NVO max pain, gamma exposure (GEX) & options open interest
As of close · rank #73 by open interest · 1,394 sessions of history since Dec 1, 2020
NVO's nearest-expiration max pain is 39.00 for 2026-10-09, its GEX flip is 40.12, net GEX is -37,096,215, its put/call open-interest ratio is 0.63. 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.
NVO closed 33.6% below its gamma max of 49.87. It is 6.9% below the delta neutral price of 39.91. Total open interest is 1,460,189, -3.0% versus the previous session. Its options catalyst-intensity score is 37.8 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 | -18,310 contracts · -2.0% |
| Put OI change, 1 session | -26,785 contracts · -4.5% |
| Call minus put OI growth, 1 session | +2.5 pp |
| Call OI change, 5 sessions | +35,571 contracts · +4.1% |
| Put OI change, 5 sessions | +20,767 contracts · +3.8% |
| Call minus put OI growth, 5 sessions | +0.3 pp |
| Daily call OI change surprise | -0.50σ (252 prior changes) |
| Daily put OI change surprise | -0.95σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.32σ (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 above gamma max 32 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 32 | -0.7% | -1.4% to +0.2% | 31% | -1.0% to -0.1% | -0.1% |
| Day +2 | 32 | -0.9% | -2.2% to +0.7% | 38% | -1.7% to +0.3% | 0.0% |
| Day +3 | 32 | -0.7% | -3.3% to +1.6% | 34% | -2.1% to +0.1% | 0.0% |
| Day +4 | 32 | -0.6% | -2.5% to +1.4% | 47% | -1.9% to +1.0% | 0.0% |
| Day +5 | 32 | -0.9% | -3.0% to +2.1% | 44% | -2.1% to +1.3% | 0.0% |
| Day +6 | 32 | -0.9% | -3.8% to +2.5% | 44% | -2.4% to +2.1% | 0.0% |
| Day +7 | 32 | -1.2% | -3.2% to +2.8% | 41% | -2.9% to +1.9% | 0.0% |
| Day +8 | 32 | -0.9% | -3.2% to +3.0% | 47% | -3.0% to +2.3% | 0.0% |
| Day +9 | 32 | -1.0% | -4.2% to +3.9% | 44% | -2.6% to +2.0% | 0.0% |
| Day +10 | 32 | -0.8% | -4.1% to +2.7% | 41% | -3.0% to +1.9% | 0.0% |
Crosses below gamma max 31 completed Day +10 paths · latest Dec 24, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +0.4% | -0.9% to +1.0% | 58% | -0.4% to +0.7% | 0.0% |
| Day +2 | 31 | +0.6% | -0.7% to +1.5% | 61% | -0.3% to +0.9% | 0.0% |
| Day +3 | 31 | +0.5% | -0.9% to +2.1% | 61% | -0.1% to +1.9% | 0.0% |
| Day +4 | 31 | +1.1% | -1.5% to +2.6% | 65% | -0.0% to +2.2% | 0.0% |
| Day +5 | 31 | +0.8% | -0.4% to +2.0% | 58% | -0.3% to +1.4% | 0.0% |
| Day +6 | 31 | +0.6% | -0.8% to +2.1% | 68% | +0.1% to +1.7% | +0.1% |
| Day +7 | 31 | +0.8% | -2.0% to +3.4% | 61% | -1.2% to +1.7% | 0.0% |
| Day +8 | 31 | +1.1% | -2.0% to +3.2% | 58% | -1.4% to +2.4% | 0.0% |
| Day +9 | 31 | +0.9% | -3.2% to +3.8% | 55% | -2.4% to +2.4% | 0.0% |
| Day +10 | 31 | +0.2% | -3.1% to +2.3% | 52% | -2.2% to +1.4% | 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 | 1% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 23 |
| Prior-year sessions closer to gamma max | 83.7% of 252 |
| Prior-year sessions closer to delta neutral | 62.3% of 252 |
| Open interest percentile (1y) | 56th |
| Daily open interest change versus prior year | -0.70σ (-45,095 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.0% |
| Open interest change, 21 sessions | +4.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 39.82 vs 42.63 (-7.1%)
- closed above delta neutral at 43.24 vs 42.96 (+0.7%)
- closed below delta neutral at 44.01 vs 44.65 (-1.4%)
- closed above delta neutral at 45.71 vs 45.58 (+0.3%)
- closed below delta neutral at 44.88 vs 45.47 (-1.3%)
- closed above delta neutral at 45.97 vs 45.69 (+0.6%)
- closed below delta neutral at 44.24 vs 45.26 (-2.3%)
- closed below gamma max at 50.32 vs 55.89 (-11.1%)
- closed above gamma max at 51.48 vs 50.73 (+1.5%)
- closed above delta neutral at 42.81 vs 41.94 (+2.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/NVO
Questions people ask about NVO
Where is NVO's gamma max today?
As of Oct 2, 2026, the gamma max for NVO is 49.87, +33.6% from the 37.32 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 NVO above or below its delta neutral price?
NVO closed below delta neutral: 37.32 against a delta neutral price of 39.91. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NVO have?
1,460,189 contracts of open interest across 628 listed contracts on Oct 2, 2026, -3.0% 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.