MU max pain, gamma exposure (GEX) & options open interest
As of close · rank #31 by open interest · 1,394 sessions of history since Dec 1, 2020
MU's nearest-expiration max pain is 1,055.00 for 2026-10-05, its GEX flip is 986.42, net GEX is 58,515,198, its put/call open-interest ratio is 0.97. 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 · smile convexity 13.3 pp
MU closed 10.4% below its gamma max of 1,186.83. It is 11.4% above the delta neutral price of 952.59. Total open interest is 3,075,916, -9.1% versus the previous session. Its options catalyst-intensity score is 40.7 out of 100, led by volume/OI 0.37, smile convexity 13.3 pp. 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 | -127,563 contracts · -7.6% |
| Put OI change, 1 session | -180,382 contracts · -10.6% |
| Call minus put OI growth, 1 session | +3.0 pp |
| Call OI change, 5 sessions | +69,461 contracts · +4.7% |
| Put OI change, 5 sessions | +68,341 contracts · +4.7% |
| Call minus put OI growth, 5 sessions | -0.0 pp |
| Daily call OI change surprise | -1.63σ (252 prior changes) |
| Daily put OI change surprise | -1.48σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.06σ (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 26 completed Day +10 paths · latest Jan 7, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | +0.6% | -0.6% to +2.2% | 65% | -0.2% to +1.8% | 0.0% |
| Day +2 | 26 | +0.4% | -1.2% to +2.6% | 54% | -0.8% to +1.6% | 0.0% |
| Day +3 | 26 | +0.2% | -2.4% to +1.9% | 54% | -1.9% to +1.7% | 0.0% |
| Day +4 | 26 | +0.6% | -1.5% to +2.5% | 58% | -1.3% to +2.1% | 0.0% |
| Day +5 | 26 | +0.4% | -1.8% to +4.6% | 54% | -1.6% to +3.1% | 0.0% |
| Day +6 | 26 | -0.4% | -1.9% to +3.7% | 42% | -1.3% to +1.5% | 0.0% |
| Day +7 | 26 | +0.1% | -3.4% to +4.0% | 54% | -2.2% to +2.5% | 0.0% |
| Day +8 | 26 | -0.9% | -2.8% to +3.1% | 42% | -2.0% to +1.3% | 0.0% |
| Day +9 | 26 | -1.0% | -2.4% to +4.1% | 35% | -1.8% to +1.5% | 0.0% |
| Day +10 | 26 | -0.4% | -2.2% to +3.4% | 46% | -1.3% to +2.3% | 0.0% |
Crosses above gamma max 23 completed Day +10 paths · latest Jan 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 23 | -0.0% | -1.3% to +0.9% | 48% | -1.1% to +0.7% | 0.0% |
| Day +2 | 23 | -0.6% | -2.0% to +2.5% | 43% | -1.3% to +1.9% | 0.0% |
| Day +3 | 23 | -0.0% | -1.0% to +1.6% | 43% | -0.4% to +0.5% | 0.0% |
| Day +4 | 23 | -0.6% | -4.1% to +3.2% | 48% | -2.0% to +1.9% | 0.0% |
| Day +5 | 23 | -0.2% | -3.2% to +3.9% | 48% | -1.5% to +3.0% | 0.0% |
| Day +6 | 23 | -0.2% | -3.2% to +5.4% | 39% | -1.6% to +3.4% | 0.0% |
| Day +7 | 23 | -0.4% | -3.9% to +6.0% | 43% | -2.4% to +2.6% | 0.0% |
| Day +8 | 23 | +0.4% | -5.1% to +5.6% | 52% | -4.8% to +5.5% | 0.0% |
| Day +9 | 23 | -1.5% | -3.7% to +3.7% | 43% | -3.5% to +2.2% | 0.0% |
| Day +10 | 23 | -0.7% | -4.6% to +5.6% | 43% | -3.7% to +4.8% | 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 | 6 |
| Prior-year sessions closer to gamma max | 50.8% of 252 |
| Prior-year sessions closer to delta neutral | 48.4% of 252 |
| Open interest percentile (1y) | 67th |
| Daily open interest change versus prior year | -1.57σ (-307,945 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.7% |
| Open interest change, 21 sessions | -3.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 874.66 vs 806.39 (+7.8%)
- closed below delta neutral at 739.00 vs 786.54 (-6.4%)
- closed above delta neutral at 367.85 vs 350.66 (+4.7%)
- closed below delta neutral at 395.53 vs 398.89 (-0.9%)
- closed below gamma max at 339.54 vs 357.07 (-5.2%)
- closed above gamma max at 343.48 vs 342.10 (+0.4%)
- closed above delta neutral at 207.37 vs 196.27 (+5.4%)
- closed below delta neutral at 201.37 vs 203.75 (-1.2%)
- closed below gamma max at 202.38 vs 213.63 (-5.6%)
- closed above gamma max at 202.53 vs 202.37 (+0.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/MU
Questions people ask about MU
Where is MU's gamma max today?
As of Oct 2, 2026, the gamma max for MU is 1,186.83, +10.4% from the 1,074.89 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 MU above or below its delta neutral price?
MU closed above delta neutral: 1,074.89 against a delta neutral price of 952.59. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does MU have?
3,075,916 contracts of open interest across 7,148 listed contracts on Oct 2, 2026, -9.1% 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.