MSTR max pain, gamma exposure (GEX) & options open interest
As of close · rank #42 by open interest · 1,394 sessions of history since Dec 1, 2020
MSTR's nearest-expiration max pain is 150.00 for 2026-10-09, its GEX flip is 140.18, net GEX is 34,106,998, its put/call open-interest ratio is 0.79. 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 0.37
MSTR closed 10.6% below its gamma max of 176.91. It is 12.3% above the delta neutral price of 140.30. Total open interest is 2,268,311, -14.3% versus the previous session. Its options catalyst-intensity score is 47.6 out of 100, led by volume/OI 0.37. 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 | -223,012 contracts · -15.0% |
| Put OI change, 1 session | -156,132 contracts · -13.5% |
| Call minus put OI growth, 1 session | -1.4 pp |
| Call OI change, 5 sessions | +3,277 contracts · +0.3% |
| Put OI change, 5 sessions | -30,765 contracts · -3.0% |
| Call minus put OI growth, 5 sessions | +3.2 pp |
| Daily call OI change surprise | -1.68σ (252 prior changes) |
| Daily put OI change surprise | -1.77σ (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 33 completed Day +10 paths · latest Sep 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | -0.0% | -3.3% to +6.0% | 50% | -2.6% to +3.1% | 0.0% |
| Day +2 | 34 | -0.4% | -5.4% to +5.1% | 47% | -3.3% to +3.3% | 0.0% |
| Day +3 | 34 | -1.3% | -4.3% to +5.2% | 44% | -3.9% to +2.5% | 0.0% |
| Day +4 | 34 | -1.7% | -6.9% to +4.4% | 41% | -5.3% to +2.9% | 0.0% |
| Day +5 | 34 | -1.6% | -4.8% to +6.7% | 38% | -4.1% to +1.1% | 0.0% |
| Day +6 | 34 | -0.8% | -6.1% to +11.3% | 44% | -4.8% to +4.7% | 0.0% |
| Day +7 | 33 | +0.2% | -6.7% to +13.3% | 55% | -6.2% to +6.6% | 0.0% |
| Day +8 | 33 | +6.1% | -7.4% to +12.8% | 55% | -3.4% to +10.0% | 0.0% |
| Day +9 | 33 | +7.7% | -7.8% to +13.8% | 64% | -2.4% to +9.3% | 0.0% |
| Day +10 | 33 | +4.8% | -9.4% to +18.0% | 61% | -1.6% to +13.3% | 0.0% |
Crosses above gamma max 34 completed Day +10 paths · latest Sep 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | +0.1% | -4.1% to +3.7% | 50% | -1.7% to +3.2% | 0.0% |
| Day +2 | 34 | -1.1% | -4.4% to +7.5% | 44% | -3.2% to +3.9% | 0.0% |
| Day +3 | 34 | -1.9% | -5.5% to +5.3% | 38% | -4.3% to +1.7% | 0.0% |
| Day +4 | 34 | -0.7% | -6.2% to +5.9% | 47% | -3.0% to +4.8% | 0.0% |
| Day +5 | 34 | -0.9% | -7.3% to +8.3% | 47% | -5.6% to +5.4% | 0.0% |
| Day +6 | 34 | +0.4% | -8.3% to +8.5% | 53% | -5.5% to +4.4% | 0.0% |
| Day +7 | 34 | +0.1% | -6.2% to +12.1% | 50% | -4.1% to +4.3% | 0.0% |
| Day +8 | 34 | +2.5% | -6.4% to +15.2% | 62% | -3.4% to +9.5% | 0.0% |
| Day +9 | 34 | +4.2% | -5.8% to +15.2% | 62% | -3.1% to +13.3% | 0.0% |
| Day +10 | 34 | +4.1% | -7.0% to +14.2% | 56% | -4.0% to +10.5% | 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 | 9% |
| Gamma max crosses | 23 |
| Delta neutral crosses | 48 |
| Prior-year sessions closer to gamma max | 59.9% of 252 |
| Prior-year sessions closer to delta neutral | 86.1% of 252 |
| Open interest percentile (1y) | 9th |
| Daily open interest change versus prior year | -1.74σ (-379,144 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.2% |
| Open interest change, 21 sessions | -16.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 161.61 vs 173.94 (-7.6%)
- closed above gamma max at 153.92 vs 150.97 (+1.9%)
- closed below gamma max at 142.80 vs 147.12 (-3.0%)
- closed above gamma max at 144.82 vs 138.77 (+4.2%)
- closed below gamma max at 127.31 vs 144.34 (-13.4%)
- closed above gamma max at 137.40 vs 127.02 (+7.6%)
- closed below gamma max at 123.19 vs 123.52 (-0.3%)
- closed above delta neutral at 104.25 vs 93.55 (+10.3%)
- closed above gamma max at 104.25 vs 100.96 (+3.2%)
- closed below delta neutral at 92.52 vs 93.19 (-0.7%)
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/MSTR
Questions people ask about MSTR
Where is MSTR's gamma max today?
As of Oct 2, 2026, the gamma max for MSTR is 176.91, +10.6% from the 160.01 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 MSTR above or below its delta neutral price?
MSTR closed above delta neutral: 160.01 against a delta neutral price of 140.30. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MSTR have?
2,268,311 contracts of open interest across 2,074 listed contracts on Oct 2, 2026, -14.3% 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.