NEM max pain, gamma exposure (GEX) & options open interest
As of close · rank #214 by open interest · 1,394 sessions of history since Dec 1, 2020
NEM's nearest-expiration max pain is 118.00 for 2026-10-09, its GEX flip is 118.85, net GEX is -6,056,346, its put/call open-interest ratio is 0.83. 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.
NEM closed 18.3% below its gamma max of 136.73. It is 1.8% above the delta neutral price of 113.44. Total open interest is 475,480, -2.6% versus the previous session. Its options catalyst-intensity score is 42.3 out of 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 | -9,672 contracts · -3.6% |
| Put OI change, 1 session | -3,257 contracts · -1.5% |
| Call minus put OI growth, 1 session | -2.1 pp |
| Call OI change, 5 sessions | +2,846 contracts · +1.1% |
| Put OI change, 5 sessions | +6,315 contracts · +3.0% |
| Call minus put OI growth, 5 sessions | -1.9 pp |
| Daily call OI change surprise | -0.47σ (252 prior changes) |
| Daily put OI change surprise | -0.18σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.93σ (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 29 completed Day +10 paths · latest Jan 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.5% | -0.5% to +1.5% | 55% | -0.4% to +0.8% | 0.0% |
| Day +2 | 29 | -0.1% | -1.5% to +1.5% | 45% | -0.9% to +1.0% | 0.0% |
| Day +3 | 29 | +0.2% | -2.5% to +1.4% | 52% | -1.4% to +0.8% | 0.0% |
| Day +4 | 29 | -0.6% | -2.6% to +2.3% | 48% | -2.0% to +1.2% | 0.0% |
| Day +5 | 29 | -0.4% | -4.4% to +3.5% | 41% | -2.4% to +3.3% | 0.0% |
| Day +6 | 29 | +0.6% | -3.5% to +5.6% | 55% | -3.1% to +5.6% | 0.0% |
| Day +7 | 29 | +1.8% | -3.2% to +6.1% | 55% | -2.6% to +5.1% | 0.0% |
| Day +8 | 29 | +2.7% | -3.7% to +6.7% | 55% | -3.2% to +6.1% | 0.0% |
| Day +9 | 29 | +2.1% | -5.8% to +7.4% | 62% | -2.8% to +7.0% | 0.0% |
| Day +10 | 29 | +3.4% | -4.9% to +6.7% | 59% | -2.7% to +5.1% | 0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Jan 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.4% | -1.3% to +2.0% | 55% | -0.9% to +1.5% | 0.0% |
| Day +2 | 29 | +0.5% | -2.4% to +1.9% | 59% | -0.6% to +1.4% | 0.0% |
| Day +3 | 29 | +1.1% | -1.4% to +2.7% | 62% | -0.7% to +2.6% | 0.0% |
| Day +4 | 29 | +0.2% | -2.8% to +2.4% | 55% | -1.5% to +2.2% | 0.0% |
| Day +5 | 29 | +0.3% | -2.9% to +3.5% | 55% | -2.1% to +3.0% | 0.0% |
| Day +6 | 29 | -0.1% | -2.3% to +3.4% | 48% | -0.8% to +2.0% | 0.0% |
| Day +7 | 29 | +1.9% | -3.5% to +5.2% | 62% | -1.1% to +3.9% | 0.0% |
| Day +8 | 29 | +2.6% | -2.7% to +4.6% | 59% | -2.2% to +3.8% | 0.0% |
| Day +9 | 29 | +3.0% | -4.3% to +5.6% | 62% | -1.3% to +5.0% | 0.0% |
| Day +10 | 29 | +3.0% | -5.0% to +6.7% | 62% | -1.3% to +6.4% | 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 | 3% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 10 |
| Prior-year sessions closer to gamma max | 79.4% of 252 |
| Prior-year sessions closer to delta neutral | 9.1% of 252 |
| Open interest percentile (1y) | 5th |
| Daily open interest change versus prior year | -0.35σ (-12,929 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.0% |
| Open interest change, 21 sessions | -18.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 95.76 vs 93.97 (+1.9%)
- closed below delta neutral at 91.52 vs 92.78 (-1.4%)
- closed above delta neutral at 95.75 vs 93.65 (+2.2%)
- closed below delta neutral at 101.80 vs 101.90 (-0.1%)
- closed above delta neutral at 105.80 vs 101.94 (+3.6%)
- closed below delta neutral at 99.71 vs 99.75 (-0.0%)
- closed above delta neutral at 102.10 vs 101.42 (+0.7%)
- closed below delta neutral at 99.36 vs 100.33 (-1.0%)
- closed above delta neutral at 101.52 vs 101.37 (+0.1%)
- closed below delta neutral at 99.20 vs 103.47 (-4.3%)
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/NEM
Questions people ask about NEM
Where is NEM's gamma max today?
As of Oct 2, 2026, the gamma max for NEM is 136.73, +18.3% from the 115.56 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 NEM above or below its delta neutral price?
NEM closed above delta neutral: 115.56 against a delta neutral price of 113.44. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NEM have?
475,480 contracts of open interest across 803 listed contracts on Oct 2, 2026, -2.6% 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.