MCD max pain, gamma exposure (GEX) & options open interest
As of close · rank #244 by open interest · 1,394 sessions of history since Dec 1, 2020
MCD's nearest-expiration max pain is 235.00 for 2026-10-09, its GEX flip is 232.10, net GEX is -374,185, its put/call open-interest ratio is 0.51. 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 0.10 · smile convexity 8.9 pp
MCD closed 15.0% below its gamma max of 266.56. It is 3.3% below the delta neutral price of 239.65. Total open interest is 413,912, -4.0% versus the previous session. Its options catalyst-intensity score is 55.3 out of 100, led by volume/OI 0.10, smile convexity 8.9 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 | -14,265 contracts · -5.0% |
| Put OI change, 1 session | -3,163 contracts · -2.2% |
| Call minus put OI growth, 1 session | -2.7 pp |
| Call OI change, 5 sessions | +24,811 contracts · +10.0% |
| Put OI change, 5 sessions | +9,059 contracts · +6.9% |
| Call minus put OI growth, 5 sessions | +3.1 pp |
| Daily call OI change surprise | -1.74σ (252 prior changes) |
| Daily put OI change surprise | -0.54σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.17σ (252 prior changes) |
History
Hover for valuesDrag to panScroll to zoomClick a series to hide it ← → step a session+ − zoomTouch: swipe to pan, pinch to zoom, hold for the crosshair
Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
No matching visualizations.
Gamma walls
Chart loads when this section is in view.
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 8 completed Day +10 paths · latest Oct 18, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 8 | -0.2% | -0.5% to +0.3% | 50% | -0.5% to +0.6% | 0.0% |
| Day +2 | 8 | -0.0% | -0.6% to +0.9% | 38% | -0.8% to +1.0% | 0.0% |
| Day +3 | 8 | +0.0% | -0.4% to +0.7% | 50% | -0.6% to +0.7% | 0.0% |
| Day +4 | 8 | -0.2% | -0.9% to +0.6% | 38% | -1.8% to +0.8% | 0.0% |
| Day +5 | 8 | -0.1% | -2.3% to +0.8% | 38% | -4.6% to +1.2% | 0.0% |
| Day +6 | 8 | +0.5% | -1.4% to +1.7% | 50% | -3.6% to +2.2% | 0.0% |
| Day +7 | 8 | +1.0% | -2.3% to +1.6% | 63% | -6.5% to +1.7% | 0.0% |
| Day +8 | 8 | +0.2% | -1.9% to +1.5% | 50% | -5.2% to +1.6% | 0.0% |
| Day +9 | 8 | +0.2% | -1.8% to +1.4% | 50% | -5.7% to +1.7% | 0.0% |
| Day +10 | 8 | +0.9% | -2.5% to +2.0% | 63% | -6.7% to +2.6% | 0.0% |
Crosses above gamma max 8 completed Day +10 paths · latest Oct 17, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 8 | +0.2% | -0.6% to +0.5% | 50% | -0.7% to +0.6% | 0.0% |
| Day +2 | 8 | -0.0% | -0.8% to +0.3% | 50% | -0.9% to +0.4% | 0.0% |
| Day +3 | 8 | +0.2% | -0.2% to +0.6% | 50% | -0.3% to +0.7% | 0.0% |
| Day +4 | 8 | +0.2% | -0.4% to +0.4% | 63% | -1.2% to +0.5% | 0.0% |
| Day +5 | 8 | -0.6% | -1.4% to +0.1% | 25% | -1.5% to +0.4% | 0.0% |
| Day +6 | 8 | -1.2% | -2.2% to +0.2% | 38% | -4.7% to +0.5% | 0.0% |
| Day +7 | 8 | +0.1% | -1.1% to +0.5% | 50% | -3.8% to +0.5% | 0.0% |
| Day +8 | 8 | +0.3% | -1.9% to +1.5% | 50% | -6.3% to +1.6% | 0.0% |
| Day +9 | 8 | +0.4% | -1.5% to +0.4% | 63% | -5.3% to +0.5% | 0.0% |
| Day +10 | 8 | +0.0% | -2.7% to +1.4% | 63% | -5.9% to +1.7% | 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 96.4% of 252 |
| Prior-year sessions closer to delta neutral | 75.0% of 252 |
| Open interest percentile (1y) | 99th |
| Daily open interest change versus prior year | -1.28σ (-17,428 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +8.9% |
| Open interest change, 21 sessions | +32.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 268.10 vs 271.51 (-1.3%)
- closed above delta neutral at 272.54 vs 272.26 (+0.1%)
- closed below delta neutral at 265.53 vs 271.33 (-2.2%)
- closed above delta neutral at 274.00 vs 271.34 (+1.0%)
- closed below delta neutral at 271.52 vs 271.66 (-0.1%)
- closed above delta neutral at 273.02 vs 271.73 (+0.5%)
- closed below delta neutral at 274.60 vs 275.45 (-0.3%)
- closed above delta neutral at 280.63 vs 277.06 (+1.3%)
- closed below delta neutral at 278.53 vs 281.76 (-1.2%)
- closed above delta neutral at 282.24 vs 281.53 (+0.3%)
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/MCD
Questions people ask about MCD
Where is MCD's gamma max today?
As of Oct 2, 2026, the gamma max for MCD is 266.56, +15.0% from the 231.89 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 MCD above or below its delta neutral price?
MCD closed below delta neutral: 231.89 against a delta neutral price of 239.65. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MCD have?
413,912 contracts of open interest across 887 listed contracts on Oct 2, 2026, -4.0% 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.