BABA max pain, gamma exposure (GEX) & options open interest
As of close · rank #56 by open interest · 1,392 sessions of history since Dec 1, 2020
BABA's nearest-expiration max pain is 110.00 for 2026-10-09, its GEX flip is 104.02, net GEX is 11,839,128, its put/call open-interest ratio is 0.54. 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: volume/OI 0.08 · smile convexity 7.8 pp
BABA closed 23.6% below its gamma max of 130.79. It is 2.4% below the delta neutral price of 108.41. Total open interest is 1,976,584, -3.6% versus the previous session. Its options catalyst-intensity score is 44.6 out of 100, led by volume/OI 0.08, smile convexity 7.8 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 | -49,566 contracts · -3.7% |
| Put OI change, 1 session | -24,858 contracts · -3.5% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +3,730 contracts · +0.3% |
| Put OI change, 5 sessions | +10,569 contracts · +1.5% |
| Call minus put OI growth, 5 sessions | -1.3 pp |
| Daily call OI change surprise | -0.66σ (252 prior changes) |
| Daily put OI change surprise | -0.59σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.15σ (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 Apr 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.4% | -1.1% to +2.9% | 42% | -1.1% to +2.3% | 0.0% |
| Day +2 | 19 | +1.1% | -1.9% to +5.5% | 58% | -1.4% to +5.0% | 0.0% |
| Day +3 | 19 | +0.4% | -2.7% to +3.9% | 58% | -2.1% to +2.6% | 0.0% |
| Day +4 | 19 | +1.6% | -1.1% to +4.9% | 74% | +0.1% to +4.8% | +0.1% |
| Day +5 | 19 | +1.4% | -1.8% to +7.3% | 58% | -1.6% to +6.7% | 0.0% |
| Day +6 | 19 | +2.8% | -2.4% to +7.9% | 68% | -2.4% to +7.2% | 0.0% |
| Day +7 | 19 | +1.8% | -3.5% to +10.0% | 63% | -2.8% to +9.3% | 0.0% |
| Day +8 | 19 | +0.5% | -4.7% to +9.2% | 53% | -3.4% to +8.5% | 0.0% |
| Day +9 | 19 | +1.8% | -6.3% to +10.7% | 58% | -6.1% to +9.0% | 0.0% |
| Day +10 | 19 | +2.6% | -5.6% to +12.6% | 53% | -5.6% to +12.1% | 0.0% |
Crosses above gamma max 19 completed Day +10 paths · latest Apr 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.2% | -1.5% to +1.6% | 47% | -1.2% to +1.5% | 0.0% |
| Day +2 | 19 | +1.0% | -3.8% to +1.8% | 53% | -3.3% to +1.7% | 0.0% |
| Day +3 | 19 | -1.2% | -2.5% to +4.8% | 47% | -2.5% to +4.4% | 0.0% |
| Day +4 | 19 | +0.2% | -3.3% to +5.7% | 53% | -2.3% to +4.5% | 0.0% |
| Day +5 | 19 | +0.4% | -3.5% to +5.6% | 53% | -2.0% to +4.5% | 0.0% |
| Day +6 | 19 | -0.4% | -3.4% to +6.0% | 47% | -2.5% to +4.7% | 0.0% |
| Day +7 | 19 | +0.7% | -4.1% to +6.1% | 53% | -3.8% to +5.7% | 0.0% |
| Day +8 | 19 | -1.0% | -5.0% to +5.5% | 42% | -4.5% to +4.9% | 0.0% |
| Day +9 | 19 | +0.8% | -6.4% to +8.6% | 53% | -5.9% to +3.7% | 0.0% |
| Day +10 | 19 | -0.8% | -5.6% to +10.4% | 47% | -4.8% to +7.9% | 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 | 5 |
| Delta neutral crosses | 23 |
| Prior-year sessions closer to gamma max | 82.9% of 252 |
| Prior-year sessions closer to delta neutral | 26.6% of 252 |
| Open interest percentile (1y) | 66th |
| Daily open interest change versus prior year | -0.65σ (-74,424 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.7% |
| Open interest change, 21 sessions | -14.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 108.76 vs 109.21 (-0.4%)
- closed above delta neutral at 108.54 vs 107.80 (+0.7%)
- closed below delta neutral at 107.26 vs 108.25 (-0.9%)
- closed above delta neutral at 109.30 vs 108.53 (+0.7%)
- closed below delta neutral at 108.56 vs 108.93 (-0.3%)
- closed above delta neutral at 108.97 vs 104.26 (+4.3%)
- closed below delta neutral at 127.28 vs 129.35 (-1.6%)
- closed above delta neutral at 130.82 vs 129.11 (+1.3%)
- closed below delta neutral at 131.44 vs 132.23 (-0.6%)
- closed above delta neutral at 131.88 vs 130.95 (+0.7%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/BABA
Questions people ask about BABA
Where is BABA's gamma max today?
As of Oct 2, 2026, the gamma max for BABA is 130.79, +23.6% from the 105.85 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 BABA above or below its delta neutral price?
BABA closed below delta neutral: 105.85 against a delta neutral price of 108.41. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BABA have?
1,976,584 contracts of open interest across 1,241 listed contracts on Oct 2, 2026, -3.6% 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.