NVS max pain, gamma exposure (GEX) & options open interest
As of close · rank #582 by open interest · 1,394 sessions of history since Dec 1, 2020
NVS's nearest-expiration max pain is 150.00 for 2026-10-16, its GEX flip is 175.10, net GEX is -12,169,033, its put/call open-interest ratio is 2.11. 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.
NVS closed 40.5% below its gamma max of 198.07. It is 9.4% below the delta neutral price of 154.23. Total open interest is 118,693, -0.1% versus the previous session. Its options catalyst-intensity score is 31.8 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 | +418 contracts · +1.1% |
| Put OI change, 1 session | -588 contracts · -0.7% |
| Call minus put OI growth, 1 session | +1.8 pp |
| Call OI change, 5 sessions | +801 contracts · +2.1% |
| Put OI change, 5 sessions | +1,317 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | +0.5 pp |
| Daily call OI change surprise | +0.17σ (252 prior changes) |
| Daily put OI change surprise | -0.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.42σ (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 35 completed Day +10 paths · latest Feb 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | -0.1% | -0.6% to +0.6% | 43% | -0.4% to +0.3% | 0.0% |
| Day +2 | 35 | +0.1% | -0.8% to +1.1% | 57% | -0.2% to +0.5% | 0.0% |
| Day +3 | 35 | +0.8% | -0.7% to +1.6% | 60% | -0.4% to +1.1% | 0.0% |
| Day +4 | 35 | +0.9% | -0.8% to +1.9% | 66% | +0.2% to +1.5% | +0.2% |
| Day +5 | 35 | +0.3% | -1.3% to +2.3% | 51% | -0.8% to +1.9% | 0.0% |
| Day +6 | 35 | +0.3% | -1.2% to +2.3% | 57% | -0.6% to +1.8% | 0.0% |
| Day +7 | 35 | +0.7% | -1.8% to +2.4% | 60% | -1.3% to +1.7% | 0.0% |
| Day +8 | 35 | -0.3% | -2.1% to +3.0% | 49% | -1.3% to +1.8% | 0.0% |
| Day +9 | 35 | -0.2% | -2.6% to +3.2% | 49% | -1.5% to +1.8% | 0.0% |
| Day +10 | 35 | +0.4% | -2.2% to +3.6% | 51% | -0.9% to +2.3% | 0.0% |
Crosses above gamma max 37 completed Day +10 paths · latest Feb 11, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 37 | +0.3% | -0.2% to +0.6% | 57% | -0.1% to +0.5% | 0.0% |
| Day +2 | 37 | +0.0% | -0.5% to +1.1% | 51% | -0.2% to +0.6% | 0.0% |
| Day +3 | 37 | +0.2% | -0.9% to +1.4% | 51% | -0.4% to +0.6% | 0.0% |
| Day +4 | 37 | +0.1% | -0.7% to +1.9% | 51% | -0.6% to +1.2% | 0.0% |
| Day +5 | 37 | +0.7% | -0.7% to +2.5% | 68% | +0.2% to +1.7% | +0.2% |
| Day +6 | 37 | +0.5% | -0.9% to +2.8% | 62% | -0.2% to +1.8% | 0.0% |
| Day +7 | 37 | +1.1% | -1.4% to +3.1% | 62% | -0.6% to +2.4% | 0.0% |
| Day +8 | 37 | +0.8% | -1.7% to +3.9% | 54% | -0.7% to +2.4% | 0.0% |
| Day +9 | 37 | +0.7% | -1.5% to +3.6% | 65% | +0.2% to +2.4% | +0.2% |
| Day +10 | 37 | +1.6% | -1.4% to +3.4% | 51% | -0.8% to +2.8% | 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 | 5% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 15 |
| Prior-year sessions closer to gamma max | 84.9% of 252 |
| Prior-year sessions closer to delta neutral | 95.6% of 252 |
| Open interest percentile (1y) | 93th |
| Daily open interest change versus prior year | -0.10σ (-170 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.8% |
| Open interest change, 21 sessions | -11.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 159.99 vs 162.08 (-1.3%)
- closed above delta neutral at 162.46 vs 162.25 (+0.1%)
- closed below delta neutral at 158.83 vs 159.19 (-0.2%)
- closed above delta neutral at 159.85 vs 159.03 (+0.5%)
- closed below delta neutral at 155.17 vs 156.29 (-0.7%)
- closed above delta neutral at 156.93 vs 156.76 (+0.1%)
- closed below delta neutral at 155.42 vs 156.02 (-0.4%)
- closed above delta neutral at 159.82 vs 157.20 (+1.6%)
- closed below delta neutral at 154.07 vs 155.64 (-1.0%)
- closed above delta neutral at 157.59 vs 156.55 (+0.7%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/NVS
Questions people ask about NVS
Where is NVS's gamma max today?
As of Oct 2, 2026, the gamma max for NVS is 198.07, +40.5% from the 141.00 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 NVS above or below its delta neutral price?
NVS closed below delta neutral: 141.00 against a delta neutral price of 154.23. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NVS have?
118,693 contracts of open interest across 325 listed contracts on Oct 2, 2026, -0.1% 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.