MARA max pain, gamma exposure (GEX) & options open interest
As of close · rank #75 by open interest · 1,394 sessions of history since Dec 1, 2020
MARA's nearest-expiration max pain is 12.00 for 2026-10-09, its GEX flip is 10.46, net GEX is 12,460,980, its put/call open-interest ratio is 0.78. 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: volume/OI 0.22 · 7d expected move +10.8%
MARA closed 24.3% below its gamma max of 13.96. It is 7.3% above the delta neutral price of 10.41. Total open interest is 1,402,473, -13.1% versus the previous session. Its options catalyst-intensity score is 51.2 out of 100, led by volume/OI 0.22, 7d expected move +10.8%. 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 | -163,995 contracts · -17.2% |
| Put OI change, 1 session | -47,739 contracts · -7.2% |
| Call minus put OI growth, 1 session | -10.0 pp |
| Call OI change, 5 sessions | +26,565 contracts · +3.5% |
| Put OI change, 5 sessions | +19,624 contracts · +3.3% |
| Call minus put OI growth, 5 sessions | +0.2 pp |
| Daily call OI change surprise | -1.51σ (252 prior changes) |
| Daily put OI change surprise | -1.01σ (252 prior changes) |
| Daily call-minus-put growth surprise | -2.11σ (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 38 completed Day +10 paths · latest Sep 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | -1.2% | -5.2% to +1.9% | 41% | -3.4% to +0.6% | 0.0% |
| Day +2 | 39 | +0.8% | -4.8% to +5.1% | 51% | -2.4% to +2.3% | 0.0% |
| Day +3 | 39 | -0.2% | -5.9% to +5.9% | 49% | -1.2% to +3.8% | 0.0% |
| Day +4 | 39 | +1.4% | -7.2% to +10.6% | 59% | -4.6% to +5.4% | 0.0% |
| Day +5 | 39 | +0.3% | -5.7% to +9.6% | 51% | -5.2% to +6.2% | 0.0% |
| Day +6 | 39 | +2.5% | -4.4% to +9.3% | 54% | -1.8% to +7.8% | 0.0% |
| Day +7 | 39 | +0.8% | -6.3% to +12.9% | 51% | -4.1% to +6.8% | 0.0% |
| Day +8 | 38 | -0.6% | -8.0% to +10.2% | 50% | -3.1% to +3.1% | 0.0% |
| Day +9 | 38 | +3.0% | -9.7% to +10.7% | 61% | -3.1% to +5.3% | 0.0% |
| Day +10 | 38 | +2.1% | -9.8% to +21.2% | 55% | -4.9% to +8.3% | 0.0% |
Crosses above gamma max 38 completed Day +10 paths · latest Sep 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | +1.0% | -2.7% to +4.0% | 56% | -1.3% to +2.9% | 0.0% |
| Day +2 | 39 | +0.3% | -6.7% to +6.8% | 51% | -4.9% to +3.1% | 0.0% |
| Day +3 | 39 | +3.0% | -8.1% to +9.9% | 59% | -4.3% to +8.4% | 0.0% |
| Day +4 | 39 | +1.6% | -8.2% to +12.4% | 59% | -4.5% to +10.4% | 0.0% |
| Day +5 | 39 | +1.2% | -10.7% to +12.2% | 51% | -5.2% to +6.7% | 0.0% |
| Day +6 | 39 | +2.0% | -11.4% to +12.6% | 56% | -6.9% to +8.2% | 0.0% |
| Day +7 | 39 | +1.0% | -7.5% to +13.2% | 54% | -4.4% to +8.1% | 0.0% |
| Day +8 | 39 | +0.4% | -8.6% to +17.9% | 51% | -4.8% to +6.1% | 0.0% |
| Day +9 | 38 | +0.3% | -11.8% to +13.8% | 50% | -5.3% to +6.5% | 0.0% |
| Day +10 | 38 | +1.0% | -12.5% to +10.1% | 58% | -8.4% to +5.1% | 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 | 24 |
| Delta neutral crosses | 22 |
| Prior-year sessions closer to gamma max | 92.1% of 252 |
| Prior-year sessions closer to delta neutral | 38.9% of 252 |
| Open interest percentile (1y) | 2th |
| Daily open interest change versus prior year | -1.38σ (-211,734 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.4% |
| Open interest change, 21 sessions | -23.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 13.35 vs 13.49 (-1.1%)
- closed above gamma max at 13.63 vs 13.52 (+0.8%)
- closed below gamma max at 10.67 vs 13.12 (-23.0%)
- closed above gamma max at 11.87 vs 11.62 (+2.1%)
- closed below gamma max at 11.22 vs 11.67 (-4.0%)
- closed above gamma max at 11.83 vs 11.66 (+1.5%)
- closed below gamma max at 11.26 vs 11.94 (-6.0%)
- closed above gamma max at 11.15 vs 10.44 (+6.4%)
- closed above delta neutral at 9.65 vs 9.41 (+2.4%)
- closed below delta neutral at 8.96 vs 9.37 (-4.6%)
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/MARA
Questions people ask about MARA
Where is MARA's gamma max today?
As of Oct 2, 2026, the gamma max for MARA is 13.96, +24.3% from the 11.23 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 MARA above or below its delta neutral price?
MARA closed above delta neutral: 11.23 against a delta neutral price of 10.41. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MARA have?
1,402,473 contracts of open interest across 634 listed contracts on Oct 2, 2026, -13.1% 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.