NOW max pain, gamma exposure (GEX) & options open interest
As of close · rank #89 by open interest · 1,394 sessions of history since Dec 1, 2020
NOW's nearest-expiration max pain is 135.00 for 2026-10-09, its GEX flip is 127.23, net GEX is 15,653,944, its put/call open-interest ratio is 0.88. 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.
NOW closed 13.8% below its gamma max of 152.94. It is 8.0% above the delta neutral price of 123.59. Total open interest is 1,105,098, -4.7% versus the previous session. Its options catalyst-intensity score is 34.8 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 | -31,798 contracts · -5.1% |
| Put OI change, 1 session | -23,062 contracts · -4.3% |
| Call minus put OI growth, 1 session | -0.9 pp |
| Call OI change, 5 sessions | +386 contracts · +0.1% |
| Put OI change, 5 sessions | +15,511 contracts · +3.1% |
| Call minus put OI growth, 5 sessions | -3.0 pp |
| Daily call OI change surprise | -0.95σ (252 prior changes) |
| Daily put OI change surprise | -0.97σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.38σ (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 14 completed Day +10 paths · latest Aug 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | -0.4% | -1.4% to +0.4% | 50% | -1.5% to +0.4% | 0.0% |
| Day +2 | 14 | -0.3% | -2.3% to +0.6% | 43% | -2.4% to +0.6% | 0.0% |
| Day +3 | 14 | -0.6% | -1.9% to +1.7% | 50% | -2.0% to +1.9% | 0.0% |
| Day +4 | 14 | +0.7% | -1.5% to +2.1% | 57% | -1.5% to +2.1% | 0.0% |
| Day +5 | 14 | -0.2% | -3.0% to +2.6% | 50% | -3.1% to +2.7% | 0.0% |
| Day +6 | 14 | -0.3% | -4.3% to +3.4% | 43% | -4.9% to +3.5% | 0.0% |
| Day +7 | 14 | -0.6% | -3.6% to +1.9% | 50% | -3.9% to +2.1% | 0.0% |
| Day +8 | 14 | -0.6% | -3.0% to +2.0% | 43% | -3.3% to +2.2% | 0.0% |
| Day +9 | 14 | -1.9% | -5.2% to +2.7% | 36% | -5.6% to +2.9% | 0.0% |
| Day +10 | 14 | -1.7% | -4.4% to +3.6% | 43% | -4.4% to +3.7% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest Aug 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.7% | +0.0% to +2.9% | 75% | +0.1% to +2.8% | +0.1% |
| Day +2 | 16 | +0.8% | +0.1% to +2.2% | 75% | +0.1% to +2.0% | +0.1% |
| Day +3 | 16 | +0.4% | -3.1% to +3.0% | 50% | -3.1% to +2.9% | 0.0% |
| Day +4 | 16 | -0.4% | -2.7% to +2.2% | 50% | -2.3% to +2.1% | 0.0% |
| Day +5 | 16 | +1.8% | -2.5% to +2.8% | 56% | -1.9% to +2.8% | 0.0% |
| Day +6 | 16 | -0.8% | -3.8% to +2.4% | 44% | -3.2% to +2.3% | 0.0% |
| Day +7 | 16 | -1.6% | -4.8% to +4.2% | 31% | -4.6% to +4.1% | 0.0% |
| Day +8 | 16 | -1.1% | -4.5% to +0.6% | 38% | -4.2% to +0.6% | 0.0% |
| Day +9 | 16 | -0.9% | -5.3% to +0.7% | 31% | -5.2% to +0.7% | 0.0% |
| Day +10 | 16 | -1.7% | -6.3% to +1.0% | 31% | -5.9% to +0.4% | 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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 20 |
| Prior-year sessions closer to gamma max | 43.3% of 252 |
| Prior-year sessions closer to delta neutral | 66.3% of 252 |
| Open interest percentile (1y) | 59th |
| Daily open interest change versus prior year | -0.98σ (-54,860 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.5% |
| Open interest change, 21 sessions | -9.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 144.71 vs 149.36 (-3.2%)
- closed above gamma max at 138.43 vs 137.14 (+0.9%)
- closed above delta neutral at 105.56 vs 99.39 (+5.8%)
- closed below delta neutral at 95.46 vs 99.20 (-3.9%)
- closed below gamma max at 106.19 vs 119.36 (-12.4%)
- closed above gamma max at 105.78 vs 105.01 (+0.7%)
- closed above delta neutral at 98.60 vs 96.51 (+2.1%)
- closed below delta neutral at 101.33 vs 101.48 (-0.2%)
- closed above delta neutral at 102.15 vs 102.13 (+0.0%)
- closed below delta neutral at 103.12 vs 103.30 (-0.2%)
In today's screens
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Canonical source: https://halfonadouble.com/stock/NOW
Questions people ask about NOW
Where is NOW's gamma max today?
As of Oct 2, 2026, the gamma max for NOW is 152.94, +13.8% from the 134.38 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 NOW above or below its delta neutral price?
NOW closed above delta neutral: 134.38 against a delta neutral price of 123.59. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NOW have?
1,105,098 contracts of open interest across 1,455 listed contracts on Oct 2, 2026, -4.7% 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.