PANW max pain, gamma exposure (GEX) & options open interest
As of close · rank #180 by open interest · 1,394 sessions of history since Dec 1, 2020
PANW's nearest-expiration max pain is 380.00 for 2026-10-09, its GEX flip is 364.28, net GEX is 11,841,560, its put/call open-interest ratio is 0.91. 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.
PANW closed 8.1% below its gamma max of 435.73. It is 13.5% above the delta neutral price of 348.74. Total open interest is 572,299, -5.1% versus the previous session. Its options catalyst-intensity score is 42.3 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 | -15,784 contracts · -5.0% |
| Put OI change, 1 session | -14,968 contracts · -5.2% |
| Call minus put OI growth, 1 session | +0.2 pp |
| Call OI change, 5 sessions | +3,157 contracts · +1.1% |
| Put OI change, 5 sessions | +10,289 contracts · +3.9% |
| Call minus put OI growth, 5 sessions | -2.8 pp |
| Daily call OI change surprise | -1.00σ (252 prior changes) |
| Daily put OI change surprise | -1.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.04σ (252 prior changes) |
History
Hover for valuesDrag to panScroll to zoomClick a series to hide it ← → step a session+ − zoomTouch: swipe to pan, pinch to zoom, hold for the crosshair
Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
No matching visualizations.
Gamma walls
Chart loads when this section is in view.
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 21 completed Day +10 paths · latest May 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | +0.9% | -0.1% to +1.9% | 71% | +0.3% to +1.9% | +0.3% |
| Day +2 | 21 | +0.6% | -0.9% to +2.3% | 57% | -0.8% to +1.8% | 0.0% |
| Day +3 | 21 | +1.1% | -0.4% to +2.6% | 71% | +0.4% to +2.2% | +0.4% |
| Day +4 | 21 | +0.6% | -0.7% to +3.1% | 71% | +0.0% to +2.3% | +0.0% |
| Day +5 | 21 | -0.2% | -1.4% to +3.1% | 48% | -1.1% to +3.0% | 0.0% |
| Day +6 | 21 | +0.2% | -0.9% to +3.5% | 57% | -0.7% to +3.1% | 0.0% |
| Day +7 | 21 | +0.1% | -2.0% to +3.8% | 52% | -1.3% to +2.8% | 0.0% |
| Day +8 | 21 | -0.4% | -2.5% to +4.1% | 48% | -1.8% to +3.5% | 0.0% |
| Day +9 | 21 | +0.4% | -1.6% to +4.7% | 52% | -1.6% to +4.2% | 0.0% |
| Day +10 | 21 | +0.5% | -3.8% to +3.4% | 52% | -3.0% to +3.3% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest May 7, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | -0.2% | -1.0% to +1.4% | 50% | -1.0% to +1.3% | 0.0% |
| Day +2 | 20 | +0.3% | -1.3% to +2.2% | 60% | -1.3% to +2.1% | 0.0% |
| Day +3 | 20 | +0.2% | -1.3% to +3.4% | 50% | -1.2% to +3.1% | 0.0% |
| Day +4 | 20 | +0.6% | -0.9% to +4.2% | 60% | -0.9% to +4.1% | 0.0% |
| Day +5 | 20 | +1.0% | -0.2% to +4.1% | 75% | +0.1% to +3.7% | +0.1% |
| Day +6 | 20 | +0.7% | -1.6% to +3.5% | 65% | -1.5% to +3.3% | 0.0% |
| Day +7 | 20 | +0.7% | -1.3% to +6.1% | 60% | -1.1% to +5.2% | 0.0% |
| Day +8 | 20 | +0.6% | -2.1% to +6.7% | 50% | -2.0% to +6.5% | 0.0% |
| Day +9 | 20 | +1.1% | -2.5% to +7.9% | 55% | -2.5% to +7.6% | 0.0% |
| Day +10 | 20 | +1.9% | -2.5% to +8.1% | 60% | -2.5% to +7.6% | 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 | 2 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 38.9% of 252 |
| Prior-year sessions closer to delta neutral | 77.0% of 252 |
| Open interest percentile (1y) | 70th |
| Daily open interest change versus prior year | -1.04σ (-30,752 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.4% |
| Open interest change, 21 sessions | -11.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 242.83 vs 247.99 (-2.1%)
- closed above gamma max at 196.53 vs 196.11 (+0.2%)
- closed above delta neutral at 164.11 vs 162.99 (+0.7%)
- closed below delta neutral at 155.73 vs 163.62 (-5.1%)
- closed above delta neutral at 169.87 vs 165.28 (+2.7%)
- closed below delta neutral at 162.95 vs 165.76 (-1.7%)
- closed above delta neutral at 163.16 vs 160.99 (+1.3%)
- closed below delta neutral at 176.20 vs 181.19 (-2.8%)
- closed above delta neutral at 184.22 vs 182.80 (+0.8%)
- closed below delta neutral at 181.47 vs 182.73 (-0.7%)
In today's screens
Not in any screen today. See all 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/PANW
Questions people ask about PANW
Where is PANW's gamma max today?
As of Oct 2, 2026, the gamma max for PANW is 435.73, +8.1% from the 403.24 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 PANW above or below its delta neutral price?
PANW closed above delta neutral: 403.24 against a delta neutral price of 348.74. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PANW have?
572,299 contracts of open interest across 1,894 listed contracts on Oct 2, 2026, -5.1% 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.