BITO max pain, gamma exposure (GEX) & options open interest
As of close · rank #348 by open interest · 1,170 sessions of history since Oct 21, 2021
BITO's nearest-expiration max pain is 10.50 for 2026-10-09, net GEX is 15,679,714, its put/call open-interest ratio is 0.24. 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 0.54σ · 25Δ risk reversal -152.0 pp
BITO closed 4.4% below its gamma max of 11.78. It is 31.3% above the delta neutral price of 7.75. Total open interest is 246,356, +5.3% versus the previous session. Its options catalyst-intensity score is 52.9 out of 100, led by OI change 0.54σ, 25Δ risk reversal -152.0 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 | +4,653 contracts · +2.4% |
| Put OI change, 1 session | +7,690 contracts · +19.0% |
| Call minus put OI growth, 1 session | -16.6 pp |
| Call OI change, 5 sessions | +1,917 contracts · +1.0% |
| Put OI change, 5 sessions | +3,914 contracts · +8.9% |
| Call minus put OI growth, 5 sessions | -7.9 pp |
| Daily call OI change surprise | +0.26σ (252 prior changes) |
| Daily put OI change surprise | +1.08σ (252 prior changes) |
| Daily call-minus-put growth surprise | -2.95σ (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 21 completed Day +10 paths · latest Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 23 | -0.3% | -1.3% to +1.4% | 43% | -0.9% to +0.2% | 0.0% |
| Day +2 | 23 | +0.5% | -1.5% to +1.6% | 57% | -1.1% to +1.1% | 0.0% |
| Day +3 | 23 | -0.4% | -2.3% to +1.2% | 30% | -2.0% to 0.0% | 0.0% |
| Day +4 | 23 | -0.3% | -2.4% to +1.7% | 43% | -1.9% to +0.6% | 0.0% |
| Day +5 | 23 | +0.1% | -2.5% to +2.2% | 57% | -2.2% to +0.8% | 0.0% |
| Day +6 | 22 | -0.7% | -2.6% to +3.0% | 45% | -2.4% to +2.1% | 0.0% |
| Day +7 | 22 | +2.4% | -4.1% to +3.9% | 55% | -3.9% to +3.7% | 0.0% |
| Day +8 | 21 | +0.8% | -4.3% to +5.1% | 52% | -3.4% to +4.6% | 0.0% |
| Day +9 | 21 | +1.2% | -2.8% to +6.8% | 52% | -2.1% to +5.3% | 0.0% |
| Day +10 | 21 | +1.2% | -1.8% to +4.9% | 62% | -1.7% to +4.8% | 0.0% |
Crosses above gamma max 19 completed Day +10 paths · latest Sep 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | +1.2% | -0.7% to +4.1% | 57% | -0.6% to +3.7% | 0.0% |
| Day +2 | 21 | +1.4% | -1.5% to +4.0% | 57% | -1.3% to +3.8% | 0.0% |
| Day +3 | 21 | +1.2% | -1.9% to +4.2% | 52% | -1.1% to +3.7% | 0.0% |
| Day +4 | 21 | +1.9% | -1.2% to +3.5% | 62% | -1.1% to +2.8% | 0.0% |
| Day +5 | 21 | +1.7% | -2.7% to +4.0% | 52% | -1.4% to +4.0% | 0.0% |
| Day +6 | 21 | +0.1% | -3.5% to +4.3% | 52% | -3.1% to +2.7% | 0.0% |
| Day +7 | 20 | +2.5% | -3.9% to +5.7% | 55% | -3.6% to +4.9% | 0.0% |
| Day +8 | 20 | +2.2% | -3.7% to +5.5% | 65% | -3.3% to +5.5% | 0.0% |
| Day +9 | 20 | +2.5% | -3.7% to +4.9% | 60% | -3.6% to +4.6% | 0.0% |
| Day +10 | 19 | +1.8% | -1.4% to +3.9% | 63% | -1.2% to +3.6% | 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 | 7% |
| Gamma max crosses | 16 |
| Delta neutral crosses | 20 |
| Prior-year sessions closer to gamma max | 27.0% of 252 |
| Prior-year sessions closer to delta neutral | 99.6% of 252 |
| Open interest percentile (1y) | 21th |
| Daily open interest change versus prior year | +0.54σ (12,343 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.4% |
| Open interest change, 21 sessions | -7.7% |
| History available | Oct 21, 2021 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 11.27 vs 12.20 (-8.2%)
- closed above gamma max at 11.34 vs 11.23 (+1.0%)
- closed below gamma max at 11.35 vs 12.00 (-5.7%)
- closed above gamma max at 11.62 vs 11.34 (+2.4%)
- closed below gamma max at 10.66 vs 11.13 (-4.4%)
- closed above gamma max at 9.25 vs 9.04 (+2.3%)
- closed below gamma max at 8.93 vs 9.01 (-0.9%)
- closed above gamma max at 9.01 vs 9.01 (+0.0%)
- closed below gamma max at 8.67 vs 8.91 (-2.7%)
- closed above gamma max at 8.57 vs 8.49 (+0.9%)
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/BITO
Questions people ask about BITO
Where is BITO's gamma max today?
As of Oct 2, 2026, the gamma max for BITO is 11.78, +4.4% from the 11.28 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 BITO above or below its delta neutral price?
BITO closed above delta neutral: 11.28 against a delta neutral price of 7.75. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BITO have?
246,356 contracts of open interest across 305 listed contracts on Oct 2, 2026, +5.3% 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.