ZS max pain, gamma exposure (GEX) & options open interest
As of close · rank #400 by open interest · 1,393 sessions of history since Dec 1, 2020
ZS's nearest-expiration max pain is 200.00 for 2026-10-09, its GEX flip is 179.92, net GEX is 4,442,426, its put/call open-interest ratio is 0.82. 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 8.4 pp · volume/OI 0.08 · 7d expected move +8.9%
ZS closed 12.1% below its gamma max of 220.34. It is 8.5% above the delta neutral price of 179.90. Total open interest is 206,318, -6.3% versus the previous session. Its options catalyst-intensity score is 61.1 out of 100, led by front IV premium 8.4 pp, volume/OI 0.08, 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 | -8,467 contracts · -7.0% |
| Put OI change, 1 session | -5,359 contracts · -5.4% |
| Call minus put OI growth, 1 session | -1.5 pp |
| Call OI change, 5 sessions | +3,935 contracts · +3.6% |
| Put OI change, 5 sessions | +5,353 contracts · +6.1% |
| Call minus put OI growth, 5 sessions | -2.5 pp |
| Daily call OI change surprise | -1.06σ (252 prior changes) |
| Daily put OI change surprise | -1.04σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.51σ (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 19 completed Day +10 paths · latest Aug 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | +0.5% | -1.4% to +1.9% | 53% | -1.0% to +1.8% | 0.0% |
| Day +2 | 19 | -0.2% | -2.5% to +1.6% | 47% | -2.4% to +1.6% | 0.0% |
| Day +3 | 19 | +1.0% | -1.5% to +4.1% | 58% | -1.0% to +4.0% | 0.0% |
| Day +4 | 19 | +1.1% | -2.3% to +3.6% | 58% | -1.9% to +3.5% | 0.0% |
| Day +5 | 19 | +0.3% | -3.8% to +4.6% | 53% | -3.5% to +4.3% | 0.0% |
| Day +6 | 19 | +1.0% | -4.7% to +4.4% | 58% | -4.1% to +4.1% | 0.0% |
| Day +7 | 19 | +2.8% | -7.2% to +5.8% | 63% | -6.1% to +5.7% | 0.0% |
| Day +8 | 19 | +2.6% | -6.6% to +5.2% | 63% | -6.0% to +5.0% | 0.0% |
| Day +9 | 19 | +0.4% | -3.2% to +6.2% | 53% | -2.5% to +5.7% | 0.0% |
| Day +10 | 19 | -0.1% | -5.7% to +6.0% | 47% | -4.7% to +5.3% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest Aug 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +1.0% | -1.5% to +1.4% | 70% | -1.4% to +1.4% | 0.0% |
| Day +2 | 20 | +0.1% | -2.2% to +3.9% | 50% | -2.0% to +3.9% | 0.0% |
| Day +3 | 20 | +0.3% | -1.5% to +2.0% | 55% | -1.4% to +2.0% | 0.0% |
| Day +4 | 20 | +2.3% | -0.7% to +3.6% | 65% | -0.3% to +3.6% | 0.0% |
| Day +5 | 20 | +2.3% | -1.0% to +3.6% | 70% | -0.9% to +3.1% | 0.0% |
| Day +6 | 20 | +1.7% | -2.9% to +5.5% | 70% | -2.7% to +5.4% | 0.0% |
| Day +7 | 20 | +2.4% | -2.4% to +4.0% | 70% | -2.2% to +3.5% | 0.0% |
| Day +8 | 20 | +2.9% | -0.7% to +4.6% | 70% | -0.4% to +4.4% | 0.0% |
| Day +9 | 20 | +2.8% | -2.9% to +5.2% | 70% | -2.8% to +5.2% | 0.0% |
| Day +10 | 20 | +0.0% | -5.5% to +5.5% | 50% | -5.3% to +5.1% | 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 | 1% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 42.1% of 252 |
| Prior-year sessions closer to delta neutral | 61.1% of 252 |
| Open interest percentile (1y) | 68th |
| Daily open interest change versus prior year | -1.08σ (-13,826 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.7% |
| Open interest change, 21 sessions | -2.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 166.10 vs 163.25 (+1.7%)
- closed below delta neutral at 161.94 vs 162.58 (-0.4%)
- closed below gamma max at 183.60 vs 192.88 (-5.1%)
- closed above gamma max at 188.18 vs 186.21 (+1.0%)
- closed above delta neutral at 142.32 vs 140.46 (+1.3%)
- closed below delta neutral at 139.70 vs 140.32 (-0.4%)
- closed below gamma max at 147.33 vs 160.98 (-9.3%)
- closed above gamma max at 146.45 vs 145.23 (+0.8%)
- closed above delta neutral at 137.60 vs 133.44 (+3.0%)
- closed below delta neutral at 134.37 vs 138.17 (-2.8%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ZS
Questions people ask about ZS
Where is ZS's gamma max today?
As of Oct 2, 2026, the gamma max for ZS is 220.34, +12.1% from the 196.60 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 ZS above or below its delta neutral price?
ZS closed above delta neutral: 196.60 against a delta neutral price of 179.90. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ZS have?
206,318 contracts of open interest across 996 listed contracts on Oct 2, 2026, -6.3% 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.