M max pain, gamma exposure (GEX) & options open interest
As of close · rank #559 by open interest · 1,394 sessions of history since Dec 1, 2020
M's nearest-expiration max pain is 22.50 for 2026-10-09, its GEX flip is 18.02, net GEX is 6,500,421, its put/call open-interest ratio is 0.76. 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 28.1 pp
M closed 5.5% below its gamma max of 23.98. It is 8.9% above the delta neutral price of 20.70. Total open interest is 127,120, -4.5% versus the previous session. Its options catalyst-intensity score is 51.8 out of 100, led by smile convexity 28.1 pp. 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 | -3,299 contracts · -4.4% |
| Put OI change, 1 session | -2,701 contracts · -4.7% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +2,512 contracts · +3.6% |
| Put OI change, 5 sessions | +2,325 contracts · +4.4% |
| Call minus put OI growth, 5 sessions | -0.8 pp |
| Daily call OI change surprise | -0.42σ (252 prior changes) |
| Daily put OI change surprise | -0.28σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.03σ (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 30 completed Day +10 paths · latest Jun 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | +0.5% | -0.4% to +2.9% | 67% | +0.2% to +2.1% | +0.2% |
| Day +2 | 30 | +1.0% | -0.6% to +4.4% | 60% | -0.2% to +2.4% | 0.0% |
| Day +3 | 30 | +0.5% | -1.0% to +3.8% | 63% | -0.4% to +2.2% | 0.0% |
| Day +4 | 30 | +0.0% | -1.4% to +4.5% | 50% | -0.8% to +2.1% | 0.0% |
| Day +5 | 30 | +1.7% | -2.3% to +4.0% | 63% | -0.2% to +2.6% | 0.0% |
| Day +6 | 30 | +0.4% | -2.3% to +3.3% | 53% | -1.2% to +2.4% | 0.0% |
| Day +7 | 30 | +1.3% | -3.3% to +2.6% | 60% | 0.0% to +2.2% | 0.0% |
| Day +8 | 30 | +2.2% | -2.5% to +5.0% | 63% | -1.2% to +4.0% | 0.0% |
| Day +9 | 30 | +0.3% | -4.4% to +4.6% | 53% | -1.9% to +2.7% | 0.0% |
| Day +10 | 30 | +0.4% | -4.7% to +7.4% | 50% | -3.8% to +3.8% | 0.0% |
Crosses above gamma max 34 completed Day +10 paths · latest Jun 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | +0.0% | -2.9% to +2.2% | 50% | -1.8% to +1.2% | 0.0% |
| Day +2 | 34 | -0.5% | -3.0% to +2.7% | 44% | -1.9% to +1.7% | 0.0% |
| Day +3 | 34 | +0.2% | -3.6% to +4.1% | 50% | -2.7% to +2.2% | 0.0% |
| Day +4 | 34 | -0.2% | -3.6% to +4.4% | 47% | -1.3% to +1.7% | 0.0% |
| Day +5 | 34 | -0.5% | -3.3% to +3.5% | 44% | -2.4% to +1.4% | 0.0% |
| Day +6 | 34 | +0.1% | -3.7% to +5.3% | 50% | -1.9% to +3.2% | 0.0% |
| Day +7 | 34 | +1.5% | -4.2% to +4.1% | 53% | -3.3% to +3.2% | 0.0% |
| Day +8 | 34 | +0.9% | -5.2% to +5.1% | 56% | -3.3% to +3.6% | 0.0% |
| Day +9 | 34 | +1.3% | -4.0% to +4.2% | 53% | -2.1% to +3.2% | 0.0% |
| Day +10 | 34 | -0.2% | -4.0% to +4.5% | 50% | -2.8% to +3.3% | 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 | 4% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 31.0% of 252 |
| Prior-year sessions closer to delta neutral | 72.6% of 252 |
| Open interest percentile (1y) | 13th |
| Daily open interest change versus prior year | -0.37σ (-6,000 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.0% |
| Open interest change, 21 sessions | -21.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 21.94 vs 20.23 (+7.8%)
- closed below delta neutral at 22.08 vs 22.26 (-0.8%)
- closed above delta neutral at 22.58 vs 22.03 (+2.4%)
- closed below delta neutral at 22.58 vs 23.09 (-2.2%)
- closed above delta neutral at 23.40 vs 23.36 (+0.2%)
- closed below delta neutral at 23.22 vs 23.35 (-0.6%)
- closed above delta neutral at 23.21 vs 22.93 (+1.2%)
- closed below delta neutral at 22.68 vs 22.95 (-1.2%)
- closed below gamma max at 23.95 vs 25.05 (-4.6%)
- closed above gamma max at 24.66 vs 24.57 (+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/M
Questions people ask about M
Where is M's gamma max today?
As of Oct 2, 2026, the gamma max for M is 23.98, +5.5% from the 22.73 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 M above or below its delta neutral price?
M closed above delta neutral: 22.73 against a delta neutral price of 20.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does M have?
127,120 contracts of open interest across 390 listed contracts on Oct 2, 2026, -4.5% 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.