CBRS options: max pain, gamma exposure and walls
Cerebras Systems · close 108.72 (+10.98% on the day, +21.11% over 5 sessions)
Dealers were net short gamma (for 27 sessions): when the price moves, their hedging goes with it, which can let the move stretch. The call wall — the strike with the most call open interest in reach — stands at 115, 5.8% above the close. The put wall stands at 100, 8.0% below the close. Further out, 150 above and 75 below hold more open interest than any strike near the price — long-dated positions and hedges, too far away to act as a level. Max pain for the front expiry is 121 (11.3% above the close). Implied volatility over 30 days is 93.7%; realised volatility over 20 days is 111.6%. The options price a move of about ±26.9% over the next 30 days.
CBRS levels tonight
| Level | Price | From the close | Note |
|---|---|---|---|
| Call wall | 115 | +5.8% | |
| Put wall | 100 | −8.0% | |
| Gamma flip | 113.83 | +4.7% | below it dealers are short gamma |
| Max pain, front expiry | 121 | +11.3% |
CBRS max pain by expiration
For the nearest expiry, Nov 20, 2026 (7 days out), max pain is 121, 11.3% above the close. Max pain is the strike where the options of that expiry would be worth the least in total at expiry — the price at which option holders, all together, would lose the most. Open interest is as of the close of Nov 13, 2026.
| Expiry | Days | Max pain | From the close | Call OI | Put OI | Put / call | ATM IV | Priced move |
|---|---|---|---|---|---|---|---|---|
| Nov 20, 2026 | 7 | 121 | +11.3% | 46,783 | 32,686 | 0.70 | 109.3% | ±16.46 (15.1%) |
| Nov 27, 2026 | 14 | 120 | +10.4% | 4,061 | 3,583 | 0.88 | 95.0% | ±20.22 (18.6%) |
| Dec 4, 2026 | 21 | 100 | −8.0% | 2,019 | 1,848 | 0.92 | 95.1% | ±24.79 (22.8%) |
| Dec 11, 2026 | 28 | 100 | −8.0% | 827 | 901 | 1.09 | 93.5% | ±28.16 (25.9%) |
| Dec 18, 2026 | 35 | 115 | +5.8% | 10,267 | 9,213 | 0.90 | 94.0% | ±31.65 (29.1%) |
| Dec 24, 2026 | 41 | 105 | −3.4% | 531 | 722 | 1.36 | 92.4% | ±33.67 (31.0%) |
| Dec 31, 2026 | 48 | 105 | −3.4% | 25 | 23 | 0.92 | 89.5% | ±35.28 (32.5%) |
| Jan 15, 2027 | 63 | 140 | +28.8% | 47,926 | 41,444 | 0.86 | 89.2% | ±40.29 (37.1%) |
| Mar 19, 2027 | 126 | 150 | +38.0% | 16,239 | 16,811 | 1.04 | 90.5% | ±57.84 (53.2%) |
| Apr 16, 2027 | 154 | 150 | +38.0% | 3,536 | 5,040 | 1.43 | 89.6% | ±63.29 (58.2%) |
5 later expiries are in the expiry table below (download).
CBRS and its option levels over the last year
The close, with the call wall and the put wall (the strikes the option book is heaviest at) and the gamma flip (the price where dealers’ net gamma changes sign). Each line is that day’s reading, not a level looked back on.
Implied against realised volatility
What the options charge for the next 30 days, against how much CBRS actually moved over the last 20. A gap between the two is the market’s price for uncertainty.
Download CBRS options history (CSV)
Every session we hold for CBRS — 122 sessions, May 2026 → Nov 13, 2026 — as plain CSV files you can open in Excel, Python or any AI assistant. No account, no payment: press the button. A new row is added after each close.
one row per session: dealer gamma, vanna, charm, call and put walls, max pain, IV by tenor, skew, open interest, volume, flow — every column explained in the zip
the last session, expiry by expiry: open interest, volume, gamma, max pain, ATM IV, priced move
the last session, strike by strike: call and put open interest, gamma, volume
the last session by horizon (0–14, 15–45, 46–180 days): walls, max pain, gamma
The option series carries the daily close; the full price bars (open, high, low, volume) are not included. Data for research and education, not investment advice — see the terms.
How to read these figures
Gamma exposure (GEX)
How much dealers must buy or sell to stay hedged for each 1% move in the price. Long gamma means they trade against moves and dampen them; short gamma means they trade with moves and can amplify them. It is estimated from open interest and an assumption about which side dealers are on.
Call wall and put wall
The strikes where call and put open interest is heaviest within reach of the price. Prices often slow, or get pinned, near them into expiry; they are where a lot of hedging sits, not a guarantee.
Gamma flip
The price at which net dealer gamma changes sign. The same book acts as a brake above it and as an accelerator below it.
Max pain, IV rank and the priced move
Max pain is the strike where an expiry’s options are worth the least in total. IV rank places today’s implied volatility between the lowest (0) and the highest (100) of the last year. The priced move is what the options charge for the period, as a share of the price.
Every figure is end-of-day and describes how the option market is positioned. It is not a forecast of where CBRS goes, and not advice. New to options? Start with Learn.
CBRS options: questions and answers
What is CBRS max pain today?
For the expiry of Nov 20, 2026, CBRS max pain is 121, 11.3% above the close of 108.72 on Nov 13, 2026.
Where are the CBRS call wall and put wall?
The call wall is 115 (5.8% above the close) and the put wall is 100 (8.0% below the close), as of the close of Nov 13, 2026.
Is CBRS gamma exposure positive or negative?
Negative: dealers were net short gamma for 27 sessions, so their hedging tends to go with moves. Net GEX was −$1.5M per 1% move.
What is the CBRS expected move?
The options price a move of about ±26.9% over the next 30 days, and ±16.46 to the expiry of Nov 20, 2026.
Can I download CBRS historical options data?
Yes. CBRS’s daily option series from May 2026 and its strike, expiry and event tables are CSV files on this page — no account and no payment.
CBRS on the chart
Every session of CBRS on one chart: the price with its walls and gamma flip, the market-maker view, the strike ladder and the expiries — open to everyone.
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