MSFT max pain, gamma exposure (GEX) & options open interest
As of close · rank #24 by open interest · 1,394 sessions of history since Dec 1, 2020
MSFT's nearest-expiration max pain is 510.00 for 2026-10-05, its GEX flip is 442.69, net GEX is 348,032,824, its put/call open-interest ratio is 0.56. 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: volume/OI 0.12
MSFT closed 4.4% below its gamma max of 540.43. It is 11.7% above the delta neutral price of 457.08. Total open interest is 3,564,607, -3.9% versus the previous session. Its options catalyst-intensity score is 34.7 out of 100, led by volume/OI 0.12. 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 | -102,001 contracts · -4.3% |
| Put OI change, 1 session | -42,725 contracts · -3.2% |
| Call minus put OI growth, 1 session | -1.0 pp |
| Call OI change, 5 sessions | +18,788 contracts · +0.8% |
| Put OI change, 5 sessions | +51,851 contracts · +4.2% |
| Call minus put OI growth, 5 sessions | -3.4 pp |
| Daily call OI change surprise | -1.03σ (252 prior changes) |
| Daily put OI change surprise | -0.85σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.46σ (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 14 completed Day +10 paths · latest Aug 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | +0.1% | -0.6% to +1.1% | 57% | -0.6% to +1.1% | 0.0% |
| Day +2 | 14 | +0.1% | -0.9% to +1.5% | 50% | -0.9% to +1.5% | 0.0% |
| Day +3 | 14 | +0.8% | -0.7% to +3.1% | 64% | -0.8% to +3.2% | 0.0% |
| Day +4 | 14 | +2.0% | -0.1% to +2.9% | 71% | -0.1% to +3.0% | 0.0% |
| Day +5 | 14 | +2.0% | +0.7% to +4.2% | 79% | +0.7% to +4.4% | +0.7% |
| Day +6 | 14 | +2.6% | +0.1% to +4.4% | 71% | -0.1% to +4.5% | 0.0% |
| Day +7 | 14 | +2.2% | +0.4% to +4.8% | 79% | +0.4% to +5.1% | +0.4% |
| Day +8 | 14 | +2.3% | +0.6% to +4.4% | 79% | +0.5% to +4.5% | +0.5% |
| Day +9 | 14 | +2.1% | -0.9% to +5.2% | 64% | -1.2% to +5.4% | 0.0% |
| Day +10 | 14 | +2.3% | -1.1% to +5.2% | 64% | -1.5% to +5.5% | 0.0% |
Crosses above gamma max 13 completed Day +10 paths · latest Aug 3, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -0.1% | -0.7% to +0.1% | 46% | -0.7% to +0.1% | 0.0% |
| Day +2 | 13 | -0.0% | -0.6% to +0.8% | 46% | -0.6% to +0.8% | 0.0% |
| Day +3 | 13 | -0.1% | -1.0% to +1.1% | 46% | -1.0% to +1.1% | 0.0% |
| Day +4 | 13 | +0.8% | -1.1% to +1.9% | 69% | -1.1% to +1.9% | 0.0% |
| Day +5 | 13 | +1.3% | -0.4% to +3.0% | 54% | -0.4% to +3.0% | 0.0% |
| Day +6 | 13 | +1.4% | -0.3% to +3.3% | 69% | -0.3% to +3.3% | 0.0% |
| Day +7 | 13 | +1.5% | +0.2% to +4.0% | 77% | +0.2% to +4.0% | +0.2% |
| Day +8 | 13 | +1.9% | -0.2% to +3.2% | 69% | -0.2% to +3.2% | 0.0% |
| Day +9 | 13 | +1.6% | +0.2% to +4.0% | 77% | +0.2% to +4.0% | +0.2% |
| Day +10 | 13 | +1.5% | -1.1% to +4.3% | 54% | -1.1% to +4.3% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 16.7% of 252 |
| Prior-year sessions closer to delta neutral | 88.5% of 252 |
| Open interest percentile (1y) | 47th |
| Daily open interest change versus prior year | -1.00σ (-144,726 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.0% |
| Open interest change, 21 sessions | -8.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 492.81 vs 493.35 (-0.1%)
- closed above gamma max at 487.65 vs 480.42 (+1.5%)
- closed below gamma max at 464.72 vs 474.78 (-2.2%)
- closed above gamma max at 451.10 vs 450.04 (+0.2%)
- closed above delta neutral at 372.97 vs 369.19 (+1.0%)
- closed below delta neutral at 367.34 vs 374.82 (-2.0%)
- closed above delta neutral at 379.40 vs 378.30 (+0.3%)
- closed below delta neutral at 378.91 vs 384.31 (-1.4%)
- closed above delta neutral at 390.74 vs 388.26 (+0.6%)
- closed below delta neutral at 390.34 vs 391.18 (-0.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/MSFT
Questions people ask about MSFT
Where is MSFT's gamma max today?
As of Oct 2, 2026, the gamma max for MSFT is 540.43, +4.4% from the 517.53 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 MSFT above or below its delta neutral price?
MSFT closed above delta neutral: 517.53 against a delta neutral price of 457.08. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MSFT have?
3,564,607 contracts of open interest across 2,568 listed contracts on Oct 2, 2026, -3.9% 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.