BTDR max pain, gamma exposure (GEX) & options open interest
As of close · rank #260 by open interest · 583 sessions of history since Feb 23, 2024
BTDR's nearest-expiration max pain is 11.00 for 2026-10-09, its GEX flip is 11.03, net GEX is -36,567, its put/call open-interest ratio is 0.82. 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: IV rank 100 · 7d expected move +11.3% · volume/OI 0.08
BTDR closed 28.8% below its gamma max of 14.20. It is 5.1% above the delta neutral price of 10.45. Total open interest is 372,011, -2.7% versus the previous session. Its options catalyst-intensity score is 51.5 out of 100, led by IV rank 100, 7d expected move +11.3%, volume/OI 0.08. 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 | -3,272 contracts · -1.6% |
| Put OI change, 1 session | -6,948 contracts · -4.0% |
| Call minus put OI growth, 1 session | +2.4 pp |
| Call OI change, 5 sessions | +8,421 contracts · +4.3% |
| Put OI change, 5 sessions | +13,821 contracts · +9.0% |
| Call minus put OI growth, 5 sessions | -4.7 pp |
| Daily call OI change surprise | -0.08σ (252 prior changes) |
| Daily put OI change surprise | -0.60σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.36σ (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 20 completed Day +10 paths · latest Jun 9, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +1.7% | -2.8% to +5.2% | 55% | -2.6% to +5.1% | 0.0% |
| Day +2 | 20 | -0.4% | -4.2% to +4.0% | 45% | -3.9% to +3.2% | 0.0% |
| Day +3 | 20 | +1.1% | -2.4% to +6.3% | 55% | -2.2% to +6.2% | 0.0% |
| Day +4 | 20 | +2.3% | -2.6% to +10.7% | 70% | -2.5% to +10.4% | 0.0% |
| Day +5 | 20 | +3.0% | -1.3% to +14.0% | 55% | -1.2% to +12.7% | 0.0% |
| Day +6 | 20 | +3.5% | -4.7% to +10.1% | 60% | -4.4% to +9.0% | 0.0% |
| Day +7 | 20 | +3.4% | -6.7% to +16.6% | 60% | -6.0% to +16.4% | 0.0% |
| Day +8 | 20 | +4.4% | -11.2% to +19.9% | 60% | -11.0% to +17.2% | 0.0% |
| Day +9 | 20 | +5.7% | -8.8% to +20.5% | 60% | -8.6% to +20.2% | 0.0% |
| Day +10 | 20 | +8.0% | -8.2% to +20.0% | 65% | -7.4% to +19.8% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest May 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.1% | -6.1% to +3.4% | 44% | -4.8% to +3.4% | 0.0% |
| Day +2 | 18 | +1.7% | -0.2% to +5.8% | 72% | +0.1% to +5.8% | +0.1% |
| Day +3 | 18 | +1.2% | -2.8% to +5.1% | 56% | -1.9% to +4.9% | 0.0% |
| Day +4 | 18 | +3.2% | -3.0% to +13.7% | 56% | -2.4% to +9.6% | 0.0% |
| Day +5 | 18 | +1.2% | -2.8% to +9.1% | 67% | -0.5% to +6.8% | 0.0% |
| Day +6 | 18 | +0.7% | -2.4% to +10.6% | 56% | -2.4% to +8.6% | 0.0% |
| Day +7 | 18 | +1.8% | -2.4% to +4.0% | 67% | -1.0% to +3.6% | 0.0% |
| Day +8 | 18 | -0.4% | -3.7% to +13.8% | 50% | -2.6% to +9.1% | 0.0% |
| Day +9 | 18 | +3.8% | -2.1% to +16.4% | 72% | +2.1% to +14.3% | +2.1% |
| Day +10 | 18 | +4.7% | -3.2% to +15.2% | 67% | -1.0% to +12.0% | 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 | 10% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 10 |
| Prior-year sessions closer to gamma max | 73.8% of 252 |
| Prior-year sessions closer to delta neutral | 11.1% of 252 |
| Open interest percentile (1y) | 15th |
| Daily open interest change versus prior year | -0.21σ (-10,220 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.4% |
| Open interest change, 21 sessions | -20.1% |
| History available | Feb 23, 2024 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 9.63 vs 9.30 (+3.4%)
- closed below delta neutral at 8.69 vs 9.56 (-10.0%)
- closed above delta neutral at 11.10 vs 9.05 (+18.5%)
- closed below delta neutral at 8.90 vs 9.11 (-2.4%)
- closed below gamma max at 17.41 vs 17.74 (-1.9%)
- closed above gamma max at 18.38 vs 16.64 (+9.5%)
- closed below gamma max at 13.35 vs 14.24 (-6.7%)
- closed above gamma max at 14.74 vs 14.28 (+3.1%)
- closed below gamma max at 13.47 vs 13.67 (-1.5%)
- closed above gamma max at 15.10 vs 14.08 (+6.7%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/BTDR
Questions people ask about BTDR
Where is BTDR's gamma max today?
As of Oct 2, 2026, the gamma max for BTDR is 14.20, +28.8% from the 11.02 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 BTDR above or below its delta neutral price?
BTDR closed above delta neutral: 11.02 against a delta neutral price of 10.45. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BTDR have?
372,011 contracts of open interest across 362 listed contracts on Oct 2, 2026, -2.7% 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.