BTU max pain, gamma exposure (GEX) & options open interest
As of close · rank #565 by open interest · 1,388 sessions of history since Dec 7, 2020
BTU's nearest-expiration max pain is 25.00 for 2026-10-09, its GEX flip is 23.53, net GEX is 1,285,901, its put/call open-interest ratio is 0.93. 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.
BTU closed 18.9% below its gamma max of 29.51. It is 7.9% above the delta neutral price of 22.85. Total open interest is 124,861, -3.9% versus the previous session. Its options catalyst-intensity score is 57.7 out of 100. 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 | -1,619 contracts · -2.4% |
| Put OI change, 1 session | -3,454 contracts · -5.4% |
| Call minus put OI growth, 1 session | +3.0 pp |
| Call OI change, 5 sessions | +1,480 contracts · +2.3% |
| Put OI change, 5 sessions | +274 contracts · +0.5% |
| Call minus put OI growth, 5 sessions | +1.9 pp |
| Daily call OI change surprise | -0.10σ (252 prior changes) |
| Daily put OI change surprise | -0.61σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.56σ (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 53 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 53 | -0.0% | -2.8% to +1.9% | 45% | -1.1% to +0.5% | 0.0% |
| Day +2 | 53 | -0.5% | -3.9% to +4.6% | 45% | -2.1% to +2.4% | 0.0% |
| Day +3 | 53 | -1.3% | -5.6% to +7.2% | 45% | -3.3% to +2.5% | 0.0% |
| Day +4 | 53 | +0.1% | -7.5% to +7.6% | 51% | -3.7% to +2.3% | 0.0% |
| Day +5 | 53 | -0.7% | -7.9% to +5.6% | 45% | -3.4% to +3.8% | 0.0% |
| Day +6 | 53 | -3.5% | -8.1% to +6.0% | 42% | -6.0% to +1.8% | 0.0% |
| Day +7 | 53 | -3.2% | -9.0% to +2.6% | 40% | -6.4% to +0.0% | 0.0% |
| Day +8 | 53 | -3.1% | -9.0% to +4.3% | 34% | -5.9% to -0.6% | -0.6% |
| Day +9 | 53 | -3.3% | -10.4% to +3.9% | 36% | -6.7% to -1.0% | -1.0% |
| Day +10 | 53 | -5.2% | -10.2% to +8.2% | 40% | -6.5% to +1.0% | 0.0% |
Crosses above gamma max 49 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 49 | -0.8% | -2.5% to +0.8% | 37% | -1.5% to -0.0% | -0.0% |
| Day +2 | 49 | -1.2% | -3.7% to +1.1% | 33% | -2.4% to -0.3% | -0.3% |
| Day +3 | 49 | -1.2% | -4.3% to +2.2% | 33% | -3.1% to -0.2% | -0.2% |
| Day +4 | 49 | -3.5% | -6.7% to +3.4% | 41% | -4.9% to +0.6% | 0.0% |
| Day +5 | 49 | -1.2% | -7.2% to +4.6% | 43% | -4.3% to +1.3% | 0.0% |
| Day +6 | 49 | -2.1% | -8.7% to +5.1% | 45% | -4.8% to +3.8% | 0.0% |
| Day +7 | 49 | -2.6% | -9.6% to +3.5% | 33% | -5.2% to -0.9% | -0.9% |
| Day +8 | 49 | -4.2% | -9.1% to +1.4% | 33% | -6.7% to -2.5% | -2.5% |
| Day +9 | 49 | -4.1% | -9.8% to +3.5% | 37% | -6.3% to -0.3% | -0.3% |
| Day +10 | 49 | -5.0% | -10.4% to +4.2% | 37% | -7.1% to -0.7% | -0.7% |
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 | 26 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 81.0% of 252 |
| Prior-year sessions closer to delta neutral | 29.0% of 252 |
| Open interest percentile (1y) | 2th |
| Daily open interest change versus prior year | -0.29σ (-5,073 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.4% |
| Open interest change, 21 sessions | -26.1% |
| History available | Dec 7, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 26.79 vs 25.45 (+5.0%)
- closed below delta neutral at 25.22 vs 25.30 (-0.3%)
- closed below gamma max at 27.61 vs 28.72 (-4.0%)
- closed above gamma max at 26.85 vs 26.57 (+1.0%)
- closed below gamma max at 28.14 vs 29.55 (-5.0%)
- closed above gamma max at 29.06 vs 28.89 (+0.6%)
- closed below gamma max at 27.09 vs 28.72 (-6.0%)
- closed above gamma max at 29.12 vs 26.84 (+7.8%)
- closed below gamma max at 26.42 vs 26.66 (-0.9%)
- closed above gamma max at 25.90 vs 25.43 (+1.8%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/BTU
Questions people ask about BTU
Where is BTU's gamma max today?
As of Oct 2, 2026, the gamma max for BTU is 29.51, +18.9% from the 24.81 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 BTU above or below its delta neutral price?
BTU closed above delta neutral: 24.81 against a delta neutral price of 22.85. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does BTU have?
124,861 contracts of open interest across 413 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.