# MRK: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/MRK
Data through: 2026-10-02 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 144.31 |
| Delta neutral (USD/share) | 135.39 |
| Gamma neutral (USD/share) | 134.79 |
| Gamma max (USD/share) | 158.28 |
| Open interest (contracts) | 490,661 |
| Nearest-expiration max pain (USD/share) | 147.00 (2026-10-09) |
| All-expiration max pain (USD/share) | 125.00 |
| Net gamma exposure | 16,833,952 |
| Confirmed GEX flip (USD/share) | 134.79 |
| Call wall (USD/share) | 150.00 |
| Put wall (USD/share) | 135.00 |
| Put/call open-interest ratio | 0.78 |
| Options catalyst-intensity score (0–100) | 35.8 |
| Options directional score (-100 to +100) | -8.9 |
| IV rank | 60.2 |
| Front ATM IV | +27.9% |
| Front-minus-back IV | -5.4 pp |
| Front expected move | +3.9% |
| Front ATM straddle / spot | +2.9% |
| Front 25-delta risk reversal | 0.7 pp |
| 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) |
| Daily open interest change (contracts) | -11,392 |
| Daily open interest change z-score (prior 252) | -0.38σ (252 prior changes) |
| Gamma max distance from close | +9.7% |
| Delta neutral distance from close | -6.2% |
| Prior-year sessions closer to gamma max | 92.1% of 252 |
| Prior-year sessions closer to delta neutral | 19.0% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 30 | +0.1% | -0.6% to +0.7% | 57% | -0.3% to +0.3% | 0.0% |
| above | Day +3 | 30 | +0.0% | -1.0% to +2.3% | 50% | -0.8% to +1.5% | 0.0% |
| above | Day +5 | 30 | +0.9% | -1.1% to +3.4% | 60% | -0.0% to +2.0% | 0.0% |
| above | Day +10 | 30 | +0.2% | -2.9% to +3.5% | 57% | -1.5% to +1.6% | 0.0% |
| below | Day +1 | 30 | -0.1% | -0.7% to +0.9% | 37% | -0.4% to +0.2% | 0.0% |
| below | Day +3 | 30 | +0.1% | -1.1% to +1.9% | 53% | -0.8% to +0.4% | 0.0% |
| below | Day +5 | 30 | +0.1% | -2.0% to +2.3% | 50% | -1.1% to +1.3% | 0.0% |
| below | Day +10 | 30 | +0.3% | -3.6% to +2.6% | 50% | -1.5% to +2.0% | 0.0% |

Returns are close-to-close after the labelled number of subsequent trading sessions. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/MRK.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/MRK.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/MRK.json?date=2026-10-02)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).