MS max pain, gamma exposure (GEX) & options open interest
As of close · rank #261 by open interest · 1,394 sessions of history since Dec 1, 2020
MS's nearest-expiration max pain is 190.00 for 2026-10-09, its GEX flip is 199.98, net GEX is -9,840,719, its put/call open-interest ratio is 1.56. 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: IV rank 98
MS closed 18.9% below its gamma max of 226.38. It is 3.5% below the delta neutral price of 197.05. Total open interest is 371,385, -1.4% versus the previous session. Its options catalyst-intensity score is 45.8 out of 100, led by IV rank 98. 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 | -2,155 contracts · -1.5% |
| Put OI change, 1 session | -3,193 contracts · -1.4% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | +14,801 contracts · +11.3% |
| Put OI change, 5 sessions | +12,080 contracts · +5.6% |
| Call minus put OI growth, 5 sessions | +5.7 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | -0.24σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.04σ (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 42 completed Day +10 paths · latest Jun 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 42 | +0.1% | -0.4% to +0.8% | 52% | -0.3% to +0.5% | 0.0% |
| Day +2 | 42 | +0.3% | -0.6% to +1.4% | 60% | -0.1% to +0.9% | 0.0% |
| Day +3 | 42 | -0.3% | -1.3% to +1.8% | 48% | -0.8% to +1.1% | 0.0% |
| Day +4 | 42 | +0.6% | -1.1% to +2.6% | 60% | -0.6% to +1.4% | 0.0% |
| Day +5 | 42 | +0.4% | -1.3% to +2.5% | 57% | -0.2% to +1.5% | 0.0% |
| Day +6 | 42 | +0.4% | -2.1% to +3.1% | 60% | -0.4% to +1.3% | 0.0% |
| Day +7 | 42 | +0.9% | -1.8% to +2.2% | 57% | -0.6% to +1.9% | 0.0% |
| Day +8 | 42 | +0.8% | -2.3% to +2.8% | 57% | -0.9% to +1.8% | 0.0% |
| Day +9 | 42 | +0.9% | -2.3% to +3.0% | 52% | -1.3% to +1.4% | 0.0% |
| Day +10 | 42 | +0.0% | -2.6% to +3.9% | 50% | -1.5% to +2.3% | 0.0% |
Crosses above gamma max 42 completed Day +10 paths · latest Jun 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 42 | +0.3% | -0.4% to +1.0% | 62% | -0.0% to +0.7% | 0.0% |
| Day +2 | 42 | +0.4% | -1.0% to +1.6% | 55% | -0.4% to +0.8% | 0.0% |
| Day +3 | 42 | +0.2% | -1.0% to +1.8% | 52% | -0.6% to +1.0% | 0.0% |
| Day +4 | 42 | +0.5% | -0.9% to +2.4% | 60% | -0.1% to +1.2% | 0.0% |
| Day +5 | 42 | +0.6% | -1.2% to +2.7% | 64% | +0.0% to +1.7% | +0.0% |
| Day +6 | 42 | +1.1% | -0.4% to +2.8% | 67% | +0.5% to +1.8% | +0.5% |
| Day +7 | 42 | +1.2% | -1.4% to +2.6% | 64% | +0.8% to +1.5% | +0.8% |
| Day +8 | 42 | +0.6% | -1.0% to +2.3% | 57% | -0.2% to +1.7% | 0.0% |
| Day +9 | 42 | +0.6% | -1.5% to +2.4% | 55% | -0.5% to +1.6% | 0.0% |
| Day +10 | 42 | +0.2% | -1.5% to +2.4% | 52% | -1.3% to +1.1% | 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 | 4% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 9 |
| Prior-year sessions closer to gamma max | 98.0% of 252 |
| Prior-year sessions closer to delta neutral | 19.4% of 252 |
| Open interest percentile (1y) | 36th |
| Daily open interest change versus prior year | -0.23σ (-5,348 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.8% |
| Open interest change, 21 sessions | -2.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 200.18 vs 203.97 (-1.9%)
- closed above delta neutral at 206.13 vs 204.76 (+0.7%)
- closed below delta neutral at 202.51 vs 204.05 (-0.8%)
- closed below gamma max at 220.83 vs 230.90 (-4.6%)
- closed above gamma max at 218.08 vs 215.62 (+1.1%)
- closed below gamma max at 215.10 vs 217.19 (-1.0%)
- closed above gamma max at 207.96 vs 207.32 (+0.3%)
- closed below gamma max at 187.32 vs 192.60 (-2.8%)
- closed above gamma max at 183.34 vs 181.76 (+0.9%)
- closed above delta neutral at 164.57 vs 163.24 (+0.8%)
In today's screens
Neighbours by open interest
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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/MS
Questions people ask about MS
Where is MS's gamma max today?
As of Oct 2, 2026, the gamma max for MS is 226.38, +18.9% from the 190.32 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 MS above or below its delta neutral price?
MS closed below delta neutral: 190.32 against a delta neutral price of 197.05. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MS have?
371,385 contracts of open interest across 778 listed contracts on Oct 2, 2026, -1.4% 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.