 |
| Prior-year sessions closer to delta neutral | 93.3% of 252 |
| Open interest percentile (1y) | 0th |
| Daily open interest change versus prior year | -0.11σ (-3,148 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -2.1% |
| Open interest change, 21 sessions | -42.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above gamma max at 29.65 vs 29.65 (+0.0%)
- closed below gamma max at 29.59 vs 30.49 (-3.1%)
- closed above gamma max at 29.59 vs 29.08 (+1.7%)
- closed below gamma max at 30.15 vs 30.71 (-1.9%)
- closed above gamma max at 30.05 vs 29.86 (+0.6%)
- closed below gamma max at 29.97 vs 30.26 (-1.0%)
- closed above gamma max at 29.94 vs 29.82 (+0.4%)
- closed below gamma max at 29.94 vs 30.48 (-1.8%)
- closed above gamma max at 30.03 vs 29.97 (+0.2%)
- closed below gamma max at 30.16 vs 30.81 (-2.2%)
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/CZR
Questions people ask about CZR
Where is CZR's gamma max today?
As of Oct 2, 2026, the gamma max for CZR is 29.65, -0.0% from the 29.65 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 CZR above or below its delta neutral price?
CZR closed above delta neutral: 29.65 against a delta neutral price of 25.03. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CZR have?
128,991 contracts of open interest across 195 listed contracts on Oct 2, 2026, -2.4% 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.