UAL max pain, gamma exposure (GEX) & options open interest
As of close · rank #265 by open interest · 1,394 sessions of history since Dec 1, 2020
UAL's nearest-expiration max pain is 109.00 for 2026-10-09, its GEX flip is 101.62, net GEX is 20,827,166, its put/call open-interest ratio is 0.79. 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: front IV premium 14.9 pp · 7d expected move +8.9%
UAL closed 10.2% below its gamma max of 124.03. It is 4.4% above the delta neutral price of 107.60. Total open interest is 367,782, -3.1% versus the previous session. Its options catalyst-intensity score is 63.1 out of 100, led by front IV premium 14.9 pp, 7d expected move +8.9%. 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 | -7,124 contracts · -3.3% |
| Put OI change, 1 session | -4,654 contracts · -2.8% |
| Call minus put OI growth, 1 session | -0.6 pp |
| Call OI change, 5 sessions | +4,724 contracts · +2.4% |
| Put OI change, 5 sessions | +3,937 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -0.1 pp |
| Daily call OI change surprise | -0.29σ (252 prior changes) |
| Daily put OI change surprise | -0.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.14σ (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 33 completed Day +10 paths · latest Jun 30, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 33 | -0.1% | -1.0% to +1.8% | 48% | -0.6% to +1.4% | 0.0% |
| Day +2 | 33 | -1.3% | -2.5% to +1.2% | 36% | -2.3% to +0.2% | 0.0% |
| Day +3 | 33 | -0.4% | -2.3% to +2.3% | 48% | -1.3% to +1.6% | 0.0% |
| Day +4 | 33 | -1.2% | -4.2% to +3.0% | 45% | -2.5% to +2.5% | 0.0% |
| Day +5 | 33 | -1.9% | -5.2% to +2.9% | 42% | -4.6% to +1.9% | 0.0% |
| Day +6 | 33 | -2.2% | -3.8% to +1.8% | 30% | -3.4% to -1.1% | -1.1% |
| Day +7 | 33 | -1.9% | -6.2% to +1.1% | 33% | -4.0% to -0.2% | -0.2% |
| Day +8 | 33 | -1.0% | -5.0% to +2.2% | 39% | -3.6% to +0.9% | 0.0% |
| Day +9 | 33 | -1.6% | -5.7% to +3.5% | 42% | -4.7% to +1.4% | 0.0% |
| Day +10 | 33 | -1.8% | -4.9% to +4.0% | 42% | -4.4% to +2.3% | 0.0% |
Crosses above gamma max 34 completed Day +10 paths · latest Jun 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | -0.2% | -2.2% to +1.2% | 44% | -1.9% to +0.7% | 0.0% |
| Day +2 | 34 | +0.1% | -2.7% to +1.2% | 53% | -0.6% to +0.7% | 0.0% |
| Day +3 | 34 | -0.8% | -3.8% to +0.5% | 32% | -3.0% to -0.2% | -0.2% |
| Day +4 | 34 | -1.4% | -3.8% to +1.6% | 32% | -3.4% to -0.3% | -0.3% |
| Day +5 | 34 | -0.9% | -4.8% to +2.0% | 41% | -3.7% to +0.9% | 0.0% |
| Day +6 | 34 | -0.9% | -6.4% to +1.5% | 38% | -3.9% to +0.6% | 0.0% |
| Day +7 | 34 | -1.7% | -6.7% to +0.7% | 32% | -5.9% to -0.5% | -0.5% |
| Day +8 | 34 | -1.9% | -6.1% to +1.7% | 35% | -4.3% to +0.5% | 0.0% |
| Day +9 | 34 | -2.6% | -6.4% to +1.8% | 35% | -4.6% to +0.1% | 0.0% |
| Day +10 | 34 | -2.2% | -6.6% to +1.6% | 29% | -6.2% to -0.3% | -0.3% |
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 | 5% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 34 |
| Prior-year sessions closer to gamma max | 53.2% of 252 |
| Prior-year sessions closer to delta neutral | 41.7% of 252 |
| Open interest percentile (1y) | 40th |
| Daily open interest change versus prior year | -0.34σ (-11,778 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.4% |
| Open interest change, 21 sessions | +14.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 106.30 vs 105.91 (+0.4%)
- closed below delta neutral at 106.92 vs 108.57 (-1.5%)
- closed above delta neutral at 109.82 vs 108.92 (+0.8%)
- closed below delta neutral at 108.24 vs 109.37 (-1.0%)
- closed above delta neutral at 111.38 vs 109.79 (+1.4%)
- closed below delta neutral at 107.99 vs 110.19 (-2.0%)
- closed above delta neutral at 113.17 vs 112.54 (+0.6%)
- closed below delta neutral at 111.71 vs 112.98 (-1.1%)
- closed below gamma max at 135.99 vs 137.22 (-0.9%)
- closed above gamma max at 130.23 vs 125.69 (+3.5%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/UAL
Questions people ask about UAL
Where is UAL's gamma max today?
As of Oct 2, 2026, the gamma max for UAL is 124.03, +10.2% from the 112.51 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 UAL above or below its delta neutral price?
UAL closed above delta neutral: 112.51 against a delta neutral price of 107.60. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does UAL have?
367,782 contracts of open interest across 799 listed contracts on Oct 2, 2026, -3.1% 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.