VZ max pain, gamma exposure (GEX) & options open interest
As of close · rank #113 by open interest · 1,394 sessions of history since Dec 1, 2020
VZ's nearest-expiration max pain is 47.00 for 2026-10-09, its GEX flip is 45.09, net GEX is 11,929,452, its put/call open-interest ratio is 0.75. 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 7.5 pp · smile convexity 9.5 pp · 25Δ risk reversal 13.1 pp
VZ closed 11.0% below its gamma max of 50.99. It is 1.4% above the delta neutral price of 45.30. Total open interest is 878,878, -3.0% versus the previous session. Its options catalyst-intensity score is 55.8 out of 100, led by front IV premium 7.5 pp, smile convexity 9.5 pp, 25Δ risk reversal 13.1 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 | -19,811 contracts · -3.8% |
| Put OI change, 1 session | -7,727 contracts · -2.0% |
| Call minus put OI growth, 1 session | -1.8 pp |
| Call OI change, 5 sessions | +17,108 contracts · +3.5% |
| Put OI change, 5 sessions | +14,054 contracts · +3.9% |
| Call minus put OI growth, 5 sessions | -0.3 pp |
| Daily call OI change surprise | -0.52σ (252 prior changes) |
| Daily put OI change surprise | -0.26σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.79σ (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 Aug 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.9% | -1.3% to +0.7% | 36% | -1.3% to +0.5% | 0.0% |
| Day +2 | 22 | -0.2% | -1.0% to +0.7% | 41% | -0.9% to +0.6% | 0.0% |
| Day +3 | 22 | +0.6% | -0.8% to +1.6% | 68% | -0.7% to +1.6% | 0.0% |
| Day +4 | 22 | -0.3% | -1.1% to +1.5% | 50% | -1.0% to +1.2% | 0.0% |
| Day +5 | 22 | +0.3% | -0.8% to +2.3% | 50% | -0.8% to +2.0% | 0.0% |
| Day +6 | 22 | +0.8% | -0.5% to +2.3% | 55% | -0.5% to +2.0% | 0.0% |
| Day +7 | 22 | +0.8% | -1.2% to +2.7% | 55% | -1.2% to +2.6% | 0.0% |
| Day +8 | 22 | -0.2% | -1.6% to +1.8% | 45% | -0.6% to +1.3% | 0.0% |
| Day +9 | 22 | +0.2% | -1.3% to +2.2% | 55% | -1.3% to +1.2% | 0.0% |
| Day +10 | 22 | +0.4% | -1.3% to +2.4% | 55% | -1.1% to +2.2% | 0.0% |
Crosses above gamma max 21 completed Day +10 paths · latest Aug 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | +0.3% | -0.1% to +0.9% | 67% | -0.1% to +0.7% | 0.0% |
| Day +2 | 21 | +0.4% | -0.9% to +1.3% | 62% | -0.8% to +1.3% | 0.0% |
| Day +3 | 21 | +0.4% | -1.6% to +2.1% | 62% | -0.3% to +1.8% | 0.0% |
| Day +4 | 21 | -0.4% | -1.0% to +3.1% | 48% | -0.8% to +2.1% | 0.0% |
| Day +5 | 21 | +0.6% | -0.3% to +1.7% | 71% | +0.1% to +1.4% | +0.1% |
| Day +6 | 21 | +0.5% | -0.9% to +1.9% | 62% | -0.4% to +0.6% | 0.0% |
| Day +7 | 21 | +0.7% | -1.8% to +2.6% | 62% | -0.9% to +2.2% | 0.0% |
| Day +8 | 21 | +1.1% | -0.8% to +3.0% | 57% | -0.7% to +2.1% | 0.0% |
| Day +9 | 21 | +0.5% | -2.0% to +2.3% | 62% | -1.2% to +2.0% | 0.0% |
| Day +10 | 21 | -0.0% | -2.0% to +2.5% | 48% | -1.0% to +2.1% | 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 | 6% |
| Gamma max crosses | 16 |
| Delta neutral crosses | 24 |
| Prior-year sessions closer to gamma max | 90.9% of 252 |
| Prior-year sessions closer to delta neutral | 27.0% of 252 |
| Open interest percentile (1y) | 4th |
| Daily open interest change versus prior year | -0.42σ (-27,538 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.7% |
| Open interest change, 21 sessions | -22.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 49.43 vs 49.98 (-1.1%)
- closed above gamma max at 50.25 vs 50.01 (+0.5%)
- closed below gamma max at 47.22 vs 48.24 (-2.2%)
- closed above gamma max at 47.32 vs 47.29 (+0.1%)
- closed above delta neutral at 43.88 vs 43.32 (+1.3%)
- closed below delta neutral at 44.10 vs 45.23 (-2.6%)
- closed above delta neutral at 45.37 vs 44.98 (+0.9%)
- closed below delta neutral at 44.87 vs 45.19 (-0.7%)
- closed above delta neutral at 46.78 vs 45.27 (+3.2%)
- closed below delta neutral at 45.42 vs 45.66 (-0.5%)
In today's screens
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/VZ
Questions people ask about VZ
Where is VZ's gamma max today?
As of Oct 2, 2026, the gamma max for VZ is 50.99, +11.0% from the 45.92 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 VZ above or below its delta neutral price?
VZ closed above delta neutral: 45.92 against a delta neutral price of 45.30. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VZ have?
878,878 contracts of open interest across 575 listed contracts on Oct 2, 2026, -3.0% 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.