NEXT max pain, gamma exposure (GEX) & options open interest
As of close · rank #401 by open interest · 1,154 sessions of history since Jun 24, 2021
NEXT's nearest-expiration max pain is 7.00 for 2026-10-16, net GEX is 14,161,458, its put/call open-interest ratio is 0.13. 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: OI change 0.04σ
NEXT closed 5.9% below its gamma max of 6.87. It is 34.0% above the delta neutral price of 4.28. Total open interest is 202,884, +0.4% versus the previous session. Its options catalyst-intensity score is 33.4 out of 100, led by OI change 0.04σ. 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 | +277 contracts · +0.2% |
| Put OI change, 1 session | +461 contracts · +2.1% |
| Call minus put OI growth, 1 session | -1.9 pp |
| Call OI change, 5 sessions | +8,068 contracts · +4.7% |
| Put OI change, 5 sessions | +376 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | +3.0 pp |
| Daily call OI change surprise | +0.01σ (252 prior changes) |
| Daily put OI change surprise | +0.12σ (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 33 completed Day +10 paths · latest Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | 0.0% | -1.4% to +1.9% | 49% | -1.1% to +0.6% | 0.0% |
| Day +2 | 35 | -1.6% | -3.9% to +2.8% | 49% | -2.9% to +1.5% | 0.0% |
| Day +3 | 35 | -1.1% | -5.0% to +2.9% | 46% | -3.8% to +0.9% | 0.0% |
| Day +4 | 35 | -0.6% | -5.1% to +2.5% | 43% | -3.1% to +1.7% | 0.0% |
| Day +5 | 35 | -0.8% | -6.3% to +5.2% | 46% | -3.4% to +3.1% | 0.0% |
| Day +6 | 34 | +1.3% | -6.6% to +4.4% | 53% | -5.2% to +3.2% | 0.0% |
| Day +7 | 34 | -0.6% | -7.1% to +6.2% | 47% | -6.2% to +3.9% | 0.0% |
| Day +8 | 34 | -0.2% | -7.3% to +6.8% | 47% | -4.7% to +3.7% | 0.0% |
| Day +9 | 33 | +0.8% | -7.1% to +7.8% | 55% | -6.3% to +5.8% | 0.0% |
| Day +10 | 33 | +2.2% | -6.3% to +9.6% | 52% | -5.3% to +8.9% | 0.0% |
Crosses above gamma max 33 completed Day +10 paths · latest Sep 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | -0.2% | -2.0% to +2.3% | 47% | -1.6% to +0.8% | 0.0% |
| Day +2 | 34 | -1.3% | -3.3% to +4.0% | 44% | -3.0% to +2.5% | 0.0% |
| Day +3 | 34 | +0.9% | -4.5% to +3.8% | 56% | -2.6% to +2.7% | 0.0% |
| Day +4 | 34 | +1.2% | -4.7% to +5.0% | 59% | -2.6% to +4.0% | 0.0% |
| Day +5 | 34 | +0.6% | -5.3% to +4.0% | 59% | -1.9% to +2.0% | 0.0% |
| Day +6 | 34 | +0.7% | -3.2% to +5.5% | 53% | -1.1% to +3.9% | 0.0% |
| Day +7 | 33 | 0.0% | -3.0% to +5.9% | 48% | -1.0% to +4.0% | 0.0% |
| Day +8 | 33 | +1.4% | -2.7% to +7.1% | 58% | -2.4% to +4.7% | 0.0% |
| Day +9 | 33 | +2.3% | -5.3% to +7.0% | 64% | -2.6% to +4.9% | 0.0% |
| Day +10 | 33 | +1.2% | -5.6% to +6.4% | 55% | -2.7% to +5.6% | 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 | 24% |
| Gamma max crosses | 32 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 23.4% of 252 |
| Prior-year sessions closer to delta neutral | 52.4% of 252 |
| Open interest percentile (1y) | 42th |
| Daily open interest change versus prior year | +0.04σ (738 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.3% |
| Open interest change, 21 sessions | +4.0% |
| History available | Jun 24, 2021 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 6.56 vs 6.76 (-3.0%)
- closed above gamma max at 6.66 vs 6.40 (+3.9%)
- closed below gamma max at 6.77 vs 6.85 (-1.2%)
- closed above gamma max at 6.95 vs 6.26 (+9.9%)
- closed below gamma max at 7.19 vs 7.19 (-0.1%)
- closed above gamma max at 6.78 vs 6.17 (+9.0%)
- closed below gamma max at 6.76 vs 6.92 (-2.4%)
- closed above gamma max at 6.52 vs 6.28 (+3.7%)
- closed below gamma max at 6.60 vs 6.83 (-3.5%)
- closed above gamma max at 6.72 vs 6.38 (+5.0%)
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/NEXT
Questions people ask about NEXT
Where is NEXT's gamma max today?
As of Oct 2, 2026, the gamma max for NEXT is 6.87, +5.9% from the 6.48 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 NEXT above or below its delta neutral price?
NEXT closed above delta neutral: 6.48 against a delta neutral price of 4.28. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NEXT have?
202,884 contracts of open interest across 78 listed contracts on Oct 2, 2026, +0.4% 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.