NRG max pain, gamma exposure (GEX) & options open interest
As of close · rank #513 by open interest · 1,394 sessions of history since Dec 1, 2020
NRG's nearest-expiration max pain is 102.00 for 2026-10-09, its GEX flip is 85.33, net GEX is 3,209,085, its put/call open-interest ratio is 0.60. 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: IV rank 100
NRG closed 20.2% below its gamma max of 114.46. It is 3.7% below the delta neutral price of 98.71. Total open interest is 139,398, -2.1% versus the previous session. Its options catalyst-intensity score is 52.5 out of 100, led by IV rank 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 | -1,845 contracts · -2.1% |
| Put OI change, 1 session | -1,200 contracts · -2.2% |
| Call minus put OI growth, 1 session | +0.2 pp |
| Call OI change, 5 sessions | +13,538 contracts · +18.4% |
| Put OI change, 5 sessions | +2,962 contracts · +6.0% |
| Call minus put OI growth, 5 sessions | +12.4 pp |
| Daily call OI change surprise | -0.32σ (252 prior changes) |
| Daily put OI change surprise | -0.63σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.05σ (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 38 completed Day +10 paths · latest Jun 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 38 | +0.4% | -1.2% to +1.5% | 55% | -0.4% to +1.1% | 0.0% |
| Day +2 | 38 | +0.5% | -1.6% to +3.2% | 58% | -0.6% to +2.5% | 0.0% |
| Day +3 | 38 | +1.2% | -2.3% to +3.2% | 68% | +0.3% to +2.7% | +0.3% |
| Day +4 | 38 | +1.2% | -2.4% to +4.1% | 63% | -0.6% to +2.7% | 0.0% |
| Day +5 | 38 | +0.7% | -3.0% to +4.2% | 53% | -1.3% to +2.3% | 0.0% |
| Day +6 | 38 | -0.7% | -5.0% to +4.5% | 47% | -3.3% to +1.7% | 0.0% |
| Day +7 | 38 | -1.1% | -4.6% to +4.6% | 45% | -3.2% to +2.6% | 0.0% |
| Day +8 | 38 | -1.8% | -6.1% to +5.8% | 47% | -3.1% to +2.9% | 0.0% |
| Day +9 | 38 | -1.9% | -5.9% to +3.8% | 37% | -5.1% to +1.5% | 0.0% |
| Day +10 | 38 | -1.8% | -6.0% to +3.0% | 37% | -3.7% to +0.4% | 0.0% |
Crosses above gamma max 40 completed Day +10 paths · latest Jun 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | +0.2% | -1.1% to +1.2% | 53% | -0.7% to +0.7% | 0.0% |
| Day +2 | 40 | +0.2% | -1.1% to +2.3% | 53% | -0.6% to +1.6% | 0.0% |
| Day +3 | 40 | +0.7% | -1.5% to +2.6% | 53% | -0.9% to +1.5% | 0.0% |
| Day +4 | 40 | +1.5% | -2.0% to +3.8% | 60% | -0.7% to +2.7% | 0.0% |
| Day +5 | 40 | +1.2% | -2.0% to +4.3% | 60% | -0.1% to +3.1% | 0.0% |
| Day +6 | 40 | +1.8% | -1.4% to +4.2% | 70% | +0.5% to +3.7% | +0.5% |
| Day +7 | 40 | +0.6% | -5.2% to +4.3% | 57% | -1.8% to +2.9% | 0.0% |
| Day +8 | 40 | +1.1% | -4.8% to +4.5% | 57% | -1.6% to +3.1% | 0.0% |
| Day +9 | 40 | +1.7% | -5.3% to +5.1% | 57% | -3.4% to +3.5% | 0.0% |
| Day +10 | 40 | +0.6% | -6.0% to +4.3% | 55% | -4.1% to +3.4% | 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 | 10 |
| Delta neutral crosses | 33 |
| Prior-year sessions closer to gamma max | 87.7% of 252 |
| Prior-year sessions closer to delta neutral | 42.9% of 252 |
| Open interest percentile (1y) | 85th |
| Daily open interest change versus prior year | -0.43σ (-3,045 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +13.4% |
| Open interest change, 21 sessions | -22.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 103.66 vs 103.77 (-0.1%)
- closed above delta neutral at 107.38 vs 104.69 (+2.5%)
- closed below delta neutral at 105.99 vs 106.20 (-0.2%)
- closed above delta neutral at 111.09 vs 110.86 (+0.2%)
- closed below delta neutral at 111.12 vs 113.44 (-2.1%)
- closed above delta neutral at 113.61 vs 113.24 (+0.3%)
- closed below delta neutral at 113.11 vs 114.51 (-1.2%)
- closed above delta neutral at 120.73 vs 118.55 (+1.8%)
- closed below delta neutral at 117.04 vs 122.40 (-4.6%)
- closed above delta neutral at 124.23 vs 122.74 (+1.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/NRG
Questions people ask about NRG
Where is NRG's gamma max today?
As of Oct 2, 2026, the gamma max for NRG is 114.46, +20.2% from the 95.23 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 NRG above or below its delta neutral price?
NRG closed below delta neutral: 95.23 against a delta neutral price of 98.71. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NRG have?
139,398 contracts of open interest across 618 listed contracts on Oct 2, 2026, -2.1% 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.