RARE max pain, gamma exposure (GEX) & options open interest
As of close · rank #518 by open interest · 1,394 sessions of history since Dec 1, 2020
RARE's nearest-expiration max pain is 13.50 for 2026-10-09, net GEX is 3,342,630, its put/call open-interest ratio is 0.33. 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: OI change 0.13σ · 25Δ risk reversal 31.5 pp · IV rank 93
RARE closed 10.8% below its gamma max of 16.86. It is 11.6% above the delta neutral price of 13.45. Total open interest is 138,136, +0.7% versus the previous session. Its options catalyst-intensity score is 69.3 out of 100, led by OI change 0.13σ, 25Δ risk reversal 31.5 pp, IV rank 93. 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 | +300 contracts · +0.3% |
| Put OI change, 1 session | +706 contracts · +2.1% |
| Call minus put OI growth, 1 session | -1.8 pp |
| Call OI change, 5 sessions | +110 contracts · +0.1% |
| Put OI change, 5 sessions | +1,021 contracts · +3.1% |
| Call minus put OI growth, 5 sessions | -3.0 pp |
| Daily call OI change surprise | +0.01σ (252 prior changes) |
| Daily put OI change surprise | +0.25σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.23σ (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 Jul 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.2% | -1.5% to +2.1% | 45% | -1.4% to +1.9% | 0.0% |
| Day +2 | 22 | +0.8% | -2.5% to +2.7% | 55% | -2.5% to +2.7% | 0.0% |
| Day +3 | 22 | +0.6% | -3.1% to +3.6% | 50% | -1.3% to +3.6% | 0.0% |
| Day +4 | 22 | -0.6% | -5.8% to +3.8% | 45% | -4.6% to +3.8% | 0.0% |
| Day +5 | 22 | -2.7% | -7.7% to +2.7% | 45% | -5.4% to +2.4% | 0.0% |
| Day +6 | 22 | -2.8% | -7.9% to +4.3% | 41% | -7.4% to +4.1% | 0.0% |
| Day +7 | 22 | -4.7% | -11.3% to +4.9% | 36% | -10.4% to +4.3% | 0.0% |
| Day +8 | 22 | -4.4% | -11.7% to +4.9% | 36% | -10.5% to +3.6% | 0.0% |
| Day +9 | 22 | -5.5% | -10.9% to +4.5% | 36% | -10.6% to +2.2% | 0.0% |
| Day +10 | 22 | -4.0% | -11.3% to +3.8% | 32% | -10.8% to +3.0% | 0.0% |
Crosses above gamma max 23 completed Day +10 paths · latest Jul 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 23 | +1.1% | -0.2% to +2.2% | 65% | -0.0% to +1.9% | 0.0% |
| Day +2 | 23 | +0.7% | -0.4% to +2.9% | 70% | +0.2% to +2.8% | +0.2% |
| Day +3 | 23 | +2.0% | +0.5% to +4.1% | 78% | +0.6% to +3.3% | +0.6% |
| Day +4 | 23 | +0.3% | -2.1% to +6.1% | 52% | -1.7% to +4.7% | 0.0% |
| Day +5 | 23 | -1.0% | -3.8% to +4.4% | 43% | -2.5% to +1.6% | 0.0% |
| Day +6 | 23 | +1.6% | -6.4% to +4.5% | 52% | -5.5% to +3.6% | 0.0% |
| Day +7 | 23 | +0.8% | -8.0% to +5.6% | 52% | -6.9% to +3.9% | 0.0% |
| Day +8 | 23 | -4.5% | -10.0% to +5.1% | 39% | -8.7% to +4.5% | 0.0% |
| Day +9 | 23 | -4.1% | -10.6% to +4.1% | 39% | -10.3% to +1.8% | 0.0% |
| Day +10 | 23 | -5.0% | -10.5% to +3.8% | 39% | -9.3% to +1.9% | 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 | 13% |
| Gamma max crosses | 30 |
| Delta neutral crosses | 6 |
| Prior-year sessions closer to gamma max | 34.9% of 252 |
| Prior-year sessions closer to delta neutral | 38.5% of 252 |
| Open interest percentile (1y) | 96th |
| Daily open interest change versus prior year | +0.13σ (1,006 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.8% |
| Open interest change, 21 sessions | +11.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 14.65 vs 14.52 (+0.9%)
- closed below gamma max at 13.07 vs 20.44 (-56.4%)
- closed above gamma max at 13.61 vs 6.90 (+49.3%)
- closed below gamma max at 14.30 vs 36.41 (-154.6%)
- closed above gamma max at 14.88 vs 7.50 (+49.6%)
- closed below delta neutral at 32.03 vs 32.87 (-2.6%)
- closed below gamma max at 34.67 vs 37.43 (-8.0%)
- closed above gamma max at 33.72 vs 32.52 (+3.5%)
- closed below gamma max at 33.47 vs 33.74 (-0.8%)
- closed above gamma max at 33.39 vs 31.98 (+4.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/RARE
Questions people ask about RARE
Where is RARE's gamma max today?
As of Oct 2, 2026, the gamma max for RARE is 16.86, +10.8% from the 15.22 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 RARE above or below its delta neutral price?
RARE closed above delta neutral: 15.22 against a delta neutral price of 13.45. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does RARE have?
138,136 contracts of open interest across 175 listed contracts on Oct 2, 2026, +0.7% 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.