NVDA max pain, gamma exposure (GEX) & options open interest
As of close · rank #3 by open interest · 1,394 sessions of history since Dec 1, 2020
NVDA's nearest-expiration max pain is 227.50 for 2026-10-05, its GEX flip is 208.14, net GEX is 687,718,417, 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.
Strongest relative signals: smile convexity 41.3 pp · volume/OI 0.31
NVDA closed 4.0% below its gamma max of 243.24. It is 11.7% above the delta neutral price of 206.69. Total open interest is 13,927,877, -4.4% versus the previous session. Its options catalyst-intensity score is 43.3 out of 100, led by smile convexity 41.3 pp, volume/OI 0.31. 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 | -374,668 contracts · -4.8% |
| Put OI change, 1 session | -263,417 contracts · -3.9% |
| Call minus put OI growth, 1 session | -0.9 pp |
| Call OI change, 5 sessions | +137,731 contracts · +1.9% |
| Put OI change, 5 sessions | +93,189 contracts · +1.5% |
| Call minus put OI growth, 5 sessions | +0.4 pp |
| Daily call OI change surprise | -0.86σ (252 prior changes) |
| Daily put OI change surprise | -0.72σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.75σ (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 29 completed Day +10 paths · latest May 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.7% | -0.3% to +2.1% | 62% | -0.2% to +1.9% | 0.0% |
| Day +2 | 29 | +1.6% | -0.4% to +2.9% | 66% | -0.0% to +2.1% | 0.0% |
| Day +3 | 29 | +0.6% | -1.1% to +3.0% | 55% | -0.9% to +2.4% | 0.0% |
| Day +4 | 29 | +0.9% | -0.7% to +3.4% | 59% | -0.6% to +2.3% | 0.0% |
| Day +5 | 29 | +0.7% | -3.5% to +4.1% | 59% | -2.6% to +2.7% | 0.0% |
| Day +6 | 29 | -0.6% | -2.7% to +5.2% | 48% | -2.0% to +3.2% | 0.0% |
| Day +7 | 29 | +0.5% | -3.0% to +6.5% | 55% | -1.8% to +3.2% | 0.0% |
| Day +8 | 29 | +1.3% | -3.6% to +7.4% | 59% | -1.2% to +5.7% | 0.0% |
| Day +9 | 29 | +1.8% | -2.8% to +8.2% | 62% | -0.5% to +6.4% | 0.0% |
| Day +10 | 29 | +2.5% | -0.9% to +10.0% | 62% | -0.4% to +6.4% | 0.0% |
Crosses above gamma max 26 completed Day +10 paths · latest May 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.0% | -1.0% to +1.1% | 50% | -0.8% to +0.5% | 0.0% |
| Day +2 | 26 | +0.8% | -1.1% to +1.4% | 65% | -0.2% to +1.2% | 0.0% |
| Day +3 | 26 | +1.7% | -1.3% to +3.2% | 69% | +0.5% to +2.9% | +0.5% |
| Day +4 | 26 | +2.4% | -2.2% to +3.8% | 62% | -1.1% to +3.6% | 0.0% |
| Day +5 | 26 | +1.8% | -1.1% to +3.5% | 62% | -1.0% to +3.3% | 0.0% |
| Day +6 | 26 | +1.9% | -2.9% to +4.5% | 58% | -2.2% to +3.1% | 0.0% |
| Day +7 | 26 | +1.3% | -4.1% to +5.1% | 58% | -3.3% to +3.0% | 0.0% |
| Day +8 | 26 | +1.2% | -2.6% to +5.5% | 58% | -2.4% to +3.7% | 0.0% |
| Day +9 | 26 | +3.3% | -2.0% to +7.9% | 58% | -1.2% to +5.9% | 0.0% |
| Day +10 | 26 | +3.5% | -3.3% to +8.4% | 65% | -0.2% to +8.1% | 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 | 3% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 29.0% of 252 |
| Prior-year sessions closer to delta neutral | 86.9% of 252 |
| Open interest percentile (1y) | 16th |
| Daily open interest change versus prior year | -0.81σ (-638,085 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.7% |
| Open interest change, 21 sessions | -7.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 225.32 vs 237.35 (-5.3%)
- closed above gamma max at 225.83 vs 225.18 (+0.3%)
- closed below gamma max at 213.07 vs 218.31 (-2.5%)
- closed above gamma max at 216.61 vs 214.69 (+0.9%)
- closed below gamma max at 198.35 vs 201.19 (-1.4%)
- closed above gamma max at 196.46 vs 195.41 (+0.5%)
- closed above delta neutral at 174.45 vs 166.71 (+4.4%)
- closed below delta neutral at 165.17 vs 166.11 (-0.6%)
- closed below gamma max at 202.89 vs 208.77 (-2.9%)
- closed above gamma max at 201.03 vs 200.40 (+0.3%)
In today's screens
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Canonical source: https://halfonadouble.com/stock/NVDA
Questions people ask about NVDA
Where is NVDA's gamma max today?
As of Oct 2, 2026, the gamma max for NVDA is 243.24, +4.0% from the 233.95 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 NVDA above or below its delta neutral price?
NVDA closed above delta neutral: 233.95 against a delta neutral price of 206.69. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NVDA have?
13,927,877 contracts of open interest across 2,308 listed contracts on Oct 2, 2026, -4.4% 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.