WEN max pain, gamma exposure (GEX) & options open interest
As of close · rank #291 by open interest · 1,392 sessions of history since Dec 1, 2020
WEN's nearest-expiration max pain is 7.00 for 2026-10-09, net GEX is 9,695,978, its put/call open-interest ratio is 0.20. 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: 25Δ risk reversal 51.2 pp
WEN closed 27.8% below its gamma max of 7.82. It is 10.7% above the delta neutral price of 5.47. Total open interest is 320,469, -2.3% versus the previous session. Its options catalyst-intensity score is 44.1 out of 100, led by 25Δ risk reversal 51.2 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 | -5,894 contracts · -2.2% |
| Put OI change, 1 session | -1,749 contracts · -3.1% |
| Call minus put OI growth, 1 session | +1.0 pp |
| Call OI change, 5 sessions | +1,250 contracts · +0.5% |
| Put OI change, 5 sessions | -625 contracts · -1.1% |
| Call minus put OI growth, 5 sessions | +1.6 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.09σ (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 10 completed Day +10 paths · latest Aug 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +0.7% | -0.6% to +1.4% | 60% | -0.9% to +2.2% | 0.0% |
| Day +2 | 10 | +1.2% | +0.8% to +1.6% | 90% | +0.5% to +2.3% | +0.5% |
| Day +3 | 10 | +0.8% | -0.4% to +1.7% | 70% | -1.0% to +2.4% | 0.0% |
| Day +4 | 10 | +0.7% | -0.2% to +2.0% | 70% | -0.5% to +3.3% | 0.0% |
| Day +5 | 10 | +0.4% | -0.0% to +2.5% | 60% | -0.4% to +5.1% | 0.0% |
| Day +6 | 10 | +1.3% | -0.5% to +1.8% | 70% | -1.3% to +3.5% | 0.0% |
| Day +7 | 10 | +0.7% | -0.5% to +1.8% | 70% | -1.8% to +3.8% | 0.0% |
| Day +8 | 10 | +0.7% | -1.3% to +2.6% | 50% | -2.6% to +4.4% | 0.0% |
| Day +9 | 10 | +1.0% | -1.7% to +2.9% | 60% | -3.4% to +5.2% | 0.0% |
| Day +10 | 10 | +0.7% | -3.6% to +1.8% | 60% | -5.2% to +4.6% | 0.0% |
Crosses above gamma max 11 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.6% | -1.2% to +0.8% | 45% | -1.5% to +1.2% | 0.0% |
| Day +2 | 11 | +0.7% | -1.5% to +1.6% | 64% | -1.5% to +2.0% | 0.0% |
| Day +3 | 11 | +0.3% | -1.8% to +1.9% | 55% | -2.3% to +2.7% | 0.0% |
| Day +4 | 11 | -0.4% | -2.0% to +1.7% | 45% | -2.4% to +2.2% | 0.0% |
| Day +5 | 11 | -0.5% | -1.7% to +0.3% | 36% | -2.2% to +0.4% | 0.0% |
| Day +6 | 11 | -0.5% | -1.2% to +1.2% | 45% | -1.6% to +1.4% | 0.0% |
| Day +7 | 11 | +0.1% | -2.1% to +1.1% | 55% | -2.1% to +1.7% | 0.0% |
| Day +8 | 11 | -0.1% | -1.1% to +0.7% | 45% | -1.4% to +0.9% | 0.0% |
| Day +9 | 11 | -0.2% | -1.8% to +1.4% | 45% | -2.0% to +1.6% | 0.0% |
| Day +10 | 11 | +0.4% | -2.0% to +3.0% | 55% | -2.6% to +3.8% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 69.8% of 252 |
| Prior-year sessions closer to delta neutral | 82.5% of 252 |
| Open interest percentile (1y) | 58th |
| Daily open interest change versus prior year | -0.20σ (-7,643 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.2% |
| Open interest change, 21 sessions | -9.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 8.84 vs 8.98 (-1.6%)
- closed above gamma max at 9.01 vs 8.98 (+0.4%)
- closed above delta neutral at 6.99 vs 6.02 (+13.8%)
- closed below delta neutral at 7.17 vs 7.19 (-0.2%)
- closed above delta neutral at 7.86 vs 7.13 (+9.3%)
- closed below delta neutral at 6.85 vs 7.12 (-3.9%)
- closed above delta neutral at 7.30 vs 6.61 (+9.4%)
- closed below delta neutral at 6.93 vs 7.16 (-3.3%)
- closed above delta neutral at 6.78 vs 6.77 (+0.2%)
- closed below delta neutral at 6.80 vs 6.81 (-0.1%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/WEN
Questions people ask about WEN
Where is WEN's gamma max today?
As of Oct 2, 2026, the gamma max for WEN is 7.82, +27.8% from the 6.12 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 WEN above or below its delta neutral price?
WEN closed above delta neutral: 6.12 against a delta neutral price of 5.47. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does WEN have?
320,469 contracts of open interest across 230 listed contracts on Oct 2, 2026, -2.3% 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.