PM max pain, gamma exposure (GEX) & options open interest
As of close · rank #530 by open interest · 1,394 sessions of history since Dec 1, 2020
PM's nearest-expiration max pain is 190.00 for 2026-10-09, its GEX flip is 183.26, net GEX is 3,557,687, its put/call open-interest ratio is 1.00. 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.
PM closed 8.5% below its gamma max of 203.43. It is 3.7% above the delta neutral price of 180.47. Total open interest is 134,110, -4.8% versus the previous session. Its options catalyst-intensity score is 44.4 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 | -5,734 contracts · -7.9% |
| Put OI change, 1 session | -1,097 contracts · -1.6% |
| Call minus put OI growth, 1 session | -6.3 pp |
| Call OI change, 5 sessions | +1,079 contracts · +1.6% |
| Put OI change, 5 sessions | +2,273 contracts · +3.5% |
| Call minus put OI growth, 5 sessions | -1.9 pp |
| Daily call OI change surprise | -1.26σ (252 prior changes) |
| Daily put OI change surprise | -0.19σ (252 prior changes) |
| Daily call-minus-put growth surprise | -2.44σ (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 37 completed Day +10 paths · latest May 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 37 | +0.3% | -0.5% to +0.9% | 68% | +0.1% to +0.7% | +0.1% |
| Day +2 | 37 | +0.5% | -0.2% to +1.3% | 68% | +0.1% to +1.0% | +0.1% |
| Day +3 | 37 | +0.5% | -0.1% to +1.6% | 70% | +0.2% to +1.1% | +0.2% |
| Day +4 | 37 | +0.9% | +0.0% to +2.2% | 76% | +0.3% to +1.6% | +0.3% |
| Day +5 | 37 | +0.6% | -0.4% to +1.6% | 62% | -0.2% to +0.9% | 0.0% |
| Day +6 | 37 | +0.4% | -1.5% to +2.4% | 59% | -0.7% to +1.4% | 0.0% |
| Day +7 | 37 | -0.4% | -1.3% to +2.1% | 49% | -0.8% to +0.7% | 0.0% |
| Day +8 | 37 | -0.1% | -2.2% to +1.7% | 43% | -1.3% to +0.7% | 0.0% |
| Day +9 | 37 | +0.4% | -3.1% to +1.9% | 51% | -1.5% to +0.9% | 0.0% |
| Day +10 | 37 | -0.7% | -3.4% to +2.1% | 46% | -2.5% to +0.8% | 0.0% |
Crosses above gamma max 38 completed Day +10 paths · latest May 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 38 | +0.1% | -0.9% to +0.6% | 50% | -0.5% to +0.4% | 0.0% |
| Day +2 | 38 | +0.1% | -0.6% to +1.1% | 53% | -0.4% to +0.5% | 0.0% |
| Day +3 | 38 | +0.0% | -0.8% to +1.5% | 50% | -0.3% to +0.5% | 0.0% |
| Day +4 | 38 | -0.2% | -0.8% to +2.0% | 42% | -0.7% to +1.3% | 0.0% |
| Day +5 | 38 | +0.3% | -0.4% to +2.1% | 55% | -0.2% to +1.3% | 0.0% |
| Day +6 | 38 | +0.5% | -0.7% to +3.2% | 63% | -0.0% to +1.8% | 0.0% |
| Day +7 | 38 | +0.7% | -1.1% to +3.5% | 63% | -0.2% to +2.0% | 0.0% |
| Day +8 | 38 | -0.0% | -1.5% to +3.5% | 47% | -0.8% to +1.4% | 0.0% |
| Day +9 | 38 | -0.4% | -1.9% to +3.2% | 45% | -1.0% to +1.0% | 0.0% |
| Day +10 | 38 | -0.1% | -2.2% to +3.7% | 45% | -1.3% to +0.7% | 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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 23 |
| Prior-year sessions closer to gamma max | 54.8% of 252 |
| Prior-year sessions closer to delta neutral | 51.6% of 252 |
| Open interest percentile (1y) | 15th |
| Daily open interest change versus prior year | -0.71σ (-6,831 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.6% |
| Open interest change, 21 sessions | -7.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 189.61 vs 197.48 (-4.2%)
- closed above gamma max at 191.86 vs 191.72 (+0.1%)
- closed below gamma max at 187.91 vs 189.78 (-1.0%)
- closed above gamma max at 186.93 vs 185.65 (+0.7%)
- closed above delta neutral at 165.41 vs 164.37 (+0.6%)
- closed below delta neutral at 162.64 vs 163.67 (-0.6%)
- closed above delta neutral at 165.89 vs 164.09 (+1.1%)
- closed below delta neutral at 160.90 vs 163.31 (-1.5%)
- closed above delta neutral at 163.95 vs 163.17 (+0.5%)
- closed below delta neutral at 166.14 vs 168.05 (-1.2%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/PM
Questions people ask about PM
Where is PM's gamma max today?
As of Oct 2, 2026, the gamma max for PM is 203.43, +8.5% from the 187.46 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 PM above or below its delta neutral price?
PM closed above delta neutral: 187.46 against a delta neutral price of 180.47. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PM have?
134,110 contracts of open interest across 487 listed contracts on Oct 2, 2026, -4.8% 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.