DAL max pain, gamma exposure (GEX) & options open interest
As of close · rank #208 by open interest · 1,394 sessions of history since Dec 1, 2020
DAL's nearest-expiration max pain is 82.00 for 2026-10-09, its GEX flip is 71.51, net GEX is 52,715,595, its put/call open-interest ratio is 0.55. 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 23.0 pp · IV rank 99 · 7d expected move +9.0%
DAL closed 6.7% below its gamma max of 89.74. It is 9.3% above the delta neutral price of 76.28. Total open interest is 481,191, -3.9% versus the previous session. Its options catalyst-intensity score is 65.1 out of 100, led by front IV premium 23.0 pp, IV rank 99, 7d expected move +9.0%. 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 | -14,412 contracts · -4.4% |
| Put OI change, 1 session | -5,275 contracts · -3.0% |
| Call minus put OI growth, 1 session | -1.5 pp |
| Call OI change, 5 sessions | +11,151 contracts · +3.7% |
| Put OI change, 5 sessions | +4,483 contracts · +2.7% |
| Call minus put OI growth, 5 sessions | +1.0 pp |
| Daily call OI change surprise | -0.54σ (252 prior changes) |
| Daily put OI change surprise | -0.20σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.33σ (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 40 completed Day +10 paths · latest Aug 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | -0.1% | -0.7% to +1.0% | 48% | -0.5% to +0.7% | 0.0% |
| Day +2 | 40 | -0.2% | -1.9% to +1.5% | 45% | -0.5% to +0.6% | 0.0% |
| Day +3 | 40 | +0.2% | -1.2% to +2.0% | 50% | -0.6% to +1.3% | 0.0% |
| Day +4 | 40 | +0.3% | -1.3% to +2.1% | 63% | -0.2% to +1.1% | 0.0% |
| Day +5 | 40 | +0.3% | -1.6% to +3.0% | 53% | -0.9% to +1.1% | 0.0% |
| Day +6 | 40 | -0.2% | -2.7% to +3.2% | 50% | -2.1% to +2.1% | 0.0% |
| Day +7 | 40 | +0.2% | -1.9% to +3.4% | 53% | -0.8% to +1.6% | 0.0% |
| Day +8 | 40 | +0.5% | -3.3% to +3.6% | 55% | -1.3% to +1.6% | 0.0% |
| Day +9 | 40 | +1.0% | -3.1% to +4.0% | 57% | -0.9% to +2.2% | 0.0% |
| Day +10 | 40 | +0.9% | -2.4% to +3.3% | 60% | -0.4% to +2.2% | 0.0% |
Crosses above gamma max 41 completed Day +10 paths · latest Aug 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 41 | -0.5% | -1.4% to +1.3% | 41% | -1.3% to +1.0% | 0.0% |
| Day +2 | 41 | -0.2% | -1.3% to +1.9% | 44% | -0.9% to +1.0% | 0.0% |
| Day +3 | 41 | -0.7% | -1.9% to +2.0% | 44% | -1.5% to +0.8% | 0.0% |
| Day +4 | 41 | -0.4% | -2.0% to +1.8% | 44% | -1.6% to +1.2% | 0.0% |
| Day +5 | 41 | +0.0% | -2.5% to +3.3% | 51% | -1.0% to +1.5% | 0.0% |
| Day +6 | 41 | +0.1% | -2.6% to +3.1% | 54% | -0.9% to +2.4% | 0.0% |
| Day +7 | 41 | +0.7% | -2.4% to +3.8% | 56% | -1.3% to +2.2% | 0.0% |
| Day +8 | 41 | 0.0% | -2.6% to +4.0% | 49% | -1.8% to +2.1% | 0.0% |
| Day +9 | 41 | +0.1% | -3.2% to +3.6% | 51% | -1.6% to +2.6% | 0.0% |
| Day +10 | 41 | +1.1% | -3.6% to +3.1% | 63% | -1.0% to +2.6% | 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 | 5% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 6 |
| Prior-year sessions closer to gamma max | 51.6% of 252 |
| Prior-year sessions closer to delta neutral | 66.7% of 252 |
| Open interest percentile (1y) | 31th |
| Daily open interest change versus prior year | -0.41σ (-19,687 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.4% |
| Open interest change, 21 sessions | +11.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 78.14 vs 77.48 (+0.8%)
- closed below delta neutral at 76.38 vs 77.56 (-1.5%)
- closed below gamma max at 91.98 vs 96.86 (-5.3%)
- closed above gamma max at 92.77 vs 92.62 (+0.2%)
- closed below gamma max at 87.44 vs 95.75 (-9.5%)
- closed above gamma max at 88.59 vs 88.33 (+0.3%)
- closed below gamma max at 92.31 vs 97.20 (-5.3%)
- closed above gamma max at 90.48 vs 88.64 (+2.0%)
- closed below gamma max at 84.39 vs 90.61 (-7.4%)
- closed above gamma max at 83.18 vs 81.57 (+1.9%)
In today's screens
Neighbours by open interest
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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/DAL
Questions people ask about DAL
Where is DAL's gamma max today?
As of Oct 2, 2026, the gamma max for DAL is 89.74, +6.7% from the 84.09 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 DAL above or below its delta neutral price?
DAL closed above delta neutral: 84.09 against a delta neutral price of 76.28. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does DAL have?
481,191 contracts of open interest across 625 listed contracts on Oct 2, 2026, -3.9% 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.