NAK max pain, gamma exposure (GEX) & options open interest
As of close · rank #378 by open interest · 579 sessions of history since Jan 11, 2021
NAK's nearest-expiration max pain is 1.50 for 2026-10-09, net GEX is 5,137,770, its put/call open-interest ratio is 0.16. 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: 25Δ risk reversal 53.8 pp · IV rank 89
NAK closed 3.5% below its gamma max of 1.38. It is 54.9% above the delta neutral price of 0.60. Total open interest is 224,000, -1.2% versus the previous session. Its options catalyst-intensity score is 58.1 out of 100, led by 25Δ risk reversal 53.8 pp, IV rank 89. 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 | -2,221 contracts · -1.1% |
| Put OI change, 1 session | -561 contracts · -1.7% |
| Call minus put OI growth, 1 session | +0.6 pp |
| Call OI change, 5 sessions | +6,056 contracts · +3.2% |
| Put OI change, 5 sessions | +603 contracts · +2.0% |
| Call minus put OI growth, 5 sessions | +1.3 pp |
| Daily call OI change surprise | -0.14σ (252 prior changes) |
| Daily put OI change surprise | -0.14σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.20σ (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 34 completed Day +10 paths · latest Oct 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | -0.2% | -3.2% to +4.1% | 50% | -2.0% to +2.1% | 0.0% |
| Day +2 | 35 | +1.0% | -5.6% to +4.3% | 51% | -3.3% to +2.9% | 0.0% |
| Day +3 | 35 | -0.7% | -5.1% to +5.0% | 43% | -3.3% to +3.9% | 0.0% |
| Day +4 | 35 | +0.5% | -4.3% to +5.7% | 51% | -1.5% to +3.5% | 0.0% |
| Day +5 | 35 | +1.5% | -6.0% to +4.7% | 51% | -2.2% to +3.1% | 0.0% |
| Day +6 | 35 | -0.7% | -5.7% to +4.6% | 43% | -3.6% to +1.0% | 0.0% |
| Day +7 | 35 | -1.3% | -6.2% to +6.1% | 46% | -2.9% to +3.5% | 0.0% |
| Day +8 | 35 | 0.0% | -6.7% to +6.6% | 49% | -4.3% to +3.6% | 0.0% |
| Day +9 | 34 | -0.5% | -7.0% to +6.3% | 47% | -4.1% to +4.1% | 0.0% |
| Day +10 | 34 | -2.6% | -7.4% to +6.0% | 41% | -5.4% to +3.9% | 0.0% |
Crosses above gamma max 31 completed Day +10 paths · latest Sep 9, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | -1.0% | -3.9% to +1.5% | 29% | -2.6% to 0.0% | 0.0% |
| Day +2 | 31 | -2.0% | -5.3% to +3.1% | 42% | -3.4% to +1.8% | 0.0% |
| Day +3 | 31 | -1.8% | -6.1% to +3.5% | 42% | -3.3% to +1.5% | 0.0% |
| Day +4 | 31 | -3.3% | -6.2% to +4.5% | 35% | -4.8% to +0.1% | 0.0% |
| Day +5 | 31 | -1.5% | -6.6% to +5.0% | 45% | -3.4% to +1.2% | 0.0% |
| Day +6 | 31 | -3.8% | -7.4% to +3.2% | 42% | -5.8% to +1.2% | 0.0% |
| Day +7 | 31 | -1.2% | -11.2% to +6.2% | 42% | -9.2% to +1.2% | 0.0% |
| Day +8 | 31 | -2.6% | -11.2% to +5.4% | 35% | -9.2% to +0.6% | 0.0% |
| Day +9 | 31 | -1.5% | -10.9% to +2.8% | 29% | -6.4% to 0.0% | 0.0% |
| Day +10 | 31 | -5.3% | -10.3% to +5.6% | 42% | -8.4% to +3.3% | 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 | 49% |
| Gamma max crosses | 71 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 32.9% of 252 |
| Prior-year sessions closer to delta neutral | 40.1% of 252 |
| Open interest percentile (1y) | 24th |
| Daily open interest change versus prior year | -0.15σ (-2,782 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.1% |
| Open interest change, 21 sessions | +4.6% |
| History available | Jan 11, 2021 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 1.34 vs 1.36 (-1.6%)
- closed above gamma max at 1.41 vs 1.26 (+11.0%)
- closed below gamma max at 1.45 vs 1.45 (-0.1%)
- closed above gamma max at 1.24 vs 0.50 (+59.7%)
- closed below gamma max at 1.41 vs 1.50 (-6.1%)
- closed above gamma max at 1.53 vs 1.46 (+4.4%)
- closed below gamma max at 1.47 vs 1.49 (-1.3%)
- closed above gamma max at 1.51 vs 1.45 (+3.9%)
- closed below gamma max at 1.59 vs 1.68 (-5.7%)
- closed above gamma max at 1.56 vs 1.56 (+0.1%)
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/NAK
Questions people ask about NAK
Where is NAK's gamma max today?
As of Oct 2, 2026, the gamma max for NAK is 1.38, +3.5% from the 1.33 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 NAK above or below its delta neutral price?
NAK closed above delta neutral: 1.33 against a delta neutral price of 0.60. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NAK have?
224,000 contracts of open interest across 83 listed contracts on Oct 2, 2026, -1.2% 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.