LUMN max pain, gamma exposure (GEX) & options open interest
As of close · rank #202 by open interest · 1,394 sessions of history since Dec 1, 2020
LUMN's nearest-expiration max pain is 6.00 for 2026-10-09, its GEX flip is 6.39, net GEX is -7,070,027, its put/call open-interest ratio is 0.75. 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: OI change 0.21σ · 25Δ risk reversal 48.1 pp · 7d expected move +10.0%
LUMN closed 38.1% below its gamma max of 7.94. It is 2.1% below the delta neutral price of 5.87. Total open interest is 494,840, +1.1% versus the previous session. Its options catalyst-intensity score is 62.1 out of 100, led by OI change 0.21σ, 25Δ risk reversal 48.1 pp, 7d expected move +10.0%. 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 | -8,560 contracts · -2.9% |
| Put OI change, 1 session | +14,015 contracts · +7.1% |
| Call minus put OI growth, 1 session | -10.0 pp |
| Call OI change, 5 sessions | +4,099 contracts · +1.5% |
| Put OI change, 5 sessions | +17,812 contracts · +9.1% |
| Call minus put OI growth, 5 sessions | -7.7 pp |
| Daily call OI change surprise | -0.51σ (252 prior changes) |
| Daily put OI change surprise | +1.01σ (252 prior changes) |
| Daily call-minus-put growth surprise | -2.41σ (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 20 completed Day +10 paths · latest Sep 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | -0.4% | -2.6% to +1.2% | 45% | -2.4% to +0.7% | 0.0% |
| Day +2 | 20 | -1.0% | -3.6% to +2.8% | 45% | -3.2% to +2.6% | 0.0% |
| Day +3 | 20 | +0.5% | -4.1% to +3.3% | 55% | -3.5% to +3.2% | 0.0% |
| Day +4 | 20 | +1.3% | -3.0% to +3.3% | 55% | -2.9% to +3.3% | 0.0% |
| Day +5 | 20 | +1.0% | -5.8% to +2.5% | 55% | -5.6% to +2.3% | 0.0% |
| Day +6 | 20 | +1.2% | -1.7% to +3.1% | 75% | +0.1% to +2.7% | +0.1% |
| Day +7 | 20 | -0.1% | -7.2% to +5.8% | 50% | -6.3% to +5.7% | 0.0% |
| Day +8 | 20 | -1.6% | -14.9% to +4.8% | 45% | -14.6% to +4.5% | 0.0% |
| Day +9 | 20 | -3.6% | -14.8% to +6.1% | 45% | -14.5% to +5.4% | 0.0% |
| Day +10 | 20 | -5.2% | -9.2% to +3.2% | 30% | -7.4% to +3.0% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest Sep 3, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | -1.7% | -3.3% to +1.8% | 45% | -3.1% to +1.1% | 0.0% |
| Day +2 | 20 | -2.6% | -5.9% to +0.1% | 25% | -5.7% to 0.0% | 0.0% |
| Day +3 | 20 | -2.0% | -7.4% to +3.8% | 35% | -7.3% to +3.7% | 0.0% |
| Day +4 | 20 | -2.0% | -10.0% to +3.0% | 40% | -10.0% to +2.7% | 0.0% |
| Day +5 | 20 | -1.5% | -8.6% to +0.5% | 40% | -8.5% to +0.4% | 0.0% |
| Day +6 | 20 | -1.5% | -9.5% to +0.9% | 35% | -9.4% to +0.6% | 0.0% |
| Day +7 | 20 | -1.1% | -9.6% to +2.0% | 40% | -6.6% to +1.9% | 0.0% |
| Day +8 | 20 | -1.1% | -10.1% to +5.6% | 45% | -8.0% to +5.2% | 0.0% |
| Day +9 | 20 | -2.3% | -15.9% to +5.9% | 45% | -15.2% to +5.5% | 0.0% |
| Day +10 | 20 | -2.3% | -14.9% to +6.0% | 50% | -13.9% to +5.5% | 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 | 6% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 3 |
| Prior-year sessions closer to gamma max | 86.5% of 252 |
| Prior-year sessions closer to delta neutral | 2.4% of 252 |
| Open interest percentile (1y) | 53th |
| Daily open interest change versus prior year | +0.21σ (5,455 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.6% |
| Open interest change, 21 sessions | +4.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 5.86 vs 5.87 (-0.2%)
- closed below gamma max at 6.77 vs 7.39 (-9.2%)
- closed above gamma max at 6.91 vs 6.91 (+0.0%)
- closed below gamma max at 10.52 vs 10.87 (-3.4%)
- closed above gamma max at 10.88 vs 10.57 (+2.8%)
- closed below gamma max at 10.05 vs 10.35 (-3.0%)
- closed above gamma max at 10.34 vs 10.01 (+3.2%)
- closed above delta neutral at 8.06 vs 6.94 (+13.9%)
- closed below delta neutral at 6.63 vs 6.72 (-1.4%)
- closed below gamma max at 8.57 vs 9.08 (-6.0%)
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/LUMN
Questions people ask about LUMN
Where is LUMN's gamma max today?
As of Oct 2, 2026, the gamma max for LUMN is 7.94, +38.1% from the 5.75 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 LUMN above or below its delta neutral price?
LUMN closed below delta neutral: 5.75 against a delta neutral price of 5.87. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does LUMN have?
494,840 contracts of open interest across 247 listed contracts on Oct 2, 2026, +1.1% 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.