BIRK max pain, gamma exposure (GEX) & options open interest
As of close · rank #607 by open interest · 672 sessions of history since Oct 16, 2023
BIRK's nearest-expiration max pain is 35.00 for 2026-10-16, net GEX is 2,115,139, its put/call open-interest ratio is 1.26. 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: 25Δ risk reversal -235.1 pp · OI change 1.12σ · smile convexity -12.1 pp
BIRK closed 7.1% below its gamma max of 35.71. It is 0.3% below the delta neutral price of 33.42. Total open interest is 106,837, +7.3% versus the previous session. Its options catalyst-intensity score is 60.2 out of 100, led by 25Δ risk reversal -235.1 pp, OI change 1.12σ, smile convexity -12.1 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 | +7,160 contracts · +17.8% |
| Put OI change, 1 session | +70 contracts · +0.1% |
| Call minus put OI growth, 1 session | +17.7 pp |
| Call OI change, 5 sessions | +15,629 contracts · +49.3% |
| Put OI change, 5 sessions | +174 contracts · +0.3% |
| Call minus put OI growth, 5 sessions | +49.0 pp |
| Daily call OI change surprise | +3.01σ (252 prior changes) |
| Daily put OI change surprise | -0.01σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.29σ (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 above gamma max 10 completed Day +10 paths · latest Feb 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | -1.3% | -3.1% to +0.6% | 40% | -3.6% to +0.9% | 0.0% |
| Day +2 | 10 | -1.0% | -2.6% to +2.9% | 40% | -2.9% to +3.9% | 0.0% |
| Day +3 | 10 | -1.0% | -3.9% to +0.9% | 40% | -7.3% to +1.2% | 0.0% |
| Day +4 | 10 | +0.5% | -2.7% to +3.6% | 60% | -7.2% to +4.6% | 0.0% |
| Day +5 | 10 | -0.0% | -4.1% to +1.9% | 50% | -5.1% to +3.1% | 0.0% |
| Day +6 | 10 | -0.1% | -2.1% to +3.3% | 50% | -6.2% to +3.9% | 0.0% |
| Day +7 | 10 | +0.4% | -3.5% to +2.4% | 50% | -5.1% to +4.7% | 0.0% |
| Day +8 | 10 | -0.9% | -4.0% to +2.3% | 40% | -6.8% to +5.5% | 0.0% |
| Day +9 | 10 | -1.7% | -4.1% to +0.9% | 40% | -4.7% to +6.6% | 0.0% |
| Day +10 | 10 | -2.1% | -4.4% to +0.9% | 30% | -6.3% to +5.9% | 0.0% |
Crosses below gamma max 10 completed Day +10 paths · latest Dec 17, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +0.4% | +0.1% to +1.1% | 80% | -1.4% to +3.5% | 0.0% |
| Day +2 | 10 | -0.1% | -2.0% to +1.6% | 50% | -2.6% to +1.9% | 0.0% |
| Day +3 | 10 | -2.0% | -3.4% to +1.9% | 40% | -4.1% to +2.9% | 0.0% |
| Day +4 | 10 | -3.8% | -4.3% to +1.9% | 40% | -5.8% to +2.3% | 0.0% |
| Day +5 | 10 | -1.3% | -4.7% to +5.0% | 40% | -4.9% to +8.0% | 0.0% |
| Day +6 | 10 | -1.0% | -5.7% to +2.5% | 50% | -6.4% to +6.6% | 0.0% |
| Day +7 | 10 | -0.8% | -4.1% to +2.8% | 50% | -7.9% to +8.0% | 0.0% |
| Day +8 | 10 | -0.1% | -5.0% to +3.0% | 50% | -9.8% to +6.0% | 0.0% |
| Day +9 | 10 | -0.5% | -5.3% to +1.1% | 50% | -11.2% to +6.9% | 0.0% |
| Day +10 | 10 | -2.0% | -6.8% to +0.9% | 30% | -10.0% to +6.4% | 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 | 4 |
| Delta neutral crosses | 29 |
| Prior-year sessions closer to gamma max | 15.9% of 252 |
| Prior-year sessions closer to delta neutral | 2.4% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | +1.12σ (7,230 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +17.4% |
| Open interest change, 21 sessions | +30.8% |
| History available | Oct 16, 2023 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 42.22 vs 49.10 (-16.3%)
- closed above delta neutral at 44.36 vs 42.69 (+3.8%)
- closed below delta neutral at 46.95 vs 47.95 (-2.1%)
- closed above delta neutral at 48.75 vs 47.11 (+3.4%)
- closed below delta neutral at 43.34 vs 44.37 (-2.4%)
- closed above delta neutral at 39.67 vs 38.79 (+2.2%)
- closed below delta neutral at 38.02 vs 38.59 (-1.5%)
- closed above delta neutral at 39.60 vs 38.72 (+2.2%)
- closed below delta neutral at 36.92 vs 38.16 (-3.4%)
- closed above delta neutral at 38.74 vs 38.50 (+0.6%)
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/BIRK
Questions people ask about BIRK
Where is BIRK's gamma max today?
As of Oct 2, 2026, the gamma max for BIRK is 35.71, +7.1% from the 33.33 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 BIRK above or below its delta neutral price?
BIRK closed below delta neutral: 33.33 against a delta neutral price of 33.42. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BIRK have?
106,837 contracts of open interest across 141 listed contracts on Oct 2, 2026, +7.3% 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.