MGM max pain, gamma exposure (GEX) & options open interest
As of close · rank #335 by open interest · 1,394 sessions of history since Dec 1, 2020
MGM's nearest-expiration max pain is 37.00 for 2026-10-16, its GEX flip is 28.34, net GEX is 2,366,870, its put/call open-interest ratio is 0.41. 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 -158.8 pp · OI change 0.12σ · IV rank 95
MGM closed 30.3% below its gamma max of 39.70. It is 5.2% below the delta neutral price of 32.06. Total open interest is 256,935, +0.6% versus the previous session. Its options catalyst-intensity score is 58.0 out of 100, led by 25Δ risk reversal -158.8 pp, OI change 0.12σ, IV rank 95. 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 | +1,700 contracts · +0.9% |
| Put OI change, 1 session | -266 contracts · -0.4% |
| Call minus put OI growth, 1 session | +1.3 pp |
| Call OI change, 5 sessions | +15,050 contracts · +9.0% |
| Put OI change, 5 sessions | +595 contracts · +0.8% |
| Call minus put OI growth, 5 sessions | +8.2 pp |
| Daily call OI change surprise | +0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.24σ (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 40 completed Day +10 paths · latest Aug 5, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | +0.1% | -1.5% to +1.1% | 53% | -0.4% to +0.7% | 0.0% |
| Day +2 | 40 | -0.5% | -2.4% to +0.7% | 38% | -1.0% to +0.0% | 0.0% |
| Day +3 | 40 | -1.1% | -2.9% to +0.8% | 38% | -2.2% to +0.2% | 0.0% |
| Day +4 | 40 | -0.6% | -3.1% to +2.0% | 35% | -1.9% to 0.0% | 0.0% |
| Day +5 | 40 | -1.2% | -3.4% to +1.9% | 43% | -2.2% to +0.8% | 0.0% |
| Day +6 | 40 | -0.7% | -4.9% to +1.2% | 35% | -2.5% to -0.1% | -0.1% |
| Day +7 | 40 | -0.8% | -5.5% to +2.0% | 38% | -3.0% to +0.3% | 0.0% |
| Day +8 | 40 | -0.7% | -5.4% to +1.6% | 38% | -2.4% to +0.0% | 0.0% |
| Day +9 | 40 | -1.3% | -3.9% to +0.7% | 38% | -2.8% to +0.2% | 0.0% |
| Day +10 | 40 | -1.2% | -4.1% to +0.2% | 28% | -2.6% to -0.6% | -0.6% |
Crosses above gamma max 43 completed Day +10 paths · latest Aug 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 43 | -0.4% | -1.2% to +0.7% | 42% | -0.9% to +0.3% | 0.0% |
| Day +2 | 43 | -0.5% | -1.9% to +1.7% | 44% | -1.2% to +0.8% | 0.0% |
| Day +3 | 43 | -1.1% | -2.6% to +0.7% | 35% | -1.6% to 0.0% | 0.0% |
| Day +4 | 43 | -1.4% | -3.0% to +0.3% | 37% | -2.3% to +0.1% | 0.0% |
| Day +5 | 43 | -0.9% | -3.2% to +0.6% | 33% | -1.9% to -0.2% | -0.2% |
| Day +6 | 43 | -1.2% | -4.2% to +2.1% | 40% | -2.3% to +0.3% | 0.0% |
| Day +7 | 43 | -0.5% | -5.8% to +1.7% | 44% | -1.5% to +0.2% | 0.0% |
| Day +8 | 43 | -0.9% | -6.5% to +0.9% | 33% | -3.5% to -0.3% | -0.3% |
| Day +9 | 43 | -1.1% | -5.3% to +1.2% | 30% | -3.5% to -0.5% | -0.5% |
| Day +10 | 43 | -2.3% | -5.0% to +1.5% | 37% | -3.8% to +0.0% | 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 | 11% |
| Gamma max crosses | 18 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 92.9% of 252 |
| Prior-year sessions closer to delta neutral | 43.7% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | +0.12σ (1,434 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.5% |
| Open interest change, 21 sessions | +11.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 33.69 vs 35.42 (-5.1%)
- closed above delta neutral at 37.81 vs 36.66 (+3.0%)
- closed below delta neutral at 38.39 vs 38.53 (-0.4%)
- closed below gamma max at 44.51 vs 44.83 (-0.7%)
- closed above gamma max at 45.72 vs 45.18 (+1.2%)
- closed below gamma max at 44.50 vs 44.69 (-0.4%)
- closed above gamma max at 44.57 vs 43.76 (+1.8%)
- closed below gamma max at 45.83 vs 47.01 (-2.6%)
- closed above gamma max at 45.54 vs 44.29 (+2.8%)
- closed below gamma max at 44.99 vs 46.61 (-3.6%)
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/MGM
Questions people ask about MGM
Where is MGM's gamma max today?
As of Oct 2, 2026, the gamma max for MGM is 39.70, +30.3% from the 30.48 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 MGM above or below its delta neutral price?
MGM closed below delta neutral: 30.48 against a delta neutral price of 32.06. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MGM have?
256,935 contracts of open interest across 367 listed contracts on Oct 2, 2026, +0.6% 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.