BNO max pain, gamma exposure (GEX) & options open interest
As of close · rank #306 by open interest · 1,394 sessions of history since Dec 1, 2020
BNO's nearest-expiration max pain is 58.00 for 2026-10-09, its GEX flip is 32.95, net GEX is 31,212,015, its put/call open-interest ratio is 0.21. 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 0.7 pp
BNO closed 0.4% below its gamma max of 63.36. It is 21.7% above the delta neutral price of 49.40. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 298,741, -3.9% versus the previous session. Its options catalyst-intensity score is 57.1 out of 100, led by front IV premium 0.7 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 | -8,781 contracts · -3.4% |
| Put OI change, 1 session | -3,305 contracts · -6.0% |
| Call minus put OI growth, 1 session | +2.6 pp |
| Call OI change, 5 sessions | +2,035 contracts · +0.8% |
| Put OI change, 5 sessions | +2,283 contracts · +4.6% |
| Call minus put OI growth, 5 sessions | -3.8 pp |
| Daily call OI change surprise | -0.60σ (252 prior changes) |
| Daily put OI change surprise | -1.65σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.37σ (250 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 59 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 59 | +0.1% | -1.7% to +1.4% | 53% | -0.5% to +0.6% | 0.0% |
| Day +2 | 59 | +0.1% | -2.9% to +2.2% | 53% | -1.3% to +1.2% | 0.0% |
| Day +3 | 59 | +0.9% | -2.1% to +3.0% | 59% | -0.3% to +1.9% | 0.0% |
| Day +4 | 59 | +1.1% | -2.0% to +2.7% | 54% | -1.1% to +2.1% | 0.0% |
| Day +5 | 59 | +0.4% | -1.9% to +3.5% | 56% | -0.2% to +2.1% | 0.0% |
| Day +6 | 59 | +1.2% | -1.9% to +4.2% | 61% | -0.4% to +2.3% | 0.0% |
| Day +7 | 59 | +1.6% | -2.3% to +4.5% | 59% | -0.5% to +3.2% | 0.0% |
| Day +8 | 59 | +1.2% | -2.3% to +4.8% | 53% | -0.8% to +2.6% | 0.0% |
| Day +9 | 59 | +2.0% | -2.8% to +4.2% | 61% | -0.1% to +3.1% | 0.0% |
| Day +10 | 59 | +1.6% | -1.9% to +4.6% | 66% | +0.4% to +3.7% | +0.4% |
Crosses above gamma max 61 completed Day +10 paths · latest Oct 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 62 | +0.2% | -0.9% to +1.3% | 56% | -0.2% to +0.7% | 0.0% |
| Day +2 | 61 | +0.6% | -1.1% to +2.1% | 62% | +0.1% to +1.2% | +0.1% |
| Day +3 | 61 | +0.1% | -2.1% to +2.6% | 52% | -0.4% to +1.0% | 0.0% |
| Day +4 | 61 | +0.4% | -1.9% to +3.5% | 52% | -0.8% to +1.9% | 0.0% |
| Day +5 | 61 | +0.9% | -2.1% to +3.9% | 56% | -0.5% to +2.1% | 0.0% |
| Day +6 | 61 | +0.6% | -2.5% to +2.8% | 54% | -0.5% to +2.1% | 0.0% |
| Day +7 | 61 | +0.2% | -2.8% to +3.6% | 51% | -0.9% to +2.6% | 0.0% |
| Day +8 | 61 | +0.4% | -2.9% to +5.8% | 52% | -1.2% to +2.9% | 0.0% |
| Day +9 | 61 | +0.2% | -2.4% to +4.6% | 52% | -1.1% to +2.0% | 0.0% |
| Day +10 | 61 | +0.4% | -3.3% to +4.4% | 56% | -0.8% to +2.9% | 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 | 31% |
| Gamma max crosses | 34 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 4.0% of 252 |
| Prior-year sessions closer to delta neutral | 52.8% of 252 |
| Open interest percentile (1y) | 67th |
| Daily open interest change versus prior year | -0.76σ (-12,086 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.5% |
| Open interest change, 21 sessions | -5.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 63.10 vs 63.36 (-0.4%)
- closed above gamma max at 62.95 vs 61.75 (+1.9%)
- closed below gamma max at 60.57 vs 62.23 (-2.7%)
- closed above gamma max at 55.56 vs 54.06 (+2.7%)
- closed below gamma max at 52.78 vs 53.95 (-2.2%)
- closed above gamma max at 53.80 vs 52.66 (+2.1%)
- closed below gamma max at 53.49 vs 54.76 (-2.4%)
- closed above gamma max at 51.97 vs 51.58 (+0.8%)
- closed below gamma max at 48.72 vs 50.40 (-3.4%)
- closed above gamma max at 48.70 vs 48.43 (+0.6%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/BNO
Questions people ask about BNO
Where is BNO's gamma max today?
As of Oct 2, 2026, the gamma max for BNO is 63.36, +0.4% from the 63.10 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 BNO above or below its delta neutral price?
BNO closed above delta neutral: 63.10 against a delta neutral price of 49.40. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BNO have?
298,741 contracts of open interest across 508 listed contracts on Oct 2, 2026, -3.9% 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.