NCLH max pain, gamma exposure (GEX) & options open interest
As of close · rank #187 by open interest · 1,394 sessions of history since Dec 1, 2020
NCLH's nearest-expiration max pain is 14.50 for 2026-10-09, its GEX flip is 14.88, net GEX is 2,025,744, its put/call open-interest ratio is 0.84. 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 100
NCLH closed 14.8% below its gamma max of 17.38. It is 6.3% below the delta neutral price of 16.09. Total open interest is 560,579, -2.9% versus the previous session. Its options catalyst-intensity score is 53.1 out of 100, led by IV rank 100. 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 | -10,267 contracts · -3.3% |
| Put OI change, 1 session | -6,734 contracts · -2.6% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | +6,533 contracts · +2.2% |
| Put OI change, 5 sessions | +11,526 contracts · +4.7% |
| Call minus put OI growth, 5 sessions | -2.5 pp |
| Daily call OI change surprise | -0.53σ (252 prior changes) |
| Daily put OI change surprise | -0.46σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.24σ (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 27 completed Day +10 paths · latest May 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.0% | -0.9% to +1.7% | 52% | -0.8% to +1.3% | 0.0% |
| Day +2 | 27 | +0.4% | -2.5% to +2.2% | 56% | -2.4% to +2.0% | 0.0% |
| Day +3 | 27 | -0.4% | -2.4% to +3.2% | 48% | -1.7% to +3.0% | 0.0% |
| Day +4 | 27 | +0.7% | -2.7% to +3.8% | 56% | -0.9% to +3.1% | 0.0% |
| Day +5 | 27 | -1.2% | -3.7% to +4.6% | 48% | -2.4% to +3.8% | 0.0% |
| Day +6 | 27 | -1.2% | -6.6% to +2.5% | 44% | -6.3% to +2.1% | 0.0% |
| Day +7 | 27 | +0.1% | -7.1% to +2.4% | 52% | -4.1% to +2.3% | 0.0% |
| Day +8 | 27 | +0.1% | -8.0% to +3.7% | 52% | -4.8% to +1.8% | 0.0% |
| Day +9 | 27 | -1.6% | -8.0% to +2.8% | 41% | -7.1% to +2.4% | 0.0% |
| Day +10 | 27 | -1.1% | -7.9% to +5.0% | 41% | -6.3% to +4.6% | 0.0% |
Crosses above gamma max 27 completed Day +10 paths · latest Feb 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | -1.0% | -2.4% to +0.8% | 33% | -2.2% to +0.2% | 0.0% |
| Day +2 | 27 | -1.5% | -3.1% to +2.4% | 33% | -2.6% to +0.5% | 0.0% |
| Day +3 | 27 | -1.7% | -4.9% to +0.5% | 30% | -4.5% to -0.1% | -0.1% |
| Day +4 | 27 | -0.4% | -5.2% to +4.1% | 44% | -3.6% to +3.9% | 0.0% |
| Day +5 | 27 | -0.8% | -4.8% to +4.1% | 48% | -4.1% to +3.4% | 0.0% |
| Day +6 | 27 | -1.7% | -6.2% to +4.3% | 48% | -6.0% to +3.4% | 0.0% |
| Day +7 | 27 | -3.1% | -8.3% to +1.7% | 30% | -7.2% to -0.0% | -0.0% |
| Day +8 | 27 | -1.9% | -7.6% to +2.4% | 41% | -6.1% to +1.0% | 0.0% |
| Day +9 | 27 | -3.1% | -8.8% to +3.2% | 44% | -8.3% to +1.0% | 0.0% |
| Day +10 | 27 | -4.7% | -8.7% to +3.1% | 44% | -7.9% to +1.5% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 42.9% of 252 |
| Prior-year sessions closer to delta neutral | 56.7% of 252 |
| Open interest percentile (1y) | 74th |
| Daily open interest change versus prior year | -0.52σ (-17,001 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.3% |
| Open interest change, 21 sessions | -11.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 18.18 vs 18.19 (-0.1%)
- closed above delta neutral at 19.76 vs 18.64 (+5.6%)
- closed below delta neutral at 18.53 vs 18.58 (-0.3%)
- closed below gamma max at 18.27 vs 18.70 (-2.3%)
- closed above delta neutral at 18.22 vs 17.23 (+5.4%)
- closed above gamma max at 18.22 vs 17.96 (+1.4%)
- closed below delta neutral at 17.20 vs 18.31 (-6.5%)
- closed above delta neutral at 18.23 vs 18.19 (+0.2%)
- closed below delta neutral at 19.03 vs 19.23 (-1.1%)
- closed above delta neutral at 20.16 vs 19.38 (+3.9%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/NCLH
Questions people ask about NCLH
Where is NCLH's gamma max today?
As of Oct 2, 2026, the gamma max for NCLH is 17.38, +14.8% from the 15.14 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 NCLH above or below its delta neutral price?
NCLH closed below delta neutral: 15.14 against a delta neutral price of 16.09. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NCLH have?
560,579 contracts of open interest across 347 listed contracts on Oct 2, 2026, -2.9% 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.