KOPN max pain, gamma exposure (GEX) & options open interest
As of close · rank #545 by open interest · 1,013 sessions of history since Dec 21, 2020
KOPN's nearest-expiration max pain is 0.50 for 2026-10-09, net GEX is 5,269,043, its put/call open-interest ratio is 0.26. 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: 25Δ risk reversal -145.4 pp · 7d expected move +11.5%
KOPN closed 5.3% above its gamma max of 4.65. It is 32.0% above the delta neutral price of 3.34. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 131,126, -2.5% versus the previous session. Its options catalyst-intensity score is 57.5 out of 100, led by 25Δ risk reversal -145.4 pp, 7d expected move +11.5%. 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 | -2,981 contracts · -2.8% |
| Put OI change, 1 session | -423 contracts · -1.6% |
| Call minus put OI growth, 1 session | -1.2 pp |
| Call OI change, 5 sessions | -1,674 contracts · -1.6% |
| Put OI change, 5 sessions | -434 contracts · -1.6% |
| Call minus put OI growth, 5 sessions | +0.0 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -0.36σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.06σ (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 38 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | -1.5% | -5.4% to +1.2% | 36% | -4.6% to +0.6% | 0.0% |
| Day +2 | 39 | -3.7% | -8.8% to +1.5% | 33% | -6.0% to -0.8% | -0.8% |
| Day +3 | 39 | -3.4% | -9.2% to +3.3% | 33% | -6.9% to 0.0% | 0.0% |
| Day +4 | 39 | -3.6% | -10.4% to +2.9% | 33% | -7.6% to -0.5% | -0.5% |
| Day +5 | 39 | -1.9% | -11.2% to +5.7% | 36% | -9.0% to +1.5% | 0.0% |
| Day +6 | 38 | -4.4% | -11.4% to +1.0% | 32% | -8.7% to -1.3% | -1.3% |
| Day +7 | 38 | -6.5% | -13.1% to +4.2% | 32% | -9.3% to -0.6% | -0.6% |
| Day +8 | 38 | -4.7% | -13.0% to +8.5% | 37% | -11.0% to +1.8% | 0.0% |
| Day +9 | 38 | -5.9% | -14.2% to +2.9% | 32% | -11.4% to -0.5% | -0.5% |
| Day +10 | 38 | -3.7% | -12.4% to +5.1% | 39% | -8.8% to +1.5% | 0.0% |
Crosses below gamma max 44 completed Day +10 paths · latest Sep 30, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 46 | 0.0% | -2.7% to +2.5% | 46% | -0.8% to +1.3% | 0.0% |
| Day +2 | 46 | -0.0% | -2.9% to +4.5% | 46% | -1.4% to +2.2% | 0.0% |
| Day +3 | 45 | 0.0% | -5.6% to +3.3% | 47% | -2.5% to +1.4% | 0.0% |
| Day +4 | 45 | -2.0% | -7.6% to +4.4% | 38% | -6.1% to +0.5% | 0.0% |
| Day +5 | 45 | -3.4% | -9.2% to +1.6% | 33% | -5.5% to -0.8% | -0.8% |
| Day +6 | 45 | -2.8% | -10.8% to +4.2% | 38% | -6.9% to +0.8% | 0.0% |
| Day +7 | 44 | -0.6% | -10.4% to +5.1% | 43% | -5.4% to +2.5% | 0.0% |
| Day +8 | 44 | -3.9% | -11.2% to +11.2% | 39% | -7.2% to +0.5% | 0.0% |
| Day +9 | 44 | -3.3% | -12.8% to +12.3% | 45% | -6.3% to +3.7% | 0.0% |
| Day +10 | 44 | -4.6% | -14.2% to +11.3% | 43% | -8.3% to +3.7% | 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 | 48% |
| Gamma max crosses | 49 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 40.5% of 252 |
| Prior-year sessions closer to delta neutral | 4.4% of 252 |
| Open interest percentile (1y) | 92th |
| Daily open interest change versus prior year | -0.40σ (-3,404 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.6% |
| Open interest change, 21 sessions | +19.0% |
| History available | Dec 21, 2020 → Oct 2, 2026 |
Recent crosses
- closed above gamma max at 4.91 vs 4.65 (+5.3%)
- closed below gamma max at 4.60 vs 4.69 (-2.1%)
- closed above gamma max at 4.99 vs 4.72 (+5.4%)
- closed below gamma max at 4.87 vs 4.90 (-0.7%)
- closed above gamma max at 4.74 vs 4.52 (+4.6%)
- closed below gamma max at 4.82 vs 4.92 (-2.0%)
- closed above gamma max at 4.89 vs 4.72 (+3.5%)
- closed below gamma max at 4.93 vs 4.95 (-0.4%)
- closed above gamma max at 3.58 vs 2.69 (+24.7%)
- closed below gamma max at 3.80 vs 3.86 (-1.6%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/KOPN
Questions people ask about KOPN
Where is KOPN's gamma max today?
As of Oct 2, 2026, the gamma max for KOPN is 4.65, -5.3% from the 4.91 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 KOPN above or below its delta neutral price?
KOPN closed above delta neutral: 4.91 against a delta neutral price of 3.34. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does KOPN have?
131,126 contracts of open interest across 152 listed contracts on Oct 2, 2026, -2.5% 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.