O max pain, gamma exposure (GEX) & options open interest
As of close · rank #471 by open interest · 1,393 sessions of history since Dec 1, 2020
O's nearest-expiration max pain is 55.00 for 2026-10-16, its GEX flip is 53.26, net GEX is 3,485,514, its put/call open-interest ratio is 0.61. 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: OI change 0.03σ · front IV premium 0.1 pp · 25Δ risk reversal -21.1 pp
O closed 7.3% below its gamma max of 58.06. It is 3.6% below the delta neutral price of 56.09. Total open interest is 160,368, +0.2% versus the previous session. Its options catalyst-intensity score is 51.0 out of 100, led by OI change 0.03σ, front IV premium 0.1 pp, 25Δ risk reversal -21.1 pp. 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 | +2,131 contracts · +2.2% |
| Put OI change, 1 session | -1,799 contracts · -2.9% |
| Call minus put OI growth, 1 session | +5.1 pp |
| Call OI change, 5 sessions | +22,706 contracts · +29.5% |
| Put OI change, 5 sessions | -2,609 contracts · -4.1% |
| Call minus put OI growth, 5 sessions | +33.6 pp |
| Daily call OI change surprise | +0.44σ (252 prior changes) |
| Daily put OI change surprise | -0.53σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.79σ (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 26 completed Day +10 paths · latest Jul 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.1% | -0.8% to +0.4% | 46% | -0.8% to +0.3% | 0.0% |
| Day +2 | 26 | -0.3% | -1.2% to +0.8% | 50% | -1.1% to +0.5% | 0.0% |
| Day +3 | 26 | -0.0% | -1.4% to +1.4% | 50% | -1.0% to +0.6% | 0.0% |
| Day +4 | 26 | -0.8% | -1.9% to +1.6% | 42% | -1.6% to +0.7% | 0.0% |
| Day +5 | 26 | -0.2% | -2.0% to +1.9% | 42% | -1.6% to +0.8% | 0.0% |
| Day +6 | 26 | -0.2% | -2.8% to +1.6% | 46% | -2.5% to +0.8% | 0.0% |
| Day +7 | 26 | -0.4% | -2.2% to +1.8% | 46% | -1.8% to +1.1% | 0.0% |
| Day +8 | 26 | +0.1% | -2.4% to +1.2% | 54% | -1.1% to +1.0% | 0.0% |
| Day +9 | 26 | -0.7% | -2.7% to +0.9% | 42% | -2.5% to +0.6% | 0.0% |
| Day +10 | 26 | -0.2% | -2.9% to +0.6% | 46% | -2.8% to +0.5% | 0.0% |
Crosses above gamma max 26 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.1% | -0.5% to +0.3% | 38% | -0.3% to +0.2% | 0.0% |
| Day +2 | 26 | -0.5% | -0.9% to +0.1% | 35% | -0.8% to +0.0% | 0.0% |
| Day +3 | 26 | -0.2% | -1.1% to +0.8% | 46% | -1.0% to +0.7% | 0.0% |
| Day +4 | 26 | -0.4% | -1.3% to +1.8% | 42% | -1.0% to +1.6% | 0.0% |
| Day +5 | 26 | -0.7% | -2.0% to +1.4% | 46% | -1.9% to +0.9% | 0.0% |
| Day +6 | 26 | -0.1% | -2.1% to +1.8% | 46% | -1.7% to +0.9% | 0.0% |
| Day +7 | 26 | -0.2% | -2.2% to +1.4% | 46% | -1.4% to +0.7% | 0.0% |
| Day +8 | 26 | -0.0% | -2.7% to +1.9% | 46% | -2.0% to +0.7% | 0.0% |
| Day +9 | 26 | -0.4% | -2.5% to +1.3% | 42% | -1.3% to +0.6% | 0.0% |
| Day +10 | 26 | +0.0% | -3.2% to +1.1% | 50% | -3.1% to +0.8% | 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 | 9% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 11 |
| Prior-year sessions closer to gamma max | 80.6% of 252 |
| Prior-year sessions closer to delta neutral | 52.8% of 252 |
| Open interest percentile (1y) | 95th |
| Daily open interest change versus prior year | +0.03σ (332 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +14.3% |
| Open interest change, 21 sessions | +20.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 61.25 vs 61.38 (-0.2%)
- closed above delta neutral at 61.50 vs 61.27 (+0.4%)
- closed below delta neutral at 61.28 vs 61.33 (-0.1%)
- closed below gamma max at 65.71 vs 66.82 (-1.7%)
- closed above gamma max at 65.75 vs 65.06 (+1.1%)
- closed above delta neutral at 60.84 vs 59.83 (+1.7%)
- closed below delta neutral at 59.55 vs 59.84 (-0.5%)
- closed below gamma max at 66.56 vs 67.33 (-1.2%)
- closed above gamma max at 63.36 vs 62.48 (+1.4%)
- closed below gamma max at 60.85 vs 61.98 (-1.9%)
In today's screens
Neighbours by open interest
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Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/O
Questions people ask about O
Where is O's gamma max today?
As of Oct 2, 2026, the gamma max for O is 58.06, +7.3% from the 54.13 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 O above or below its delta neutral price?
O closed below delta neutral: 54.13 against a delta neutral price of 56.09. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does O have?
160,368 contracts of open interest across 261 listed contracts on Oct 2, 2026, +0.2% 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.