ENPH max pain, gamma exposure (GEX) & options open interest
As of close · rank #258 by open interest · 1,394 sessions of history since Dec 1, 2020
ENPH's nearest-expiration max pain is 35.00 for 2026-10-09, its GEX flip is 35.12, net GEX is -2,653,786, 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: smile convexity -15.4 pp · IV rank 86
ENPH closed 36.8% below its gamma max of 45.78. It is 8.9% below the delta neutral price of 36.45. Total open interest is 381,789, -4.7% versus the previous session. Its options catalyst-intensity score is 48.3 out of 100, led by smile convexity -15.4 pp, IV rank 86. 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 | -13,098 contracts · -5.3% |
| Put OI change, 1 session | -5,577 contracts · -3.6% |
| Call minus put OI growth, 1 session | -1.7 pp |
| Call OI change, 5 sessions | +5,249 contracts · +2.3% |
| Put OI change, 5 sessions | +2,630 contracts · +1.8% |
| Call minus put OI growth, 5 sessions | +0.5 pp |
| Daily call OI change surprise | -0.85σ (252 prior changes) |
| Daily put OI change surprise | -0.53σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.75σ (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 11 completed Day +10 paths · latest May 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.1% | -1.4% to +0.9% | 45% | -1.7% to +1.7% | 0.0% |
| Day +2 | 11 | +2.3% | +0.8% to +6.8% | 82% | +0.6% to +7.0% | +0.6% |
| Day +3 | 11 | +2.6% | +1.3% to +5.2% | 82% | +0.4% to +5.8% | +0.4% |
| Day +4 | 11 | +4.1% | +1.2% to +7.4% | 82% | +0.7% to +8.0% | +0.7% |
| Day +5 | 11 | +5.8% | -2.3% to +8.1% | 55% | -2.4% to +8.1% | 0.0% |
| Day +6 | 11 | +5.9% | -2.0% to +12.0% | 64% | -3.0% to +13.0% | 0.0% |
| Day +7 | 11 | +7.4% | -1.9% to +8.6% | 64% | -2.8% to +9.4% | 0.0% |
| Day +8 | 11 | +6.7% | +3.3% to +9.7% | 100% | +2.4% to +10.7% | +2.4% |
| Day +9 | 11 | +5.9% | +2.6% to +12.6% | 82% | +2.2% to +14.7% | +2.2% |
| Day +10 | 11 | +7.4% | +1.5% to +16.5% | 73% | -2.3% to +20.6% | 0.0% |
Crosses above gamma max 10 completed Day +10 paths · latest May 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +2.5% | -2.2% to +3.5% | 60% | -3.0% to +3.9% | 0.0% |
| Day +2 | 10 | +1.6% | -2.6% to +6.3% | 60% | -5.7% to +7.8% | 0.0% |
| Day +3 | 10 | +4.9% | -0.9% to +11.8% | 70% | -2.8% to +12.7% | 0.0% |
| Day +4 | 10 | +6.2% | +1.3% to +11.2% | 70% | -1.0% to +13.3% | 0.0% |
| Day +5 | 10 | +7.3% | +1.5% to +10.9% | 80% | -2.3% to +17.7% | 0.0% |
| Day +6 | 10 | +5.9% | -2.0% to +11.0% | 70% | -8.6% to +22.2% | 0.0% |
| Day +7 | 10 | +9.7% | -2.2% to +16.2% | 70% | -5.8% to +24.3% | 0.0% |
| Day +8 | 10 | +8.7% | -0.3% to +14.2% | 70% | -6.7% to +25.0% | 0.0% |
| Day +9 | 10 | +11.4% | +6.0% to +19.1% | 80% | -0.8% to +27.6% | 0.0% |
| Day +10 | 10 | +10.1% | +1.1% to +15.8% | 70% | -2.3% to +17.3% | 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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 27 |
| Prior-year sessions closer to gamma max | 63.5% of 252 |
| Prior-year sessions closer to delta neutral | 67.5% of 252 |
| Open interest percentile (1y) | 36th |
| Daily open interest change versus prior year | -0.73σ (-18,675 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.1% |
| Open interest change, 21 sessions | -5.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 36.72 vs 37.47 (-2.0%)
- closed above delta neutral at 38.83 vs 38.21 (+1.6%)
- closed below delta neutral at 37.25 vs 37.93 (-1.8%)
- closed above delta neutral at 39.25 vs 39.17 (+0.2%)
- closed below delta neutral at 40.48 vs 40.74 (-0.7%)
- closed above delta neutral at 41.77 vs 39.52 (+5.4%)
- closed below delta neutral at 39.46 vs 39.76 (-0.8%)
- closed above delta neutral at 41.57 vs 40.32 (+3.0%)
- closed below delta neutral at 41.08 vs 42.51 (-3.5%)
- closed above delta neutral at 43.02 vs 42.90 (+0.3%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ENPH
Questions people ask about ENPH
Where is ENPH's gamma max today?
As of Oct 2, 2026, the gamma max for ENPH is 45.78, +36.8% from the 33.47 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 ENPH above or below its delta neutral price?
ENPH closed below delta neutral: 33.47 against a delta neutral price of 36.45. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ENPH have?
381,789 contracts of open interest across 527 listed contracts on Oct 2, 2026, -4.7% 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.