PFE max pain, gamma exposure (GEX) & options open interest
As of close · rank #52 by open interest · 1,394 sessions of history since Dec 1, 2020
PFE's nearest-expiration max pain is 28.50 for 2026-10-09, its GEX flip is 25.91, net GEX is 146,655,203, its put/call open-interest ratio is 0.76. 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 -77.5 pp
PFE closed 3.9% below its gamma max of 28.88. It is 5.0% above the delta neutral price of 26.41. Total open interest is 2,127,160, -2.0% versus the previous session. Its options catalyst-intensity score is 43.0 out of 100, led by 25Δ risk reversal -77.5 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 | -32,479 contracts · -2.6% |
| Put OI change, 1 session | -11,010 contracts · -1.2% |
| Call minus put OI growth, 1 session | -1.4 pp |
| Call OI change, 5 sessions | +17,981 contracts · +1.5% |
| Put OI change, 5 sessions | +24,799 contracts · +2.8% |
| Call minus put OI growth, 5 sessions | -1.3 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -0.19σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.71σ (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 22 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.2% | -0.9% to +0.9% | 41% | -0.5% to +0.8% | 0.0% |
| Day +2 | 22 | +0.6% | -1.1% to +1.8% | 55% | -0.9% to +1.7% | 0.0% |
| Day +3 | 22 | +0.9% | -1.2% to +2.3% | 68% | -0.8% to +1.7% | 0.0% |
| Day +4 | 22 | +1.3% | -1.7% to +3.4% | 64% | -1.3% to +2.9% | 0.0% |
| Day +5 | 22 | +0.9% | -3.2% to +3.1% | 59% | -1.8% to +2.9% | 0.0% |
| Day +6 | 22 | +0.9% | -3.1% to +3.4% | 59% | -2.5% to +2.9% | 0.0% |
| Day +7 | 22 | +0.7% | -4.0% to +4.5% | 50% | -3.2% to +4.3% | 0.0% |
| Day +8 | 22 | +2.0% | -3.6% to +6.9% | 55% | -3.4% to +6.4% | 0.0% |
| Day +9 | 22 | +1.7% | -4.2% to +5.3% | 59% | -3.9% to +5.1% | 0.0% |
| Day +10 | 22 | +1.2% | -4.7% to +5.8% | 59% | -4.4% to +5.3% | 0.0% |
Crosses above gamma max 21 completed Day +10 paths · latest Aug 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | -0.3% | -1.1% to +1.1% | 43% | -0.9% to +0.9% | 0.0% |
| Day +2 | 21 | -0.1% | -1.4% to +1.5% | 43% | -1.1% to +0.7% | 0.0% |
| Day +3 | 21 | +0.8% | -1.2% to +1.7% | 57% | -0.9% to +1.6% | 0.0% |
| Day +4 | 21 | +0.6% | -1.0% to +2.7% | 67% | -0.3% to +2.3% | 0.0% |
| Day +5 | 21 | +1.4% | +0.0% to +3.4% | 76% | +0.3% to +2.8% | +0.3% |
| Day +6 | 21 | +2.1% | +0.2% to +3.7% | 76% | +0.7% to +3.0% | +0.7% |
| Day +7 | 21 | +2.5% | -0.4% to +3.4% | 67% | -0.2% to +3.0% | 0.0% |
| Day +8 | 21 | +2.6% | -2.0% to +5.0% | 62% | -1.6% to +4.6% | 0.0% |
| Day +9 | 21 | +3.8% | -3.6% to +7.1% | 62% | -2.3% to +6.7% | 0.0% |
| Day +10 | 21 | +4.3% | -3.6% to +6.2% | 62% | -2.3% to +5.1% | 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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 32 |
| Prior-year sessions closer to gamma max | 32.1% of 252 |
| Prior-year sessions closer to delta neutral | 78.6% of 252 |
| Open interest percentile (1y) | 4th |
| Daily open interest change versus prior year | -0.31σ (-43,489 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.1% |
| Open interest change, 21 sessions | -15.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 28.07 vs 28.72 (-2.3%)
- closed above gamma max at 27.25 vs 27.07 (+0.6%)
- closed below gamma max at 26.62 vs 26.90 (-1.1%)
- closed above gamma max at 27.05 vs 26.90 (+0.6%)
- closed below gamma max at 26.74 vs 26.83 (-0.3%)
- closed above gamma max at 26.20 vs 26.09 (+0.4%)
- closed above delta neutral at 25.25 vs 24.88 (+1.5%)
- closed below delta neutral at 25.31 vs 25.84 (-2.1%)
- closed above delta neutral at 26.18 vs 25.80 (+1.5%)
- closed below delta neutral at 25.66 vs 25.74 (-0.3%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/PFE
Questions people ask about PFE
Where is PFE's gamma max today?
As of Oct 2, 2026, the gamma max for PFE is 28.88, +3.9% from the 27.80 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 PFE above or below its delta neutral price?
PFE closed above delta neutral: 27.80 against a delta neutral price of 26.41. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PFE have?
2,127,160 contracts of open interest across 499 listed contracts on Oct 2, 2026, -2.0% 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.