PAA max pain, gamma exposure (GEX) & options open interest
As of close · rank #368 by open interest · 1,394 sessions of history since Dec 1, 2020
PAA's nearest-expiration max pain is 24.00 for 2026-10-09, its GEX flip is 17.38, net GEX is 34,607,140, its put/call open-interest ratio is 0.21. 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: front IV premium 4.6 pp · 25Δ risk reversal -42.2 pp
PAA closed 2.5% above its gamma max of 23.16. It is 11.2% above the delta neutral price of 21.09. Total open interest is 230,039, -0.4% versus the previous session. Its options catalyst-intensity score is 45.6 out of 100, led by front IV premium 4.6 pp, 25Δ risk reversal -42.2 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 | -957 contracts · -0.5% |
| Put OI change, 1 session | +118 contracts · +0.3% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | +498 contracts · +0.3% |
| Put OI change, 5 sessions | +8,830 contracts · +28.5% |
| Call minus put OI growth, 5 sessions | -28.3 pp |
| Daily call OI change surprise | -0.10σ (252 prior changes) |
| Daily put OI change surprise | +0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.07σ (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 71 completed Day +10 paths · latest Aug 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 71 | +0.1% | -0.7% to +1.0% | 54% | -0.5% to +0.4% | 0.0% |
| Day +2 | 71 | +0.6% | -0.8% to +1.8% | 56% | -0.1% to +1.2% | 0.0% |
| Day +3 | 71 | +0.6% | -0.9% to +2.0% | 61% | +0.1% to +1.2% | +0.1% |
| Day +4 | 71 | +0.8% | -1.3% to +2.8% | 63% | +0.1% to +1.4% | +0.1% |
| Day +5 | 71 | +0.6% | -1.9% to +2.6% | 63% | +0.2% to +1.8% | +0.2% |
| Day +6 | 71 | +1.1% | -2.1% to +2.8% | 63% | +0.2% to +1.7% | +0.2% |
| Day +7 | 71 | +0.6% | -2.3% to +2.7% | 59% | -0.2% to +1.8% | 0.0% |
| Day +8 | 71 | +0.8% | -1.7% to +3.2% | 58% | -0.2% to +1.6% | 0.0% |
| Day +9 | 71 | +0.4% | -2.0% to +3.3% | 56% | -0.4% to +1.6% | 0.0% |
| Day +10 | 71 | +0.7% | -3.9% to +2.9% | 55% | -0.5% to +1.2% | 0.0% |
Crosses below gamma max 69 completed Day +10 paths · latest Jul 31, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 69 | 0.0% | -0.7% to +1.2% | 49% | -0.2% to +0.6% | 0.0% |
| Day +2 | 69 | +0.4% | -1.9% to +1.8% | 58% | -0.2% to +1.1% | 0.0% |
| Day +3 | 69 | +0.6% | -1.3% to +2.3% | 58% | 0.0% to +1.2% | 0.0% |
| Day +4 | 69 | +0.5% | -2.6% to +2.7% | 55% | -0.4% to +0.9% | 0.0% |
| Day +5 | 69 | +0.8% | -2.5% to +2.2% | 59% | -0.1% to +1.4% | 0.0% |
| Day +6 | 69 | +1.1% | -2.4% to +2.9% | 59% | -0.3% to +1.9% | 0.0% |
| Day +7 | 69 | +0.6% | -2.6% to +2.6% | 58% | -0.3% to +1.2% | 0.0% |
| Day +8 | 69 | +0.9% | -3.1% to +2.4% | 57% | -0.8% to +1.4% | 0.0% |
| Day +9 | 69 | +0.4% | -3.6% to +3.0% | 52% | -0.8% to +1.8% | 0.0% |
| Day +10 | 69 | +0.0% | -2.9% to +3.5% | 51% | -1.1% 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 | 48% |
| Gamma max crosses | 27 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 41.7% of 252 |
| Prior-year sessions closer to delta neutral | 12.7% of 252 |
| Open interest percentile (1y) | 88th |
| Daily open interest change versus prior year | -0.08σ (-839 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.2% |
| Open interest change, 21 sessions | +5.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above gamma max at 24.59 vs 24.39 (+0.8%)
- closed below gamma max at 24.57 vs 24.60 (-0.1%)
- closed above gamma max at 23.87 vs 23.10 (+3.2%)
- closed below gamma max at 22.48 vs 22.56 (-0.4%)
- closed above gamma max at 22.75 vs 22.47 (+1.2%)
- closed below gamma max at 22.47 vs 22.61 (-0.6%)
- closed above gamma max at 22.93 vs 22.52 (+1.8%)
- closed below gamma max at 22.43 vs 22.46 (-0.1%)
- closed above gamma max at 22.90 vs 22.31 (+2.6%)
- closed below gamma max at 22.58 vs 22.64 (-0.3%)
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/PAA
Questions people ask about PAA
Where is PAA's gamma max today?
As of Oct 2, 2026, the gamma max for PAA is 23.16, -2.5% from the 23.75 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 PAA above or below its delta neutral price?
PAA closed above delta neutral: 23.75 against a delta neutral price of 21.09. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PAA have?
230,039 contracts of open interest across 226 listed contracts on Oct 2, 2026, -0.4% 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.