MPC max pain, gamma exposure (GEX) & options open interest
As of close · rank #618 by open interest · 1,394 sessions of history since Dec 1, 2020
MPC's nearest-expiration max pain is 370.00 for 2026-10-16, its GEX flip is 419.96, net GEX is 142,578, its put/call open-interest ratio is 1.17. 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: OI change 0.79σ · 14d expected move +9.4%
MPC closed 13.1% below its gamma max of 477.51. It is 8.0% above the delta neutral price of 388.63. Total open interest is 104,199, +3.3% versus the previous session. Its options catalyst-intensity score is 46.0 out of 100, led by OI change 0.79σ, 14d expected move +9.4%. 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 | +1,649 contracts · +3.6% |
| Put OI change, 1 session | +1,706 contracts · +3.1% |
| Call minus put OI growth, 1 session | +0.4 pp |
| Call OI change, 5 sessions | +2,784 contracts · +6.1% |
| Put OI change, 5 sessions | +3,190 contracts · +6.0% |
| Call minus put OI growth, 5 sessions | +0.1 pp |
| Daily call OI change surprise | +0.67σ (252 prior changes) |
| Daily put OI change surprise | +0.83σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.16σ (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 73 completed Day +10 paths · latest Aug 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 73 | +0.8% | -0.5% to +1.6% | 59% | -0.0% to +1.1% | 0.0% |
| Day +2 | 73 | +0.8% | -1.1% to +2.6% | 60% | -0.1% to +1.2% | 0.0% |
| Day +3 | 73 | +0.8% | -1.5% to +3.0% | 59% | -0.2% to +1.8% | 0.0% |
| Day +4 | 73 | +1.2% | -1.2% to +3.4% | 59% | -0.2% to +1.8% | 0.0% |
| Day +5 | 73 | +1.2% | -1.8% to +3.3% | 60% | -0.1% to +2.3% | 0.0% |
| Day +6 | 73 | +0.4% | -2.8% to +3.7% | 55% | -0.7% to +1.9% | 0.0% |
| Day +7 | 73 | +1.1% | -1.3% to +4.7% | 62% | +0.1% to +2.1% | +0.1% |
| Day +8 | 73 | +1.5% | -1.7% to +4.9% | 62% | +0.1% to +1.9% | +0.1% |
| Day +9 | 73 | +1.4% | -2.9% to +6.0% | 58% | -0.5% to +2.6% | 0.0% |
| Day +10 | 73 | +1.5% | -2.4% to +6.2% | 58% | -0.4% to +3.8% | 0.0% |
Crosses above gamma max 73 completed Day +10 paths · latest Aug 11, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 73 | +0.0% | -1.2% to +1.0% | 51% | -0.7% to +0.4% | 0.0% |
| Day +2 | 73 | +0.7% | -1.2% to +1.7% | 58% | -0.2% to +1.2% | 0.0% |
| Day +3 | 73 | +0.8% | -2.0% to +2.2% | 60% | -0.2% to +1.6% | 0.0% |
| Day +4 | 73 | +0.7% | -1.9% to +2.8% | 58% | -0.3% to +1.4% | 0.0% |
| Day +5 | 73 | +0.4% | -1.9% to +3.6% | 53% | -0.6% to +1.6% | 0.0% |
| Day +6 | 73 | +0.4% | -2.4% to +4.2% | 53% | -0.4% to +1.6% | 0.0% |
| Day +7 | 73 | +0.3% | -2.0% to +4.3% | 52% | -0.9% to +1.6% | 0.0% |
| Day +8 | 73 | +0.8% | -2.7% to +4.5% | 58% | -0.5% to +2.3% | 0.0% |
| Day +9 | 73 | +0.6% | -4.0% to +4.9% | 53% | -0.6% to +1.7% | 0.0% |
| Day +10 | 73 | +0.7% | -3.6% to +5.5% | 56% | -1.2% to +2.6% | 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 | 15% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 89.3% of 252 |
| Prior-year sessions closer to delta neutral | 20.6% of 252 |
| Open interest percentile (1y) | 99th |
| Daily open interest change versus prior year | +0.79σ (3,355 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.1% |
| Open interest change, 21 sessions | +18.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 358.18 vs 369.77 (-3.2%)
- closed above gamma max at 336.42 vs 327.98 (+2.5%)
- closed below gamma max at 309.24 vs 312.43 (-1.0%)
- closed above gamma max at 280.68 vs 278.48 (+0.8%)
- closed below gamma max at 260.35 vs 262.06 (-0.7%)
- closed above gamma max at 263.61 vs 263.10 (+0.2%)
- closed below gamma max at 262.47 vs 262.71 (-0.1%)
- closed above gamma max at 262.86 vs 262.42 (+0.2%)
- closed below gamma max at 258.37 vs 261.87 (-1.4%)
- closed above gamma max at 263.02 vs 262.78 (+0.1%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/MPC
Questions people ask about MPC
Where is MPC's gamma max today?
As of Oct 2, 2026, the gamma max for MPC is 477.51, +13.1% from the 422.33 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 MPC above or below its delta neutral price?
MPC closed above delta neutral: 422.33 against a delta neutral price of 388.63. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MPC have?
104,199 contracts of open interest across 630 listed contracts on Oct 2, 2026, +3.3% 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.