PLUG max pain, gamma exposure (GEX) & options open interest
As of close · rank #136 by open interest · 1,378 sessions of history since Dec 1, 2020
PLUG's nearest-expiration max pain is 2.00 for 2026-10-09, its GEX flip is 0.25, net GEX is 17,670,353, its put/call open-interest ratio is 0.25. 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 13.9 pp
PLUG closed 20.2% below its gamma max of 2.28. It is 22.0% above the delta neutral price of 1.48. Total open interest is 735,729, -2.0% versus the previous session. Its options catalyst-intensity score is 49.7 out of 100, led by 25Δ risk reversal 13.9 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 | -12,837 contracts · -2.1% |
| Put OI change, 1 session | -2,019 contracts · -1.4% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | +14,354 contracts · +2.5% |
| Put OI change, 5 sessions | +4,399 contracts · +3.1% |
| Call minus put OI growth, 5 sessions | -0.6 pp |
| Daily call OI change surprise | -0.19σ (252 prior changes) |
| Daily put OI change surprise | -0.07σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.30σ (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 May 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -1.5% | -2.9% to +1.5% | 33% | -2.4% to -0.3% | -0.3% |
| Day +2 | 30 | -1.3% | -4.9% to +5.1% | 40% | -3.5% to +2.5% | 0.0% |
| Day +3 | 30 | -0.5% | -6.3% to +8.6% | 50% | -3.9% to +5.7% | 0.0% |
| Day +4 | 30 | +0.9% | -7.5% to +5.5% | 57% | -2.9% to +4.0% | 0.0% |
| Day +5 | 30 | +0.3% | -7.6% to +10.3% | 53% | -1.3% to +5.8% | 0.0% |
| Day +6 | 30 | -0.3% | -8.0% to +12.9% | 47% | -3.3% to +5.6% | 0.0% |
| Day +7 | 30 | +5.1% | -9.9% to +13.2% | 57% | -4.9% to +9.7% | 0.0% |
| Day +8 | 30 | +5.1% | -8.7% to +11.9% | 57% | -2.8% to +9.0% | 0.0% |
| Day +9 | 30 | +2.4% | -9.9% to +16.4% | 57% | -4.0% to +9.0% | 0.0% |
| Day +10 | 30 | +6.2% | -9.0% to +18.0% | 60% | -2.3% to +12.7% | 0.0% |
Crosses above gamma max 24 completed Day +10 paths · latest May 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 24 | -1.4% | -4.3% to +3.5% | 42% | -3.8% to +3.4% | 0.0% |
| Day +2 | 24 | -0.6% | -4.6% to +4.0% | 46% | -3.9% to +3.2% | 0.0% |
| Day +3 | 24 | -1.8% | -6.2% to +6.2% | 42% | -5.7% to +4.1% | 0.0% |
| Day +4 | 24 | +0.4% | -5.7% to +8.6% | 54% | -2.8% to +6.6% | 0.0% |
| Day +5 | 24 | -1.0% | -4.2% to +8.9% | 38% | -2.9% to +3.0% | 0.0% |
| Day +6 | 24 | -0.4% | -5.2% to +8.2% | 50% | -4.2% to +4.4% | 0.0% |
| Day +7 | 24 | +3.1% | -8.6% to +8.3% | 54% | -6.8% to +6.4% | 0.0% |
| Day +8 | 24 | +3.4% | -8.5% to +9.8% | 54% | -4.3% to +9.3% | 0.0% |
| Day +9 | 24 | +3.5% | -5.0% to +11.4% | 58% | -2.8% to +10.8% | 0.0% |
| Day +10 | 24 | +3.7% | -4.4% to +20.6% | 63% | -2.8% to +19.7% | 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 | 10% |
| Gamma max crosses | 24 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 84.1% of 252 |
| Prior-year sessions closer to delta neutral | 2.8% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -0.17σ (-14,856 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.6% |
| Open interest change, 21 sessions | -13.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 3.95 vs 4.01 (-1.5%)
- closed above gamma max at 4.13 vs 4.07 (+1.4%)
- closed below gamma max at 3.45 vs 3.68 (-6.6%)
- closed above gamma max at 3.78 vs 3.71 (+1.8%)
- closed below gamma max at 3.79 vs 4.03 (-6.2%)
- closed above gamma max at 3.12 vs 3.06 (+1.9%)
- closed below gamma max at 3.13 vs 3.44 (-9.8%)
- closed above gamma max at 3.41 vs 3.35 (+1.8%)
- closed below gamma max at 3.14 vs 3.16 (-0.6%)
- closed above gamma max at 3.22 vs 3.02 (+6.3%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/PLUG
Questions people ask about PLUG
Where is PLUG's gamma max today?
As of Oct 2, 2026, the gamma max for PLUG is 2.28, +20.2% from the 1.90 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 PLUG above or below its delta neutral price?
PLUG closed above delta neutral: 1.90 against a delta neutral price of 1.48. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PLUG have?
735,729 contracts of open interest across 127 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.