ONDS max pain, gamma exposure (GEX) & options open interest
As of close · rank #68 by open interest · 739 sessions of history since Jul 15, 2021
ONDS's nearest-expiration max pain is 7.50 for 2026-10-09, its GEX flip is 4.93, net GEX is 19,250,597, its put/call open-interest ratio is 0.47. 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: 25Δ risk reversal -162.8 pp · volume/OI 0.08 · smile convexity 7.8 pp
ONDS closed 21.0% below its gamma max of 8.76. It is 3.8% above the delta neutral price of 6.96. Total open interest is 1,536,065, -5.0% versus the previous session. Its options catalyst-intensity score is 44.7 out of 100, led by 25Δ risk reversal -162.8 pp, volume/OI 0.08, smile convexity 7.8 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 | -46,897 contracts · -4.3% |
| Put OI change, 1 session | -33,863 contracts · -6.5% |
| Call minus put OI growth, 1 session | +2.2 pp |
| Call OI change, 5 sessions | +19,743 contracts · +1.9% |
| Put OI change, 5 sessions | +9,948 contracts · +2.1% |
| Call minus put OI growth, 5 sessions | -0.2 pp |
| Daily call OI change surprise | -0.77σ (252 prior changes) |
| Daily put OI change surprise | -0.93σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.48σ (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 Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | -0.9% | -4.5% to +5.4% | 45% | -4.2% to +1.9% | 0.0% |
| Day +2 | 29 | -2.4% | -8.8% to +6.2% | 48% | -6.8% to +4.2% | 0.0% |
| Day +3 | 29 | -3.7% | -8.2% to +6.3% | 41% | -6.2% to +3.4% | 0.0% |
| Day +4 | 29 | -3.5% | -7.9% to +5.0% | 38% | -7.5% to +2.6% | 0.0% |
| Day +5 | 29 | -0.4% | -10.3% to +8.2% | 48% | -5.8% to +6.2% | 0.0% |
| Day +6 | 29 | -4.2% | -15.2% to +8.1% | 48% | -10.7% to +5.7% | 0.0% |
| Day +7 | 29 | -4.3% | -10.8% to +10.3% | 45% | -8.4% to +7.0% | 0.0% |
| Day +8 | 29 | -1.3% | -13.2% to +9.6% | 48% | -12.7% to +7.0% | 0.0% |
| Day +9 | 29 | +1.4% | -14.8% to +12.6% | 52% | -13.7% to +7.1% | 0.0% |
| Day +10 | 29 | 0.0% | -9.6% to +9.4% | 45% | -7.0% to +7.6% | 0.0% |
Crosses above gamma max 24 completed Day +10 paths · latest Jun 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 24 | +0.4% | -2.4% to +4.2% | 50% | -1.7% to +2.5% | 0.0% |
| Day +2 | 24 | +1.0% | -3.1% to +3.8% | 54% | -2.4% to +1.7% | 0.0% |
| Day +3 | 24 | +1.7% | -3.7% to +6.0% | 58% | -2.4% to +4.6% | 0.0% |
| Day +4 | 24 | +1.3% | -4.2% to +5.9% | 63% | -3.2% to +3.5% | 0.0% |
| Day +5 | 24 | -1.1% | -8.6% to +8.0% | 46% | -7.3% to +7.1% | 0.0% |
| Day +6 | 24 | +0.5% | -13.5% to +5.2% | 54% | -6.5% to +3.8% | 0.0% |
| Day +7 | 24 | -0.6% | -9.2% to +6.8% | 50% | -7.1% to +5.1% | 0.0% |
| Day +8 | 24 | -1.9% | -10.8% to +8.8% | 46% | -9.1% to +8.6% | 0.0% |
| Day +9 | 24 | -4.9% | -11.6% to +9.0% | 46% | -9.9% to +8.2% | 0.0% |
| Day +10 | 24 | -6.9% | -14.3% to +12.7% | 42% | -13.1% to +10.1% | 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 | 6% |
| Gamma max crosses | 17 |
| Delta neutral crosses | 6 |
| Prior-year sessions closer to gamma max | 65.9% of 252 |
| Prior-year sessions closer to delta neutral | 7.1% of 252 |
| Open interest percentile (1y) | 63th |
| Daily open interest change versus prior year | -0.84σ (-80,760 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.0% |
| Open interest change, 21 sessions | -14.4% |
| History available | Jul 15, 2021 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 7.22 vs 7.15 (+1.0%)
- closed below delta neutral at 7.25 vs 7.27 (-0.3%)
- closed above delta neutral at 7.63 vs 7.48 (+2.0%)
- closed below delta neutral at 7.04 vs 7.33 (-4.2%)
- closed above delta neutral at 7.67 vs 7.60 (+1.0%)
- closed below delta neutral at 7.68 vs 7.70 (-0.2%)
- closed below gamma max at 13.60 vs 13.98 (-2.8%)
- closed above gamma max at 13.46 vs 13.27 (+1.4%)
- closed below gamma max at 13.25 vs 13.26 (-0.1%)
- closed above gamma max at 13.27 vs 12.18 (+8.2%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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/ONDS
Questions people ask about ONDS
Where is ONDS's gamma max today?
As of Oct 2, 2026, the gamma max for ONDS is 8.76, +21.0% from the 7.24 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 ONDS above or below its delta neutral price?
ONDS closed above delta neutral: 7.24 against a delta neutral price of 6.96. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ONDS have?
1,536,065 contracts of open interest across 429 listed contracts on Oct 2, 2026, -5.0% 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.