BAC max pain, gamma exposure (GEX) & options open interest
As of close · rank #41 by open interest · 1,393 sessions of history since Dec 1, 2020
BAC's nearest-expiration max pain is 55.00 for 2026-10-09, its GEX flip is 55.52, net GEX is -57,314,424, its put/call open-interest ratio is 1.21. 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: front IV premium -0.6 pp
BAC closed 17.7% below its gamma max of 63.25. It is 2.7% below the delta neutral price of 55.23. Total open interest is 2,281,447, -2.1% versus the previous session. Its options catalyst-intensity score is 46.6 out of 100, led by front IV premium -0.6 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 | -12,569 contracts · -1.2% |
| Put OI change, 1 session | -36,667 contracts · -2.9% |
| Call minus put OI growth, 1 session | +1.6 pp |
| Call OI change, 5 sessions | +82,806 contracts · +8.7% |
| Put OI change, 5 sessions | +30,143 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | +6.2 pp |
| Daily call OI change surprise | -0.22σ (252 prior changes) |
| Daily put OI change surprise | -0.54σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.66σ (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 16 completed Day +10 paths · latest Jul 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.6% | -0.5% to +1.6% | 63% | -0.5% to +1.6% | 0.0% |
| Day +2 | 16 | +0.8% | +0.0% to +1.6% | 75% | +0.1% to +1.5% | +0.1% |
| Day +3 | 16 | +1.7% | +0.4% to +2.2% | 75% | +0.6% to +2.1% | +0.6% |
| Day +4 | 16 | +1.8% | +0.4% to +2.4% | 75% | +1.0% to +2.3% | +1.0% |
| Day +5 | 16 | +2.6% | +1.0% to +3.5% | 81% | +1.2% to +3.4% | +1.2% |
| Day +6 | 16 | +2.6% | +0.5% to +3.4% | 81% | +0.5% to +3.3% | +0.5% |
| Day +7 | 16 | +1.4% | +1.0% to +3.6% | 81% | +1.1% to +3.4% | +1.1% |
| Day +8 | 16 | +1.0% | -0.8% to +2.8% | 63% | -0.7% to +2.5% | 0.0% |
| Day +9 | 16 | +1.3% | -0.5% to +3.6% | 63% | -0.3% to +3.6% | 0.0% |
| Day +10 | 16 | +1.6% | -0.7% to +3.7% | 69% | -0.6% to +3.6% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest Jul 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.4% | -0.7% to +0.2% | 25% | -0.5% to -0.1% | -0.1% |
| Day +2 | 16 | +0.3% | -0.7% to +1.5% | 63% | -0.6% to +1.5% | 0.0% |
| Day +3 | 16 | +1.0% | -0.5% to +1.7% | 69% | -0.4% to +1.5% | 0.0% |
| Day +4 | 16 | +1.3% | +0.6% to +2.7% | 81% | +0.7% to +2.6% | +0.7% |
| Day +5 | 16 | +1.5% | +1.0% to +2.4% | 88% | +1.0% to +2.4% | +1.0% |
| Day +6 | 16 | +1.5% | +0.3% to +3.4% | 81% | +0.3% to +3.4% | +0.3% |
| Day +7 | 16 | +2.5% | -0.2% to +3.1% | 69% | -0.0% to +3.1% | 0.0% |
| Day +8 | 16 | +1.7% | -0.2% to +3.1% | 69% | -0.2% to +2.9% | 0.0% |
| Day +9 | 16 | +0.7% | -0.9% to +2.5% | 56% | -0.7% to +2.3% | 0.0% |
| Day +10 | 16 | +1.1% | -1.1% to +3.1% | 56% | -1.1% to +3.1% | 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 | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 11 |
| Prior-year sessions closer to gamma max | 99.2% of 252 |
| Prior-year sessions closer to delta neutral | 27.4% of 252 |
| Open interest percentile (1y) | 31th |
| Daily open interest change versus prior year | -0.41σ (-49,236 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.2% |
| Open interest change, 21 sessions | -2.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 56.20 vs 56.34 (-0.3%)
- closed above delta neutral at 58.18 vs 57.71 (+0.8%)
- closed below delta neutral at 57.90 vs 58.16 (-0.5%)
- closed below gamma max at 58.30 vs 59.59 (-2.2%)
- closed above gamma max at 59.90 vs 59.49 (+0.7%)
- closed below gamma max at 55.87 vs 56.20 (-0.6%)
- closed above gamma max at 56.02 vs 56.01 (+0.0%)
- closed above delta neutral at 50.62 vs 50.16 (+0.9%)
- closed below delta neutral at 50.51 vs 50.90 (-0.8%)
- closed below gamma max at 52.54 vs 54.88 (-4.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/BAC
Questions people ask about BAC
Where is BAC's gamma max today?
As of Oct 2, 2026, the gamma max for BAC is 63.25, +17.7% from the 53.75 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 BAC above or below its delta neutral price?
BAC closed below delta neutral: 53.75 against a delta neutral price of 55.23. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BAC have?
2,281,447 contracts of open interest across 766 listed contracts on Oct 2, 2026, -2.1% 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.