NKE max pain, gamma exposure (GEX) & options open interest
As of close · rank #45 by open interest · 1,394 sessions of history since Dec 1, 2020
NKE's nearest-expiration max pain is 36.00 for 2026-10-09, its GEX flip is 36.47, net GEX is -60,652,790, its put/call open-interest ratio is 0.71. 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: volume/OI 0.29 · front IV premium 1.8 pp · smile convexity 9.0 pp
NKE closed 23.4% below its gamma max of 41.80. It is 14.3% below the delta neutral price of 38.72. Total open interest is 2,243,801, -1.8% versus the previous session. Its options catalyst-intensity score is 56.1 out of 100, led by volume/OI 0.29, front IV premium 1.8 pp, smile convexity 9.0 pp. 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 | -10,547 contracts · -0.8% |
| Put OI change, 1 session | -31,236 contracts · -3.2% |
| Call minus put OI growth, 1 session | +2.4 pp |
| Call OI change, 5 sessions | +131,071 contracts · +11.1% |
| Put OI change, 5 sessions | +36,192 contracts · +4.0% |
| Call minus put OI growth, 5 sessions | +7.1 pp |
| Daily call OI change surprise | -0.24σ (252 prior changes) |
| Daily put OI change surprise | -0.92σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.91σ (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 7 completed Day +10 paths · latest May 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | +0.5% | -0.5% to +1.8% | 57% | -0.6% to +3.3% | 0.0% |
| Day +2 | 7 | +0.2% | -1.2% to +1.1% | 57% | -5.3% to +7.5% | 0.0% |
| Day +3 | 7 | -0.7% | -1.9% to +1.8% | 29% | -5.2% to +7.5% | 0.0% |
| Day +4 | 7 | +0.6% | -1.4% to +2.8% | 57% | -5.6% to +7.7% | 0.0% |
| Day +5 | 7 | -0.6% | -4.2% to +3.2% | 43% | -11.1% to +5.1% | 0.0% |
| Day +6 | 7 | -0.0% | -3.2% to +2.6% | 43% | -11.1% to +5.1% | 0.0% |
| Day +7 | 7 | -0.1% | -2.4% to +3.9% | 43% | -11.9% to +5.4% | 0.0% |
| Day +8 | 7 | -0.3% | -3.5% to +3.9% | 43% | -10.5% to +5.7% | 0.0% |
| Day +9 | 7 | +1.7% | -2.4% to +4.0% | 57% | -10.7% to +7.3% | 0.0% |
| Day +10 | 7 | +1.3% | -2.8% to +3.7% | 57% | -12.3% to +8.6% | 0.0% |
Crosses above gamma max 7 completed Day +10 paths · latest May 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | -0.1% | -0.8% to +1.1% | 43% | -2.4% to +1.7% | 0.0% |
| Day +2 | 7 | +1.0% | +0.2% to +1.6% | 86% | -3.0% to +2.9% | 0.0% |
| Day +3 | 7 | -0.0% | -0.6% to +0.5% | 43% | -7.6% to +3.0% | 0.0% |
| Day +4 | 7 | +0.8% | -1.4% to +1.8% | 71% | -7.5% to +2.4% | 0.0% |
| Day +5 | 7 | +0.2% | -2.8% to +1.6% | 57% | -7.9% to +3.5% | 0.0% |
| Day +6 | 7 | +1.1% | -6.0% to +2.6% | 57% | -13.3% to +3.7% | 0.0% |
| Day +7 | 7 | -2.0% | -9.7% to +2.0% | 43% | -15.5% to +3.8% | 0.0% |
| Day +8 | 7 | -2.1% | -8.4% to +2.3% | 43% | -15.4% to +4.1% | 0.0% |
| Day +9 | 7 | -0.4% | -9.2% to +3.0% | 43% | -11.6% to +6.4% | 0.0% |
| Day +10 | 7 | -0.4% | -6.5% to +3.5% | 43% | -10.2% to +8.2% | 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 | 17 |
| Prior-year sessions closer to gamma max | 80.6% of 252 |
| Prior-year sessions closer to delta neutral | 97.2% of 252 |
| Open interest percentile (1y) | 97th |
| Daily open interest change versus prior year | -0.54σ (-41,783 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +8.1% |
| Open interest change, 21 sessions | -2.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 46.22 vs 49.33 (-6.8%)
- closed above gamma max at 47.35 vs 46.85 (+1.1%)
- closed below delta neutral at 63.09 vs 64.34 (-2.0%)
- closed above delta neutral at 64.82 vs 64.15 (+1.0%)
- closed below delta neutral at 62.70 vs 63.86 (-1.9%)
- closed above delta neutral at 64.22 vs 64.00 (+0.3%)
- closed below delta neutral at 63.09 vs 63.75 (-1.1%)
- closed above delta neutral at 63.71 vs 62.15 (+2.4%)
- closed below delta neutral at 65.69 vs 65.88 (-0.3%)
- closed below gamma max at 67.47 vs 77.49 (-14.8%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/NKE
Questions people ask about NKE
Where is NKE's gamma max today?
As of Oct 2, 2026, the gamma max for NKE is 41.80, +23.4% from the 33.87 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 NKE above or below its delta neutral price?
NKE closed below delta neutral: 33.87 against a delta neutral price of 38.72. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NKE have?
2,243,801 contracts of open interest across 794 listed contracts on Oct 2, 2026, -1.8% 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.