PGY max pain, gamma exposure (GEX) & options open interest
As of close · rank #554 by open interest · 935 sessions of history since Aug 4, 2022
PGY's nearest-expiration max pain is 20.00 for 2026-10-16, its GEX flip is 9.90, net GEX is 3,023,143, its put/call open-interest ratio is 0.43. 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: 14d expected move +12.5% · OI change 0.04σ
PGY closed 15.9% below its gamma max of 20.83. It is 10.8% above the delta neutral price of 16.04. Total open interest is 128,095, +0.4% versus the previous session. Its options catalyst-intensity score is 37.2 out of 100, led by 14d expected move +12.5%, OI change 0.04σ. 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 | +310 contracts · +0.3% |
| Put OI change, 1 session | +218 contracts · +0.6% |
| Call minus put OI growth, 1 session | -0.2 pp |
| Call OI change, 5 sessions | +6,562 contracts · +7.9% |
| Put OI change, 5 sessions | +4,892 contracts · +14.4% |
| Call minus put OI growth, 5 sessions | -6.5 pp |
| Daily call OI change surprise | +0.04σ (252 prior changes) |
| Daily put OI change surprise | +0.04σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.00σ (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 30 completed Day +10 paths · latest Sep 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +0.4% | -4.3% to +2.2% | 52% | -2.0% to +1.1% | 0.0% |
| Day +2 | 31 | +2.7% | -4.7% to +6.9% | 58% | -3.2% to +4.8% | 0.0% |
| Day +3 | 31 | +0.8% | -4.7% to +5.4% | 52% | -1.3% to +3.4% | 0.0% |
| Day +4 | 31 | 0.0% | -6.3% to +7.0% | 45% | -3.4% to +3.5% | 0.0% |
| Day +5 | 31 | -0.1% | -7.1% to +5.3% | 48% | -5.7% to +4.0% | 0.0% |
| Day +6 | 31 | +0.3% | -7.0% to +7.1% | 52% | -3.4% to +2.3% | 0.0% |
| Day +7 | 31 | 0.0% | -7.4% to +10.8% | 48% | -4.4% to +4.4% | 0.0% |
| Day +8 | 30 | +3.3% | -9.9% to +18.6% | 60% | -1.8% to +11.0% | 0.0% |
| Day +9 | 30 | +5.8% | -6.1% to +13.7% | 63% | -0.8% to +11.2% | 0.0% |
| Day +10 | 30 | +6.2% | -4.5% to +16.8% | 63% | -2.7% to +13.7% | 0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Sep 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +1.9% | -1.8% to +5.2% | 66% | -0.9% to +3.6% | 0.0% |
| Day +2 | 29 | +2.4% | -3.4% to +6.2% | 59% | -2.0% to +5.3% | 0.0% |
| Day +3 | 29 | +3.0% | -5.5% to +5.2% | 55% | -3.7% to +4.4% | 0.0% |
| Day +4 | 29 | -0.9% | -6.1% to +3.4% | 38% | -4.0% to +0.8% | 0.0% |
| Day +5 | 29 | +0.1% | -1.5% to +3.6% | 52% | -1.0% to +1.4% | 0.0% |
| Day +6 | 29 | +0.1% | -4.7% to +6.7% | 52% | -3.9% to +5.0% | 0.0% |
| Day +7 | 29 | 0.0% | -9.7% to +4.5% | 45% | -7.7% to +3.5% | 0.0% |
| Day +8 | 29 | -1.4% | -8.6% to +11.7% | 48% | -7.8% to +4.2% | 0.0% |
| Day +9 | 29 | +4.7% | -12.2% to +13.5% | 62% | -5.1% to +12.6% | 0.0% |
| Day +10 | 29 | +5.1% | -11.0% to +14.0% | 62% | -5.8% to +10.8% | 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 | 6% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 29.8% of 252 |
| Prior-year sessions closer to delta neutral | 37.3% of 252 |
| Open interest percentile (1y) | 23th |
| Daily open interest change versus prior year | +0.04σ (528 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +9.8% |
| Open interest change, 21 sessions | +14.3% |
| History available | Aug 4, 2022 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 18.72 vs 20.13 (-7.6%)
- closed above gamma max at 20.42 vs 18.78 (+8.0%)
- closed below gamma max at 22.26 vs 22.78 (-2.3%)
- closed above gamma max at 21.82 vs 21.82 (+0.0%)
- closed below gamma max at 21.68 vs 22.29 (-2.8%)
- closed above gamma max at 21.56 vs 21.24 (+1.5%)
- closed below gamma max at 21.20 vs 21.58 (-1.8%)
- closed above gamma max at 22.24 vs 20.88 (+6.1%)
- closed above delta neutral at 13.66 vs 13.24 (+3.1%)
- closed below delta neutral at 12.87 vs 13.74 (-6.8%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/PGY
Questions people ask about PGY
Where is PGY's gamma max today?
As of Oct 2, 2026, the gamma max for PGY is 20.83, +15.9% from the 17.98 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 PGY above or below its delta neutral price?
PGY closed above delta neutral: 17.98 against a delta neutral price of 16.04. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PGY have?
128,095 contracts of open interest across 272 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.