ZM max pain, gamma exposure (GEX) & options open interest
As of close · rank #346 by open interest · 1,394 sessions of history since Dec 1, 2020
ZM's nearest-expiration max pain is 91.00 for 2026-10-09, its GEX flip is 78.71, net GEX is 13,238,949, its put/call open-interest ratio is 0.47. 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.
ZM closed 12.3% below its gamma max of 104.30. It is 8.1% above the delta neutral price of 85.38. Total open interest is 248,816, -3.2% versus the previous session. Its options catalyst-intensity score is 42.8 out of 100. 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 | -5,726 contracts · -3.3% |
| Put OI change, 1 session | -2,436 contracts · -3.0% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +5,475 contracts · +3.3% |
| Put OI change, 5 sessions | +731 contracts · +0.9% |
| Call minus put OI growth, 5 sessions | +2.4 pp |
| Daily call OI change surprise | -0.53σ (252 prior changes) |
| Daily put OI change surprise | -0.37σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.17σ (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 11 completed Day +10 paths · latest Aug 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -1.9% | -3.0% to +0.8% | 36% | -3.1% to +1.5% | 0.0% |
| Day +2 | 11 | -1.2% | -4.5% to -0.4% | 18% | -4.6% to -0.3% | -0.3% |
| Day +3 | 11 | -1.2% | -6.6% to +1.6% | 36% | -7.2% to +1.8% | 0.0% |
| Day +4 | 11 | -1.7% | -5.2% to +0.2% | 36% | -6.4% to +0.3% | 0.0% |
| Day +5 | 11 | -2.6% | -6.7% to +0.8% | 36% | -7.3% to +0.9% | 0.0% |
| Day +6 | 11 | -3.8% | -7.2% to +0.9% | 27% | -7.7% to +2.4% | 0.0% |
| Day +7 | 11 | -2.1% | -5.2% to +1.4% | 36% | -5.7% to +1.8% | 0.0% |
| Day +8 | 11 | -0.2% | -7.8% to +2.5% | 36% | -9.6% to +2.9% | 0.0% |
| Day +9 | 11 | -1.9% | -4.6% to +1.4% | 36% | -5.4% to +1.8% | 0.0% |
| Day +10 | 11 | +0.4% | -6.0% to +3.9% | 55% | -6.5% to +5.3% | 0.0% |
Crosses above gamma max 11 completed Day +10 paths · latest Aug 7, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.1% | -1.8% to +0.6% | 45% | -2.0% to +0.9% | 0.0% |
| Day +2 | 11 | -1.4% | -3.4% to +0.1% | 27% | -4.9% to +0.8% | 0.0% |
| Day +3 | 11 | -1.9% | -4.6% to +1.2% | 36% | -5.7% to +1.7% | 0.0% |
| Day +4 | 11 | -3.5% | -5.6% to +2.0% | 36% | -6.1% to +2.2% | 0.0% |
| Day +5 | 11 | -2.8% | -7.5% to +1.8% | 36% | -7.8% to +2.1% | 0.0% |
| Day +6 | 11 | -5.0% | -9.3% to +0.9% | 36% | -9.5% to +1.0% | 0.0% |
| Day +7 | 11 | -2.2% | -7.8% to +1.2% | 36% | -7.9% to +2.3% | 0.0% |
| Day +8 | 11 | -2.8% | -6.3% to +2.4% | 36% | -6.7% to +2.8% | 0.0% |
| Day +9 | 11 | -1.7% | -3.3% to +1.8% | 45% | -3.4% to +1.9% | 0.0% |
| Day +10 | 11 | -0.1% | -5.2% to +3.4% | 45% | -5.4% to +4.0% | 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 | 12 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 74.2% of 252 |
| Prior-year sessions closer to delta neutral | 39.3% of 252 |
| Open interest percentile (1y) | 17th |
| Daily open interest change versus prior year | -0.49σ (-8,162 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.6% |
| Open interest change, 21 sessions | -19.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 105.96 vs 107.77 (-1.7%)
- closed above gamma max at 104.50 vs 101.70 (+2.7%)
- closed below gamma max at 111.85 vs 113.41 (-1.4%)
- closed above gamma max at 111.62 vs 109.63 (+1.8%)
- closed below gamma max at 107.00 vs 110.13 (-2.9%)
- closed above gamma max at 109.21 vs 107.06 (+2.0%)
- closed below gamma max at 105.13 vs 111.16 (-5.7%)
- closed above gamma max at 95.76 vs 95.58 (+0.2%)
- closed below gamma max at 86.68 vs 89.12 (-2.8%)
- closed above gamma max at 89.03 vs 88.64 (+0.4%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ZM
Questions people ask about ZM
Where is ZM's gamma max today?
As of Oct 2, 2026, the gamma max for ZM is 104.30, +12.3% from the 92.88 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 ZM above or below its delta neutral price?
ZM closed above delta neutral: 92.88 against a delta neutral price of 85.38. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ZM have?
248,816 contracts of open interest across 767 listed contracts on Oct 2, 2026, -3.2% 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.