DRAM max pain, gamma exposure (GEX) & options open interest
As of close · rank #44 by open interest · 124 sessions of history since Apr 8, 2026
DRAM's nearest-expiration max pain is 61.00 for 2026-10-05, its GEX flip is 55.04, net GEX is 91,288,891, its put/call open-interest ratio is 0.53. 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: smile convexity 30.8 pp · volume/OI 0.08
DRAM closed 7.5% below its gamma max of 66.44. It is 14.4% above the delta neutral price of 52.90. Total open interest is 2,245,243, -3.7% versus the previous session. Its options catalyst-intensity score is 40.9 out of 100, led by smile convexity 30.8 pp, volume/OI 0.08. 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 | -30,842 contracts · -2.1% |
| Put OI change, 1 session | -55,366 contracts · -6.6% |
| Call minus put OI growth, 1 session | +4.5 pp |
| Call OI change, 5 sessions | +58,694 contracts · +4.2% |
| Put OI change, 5 sessions | +16,116 contracts · +2.1% |
| Call minus put OI growth, 5 sessions | +2.1 pp |
| Daily call OI change surprise | — (122 prior changes) |
| Daily put OI change surprise | — (122 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 below gamma max 3 completed Day +10 paths · latest Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 3 | +2.0% | +1.1% to +2.5% | 100% | – | – |
| Day +2 | 3 | +3.2% | -1.2% to +3.7% | 67% | – | – |
| Day +3 | 3 | +1.8% | -8.9% to +6.9% | 67% | – | – |
| Day +4 | 3 | +3.5% | -4.8% to +9.0% | 67% | – | – |
| Day +5 | 3 | +8.5% | -2.9% to +11.6% | 67% | – | – |
| Day +6 | 3 | +4.9% | -6.1% to +6.5% | 67% | – | – |
| Day +7 | 3 | -6.5% | -7.2% to +0.8% | 33% | – | – |
| Day +8 | 3 | -0.4% | -3.5% to +5.7% | 33% | – | – |
| Day +9 | 3 | +2.1% | +0.2% to +5.4% | 67% | – | – |
| Day +10 | 3 | -2.2% | -3.6% to +4.4% | 33% | – | – |
Crosses above gamma max 4 completed Day +10 paths · latest May 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 4 | +2.4% | -0.3% to +5.2% | 75% | – | – |
| Day +2 | 4 | +1.4% | -1.1% to +5.0% | 50% | – | – |
| Day +3 | 4 | +3.9% | +2.6% to +6.0% | 100% | – | – |
| Day +4 | 4 | +2.8% | +1.2% to +6.0% | 75% | – | – |
| Day +5 | 4 | -1.2% | -5.3% to +4.4% | 50% | – | – |
| Day +6 | 4 | +0.7% | -5.0% to +8.1% | 50% | – | – |
| Day +7 | 4 | -1.7% | -5.7% to +3.8% | 50% | – | – |
| Day +8 | 4 | -5.0% | -7.8% to -0.5% | 25% | – | – |
| Day +9 | 4 | +2.9% | +2.2% to +4.4% | 75% | – | – |
| Day +10 | 4 | +1.3% | -0.4% to +3.6% | 50% | – | – |
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 124 sessions
| Sessions closed above gamma max | 6% |
| Gamma max crosses | 9 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 35.8% of 123 |
| Prior-year sessions closer to delta neutral | 48.8% of 123 |
| Open interest percentile (1y) | 62th |
| Daily open interest change versus prior year | – (-86,208 contracts; 122 prior changes) |
| Open interest change, 5 sessions | +3.4% |
| Open interest change, 21 sessions | -7.6% |
| History available | Apr 8, 2026 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 52.34 vs 48.93 (+6.5%)
- closed below delta neutral at 47.77 vs 50.03 (-4.7%)
- closed above delta neutral at 52.72 vs 49.77 (+5.6%)
- closed below delta neutral at 52.34 vs 53.69 (-2.6%)
- closed below gamma max at 69.64 vs 71.01 (-2.0%)
- closed above gamma max at 63.29 vs 63.18 (+0.2%)
- closed below gamma max at 60.74 vs 61.77 (-1.7%)
- closed above gamma max at 60.51 vs 59.17 (+2.2%)
- closed below gamma max at 51.30 vs 56.78 (-10.7%)
- closed above gamma max at 52.80 vs 52.69 (+0.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/DRAM
Questions people ask about DRAM
Where is DRAM's gamma max today?
As of Oct 2, 2026, the gamma max for DRAM is 66.44, +7.5% from the 61.78 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 DRAM above or below its delta neutral price?
DRAM closed above delta neutral: 61.78 against a delta neutral price of 52.90. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does DRAM have?
2,245,243 contracts of open interest across 1,713 listed contracts on Oct 2, 2026, -3.7% 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.