CLF max pain, gamma exposure (GEX) & options open interest
As of close · rank #153 by open interest · 1,394 sessions of history since Dec 1, 2020
CLF's nearest-expiration max pain is 12.00 for 2026-10-09, its GEX flip is 9.71, net GEX is 13,203,682, its put/call open-interest ratio is 0.62. 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: smile convexity 31.2 pp · volume/OI 0.09 · IV rank 89
CLF closed 19.8% below its gamma max of 13.56. It is 5.5% above the delta neutral price of 10.70. Total open interest is 668,573, -3.8% versus the previous session. Its options catalyst-intensity score is 57.6 out of 100, led by smile convexity 31.2 pp, volume/OI 0.09, IV rank 89. 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 | -9,028 contracts · -2.1% |
| Put OI change, 1 session | -17,151 contracts · -6.3% |
| Call minus put OI growth, 1 session | +4.1 pp |
| Call OI change, 5 sessions | +24,201 contracts · +6.2% |
| Put OI change, 5 sessions | +22,455 contracts · +9.6% |
| Call minus put OI growth, 5 sessions | -3.4 pp |
| Daily call OI change surprise | -0.28σ (252 prior changes) |
| Daily put OI change surprise | -1.11σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.35σ (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 48 completed Day +10 paths · latest Aug 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 48 | +0.6% | -0.9% to +2.1% | 67% | +0.2% to +1.8% | +0.2% |
| Day +2 | 48 | 0.0% | -2.8% to +2.3% | 48% | -1.8% to +0.7% | 0.0% |
| Day +3 | 48 | -1.0% | -3.7% to +2.0% | 38% | -2.6% to +0.2% | 0.0% |
| Day +4 | 48 | -1.4% | -4.9% to +2.4% | 40% | -3.4% to +0.2% | 0.0% |
| Day +5 | 48 | -1.4% | -4.7% to +4.4% | 35% | -3.3% to -0.6% | -0.6% |
| Day +6 | 48 | -0.9% | -5.5% to +7.7% | 44% | -3.5% to +1.6% | 0.0% |
| Day +7 | 48 | -0.5% | -5.0% to +6.4% | 42% | -1.7% to +2.8% | 0.0% |
| Day +8 | 48 | -1.3% | -5.2% to +7.9% | 42% | -3.2% to +1.0% | 0.0% |
| Day +9 | 48 | -0.3% | -5.9% to +7.6% | 46% | -4.8% to +3.3% | 0.0% |
| Day +10 | 48 | -1.8% | -7.1% to +8.4% | 40% | -4.4% to +3.2% | 0.0% |
Crosses above gamma max 47 completed Day +10 paths · latest Aug 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 47 | -0.8% | -1.7% to +1.0% | 40% | -1.0% to +0.1% | 0.0% |
| Day +2 | 47 | 0.0% | -3.1% to +2.6% | 49% | -1.8% to +1.1% | 0.0% |
| Day +3 | 47 | -0.8% | -5.0% to +2.0% | 38% | -3.2% to +0.2% | 0.0% |
| Day +4 | 47 | -1.1% | -4.3% to +2.8% | 36% | -2.8% to -0.5% | -0.5% |
| Day +5 | 47 | -1.6% | -4.6% to +3.2% | 40% | -3.1% to +0.4% | 0.0% |
| Day +6 | 47 | -1.9% | -5.3% to +1.9% | 32% | -3.7% to -1.4% | -1.4% |
| Day +7 | 47 | -2.8% | -5.7% to +7.0% | 36% | -4.8% to -0.3% | -0.3% |
| Day +8 | 47 | -1.3% | -4.5% to +8.0% | 38% | -2.7% to +2.3% | 0.0% |
| Day +9 | 47 | -1.0% | -7.4% to +8.6% | 45% | -4.8% to +1.8% | 0.0% |
| Day +10 | 47 | -0.9% | -6.5% to +8.4% | 45% | -4.8% to +1.6% | 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 | 6% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 10 |
| Prior-year sessions closer to gamma max | 75.0% of 252 |
| Prior-year sessions closer to delta neutral | 21.4% of 252 |
| Open interest percentile (1y) | 39th |
| Daily open interest change versus prior year | -0.57σ (-26,179 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.5% |
| Open interest change, 21 sessions | -8.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 11.01 vs 10.92 (+0.8%)
- closed below delta neutral at 11.01 vs 11.05 (-0.3%)
- closed below gamma max at 11.88 vs 12.30 (-3.5%)
- closed above gamma max at 12.31 vs 12.31 (+0.0%)
- closed below gamma max at 12.23 vs 12.81 (-4.8%)
- closed above gamma max at 12.65 vs 12.63 (+0.1%)
- closed below gamma max at 12.68 vs 13.48 (-6.3%)
- closed above gamma max at 11.98 vs 11.80 (+1.5%)
- closed above delta neutral at 8.45 vs 8.26 (+2.2%)
- closed below delta neutral at 8.11 vs 8.21 (-1.3%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/CLF
Questions people ask about CLF
Where is CLF's gamma max today?
As of Oct 2, 2026, the gamma max for CLF is 13.56, +19.8% from the 11.32 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 CLF above or below its delta neutral price?
CLF closed above delta neutral: 11.32 against a delta neutral price of 10.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does CLF have?
668,573 contracts of open interest across 419 listed contracts on Oct 2, 2026, -3.8% 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.