BHP max pain, gamma exposure (GEX) & options open interest
As of close · rank #504 by open interest · 1,393 sessions of history since Dec 1, 2020
BHP's nearest-expiration max pain is 87.50 for 2026-10-16, its GEX flip is 90.03, net GEX is -4,592,137, its put/call open-interest ratio is 1.41. 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: OI change 0.51σ · front IV premium 0.8 pp
BHP closed 17.3% below its gamma max of 100.94. It is 1.7% above the delta neutral price of 84.58. Total open interest is 142,838, +3.2% versus the previous session. Its options catalyst-intensity score is 47.5 out of 100, led by OI change 0.51σ, front IV premium 0.8 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 | +2,794 contracts · +5.0% |
| Put OI change, 1 session | +1,696 contracts · +2.1% |
| Call minus put OI growth, 1 session | +2.9 pp |
| Call OI change, 5 sessions | +5,269 contracts · +9.8% |
| Put OI change, 5 sessions | +4,971 contracts · +6.3% |
| Call minus put OI growth, 5 sessions | +3.5 pp |
| Daily call OI change surprise | +0.69σ (252 prior changes) |
| Daily put OI change surprise | +0.30σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.57σ (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 25 completed Day +10 paths · latest Jun 3, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | +0.2% | -1.4% to +1.2% | 52% | -1.3% to +0.9% | 0.0% |
| Day +2 | 25 | +0.9% | -1.9% to +2.1% | 60% | -0.8% to +1.7% | 0.0% |
| Day +3 | 25 | +1.1% | -1.8% to +3.4% | 64% | -1.7% to +2.7% | 0.0% |
| Day +4 | 25 | +0.2% | -3.3% to +4.1% | 52% | -2.5% to +3.8% | 0.0% |
| Day +5 | 25 | +1.2% | -4.0% to +3.7% | 60% | -3.7% to +3.4% | 0.0% |
| Day +6 | 25 | +1.2% | -4.3% to +4.4% | 56% | -3.1% to +3.7% | 0.0% |
| Day +7 | 25 | +0.6% | -4.4% to +5.1% | 52% | -2.9% to +4.7% | 0.0% |
| Day +8 | 25 | +0.7% | -4.6% to +4.3% | 56% | -3.1% to +3.1% | 0.0% |
| Day +9 | 25 | +1.2% | -5.4% to +2.8% | 52% | -4.6% to +2.7% | 0.0% |
| Day +10 | 25 | +0.7% | -5.0% to +3.5% | 52% | -3.8% to +3.2% | 0.0% |
Crosses above gamma max 25 completed Day +10 paths · latest May 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | +0.4% | -0.8% to +2.4% | 60% | -0.7% to +2.1% | 0.0% |
| Day +2 | 25 | +0.3% | -2.2% to +1.7% | 56% | -1.8% to +1.6% | 0.0% |
| Day +3 | 25 | +1.2% | -2.5% to +2.8% | 56% | -1.5% to +2.6% | 0.0% |
| Day +4 | 25 | -0.1% | -2.1% to +3.0% | 48% | -1.6% to +2.9% | 0.0% |
| Day +5 | 25 | -0.4% | -2.1% to +3.5% | 48% | -1.7% to +3.4% | 0.0% |
| Day +6 | 25 | +0.5% | -4.1% to +3.3% | 52% | -3.6% to +3.2% | 0.0% |
| Day +7 | 25 | +0.2% | -4.2% to +2.7% | 52% | -3.4% to +2.6% | 0.0% |
| Day +8 | 25 | -0.5% | -6.4% to +3.4% | 44% | -5.0% to +2.6% | 0.0% |
| Day +9 | 25 | -0.9% | -5.4% to +2.8% | 40% | -5.2% to +0.9% | 0.0% |
| Day +10 | 25 | -0.1% | -6.7% to +2.2% | 44% | -4.2% to +1.6% | 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 | 13% |
| Gamma max crosses | 18 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 94.8% of 252 |
| Prior-year sessions closer to delta neutral | 7.5% of 252 |
| Open interest percentile (1y) | 29th |
| Daily open interest change versus prior year | +0.51σ (4,490 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.7% |
| Open interest change, 21 sessions | -17.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 86.07 vs 84.58 (+1.7%)
- closed below delta neutral at 84.65 vs 84.89 (-0.3%)
- closed above delta neutral at 84.84 vs 84.74 (+0.1%)
- closed below delta neutral at 84.58 vs 84.77 (-0.2%)
- closed above delta neutral at 86.56 vs 85.80 (+0.9%)
- closed below delta neutral at 84.74 vs 85.77 (-1.2%)
- closed below gamma max at 91.00 vs 94.88 (-4.3%)
- closed above gamma max at 88.91 vs 88.23 (+0.8%)
- closed below gamma max at 87.77 vs 88.31 (-0.6%)
- closed above gamma max at 86.49 vs 85.60 (+1.0%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/BHP
Questions people ask about BHP
Where is BHP's gamma max today?
As of Oct 2, 2026, the gamma max for BHP is 100.94, +17.3% from the 86.07 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 BHP above or below its delta neutral price?
BHP closed above delta neutral: 86.07 against a delta neutral price of 84.58. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BHP have?
142,838 contracts of open interest across 404 listed contracts on Oct 2, 2026, +3.2% 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.