BP max pain, gamma exposure (GEX) & options open interest
As of close · rank #246 by open interest · 1,394 sessions of history since Dec 1, 2020
BP's nearest-expiration max pain is 44.00 for 2026-10-09, its GEX flip is 33.56, net GEX is 30,929,814, its put/call open-interest ratio is 0.54. 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 6.5 pp · IV rank 100 · smile convexity 8.8 pp
BP closed 2.7% below its gamma max of 46.00. It is 11.4% above the delta neutral price of 39.70. Total open interest is 404,894, -1.2% versus the previous session. Its options catalyst-intensity score is 58.3 out of 100, led by front IV premium 6.5 pp, IV rank 100, smile convexity 8.8 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 | -3,474 contracts · -1.3% |
| Put OI change, 1 session | -1,503 contracts · -1.0% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +10,506 contracts · +4.2% |
| Put OI change, 5 sessions | +3,786 contracts · +2.7% |
| Call minus put OI growth, 5 sessions | +1.4 pp |
| Daily call OI change surprise | -0.18σ (252 prior changes) |
| Daily put OI change surprise | -0.13σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.06σ (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 Sep 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | +0.6% | -0.5% to +1.4% | 68% | -0.4% to +1.2% | 0.0% |
| Day +2 | 25 | +0.5% | -1.9% to +2.3% | 64% | -0.6% to +1.7% | 0.0% |
| Day +3 | 25 | 0.0% | -1.2% to +2.3% | 48% | -1.1% to +1.9% | 0.0% |
| Day +4 | 25 | +0.4% | -0.8% to +1.6% | 60% | -0.4% to +1.6% | 0.0% |
| Day +5 | 25 | +0.7% | -2.3% to +3.0% | 56% | -1.6% to +2.3% | 0.0% |
| Day +6 | 25 | +0.3% | -1.7% to +2.1% | 52% | -1.7% to +2.1% | 0.0% |
| Day +7 | 25 | -0.8% | -2.4% to +2.1% | 44% | -2.0% to +1.7% | 0.0% |
| Day +8 | 25 | -0.2% | -3.1% to +1.8% | 44% | -2.5% to +1.3% | 0.0% |
| Day +9 | 25 | -0.6% | -2.3% to +1.0% | 40% | -1.9% to +0.7% | 0.0% |
| Day +10 | 25 | -0.5% | -1.9% to +2.1% | 48% | -1.5% to +1.5% | 0.0% |
Crosses above gamma max 24 completed Day +10 paths · latest Sep 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 24 | +0.3% | -0.3% to +1.1% | 58% | -0.2% to +0.8% | 0.0% |
| Day +2 | 24 | +0.2% | -0.6% to +1.2% | 67% | -0.5% to +1.1% | 0.0% |
| Day +3 | 24 | +0.1% | -1.2% to +1.7% | 54% | -0.7% to +1.3% | 0.0% |
| Day +4 | 24 | -0.2% | -2.1% to +3.0% | 50% | -1.8% to +1.9% | 0.0% |
| Day +5 | 24 | +0.2% | -1.5% to +1.8% | 54% | -1.0% to +1.5% | 0.0% |
| Day +6 | 24 | +0.7% | -1.6% to +2.6% | 58% | -1.4% to +2.2% | 0.0% |
| Day +7 | 24 | +1.4% | -2.2% to +3.4% | 58% | -2.0% to +3.1% | 0.0% |
| Day +8 | 24 | +0.3% | -2.2% to +2.8% | 50% | -1.6% to +2.5% | 0.0% |
| Day +9 | 24 | -0.6% | -2.7% to +1.1% | 50% | -2.2% to +1.1% | 0.0% |
| Day +10 | 24 | -1.2% | -3.5% to +0.6% | 33% | -2.2% to +0.2% | 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 | 9% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 28.6% of 252 |
| Prior-year sessions closer to delta neutral | 60.7% of 252 |
| Open interest percentile (1y) | 4th |
| Daily open interest change versus prior year | -0.17σ (-4,977 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.7% |
| Open interest change, 21 sessions | -21.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 44.58 vs 46.44 (-4.2%)
- closed above gamma max at 45.42 vs 44.97 (+1.0%)
- closed below gamma max at 42.31 vs 43.25 (-2.2%)
- closed above gamma max at 43.32 vs 43.19 (+0.3%)
- closed above delta neutral at 37.40 vs 36.23 (+3.1%)
- closed below delta neutral at 36.15 vs 36.39 (-0.7%)
- closed below gamma max at 47.24 vs 47.33 (-0.2%)
- closed above gamma max at 47.12 vs 46.98 (+0.3%)
- closed below gamma max at 46.68 vs 46.81 (-0.3%)
- closed above gamma max at 45.41 vs 45.27 (+0.3%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/BP
Questions people ask about BP
Where is BP's gamma max today?
As of Oct 2, 2026, the gamma max for BP is 46.00, +2.7% from the 44.79 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 BP above or below its delta neutral price?
BP closed above delta neutral: 44.79 against a delta neutral price of 39.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BP have?
404,894 contracts of open interest across 467 listed contracts on Oct 2, 2026, -1.2% 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.