Data through close

SAP max pain, gamma exposure (GEX) & options open interest

As of close · rank #813 by open interest · snapshot page

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SAP's nearest-expiration max pain is 207.50 for 2026-10-09, its GEX flip is 214.77, net GEX is -770,671, its put/call open-interest ratio is 1.20. These are whole-chain derived aggregates as of Oct 2, 2026 close.

Close
208.57
prev 210.79
Gamma max
243.23
+16.6% from close
Delta neutral
205.19
-1.6% from close
Gamma neutral
214.77
+3.0% from close
Open interest
69,372
-1.3% vs prev
Contracts listed
557
356 calls · 299 puts

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.

Nearest max pain
207.50
-0.5% from close
2026-10-09
GEX flip
214.77
+3.0% from close
Net GEX
-770,671
-1,110,925 per 100k OI
Call wall
220.00
+5.5% from close
Put wall
210.00
+0.7% from close
Put/call OI
1.20
37,813 puts / 31,559 calls

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.

Catalyst intensity
–
cross-sectional score / 100
Directional score
–
IV rank
88.9
within trailing 52-week range
Front / back ATM IV
+36.7% / +42.8%
-6.1 pp front premium
Expected move
+5.1%
7 DTE · one standard deviation
ATM straddle / spot
+3.6%
front-window midpoint premium
25Δ risk reversal
1.0 pp
put IV minus call IV
IV butterfly
0.2 pp
front-window smile convexity
Volume / open interest
0.01
682 contracts traded
Normalized net delta
0.059
option-holder convention
Modeled dealer delta
-0.058
opposite-side scenario
Vanna / 100k OI
3,119
volatility-sensitive delta
Charm / 100k OI
689,723
time-decay-sensitive delta
IV surface range
144.3 pp
published contour maximum minus minimum

Download the complete dated analysis JSON .

SAP closed 16.6% below its gamma max of 243.23. It is 1.6% above the delta neutral price of 205.19. Total open interest is 69,372, -1.3% versus the previous session. What gamma max means · What delta neutral means

History

Full history since 2020: drag to pan, scroll to zoom, hover for values. Open full-screen chart

Analysis visualizations

Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.

Gamma walls

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In today's screens

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Neighbours by open interest

← AREC (#812) DHR (#814) →

Questions people ask about SAP

Where is SAP's gamma max today?

As of Oct 2, 2026, the gamma max for SAP is 243.23, +16.6% from the 208.57 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 SAP above or below its delta neutral price?

SAP closed above delta neutral: 208.57 against a delta neutral price of 205.19. The delta neutral price is where the summed delta of the whole chain is zero; the definition.

How much open interest does SAP have?

69,372 contracts of open interest across 557 listed contracts on Oct 2, 2026, -1.3% 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.