FLY max pain, gamma exposure (GEX) & options open interest
As of close · rank #520 by open interest · 457 sessions of history since Dec 1, 2020
FLY's nearest-expiration max pain is 23.00 for 2026-10-09, its GEX flip is 7.07, net GEX is 2,964,299, its put/call open-interest ratio is 0.41. 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 +12.8% · IV rank 96
FLY closed 12.9% below its gamma max of 26.33. It is 19.6% above the delta neutral price of 18.74. Total open interest is 137,443, -4.2% versus the previous session. Its options catalyst-intensity score is 55.5 out of 100, led by 7d expected move +12.8%, IV rank 96. 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 | -4,592 contracts · -4.5% |
| Put OI change, 1 session | -1,402 contracts · -3.4% |
| Call minus put OI growth, 1 session | -1.1 pp |
| Call OI change, 5 sessions | +3,482 contracts · +3.7% |
| Put OI change, 5 sessions | +844 contracts · +2.2% |
| Call minus put OI growth, 5 sessions | +1.5 pp |
| Daily call OI change surprise | -0.55σ (252 prior changes) |
| Daily put OI change surprise | -0.46σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.13σ (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 13 completed Day +10 paths · latest Aug 3, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -1.4% | -2.9% to +2.3% | 46% | -2.9% to +2.3% | 0.0% |
| Day +2 | 13 | -0.5% | -4.4% to +3.7% | 38% | -4.4% to +3.7% | 0.0% |
| Day +3 | 13 | -1.8% | -3.8% to +0.4% | 31% | -3.8% to +0.4% | 0.0% |
| Day +4 | 13 | +0.3% | -4.5% to +3.8% | 54% | -4.5% to +3.8% | 0.0% |
| Day +5 | 13 | +1.6% | -4.5% to +10.4% | 54% | -4.5% to +10.4% | 0.0% |
| Day +6 | 13 | +0.1% | -5.5% to +12.0% | 54% | -5.5% to +12.0% | 0.0% |
| Day +7 | 13 | -1.5% | -10.5% to +17.2% | 46% | -10.5% to +17.2% | 0.0% |
| Day +8 | 13 | +8.4% | -12.3% to +19.9% | 62% | -12.3% to +19.9% | 0.0% |
| Day +9 | 13 | +5.7% | -9.1% to +18.5% | 54% | -9.1% to +18.5% | 0.0% |
| Day +10 | 13 | -0.7% | -10.7% to +13.1% | 46% | -10.7% to +13.1% | 0.0% |
Crosses below gamma max 15 completed Day +10 paths · latest May 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -1.8% | -5.2% to +2.4% | 40% | -5.7% to +2.5% | 0.0% |
| Day +2 | 15 | -0.6% | -8.3% to +2.6% | 40% | -8.4% to +2.9% | 0.0% |
| Day +3 | 15 | -1.6% | -8.1% to +4.1% | 47% | -10.8% to +6.2% | 0.0% |
| Day +4 | 15 | -1.5% | -11.8% to +6.1% | 47% | -14.1% to +6.5% | 0.0% |
| Day +5 | 15 | -0.8% | -9.0% to +11.8% | 47% | -11.3% to +12.1% | 0.0% |
| Day +6 | 15 | -1.7% | -10.3% to +15.4% | 47% | -10.5% to +15.9% | 0.0% |
| Day +7 | 15 | +4.1% | -9.7% to +19.2% | 53% | -9.8% to +19.7% | 0.0% |
| Day +8 | 15 | +0.3% | -10.5% to +22.3% | 53% | -11.3% to +22.4% | 0.0% |
| Day +9 | 15 | +5.0% | -12.4% to +20.8% | 60% | -12.5% to +22.2% | 0.0% |
| Day +10 | 15 | +5.8% | -9.6% to +15.3% | 60% | -13.6% to +18.4% | 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 | 14% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 15 |
| Prior-year sessions closer to gamma max | 47.2% of 252 |
| Prior-year sessions closer to delta neutral | 60.7% of 252 |
| Open interest percentile (1y) | 50th |
| Daily open interest change versus prior year | -0.56σ (-5,994 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.2% |
| Open interest change, 21 sessions | -20.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 22.84 vs 23.94 (-4.8%)
- closed above gamma max at 21.89 vs 20.27 (+7.4%)
- closed above delta neutral at 17.84 vs 16.82 (+5.7%)
- closed below delta neutral at 19.88 vs 19.99 (-0.5%)
- closed above delta neutral at 20.70 vs 20.18 (+2.5%)
- closed below delta neutral at 20.24 vs 20.31 (-0.4%)
- closed above delta neutral at 21.11 vs 20.81 (+1.4%)
- closed below delta neutral at 22.27 vs 23.15 (-4.0%)
- closed above delta neutral at 29.05 vs 25.98 (+10.6%)
- closed below delta neutral at 24.91 vs 25.50 (-2.4%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/FLY
Questions people ask about FLY
Where is FLY's gamma max today?
As of Oct 2, 2026, the gamma max for FLY is 26.33, +12.9% from the 23.32 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 FLY above or below its delta neutral price?
FLY closed above delta neutral: 23.32 against a delta neutral price of 18.74. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does FLY have?
137,443 contracts of open interest across 474 listed contracts on Oct 2, 2026, -4.2% 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.