MO max pain, gamma exposure (GEX) & options open interest
As of close · rank #327 by open interest · 1,394 sessions of history since Dec 1, 2020
MO's nearest-expiration max pain is 68.00 for 2026-10-09, its GEX flip is 64.74, net GEX is 12,660,334, its put/call open-interest ratio is 0.71. 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 -129.2 pp · front IV premium -0.2 pp
MO closed 7.1% below its gamma max of 72.14. It is 2.9% above the delta neutral price of 65.43. Total open interest is 267,264, -6.5% versus the previous session. Its options catalyst-intensity score is 52.6 out of 100, led by 25Δ risk reversal -129.2 pp, front IV premium -0.2 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 | -12,250 contracts · -7.3% |
| Put OI change, 1 session | -6,468 contracts · -5.5% |
| Call minus put OI growth, 1 session | -1.8 pp |
| Call OI change, 5 sessions | +1,739 contracts · +1.1% |
| Put OI change, 5 sessions | +1,901 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | -0.6 pp |
| Daily call OI change surprise | -1.21σ (252 prior changes) |
| Daily put OI change surprise | -0.65σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.44σ (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 31 completed Day +10 paths · latest May 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | -0.1% | -0.9% to +0.7% | 45% | -0.4% to +0.3% | 0.0% |
| Day +2 | 31 | -0.0% | -1.1% to +1.2% | 45% | -0.5% to +1.2% | 0.0% |
| Day +3 | 31 | +0.1% | -1.2% to +1.1% | 52% | -0.9% to +0.7% | 0.0% |
| Day +4 | 31 | +0.1% | -0.9% to +1.7% | 52% | -0.7% to +1.0% | 0.0% |
| Day +5 | 31 | +0.9% | -1.5% to +2.1% | 61% | -0.6% to +1.7% | 0.0% |
| Day +6 | 31 | +0.5% | -1.1% to +3.2% | 65% | -0.1% to +2.8% | 0.0% |
| Day +7 | 31 | +0.4% | -1.3% to +2.2% | 52% | -1.0% to +1.9% | 0.0% |
| Day +8 | 31 | +0.8% | -1.6% to +2.4% | 52% | -1.3% to +1.6% | 0.0% |
| Day +9 | 31 | -0.2% | -2.1% to +2.8% | 48% | -0.9% to +1.4% | 0.0% |
| Day +10 | 31 | +0.7% | -2.2% to +2.2% | 55% | -1.6% to +1.6% | 0.0% |
Crosses above gamma max 31 completed Day +10 paths · latest May 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +0.0% | -0.8% to +0.8% | 52% | -0.4% to +0.7% | 0.0% |
| Day +2 | 31 | +0.4% | -0.5% to +1.6% | 65% | 0.0% to +1.3% | 0.0% |
| Day +3 | 31 | +0.1% | -0.8% to +1.6% | 55% | -0.5% to +1.3% | 0.0% |
| Day +4 | 31 | -0.3% | -2.1% to +1.8% | 48% | -1.3% to +1.1% | 0.0% |
| Day +5 | 31 | +0.0% | -1.9% to +1.9% | 52% | -0.9% to +1.3% | 0.0% |
| Day +6 | 31 | +0.0% | -2.0% to +2.7% | 52% | -1.7% to +1.5% | 0.0% |
| Day +7 | 31 | +0.3% | -2.3% to +3.3% | 52% | -1.0% to +2.7% | 0.0% |
| Day +8 | 31 | -0.0% | -2.0% to +2.4% | 48% | -1.4% to +1.2% | 0.0% |
| Day +9 | 31 | +0.2% | -2.2% to +2.7% | 52% | -1.2% to +1.5% | 0.0% |
| Day +10 | 31 | -0.2% | -1.6% to +4.3% | 48% | -1.4% 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 | 7% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 10 |
| Prior-year sessions closer to gamma max | 76.2% of 252 |
| Prior-year sessions closer to delta neutral | 34.1% of 252 |
| Open interest percentile (1y) | 11th |
| Daily open interest change versus prior year | -1.01σ (-18,718 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.4% |
| Open interest change, 21 sessions | -35.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 68.47 vs 67.23 (+1.8%)
- closed below delta neutral at 67.94 vs 69.15 (-1.8%)
- closed below gamma max at 73.09 vs 73.94 (-1.2%)
- closed above gamma max at 71.54 vs 71.33 (+0.3%)
- closed below gamma max at 70.33 vs 72.41 (-3.0%)
- closed above gamma max at 72.54 vs 71.17 (+1.9%)
- closed below gamma max at 67.57 vs 69.65 (-3.1%)
- closed above gamma max at 67.99 vs 67.86 (+0.2%)
- closed below gamma max at 66.77 vs 66.83 (-0.1%)
- closed above gamma max at 65.92 vs 65.51 (+0.6%)
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/MO
Questions people ask about MO
Where is MO's gamma max today?
As of Oct 2, 2026, the gamma max for MO is 72.14, +7.1% from the 67.35 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 MO above or below its delta neutral price?
MO closed above delta neutral: 67.35 against a delta neutral price of 65.43. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MO have?
267,264 contracts of open interest across 468 listed contracts on Oct 2, 2026, -6.5% 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.