ZTS max pain, gamma exposure (GEX) & options open interest
As of close · rank #468 by open interest · 1,393 sessions of history since Dec 1, 2020
ZTS's nearest-expiration max pain is 75.00 for 2026-10-16, its GEX flip is 26.30, net GEX is 601,367, its put/call open-interest ratio is 0.48. 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: OI change 0.68σ · 25Δ risk reversal -74.3 pp · smile convexity -11.6 pp
ZTS closed 17.3% below its gamma max of 81.72. It is 8.0% above the delta neutral price of 64.11. Total open interest is 162,131, +2.8% versus the previous session. Its options catalyst-intensity score is 51.1 out of 100, led by OI change 0.68σ, 25Δ risk reversal -74.3 pp, smile convexity -11.6 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 | +1,088 contracts · +1.0% |
| Put OI change, 1 session | +3,291 contracts · +6.7% |
| Call minus put OI growth, 1 session | -5.7 pp |
| Call OI change, 5 sessions | +2,032 contracts · +1.9% |
| Put OI change, 5 sessions | +4,107 contracts · +8.5% |
| Call minus put OI growth, 5 sessions | -6.6 pp |
| Daily call OI change surprise | +0.21σ (252 prior changes) |
| Daily put OI change surprise | +1.17σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.65σ (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 13 completed Day +10 paths · latest Dec 15, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | +0.2% | -0.3% to +0.5% | 62% | -0.3% to +0.5% | 0.0% |
| Day +2 | 13 | +0.7% | +0.2% to +1.3% | 77% | +0.2% to +1.3% | +0.2% |
| Day +3 | 13 | +1.0% | -0.8% to +1.5% | 54% | -0.8% to +1.5% | 0.0% |
| Day +4 | 13 | +0.6% | -0.9% to +0.9% | 62% | -0.9% to +0.9% | 0.0% |
| Day +5 | 13 | +0.4% | -0.7% to +1.7% | 54% | -0.7% to +1.7% | 0.0% |
| Day +6 | 13 | +0.6% | -1.5% to +1.3% | 54% | -1.5% to +1.3% | 0.0% |
| Day +7 | 13 | +0.3% | -1.7% to +1.7% | 54% | -1.7% to +1.7% | 0.0% |
| Day +8 | 13 | +1.1% | -1.2% to +1.8% | 62% | -1.2% to +1.8% | 0.0% |
| Day +9 | 13 | +0.6% | -1.4% to +2.7% | 62% | -1.4% to +2.7% | 0.0% |
| Day +10 | 13 | -0.1% | -0.6% to +1.3% | 46% | -0.6% to +1.3% | 0.0% |
Crosses above gamma max 14 completed Day +10 paths · latest Dec 8, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | +0.8% | +0.2% to +1.6% | 79% | +0.1% to +1.6% | +0.1% |
| Day +2 | 14 | +0.8% | -0.1% to +1.6% | 71% | -0.3% to +1.6% | 0.0% |
| Day +3 | 14 | +1.0% | +0.1% to +1.8% | 79% | +0.0% to +1.9% | +0.0% |
| Day +4 | 14 | +0.8% | +0.3% to +2.4% | 79% | +0.2% to +2.4% | +0.2% |
| Day +5 | 14 | +0.9% | +0.0% to +2.6% | 71% | -0.1% to +2.7% | 0.0% |
| Day +6 | 14 | +0.8% | -1.0% to +3.6% | 57% | -1.1% to +3.7% | 0.0% |
| Day +7 | 14 | +0.8% | -0.6% to +3.1% | 71% | -0.9% to +3.2% | 0.0% |
| Day +8 | 14 | +1.4% | -1.2% to +2.9% | 71% | -1.6% to +3.0% | 0.0% |
| Day +9 | 14 | +1.1% | -1.1% to +3.7% | 64% | -1.1% to +3.8% | 0.0% |
| Day +10 | 14 | +1.4% | -0.7% to +5.2% | 64% | -0.8% to +5.4% | 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 | 2 |
| Delta neutral crosses | 25 |
| Prior-year sessions closer to gamma max | 76.6% of 252 |
| Prior-year sessions closer to delta neutral | 59.1% of 252 |
| Open interest percentile (1y) | 89th |
| Daily open interest change versus prior year | +0.68σ (4,379 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.9% |
| Open interest change, 21 sessions | -6.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 76.92 vs 73.97 (+3.8%)
- closed below gamma max at 76.78 vs 91.97 (-19.8%)
- closed below delta neutral at 82.83 vs 88.19 (-6.5%)
- closed above delta neutral at 87.00 vs 86.04 (+1.1%)
- closed above gamma max at 87.00 vs 47.37 (+45.6%)
- closed below delta neutral at 116.65 vs 120.42 (-3.2%)
- closed above delta neutral at 116.87 vs 116.35 (+0.4%)
- closed below delta neutral at 116.06 vs 116.21 (-0.1%)
- closed above delta neutral at 120.08 vs 118.56 (+1.3%)
- closed below delta neutral at 122.23 vs 123.44 (-1.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ZTS
Questions people ask about ZTS
Where is ZTS's gamma max today?
As of Oct 2, 2026, the gamma max for ZTS is 81.72, +17.3% from the 69.69 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 ZTS above or below its delta neutral price?
ZTS closed above delta neutral: 69.69 against a delta neutral price of 64.11. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ZTS have?
162,131 contracts of open interest across 341 listed contracts on Oct 2, 2026, +2.8% 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.