PDD max pain, gamma exposure (GEX) & options open interest
As of close · rank #101 by open interest · 1,394 sessions of history since Dec 1, 2020
PDD's nearest-expiration max pain is 78.00 for 2026-10-09, its GEX flip is 80.99, net GEX is -23,295,436, its put/call open-interest ratio is 0.75. 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: smile convexity 25.1 pp
PDD closed 38.4% below its gamma max of 104.35. It is 9.8% below the delta neutral price of 82.74. Total open interest is 968,136, -3.0% versus the previous session. Its options catalyst-intensity score is 45.5 out of 100, led by smile convexity 25.1 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 | -9,992 contracts · -1.8% |
| Put OI change, 1 session | -19,480 contracts · -4.5% |
| Call minus put OI growth, 1 session | +2.7 pp |
| Call OI change, 5 sessions | +13,395 contracts · +2.5% |
| Put OI change, 5 sessions | +1,446 contracts · +0.4% |
| Call minus put OI growth, 5 sessions | +2.1 pp |
| Daily call OI change surprise | -0.23σ (252 prior changes) |
| Daily put OI change surprise | -0.85σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.87σ (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 20 completed Day +10 paths · latest Sep 26, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.2% | -2.4% to +1.1% | 50% | -2.0% to +1.1% | 0.0% |
| Day +2 | 20 | +0.5% | -3.3% to +2.2% | 55% | -3.3% to +2.2% | 0.0% |
| Day +3 | 20 | -0.6% | -2.5% to +1.8% | 45% | -2.4% to +1.8% | 0.0% |
| Day +4 | 20 | +0.0% | -3.7% to +1.9% | 50% | -3.6% to +1.9% | 0.0% |
| Day +5 | 20 | +0.2% | -3.9% to +2.1% | 60% | -3.7% to +1.7% | 0.0% |
| Day +6 | 20 | -0.6% | -2.8% to +3.1% | 45% | -2.8% to +3.0% | 0.0% |
| Day +7 | 20 | -0.5% | -3.4% to +2.7% | 45% | -3.0% to +2.7% | 0.0% |
| Day +8 | 20 | -0.9% | -3.7% to +3.1% | 35% | -3.4% to +2.9% | 0.0% |
| Day +9 | 20 | -1.2% | -2.9% to +1.7% | 40% | -2.8% to +1.0% | 0.0% |
| Day +10 | 20 | -1.3% | -4.1% to +1.5% | 45% | -4.0% to +0.8% | 0.0% |
Crosses above gamma max 19 completed Day +10 paths · latest Sep 24, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.8% | -2.0% to +0.0% | 37% | -1.8% to +0.0% | 0.0% |
| Day +2 | 19 | -1.6% | -4.2% to +1.4% | 37% | -4.0% to +1.2% | 0.0% |
| Day +3 | 19 | -0.9% | -5.5% to +2.7% | 42% | -4.7% to +0.9% | 0.0% |
| Day +4 | 19 | -1.6% | -5.7% to +1.0% | 37% | -5.1% to +0.9% | 0.0% |
| Day +5 | 19 | -2.4% | -6.5% to +2.9% | 47% | -5.7% to +2.6% | 0.0% |
| Day +6 | 19 | -2.1% | -6.7% to +1.9% | 42% | -6.1% to +1.6% | 0.0% |
| Day +7 | 19 | -2.6% | -5.0% to +1.4% | 32% | -4.9% to +0.9% | 0.0% |
| Day +8 | 19 | -2.9% | -5.1% to +2.6% | 32% | -4.7% to +2.5% | 0.0% |
| Day +9 | 19 | -2.0% | -7.5% to +3.0% | 37% | -7.1% to +2.9% | 0.0% |
| Day +10 | 19 | -1.8% | -6.6% to +1.8% | 37% | -6.5% 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 17 |
| Prior-year sessions closer to gamma max | 92.5% of 252 |
| Prior-year sessions closer to delta neutral | 86.9% of 252 |
| Open interest percentile (1y) | 8th |
| Daily open interest change versus prior year | -0.48σ (-29,472 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.6% |
| Open interest change, 21 sessions | -10.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 87.07 vs 87.82 (-0.9%)
- closed above delta neutral at 90.20 vs 88.55 (+1.8%)
- closed below delta neutral at 84.17 vs 86.76 (-3.1%)
- closed above delta neutral at 88.32 vs 85.04 (+3.7%)
- closed below delta neutral at 83.59 vs 85.11 (-1.8%)
- closed above delta neutral at 86.05 vs 85.27 (+0.9%)
- closed below delta neutral at 84.14 vs 85.48 (-1.6%)
- closed above delta neutral at 85.74 vs 84.31 (+1.7%)
- closed below delta neutral at 83.91 vs 84.28 (-0.4%)
- closed above delta neutral at 84.74 vs 83.67 (+1.3%)
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/PDD
Questions people ask about PDD
Where is PDD's gamma max today?
As of Oct 2, 2026, the gamma max for PDD is 104.35, +38.4% from the 75.38 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 PDD above or below its delta neutral price?
PDD closed below delta neutral: 75.38 against a delta neutral price of 82.74. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PDD have?
968,136 contracts of open interest across 573 listed contracts on Oct 2, 2026, -3.0% 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.