NET max pain, gamma exposure (GEX) & options open interest
As of close · rank #427 by open interest · 1,394 sessions of history since Dec 1, 2020
NET's nearest-expiration max pain is 320.00 for 2026-10-09, its GEX flip is 286.67, net GEX is 5,260,795, its put/call open-interest ratio is 0.73. 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.
NET closed 8.9% below its gamma max of 379.88. It is 18.7% above the delta neutral price of 283.66. Total open interest is 185,346, -8.5% versus the previous session. Its options catalyst-intensity score is 37.6 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 | -10,145 contracts · -8.7% |
| Put OI change, 1 session | -6,987 contracts · -8.2% |
| Call minus put OI growth, 1 session | -0.5 pp |
| Call OI change, 5 sessions | +1,570 contracts · +1.5% |
| Put OI change, 5 sessions | +1,063 contracts · +1.4% |
| Call minus put OI growth, 5 sessions | +0.1 pp |
| Daily call OI change surprise | -1.17σ (252 prior changes) |
| Daily put OI change surprise | -1.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.13σ (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 19 completed Day +10 paths · latest Jul 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.3% | -2.6% to +1.1% | 47% | -2.5% to +0.7% | 0.0% |
| Day +2 | 19 | -0.8% | -1.8% to +1.9% | 47% | -1.8% to +1.4% | 0.0% |
| Day +3 | 19 | +0.3% | -3.5% to +1.9% | 53% | -2.3% to +1.7% | 0.0% |
| Day +4 | 19 | +2.7% | -3.8% to +3.5% | 58% | -3.3% to +3.2% | 0.0% |
| Day +5 | 19 | +1.1% | -3.0% to +5.1% | 58% | -2.9% to +4.4% | 0.0% |
| Day +6 | 19 | +1.1% | -5.9% to +5.2% | 58% | -5.3% to +4.7% | 0.0% |
| Day +7 | 19 | +1.5% | -10.5% to +7.6% | 58% | -9.0% to +6.8% | 0.0% |
| Day +8 | 19 | -0.4% | -14.1% to +8.5% | 47% | -13.9% to +7.6% | 0.0% |
| Day +9 | 19 | -1.2% | -13.3% to +8.2% | 42% | -13.1% to +8.1% | 0.0% |
| Day +10 | 19 | -1.7% | -11.6% to +8.4% | 42% | -10.7% to +8.3% | 0.0% |
Crosses above gamma max 19 completed Day +10 paths · latest Jul 10, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | +0.7% | -0.9% to +1.8% | 63% | -0.2% to +1.7% | 0.0% |
| Day +2 | 19 | +1.6% | -2.2% to +3.8% | 63% | -1.8% to +3.5% | 0.0% |
| Day +3 | 19 | -0.1% | -2.8% to +3.3% | 47% | -2.3% to +2.8% | 0.0% |
| Day +4 | 19 | +0.4% | -5.4% to +5.3% | 58% | -4.7% to +4.8% | 0.0% |
| Day +5 | 19 | +2.7% | -6.2% to +4.4% | 63% | -4.2% to +4.0% | 0.0% |
| Day +6 | 19 | +1.5% | -3.7% to +4.1% | 63% | -2.3% to +4.1% | 0.0% |
| Day +7 | 19 | +1.4% | -5.8% to +5.3% | 63% | -3.6% to +5.2% | 0.0% |
| Day +8 | 19 | +3.5% | -7.0% to +6.5% | 63% | -6.2% to +6.2% | 0.0% |
| Day +9 | 19 | +5.1% | -8.8% to +6.9% | 58% | -8.8% to +6.2% | 0.0% |
| Day +10 | 19 | +1.3% | -9.7% to +8.1% | 53% | -8.2% to +7.9% | 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 | 2% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 44.4% of 252 |
| Prior-year sessions closer to delta neutral | 92.9% of 252 |
| Open interest percentile (1y) | 46th |
| Daily open interest change versus prior year | -1.12σ (-17,132 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.4% |
| Open interest change, 21 sessions | -8.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 269.43 vs 284.90 (-5.7%)
- closed above gamma max at 268.45 vs 267.82 (+0.2%)
- closed below gamma max at 273.58 vs 274.20 (-0.2%)
- closed above gamma max at 268.71 vs 266.01 (+1.0%)
- closed below gamma max at 272.55 vs 279.04 (-2.4%)
- closed above gamma max at 270.77 vs 258.37 (+4.6%)
- closed below gamma max at 248.59 vs 249.17 (-0.2%)
- closed above gamma max at 244.43 vs 241.94 (+1.0%)
- closed above delta neutral at 184.02 vs 170.15 (+7.5%)
- closed below delta neutral at 166.99 vs 171.83 (-2.9%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/NET
Questions people ask about NET
Where is NET's gamma max today?
As of Oct 2, 2026, the gamma max for NET is 379.88, +8.9% from the 348.79 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 NET above or below its delta neutral price?
NET closed above delta neutral: 348.79 against a delta neutral price of 283.66. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NET have?
185,346 contracts of open interest across 1,188 listed contracts on Oct 2, 2026, -8.5% 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.