KO max pain, gamma exposure (GEX) & options open interest
As of close · rank #161 by open interest · 1,394 sessions of history since Dec 1, 2020
KO's nearest-expiration max pain is 87.00 for 2026-10-09, its GEX flip is 83.22, net GEX is 36,042,942, its put/call open-interest ratio is 0.88. 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.
KO closed 4.4% below its gamma max of 89.44. It is 3.8% above the delta neutral price of 82.40. Total open interest is 648,593, -4.4% versus the previous session. Its options catalyst-intensity score is 48.1 out of 100. 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 | -23,420 contracts · -6.4% |
| Put OI change, 1 session | -6,330 contracts · -2.0% |
| Call minus put OI growth, 1 session | -4.3 pp |
| Call OI change, 5 sessions | +21,447 contracts · +6.6% |
| Put OI change, 5 sessions | +11,143 contracts · +3.8% |
| Call minus put OI growth, 5 sessions | +2.8 pp |
| Daily call OI change surprise | -1.08σ (252 prior changes) |
| Daily put OI change surprise | -0.38σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.55σ (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 23 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 23 | -0.3% | -1.0% to +0.4% | 39% | -0.8% to +0.1% | 0.0% |
| Day +2 | 23 | +0.0% | -1.3% to +0.7% | 52% | -1.0% to +0.6% | 0.0% |
| Day +3 | 23 | -0.4% | -1.2% to +1.2% | 43% | -1.1% to +0.9% | 0.0% |
| Day +4 | 23 | -0.2% | -0.9% to +0.8% | 48% | -0.8% to +0.7% | 0.0% |
| Day +5 | 23 | +0.6% | -1.7% to +1.5% | 61% | -1.1% to +0.9% | 0.0% |
| Day +6 | 23 | 0.0% | -1.4% to +1.7% | 48% | -0.6% to +1.2% | 0.0% |
| Day +7 | 23 | 0.0% | -1.7% to +1.1% | 48% | -1.5% to +0.7% | 0.0% |
| Day +8 | 23 | -0.2% | -1.9% to +1.6% | 48% | -0.8% to +1.2% | 0.0% |
| Day +9 | 23 | -0.1% | -2.0% to +1.9% | 48% | -1.7% to +1.1% | 0.0% |
| Day +10 | 23 | -0.1% | -2.0% to +0.8% | 43% | -1.4% to +0.6% | 0.0% |
Crosses above gamma max 23 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 23 | +0.2% | -0.7% to +0.5% | 57% | -0.6% to +0.4% | 0.0% |
| Day +2 | 23 | +0.1% | -1.3% to +0.6% | 52% | -0.6% to +0.5% | 0.0% |
| Day +3 | 23 | -0.2% | -1.2% to +0.5% | 43% | -0.9% to +0.3% | 0.0% |
| Day +4 | 23 | -0.3% | -1.6% to +0.5% | 43% | -1.5% to +0.2% | 0.0% |
| Day +5 | 23 | -0.3% | -1.4% to +0.7% | 39% | -1.1% to +0.3% | 0.0% |
| Day +6 | 23 | +0.1% | -2.2% to +1.1% | 57% | -1.6% to +0.9% | 0.0% |
| Day +7 | 23 | -0.2% | -1.5% to +1.1% | 48% | -1.3% to +1.0% | 0.0% |
| Day +8 | 23 | +0.4% | -2.1% to +1.8% | 52% | -1.9% to +1.5% | 0.0% |
| Day +9 | 23 | +0.2% | -1.7% to +1.6% | 52% | -1.2% to +1.0% | 0.0% |
| Day +10 | 23 | -0.6% | -2.2% to +1.5% | 43% | -1.8% to +0.6% | 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 | 7% |
| Gamma max crosses | 18 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 83.7% of 252 |
| Prior-year sessions closer to delta neutral | 28.2% of 252 |
| Open interest percentile (1y) | 26th |
| Daily open interest change versus prior year | -0.80σ (-29,750 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.3% |
| Open interest change, 21 sessions | -8.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 91.10 vs 92.96 (-2.0%)
- closed above gamma max at 90.35 vs 89.38 (+1.1%)
- closed below gamma max at 88.49 vs 90.24 (-2.0%)
- closed above gamma max at 88.27 vs 86.21 (+2.3%)
- closed below gamma max at 81.56 vs 86.29 (-5.8%)
- closed above gamma max at 84.92 vs 84.79 (+0.2%)
- closed below gamma max at 83.40 vs 83.42 (-0.0%)
- closed above gamma max at 84.00 vs 83.57 (+0.5%)
- closed below gamma max at 82.93 vs 83.44 (-0.6%)
- closed above gamma max at 84.14 vs 83.82 (+0.4%)
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/KO
Questions people ask about KO
Where is KO's gamma max today?
As of Oct 2, 2026, the gamma max for KO is 89.44, +4.4% from the 85.65 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 KO above or below its delta neutral price?
KO closed above delta neutral: 85.65 against a delta neutral price of 82.40. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does KO have?
648,593 contracts of open interest across 686 listed contracts on Oct 2, 2026, -4.4% 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.