LLY Options Key Levels — 2026-10-16 Expiration
As of 2026-10-09 20:55 ET, Eli Lilly (LLY) max pain for the 2026-10-16 expiration is $1150 with the stock at $1178.18; the gamma flip is $1157.58; dealers are in positive gamma (net GEX 22.5M); options imply a ±3.25% move by expiration.
| Spot price | $1178.18 |
|---|
| Max pain | $1150 |
|---|
| Gamma flip | $1157.58 |
|---|
| Call Wall | $1200 (1,490 open interest) |
|---|
| Put Wall | $1180 (744 open interest) |
|---|
| Net gamma exposure (GEX) | 22.5M — positive gamma |
|---|
| Implied move | ±3.25% (±$38.3) |
|---|
| At-the-money implied volatility | 29.4% |
|---|
| Put/call open interest ratio | 1.23 |
|---|
| Call / put open interest | 20,969 / 25,782 |
|---|
| Call / put volume | 4,201 / 3,092 |
|---|
What is LLY max pain today?
$1150 for the 2026-10-16 expiration, 2.4% below the current price of $1178.18.
What is LLY gamma exposure (GEX)?
Net GEX is 22.5M (positive gamma), with the gamma flip at $1157.58.
Where are the LLY call wall and put wall?
Call wall $1200 (resistance), put wall $1180 (support).
LLY Dealer Positioning Insights
- Positive Gamma Environment — Dealers are long gamma — they buy dips and sell rips, dampening moves. Expect mean-reversion and range-bound trading.
- High Put/Call OI Ratio (1.23) — Put open interest dominates, indicating hedging/bearish positioning. Extreme readings can be contrarian bullish.
- Max Pain @ $1150.0 — Spot is 2.4% above Max Pain. Gravitational pull may increase as expiry approaches.
- Support $1180.0 / Resistance $1200.0 — Put Wall at $1180.0 acts as support. Call Wall at $1200.0 acts as resistance. Net gamma concentration creates dealer hedging flows at these levels.
- Expected Move (Straddle-mid): ±3.25% ($38.30) — ATM straddle-mid implies a ±3.25% move by expiry. Range: $1139.89 — $1216.48
Largest LLY Open Interest Strikes
Calls: $1320 (1,668), $1200 (1,490), $1300 (1,064), $1260 (1,024), $1360 (999). Puts: $520 (3,555), $490 (1,332), $1000 (943), $900 (929), $1060 (929).
Later LLY expirations: 2026-10-23, 2026-10-30, 2026-11-06, 2026-11-13, 2026-11-20, 2026-11-27, 2026-12-18, 2027-01-15.
Max pain is the strike at which option holders lose the most at expiration. Gamma exposure (GEX) estimates how much options dealers must hedge as the stock moves: positive gamma tends to dampen moves, negative gamma amplifies them, and the gamma flip is the price where net GEX changes sign. Call and put walls are the strikes where call and put gamma exposure is most concentrated, often read as resistance and support. Methodology
LLY stock news · WSB sentiment today · All tickers