PTON max pain, gamma exposure (GEX) & options open interest
As of close · rank #111 by open interest · 1,394 sessions of history since Dec 1, 2020
PTON's nearest-expiration max pain is 5.00 for 2026-10-09, its GEX flip is 3.67, net GEX is 28,639,029, its put/call open-interest ratio is 0.37. 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 -193.4 pp
PTON closed 19.8% below its gamma max of 5.89. It is 14.3% above the delta neutral price of 4.22. Total open interest is 883,515, -1.1% versus the previous session. Its options catalyst-intensity score is 36.3 out of 100, led by 25Δ risk reversal -193.4 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 | -9,102 contracts · -1.4% |
| Put OI change, 1 session | -474 contracts · -0.2% |
| Call minus put OI growth, 1 session | -1.2 pp |
| Call OI change, 5 sessions | +9,450 contracts · +1.5% |
| Put OI change, 5 sessions | +1,352 contracts · +0.6% |
| Call minus put OI growth, 5 sessions | +0.9 pp |
| Daily call OI change surprise | -0.35σ (252 prior changes) |
| Daily put OI change surprise | -0.06σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.38σ (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 28 completed Day +10 paths · latest Jul 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | +0.1% | -3.0% to +2.7% | 50% | -2.2% to +1.8% | 0.0% |
| Day +2 | 28 | -1.5% | -3.8% to +1.3% | 29% | -3.3% to -0.8% | -0.8% |
| Day +3 | 28 | +1.0% | -4.5% to +4.1% | 54% | -3.1% to +2.3% | 0.0% |
| Day +4 | 28 | -1.2% | -5.3% to +2.7% | 36% | -4.3% to +0.5% | 0.0% |
| Day +5 | 28 | -0.5% | -5.1% to +6.0% | 46% | -3.3% to +2.8% | 0.0% |
| Day +6 | 28 | -0.6% | -6.2% to +7.8% | 46% | -4.7% to +2.3% | 0.0% |
| Day +7 | 28 | -0.6% | -6.0% to +8.3% | 46% | -3.7% to +7.0% | 0.0% |
| Day +8 | 28 | -0.3% | -10.6% to +7.5% | 46% | -6.1% to +6.8% | 0.0% |
| Day +9 | 28 | -0.9% | -7.4% to +9.2% | 50% | -5.4% to +3.9% | 0.0% |
| Day +10 | 28 | -1.7% | -9.5% to +5.0% | 39% | -3.9% to +3.4% | 0.0% |
Crosses above gamma max 25 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | -1.3% | -3.7% to +3.1% | 36% | -3.7% to +1.3% | 0.0% |
| Day +2 | 25 | -2.9% | -5.1% to +3.8% | 36% | -5.1% to +3.7% | 0.0% |
| Day +3 | 25 | -2.4% | -6.6% to +2.1% | 36% | -6.0% to +1.1% | 0.0% |
| Day +4 | 25 | -1.0% | -6.9% to +1.8% | 40% | -6.7% to +1.8% | 0.0% |
| Day +5 | 25 | -4.1% | -5.7% to +2.5% | 36% | -5.6% to +1.5% | 0.0% |
| Day +6 | 25 | -3.3% | -8.7% to +4.6% | 40% | -8.5% to +4.6% | 0.0% |
| Day +7 | 25 | -0.5% | -9.9% to +5.1% | 44% | -8.1% to +3.0% | 0.0% |
| Day +8 | 25 | -5.3% | -9.1% to +1.4% | 32% | -8.4% to +1.1% | 0.0% |
| Day +9 | 25 | -4.6% | -12.6% to +1.8% | 32% | -11.4% to +1.8% | 0.0% |
| Day +10 | 25 | -5.9% | -12.5% to +1.2% | 36% | -11.4% to +0.9% | 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 | 4% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 60.3% of 252 |
| Prior-year sessions closer to delta neutral | 38.1% of 252 |
| Open interest percentile (1y) | 79th |
| Daily open interest change versus prior year | -0.29σ (-9,576 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.2% |
| Open interest change, 21 sessions | +8.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 6.12 vs 6.37 (-4.1%)
- closed above gamma max at 6.29 vs 6.02 (+4.3%)
- closed below gamma max at 6.33 vs 6.49 (-2.5%)
- closed above gamma max at 6.08 vs 6.05 (+0.4%)
- closed below gamma max at 5.29 vs 5.74 (-8.5%)
- closed above gamma max at 5.69 vs 5.08 (+10.6%)
- closed below gamma max at 4.99 vs 5.16 (-3.5%)
- closed above gamma max at 5.18 vs 5.15 (+0.7%)
- closed above delta neutral at 4.63 vs 4.54 (+1.7%)
- closed below delta neutral at 4.39 vs 4.67 (-6.5%)
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/PTON
Questions people ask about PTON
Where is PTON's gamma max today?
As of Oct 2, 2026, the gamma max for PTON is 5.89, +19.8% from the 4.92 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 PTON above or below its delta neutral price?
PTON closed above delta neutral: 4.92 against a delta neutral price of 4.22. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does PTON have?
883,515 contracts of open interest across 175 listed contracts on Oct 2, 2026, -1.1% 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.