BTG max pain, gamma exposure (GEX) & options open interest
As of close · rank #175 by open interest · 986 sessions of history since Dec 1, 2020
BTG's nearest-expiration max pain is 5.00 for 2026-10-09, its GEX flip is 1.02, net GEX is 45,650,211, its put/call open-interest ratio is 0.13. 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 6.1 pp · 25Δ risk reversal 16.5 pp
BTG closed 3.5% below its gamma max of 5.38. It is 36.7% above the delta neutral price of 3.29. Total open interest is 582,145, -0.7% versus the previous session. Its options catalyst-intensity score is 52.9 out of 100, led by front IV premium 6.1 pp, 25Δ risk reversal 16.5 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 | -1,180 contracts · -0.2% |
| Put OI change, 1 session | -2,981 contracts · -4.3% |
| Call minus put OI growth, 1 session | +4.0 pp |
| Call OI change, 5 sessions | +38,975 contracts · +8.2% |
| Put OI change, 5 sessions | -3,031 contracts · -4.3% |
| Call minus put OI growth, 5 sessions | +12.5 pp |
| Daily call OI change surprise | -0.10σ (252 prior changes) |
| Daily put OI change surprise | -0.27σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.62σ (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 47 completed Day +10 paths · latest Sep 30, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 49 | +0.5% | -1.0% to +2.1% | 53% | -0.5% to +1.7% | 0.0% |
| Day +2 | 49 | 0.0% | -2.0% to +3.0% | 49% | -1.2% to +1.3% | 0.0% |
| Day +3 | 48 | -0.6% | -2.6% to +3.4% | 48% | -1.3% to +2.4% | 0.0% |
| Day +4 | 48 | +0.3% | -3.8% to +3.4% | 52% | -1.5% to +1.8% | 0.0% |
| Day +5 | 48 | -1.4% | -3.8% to +2.6% | 42% | -2.8% to +0.8% | 0.0% |
| Day +6 | 48 | -0.4% | -3.4% to +3.5% | 48% | -1.7% to +1.2% | 0.0% |
| Day +7 | 47 | -1.5% | -5.6% to +2.9% | 40% | -2.8% to +0.8% | 0.0% |
| Day +8 | 47 | -2.4% | -5.4% to +3.1% | 36% | -4.1% to -0.7% | -0.7% |
| Day +9 | 47 | -2.7% | -6.8% to +1.6% | 36% | -4.6% to -0.2% | -0.2% |
| Day +10 | 47 | -1.6% | -7.9% to +2.6% | 40% | -4.8% to +0.7% | 0.0% |
Crosses above gamma max 52 completed Day +10 paths · latest Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 53 | -0.6% | -2.5% to +1.9% | 42% | -1.5% to +0.4% | 0.0% |
| Day +2 | 53 | -1.2% | -2.9% to +1.9% | 43% | -1.6% to +0.7% | 0.0% |
| Day +3 | 53 | -1.7% | -4.5% to +1.8% | 34% | -2.9% to -0.8% | -0.8% |
| Day +4 | 53 | -1.0% | -5.1% to +2.0% | 43% | -3.0% to +0.4% | 0.0% |
| Day +5 | 53 | -0.8% | -4.8% to +2.5% | 40% | -2.9% to +0.6% | 0.0% |
| Day +6 | 52 | -2.5% | -5.5% to +2.0% | 29% | -3.9% to -0.7% | -0.7% |
| Day +7 | 52 | -2.5% | -5.9% to +1.9% | 33% | -4.1% to -0.9% | -0.9% |
| Day +8 | 52 | -2.1% | -5.7% to +3.1% | 38% | -3.8% to +0.2% | 0.0% |
| Day +9 | 52 | -2.5% | -5.7% to +2.5% | 35% | -3.9% to -0.3% | -0.3% |
| Day +10 | 52 | -3.8% | -6.1% to +2.4% | 40% | -5.0% to +0.7% | 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 | 49% |
| Gamma max crosses | 35 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 31.7% of 252 |
| Prior-year sessions closer to delta neutral | 50.4% of 252 |
| Open interest percentile (1y) | 27th |
| Daily open interest change versus prior year | -0.18σ (-4,161 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.6% |
| Open interest change, 21 sessions | +2.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 5.22 vs 5.29 (-1.4%)
- closed above gamma max at 5.47 vs 5.02 (+8.3%)
- closed below gamma max at 5.32 vs 5.36 (-0.8%)
- closed above gamma max at 5.48 vs 5.34 (+2.6%)
- closed below gamma max at 5.36 vs 5.49 (-2.5%)
- closed above gamma max at 5.54 vs 5.47 (+1.2%)
- closed below gamma max at 5.45 vs 5.49 (-0.7%)
- closed above gamma max at 5.61 vs 5.47 (+2.5%)
- closed below gamma max at 5.69 vs 5.69 (-0.0%)
- closed above gamma max at 5.52 vs 5.18 (+6.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/BTG
Questions people ask about BTG
Where is BTG's gamma max today?
As of Oct 2, 2026, the gamma max for BTG is 5.38, +3.5% from the 5.20 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 BTG above or below its delta neutral price?
BTG closed above delta neutral: 5.20 against a delta neutral price of 3.29. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BTG have?
582,145 contracts of open interest across 128 listed contracts on Oct 2, 2026, -0.7% 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.