SNDL max pain, gamma exposure (GEX) & options open interest
As of close · rank #502 by open interest · 1,201 sessions of history since Dec 7, 2020
SNDL's nearest-expiration max pain is 1.50 for 2026-10-16, its GEX flip is 1.05, net GEX is 810,315, its put/call open-interest ratio is 0.61. 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 0.02σ · 25Δ risk reversal 18.6 pp
SNDL closed 28.7% below its gamma max of 1.60. It is 16.5% below the delta neutral price of 1.44. Total open interest is 143,653, +0.1% versus the previous session. Its options catalyst-intensity score is 46.0 out of 100, led by OI change 0.02σ, 25Δ risk reversal 18.6 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 | +133 contracts · +0.1% |
| Put OI change, 1 session | -31 contracts · -0.1% |
| Call minus put OI growth, 1 session | +0.2 pp |
| Call OI change, 5 sessions | +309 contracts · +0.3% |
| Put OI change, 5 sessions | +1,072 contracts · +2.0% |
| Call minus put OI growth, 5 sessions | -1.7 pp |
| Daily call OI change surprise | +0.03σ (252 prior changes) |
| Daily put OI change surprise | -0.06σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.05σ (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 above gamma max 40 completed Day +10 paths · latest Apr 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | -1.2% | -4.2% to +0.9% | 30% | -2.8% to 0.0% | 0.0% |
| Day +2 | 40 | -0.5% | -3.8% to +4.0% | 48% | -2.0% to +1.8% | 0.0% |
| Day +3 | 40 | -0.6% | -4.5% to +6.3% | 48% | -1.9% to +3.7% | 0.0% |
| Day +4 | 40 | -1.3% | -4.5% to +8.4% | 43% | -3.2% to +2.6% | 0.0% |
| Day +5 | 40 | -0.9% | -3.7% to +8.6% | 45% | -2.8% to +2.8% | 0.0% |
| Day +6 | 40 | +1.2% | -3.4% to +9.2% | 55% | -1.0% to +4.9% | 0.0% |
| Day +7 | 40 | +3.4% | -5.3% to +8.5% | 60% | -2.6% to +4.2% | 0.0% |
| Day +8 | 40 | +0.1% | -6.1% to +7.5% | 50% | -4.0% to +2.8% | 0.0% |
| Day +9 | 40 | -0.9% | -6.0% to +10.4% | 45% | -4.2% to +3.2% | 0.0% |
| Day +10 | 40 | -0.2% | -7.8% to +10.3% | 50% | -4.6% to +6.1% | 0.0% |
Crosses below gamma max 37 completed Day +10 paths · latest Oct 27, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 37 | 0.0% | -3.0% to +4.2% | 49% | -1.8% to +2.7% | 0.0% |
| Day +2 | 37 | -0.6% | -3.2% to +3.3% | 46% | -1.6% to +1.6% | 0.0% |
| Day +3 | 37 | +0.8% | -5.2% to +9.4% | 54% | -1.3% to +5.5% | 0.0% |
| Day +4 | 37 | +0.0% | -5.8% to +10.1% | 51% | -3.7% to +4.3% | 0.0% |
| Day +5 | 37 | +3.5% | -3.2% to +11.4% | 65% | +0.8% to +7.2% | +0.8% |
| Day +6 | 37 | +3.1% | -5.2% to +11.5% | 57% | -1.2% to +7.5% | 0.0% |
| Day +7 | 37 | +3.1% | -5.8% to +8.8% | 57% | -2.0% to +5.3% | 0.0% |
| Day +8 | 37 | +0.8% | -3.6% to +9.3% | 54% | -2.4% to +3.2% | 0.0% |
| Day +9 | 37 | +1.0% | -5.1% to +17.6% | 51% | -2.5% to +3.7% | 0.0% |
| Day +10 | 37 | +0.4% | -6.3% to +16.3% | 51% | -2.4% to +4.7% | 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 | 3% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 29 |
| Prior-year sessions closer to gamma max | 70.2% of 252 |
| Prior-year sessions closer to delta neutral | 86.1% of 252 |
| Open interest percentile (1y) | 80th |
| Daily open interest change versus prior year | +0.02σ (102 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.0% |
| Open interest change, 21 sessions | +10.0% |
| History available | Dec 7, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 1.29 vs 1.45 (-12.3%)
- closed above delta neutral at 1.40 vs 1.26 (+10.0%)
- closed below delta neutral at 1.35 vs 1.43 (-6.3%)
- closed above delta neutral at 1.37 vs 1.34 (+2.3%)
- closed below delta neutral at 1.31 vs 1.40 (-6.6%)
- closed above delta neutral at 1.23 vs 1.20 (+2.4%)
- closed below delta neutral at 1.31 vs 1.34 (-2.5%)
- closed above delta neutral at 1.31 vs 1.21 (+7.3%)
- closed below delta neutral at 1.30 vs 1.38 (-6.0%)
- closed above delta neutral at 1.38 vs 1.37 (+0.0%)
In today's screens
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Neighbours by open interest
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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/SNDL
Questions people ask about SNDL
Where is SNDL's gamma max today?
As of Oct 2, 2026, the gamma max for SNDL is 1.60, +28.7% from the 1.24 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 SNDL above or below its delta neutral price?
SNDL closed below delta neutral: 1.24 against a delta neutral price of 1.44. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SNDL have?
143,653 contracts of open interest across 47 listed contracts on Oct 2, 2026, +0.1% 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.