MRK max pain, gamma exposure (GEX) & options open interest
As of close · rank #205 by open interest · 1,393 sessions of history since Dec 1, 2020
MRK's nearest-expiration max pain is 147.00 for 2026-10-09, its GEX flip is 134.79, net GEX is 16,833,952, 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.
MRK closed 9.7% below its gamma max of 158.28. It is 6.2% above the delta neutral price of 135.39. Total open interest is 490,661, -2.3% versus the previous session. Its options catalyst-intensity score is 35.8 out of 100. 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 | -4,429 contracts · -1.6% |
| Put OI change, 1 session | -6,963 contracts · -3.1% |
| Call minus put OI growth, 1 session | +1.5 pp |
| Call OI change, 5 sessions | +10,660 contracts · +4.0% |
| Put OI change, 5 sessions | +3,516 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | +2.4 pp |
| Daily call OI change surprise | -0.22σ (252 prior changes) |
| Daily put OI change surprise | -0.56σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.48σ (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 30 completed Day +10 paths · latest Aug 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.1% | -0.7% to +0.9% | 37% | -0.4% to +0.2% | 0.0% |
| Day +2 | 30 | +0.1% | -0.8% to +1.4% | 53% | -0.7% to +1.0% | 0.0% |
| Day +3 | 30 | +0.1% | -1.1% to +1.9% | 53% | -0.8% to +0.4% | 0.0% |
| Day +4 | 30 | +0.2% | -1.8% to +1.7% | 53% | -0.6% to +1.0% | 0.0% |
| Day +5 | 30 | +0.1% | -2.0% to +2.3% | 50% | -1.1% to +1.3% | 0.0% |
| Day +6 | 30 | +0.2% | -2.1% to +2.4% | 53% | -1.0% to +0.6% | 0.0% |
| Day +7 | 30 | +0.5% | -2.7% to +2.7% | 57% | -1.8% to +0.8% | 0.0% |
| Day +8 | 30 | +0.4% | -2.7% to +2.5% | 53% | -1.8% to +1.4% | 0.0% |
| Day +9 | 30 | +0.1% | -3.7% to +1.9% | 57% | -1.5% to +1.3% | 0.0% |
| Day +10 | 30 | +0.3% | -3.6% to +2.6% | 50% | -1.5% to +2.0% | 0.0% |
Crosses above gamma max 30 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | +0.1% | -0.6% to +0.7% | 57% | -0.3% to +0.3% | 0.0% |
| Day +2 | 30 | +0.1% | -1.0% to +1.6% | 50% | -0.6% to +1.5% | 0.0% |
| Day +3 | 30 | +0.0% | -1.0% to +2.3% | 50% | -0.8% to +1.5% | 0.0% |
| Day +4 | 30 | +0.7% | -1.4% to +2.3% | 60% | -1.0% to +1.8% | 0.0% |
| Day +5 | 30 | +0.9% | -1.1% to +3.4% | 60% | -0.0% to +2.0% | 0.0% |
| Day +6 | 30 | +0.2% | -1.9% to +2.6% | 50% | -0.7% to +1.3% | 0.0% |
| Day +7 | 30 | +0.8% | -2.5% to +3.3% | 57% | -1.2% to +2.7% | 0.0% |
| Day +8 | 30 | +0.3% | -3.0% to +4.1% | 57% | -1.0% to +2.6% | 0.0% |
| Day +9 | 30 | +0.7% | -2.7% to +3.2% | 53% | -1.5% to +2.7% | 0.0% |
| Day +10 | 30 | +0.2% | -2.9% to +3.5% | 57% | -1.5% to +1.6% | 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 | 10% |
| Gamma max crosses | 22 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 92.1% of 252 |
| Prior-year sessions closer to delta neutral | 19.0% of 252 |
| Open interest percentile (1y) | 27th |
| Daily open interest change versus prior year | -0.38σ (-11,392 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.0% |
| Open interest change, 21 sessions | -16.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 150.69 vs 157.07 (-4.2%)
- closed above gamma max at 152.21 vs 139.45 (+8.4%)
- closed below gamma max at 128.50 vs 130.30 (-1.4%)
- closed above gamma max at 129.38 vs 128.84 (+0.4%)
- closed below gamma max at 128.33 vs 128.83 (-0.4%)
- closed above gamma max at 125.39 vs 124.71 (+0.5%)
- closed below gamma max at 122.26 vs 126.86 (-3.8%)
- closed above gamma max at 121.41 vs 118.05 (+2.8%)
- closed below gamma max at 119.24 vs 119.42 (-0.1%)
- closed above gamma max at 119.26 vs 119.16 (+0.1%)
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/MRK
Questions people ask about MRK
Where is MRK's gamma max today?
As of Oct 2, 2026, the gamma max for MRK is 158.28, +9.7% from the 144.31 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 MRK above or below its delta neutral price?
MRK closed above delta neutral: 144.31 against a delta neutral price of 135.39. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MRK have?
490,661 contracts of open interest across 707 listed contracts on Oct 2, 2026, -2.3% 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.