ONON max pain, gamma exposure (GEX) & options open interest
As of close · rank #232 by open interest · 1,191 sessions of history since Sep 22, 2021
ONON's nearest-expiration max pain is 30.00 for 2026-10-09, its GEX flip is 30.80, net GEX is 304,886, its put/call open-interest ratio is 0.92. 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 175.3 pp · IV rank 100
ONON closed 11.4% below its gamma max of 34.38. It is 0.7% below the delta neutral price of 31.05. Total open interest is 439,344, -2.3% versus the previous session. Its options catalyst-intensity score is 46.3 out of 100, led by 25Δ risk reversal 175.3 pp, IV rank 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 | -7,912 contracts · -3.3% |
| Put OI change, 1 session | -2,582 contracts · -1.2% |
| Call minus put OI growth, 1 session | -2.1 pp |
| Call OI change, 5 sessions | +10,746 contracts · +4.9% |
| Put OI change, 5 sessions | +18,349 contracts · +9.6% |
| Call minus put OI growth, 5 sessions | -4.6 pp |
| Daily call OI change surprise | -0.58σ (252 prior changes) |
| Daily put OI change surprise | -0.25σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.40σ (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 19 completed Day +10 paths · latest Sep 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | -0.3% | -1.5% to +1.2% | 45% | -1.3% to +1.1% | 0.0% |
| Day +2 | 20 | +1.4% | -1.6% to +2.4% | 55% | -1.5% to +2.3% | 0.0% |
| Day +3 | 20 | +0.1% | -2.7% to +1.8% | 50% | -2.7% to +1.7% | 0.0% |
| Day +4 | 20 | +0.0% | -2.8% to +3.2% | 50% | -2.7% to +3.0% | 0.0% |
| Day +5 | 20 | +0.6% | -5.9% to +2.0% | 55% | -5.9% to +1.4% | 0.0% |
| Day +6 | 20 | -0.1% | -5.1% to +2.1% | 50% | -5.0% to +1.8% | 0.0% |
| Day +7 | 20 | -0.4% | -4.3% to +2.8% | 50% | -4.0% to +2.8% | 0.0% |
| Day +8 | 20 | -1.7% | -8.1% to +2.4% | 40% | -7.7% to +2.3% | 0.0% |
| Day +9 | 19 | -3.0% | -6.0% to +2.0% | 32% | -5.0% to +0.5% | 0.0% |
| Day +10 | 19 | -1.8% | -7.3% to +2.3% | 32% | -7.2% to +2.1% | 0.0% |
Crosses below gamma max 20 completed Day +10 paths · latest Feb 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.0% | -1.8% to +1.4% | 50% | -1.8% to +1.1% | 0.0% |
| Day +2 | 20 | -0.3% | -1.9% to +1.4% | 45% | -1.7% to +1.3% | 0.0% |
| Day +3 | 20 | +0.6% | -2.0% to +2.1% | 55% | -1.7% to +1.4% | 0.0% |
| Day +4 | 20 | +0.3% | -2.0% to +3.0% | 55% | -2.0% to +2.8% | 0.0% |
| Day +5 | 20 | +0.9% | -3.2% to +2.7% | 55% | -3.0% to +2.7% | 0.0% |
| Day +6 | 20 | +0.8% | -3.3% to +2.5% | 55% | -3.2% to +2.4% | 0.0% |
| Day +7 | 20 | -0.3% | -2.9% to +2.2% | 45% | -2.5% to +1.8% | 0.0% |
| Day +8 | 20 | -0.7% | -4.4% to +3.5% | 40% | -4.4% to +2.9% | 0.0% |
| Day +9 | 20 | -0.5% | -5.0% to +3.1% | 45% | -4.8% to +2.8% | 0.0% |
| Day +10 | 20 | -0.3% | -4.1% to +2.4% | 45% | -4.1% to +2.2% | 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 | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 38 |
| Prior-year sessions closer to gamma max | 33.3% of 252 |
| Prior-year sessions closer to delta neutral | 9.1% of 252 |
| Open interest percentile (1y) | 78th |
| Daily open interest change versus prior year | -0.47σ (-10,494 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.1% |
| Open interest change, 21 sessions | +19.1% |
| History available | Sep 22, 2021 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 30.85 vs 31.05 (-0.7%)
- closed above delta neutral at 30.20 vs 29.94 (+0.9%)
- closed below delta neutral at 30.00 vs 30.17 (-0.6%)
- closed below gamma max at 29.96 vs 36.18 (-20.8%)
- closed above delta neutral at 29.39 vs 28.78 (+2.1%)
- closed above gamma max at 29.39 vs 29.12 (+0.9%)
- closed below delta neutral at 30.91 vs 36.65 (-18.6%)
- closed above delta neutral at 37.95 vs 37.15 (+2.1%)
- closed below delta neutral at 37.10 vs 37.34 (-0.6%)
- closed above delta neutral at 37.06 vs 36.66 (+1.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ONON
Questions people ask about ONON
Where is ONON's gamma max today?
As of Oct 2, 2026, the gamma max for ONON is 34.38, +11.4% from the 30.85 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 ONON above or below its delta neutral price?
ONON closed below delta neutral: 30.85 against a delta neutral price of 31.05. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ONON have?
439,344 contracts of open interest across 416 listed contracts on Oct 2, 2026, -2.3% 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.