PAPA JOHNS INTERNATIONAL INC (PZZA) Gamma Exposure
Net dealer gamma exposure in PAPA JOHNS INTERNATIONAL INC (PZZA) options is -$2.42K — dealers are net short gamma. Gamma exposure (GEX) estimates how much market makers must re-hedge as PZZA moves. This page maps that exposure strike by strike, marks the gamma flip level, and explains what the hedging pressure means for price behavior in plain English.
Data as of Aug 24, 2026, 3:55 PM ET · OPRA data 15 minutes delayed · For information only — not investment advice.
PZZA Gamma Exposure by Strike
| Net gamma exposure (GEX) | -$2.42K |
| Net delta exposure | -74.03 |
| Total call open interest | 44,979 |
| Total put open interest | 28,104 |
Net dealer gamma exposure is -$2.42K. When dealers are short gamma they buy into rallies and sell into declines to stay hedged, which can amplify price swings.
PZZA Net GEX History
PZZA net dealer gamma exposure, past year.
Net dealer gamma exposure has risen from -$835.9K in Feb '26 to -$2.4K today.
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PZZA Options FAQ
What is PZZA's gamma exposure (GEX) today?
PZZA's net dealer gamma exposure is -$2.42K as of Aug 24, 2026. Negative GEX means dealer hedging trades with the market — buying rallies and selling declines — which can amplify swings.
How is PZZA gamma exposure calculated?
OptiView multiplies each open PZZA contract's gamma by its open interest, contract size, and the square of the share price, counting calls as positive and puts as negative dealer exposure. Summing across all strikes and expirations gives net GEX; the per-strike breakdown is shown in the chart above.
Methodology. IV rank compares the current 30-day at-the-money implied volatility with its highest and lowest values over the past 52 weeks. Max pain is the strike that minimizes the total payout to option holders at expiration. The call and put walls are the strikes carrying the largest call and put open interest across all expirations. Net gamma exposure (GEX) is measured from the dealer perspective. All statistics are derived from delayed OPRA options data.
Options trading involves significant risk, and losses can exceed your initial investment. Always consult a licensed financial professional before making investment decisions. OptiView does not provide financial advice; all figures on this page are descriptive statistics, not recommendations.