COP max pain, gamma exposure (GEX) & options open interest
As of close · rank #310 by open interest · 1,394 sessions of history since Dec 1, 2020
COP's nearest-expiration max pain is 129.00 for 2026-10-09, its GEX flip is 111.54, net GEX is 16,170,780, its put/call open-interest ratio is 0.74. 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 -0.7 pp
COP closed 7.8% below its gamma max of 136.66. It is 6.9% above the delta neutral price of 118.00. Total open interest is 288,185, -2.8% versus the previous session. Its options catalyst-intensity score is 45.6 out of 100, led by front IV premium -0.7 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 | -6,869 contracts · -4.0% |
| Put OI change, 1 session | -1,551 contracts · -1.2% |
| Call minus put OI growth, 1 session | -2.7 pp |
| Call OI change, 5 sessions | +3,828 contracts · +2.4% |
| Put OI change, 5 sessions | +3,052 contracts · +2.6% |
| Call minus put OI growth, 5 sessions | -0.2 pp |
| Daily call OI change surprise | -0.63σ (252 prior changes) |
| Daily put OI change surprise | -0.20σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.14σ (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 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 47 | +0.4% | -0.6% to +1.7% | 60% | -0.2% to +1.3% | 0.0% |
| Day +2 | 47 | +0.3% | -1.5% to +2.3% | 57% | -0.5% to +1.3% | 0.0% |
| Day +3 | 47 | +1.0% | -0.5% to +3.2% | 64% | +0.4% to +2.2% | +0.4% |
| Day +4 | 47 | +0.8% | -0.9% to +3.1% | 62% | 0.0% to +2.4% | 0.0% |
| Day +5 | 47 | +1.2% | -0.7% to +4.0% | 66% | +0.2% to +2.5% | +0.2% |
| Day +6 | 47 | +2.5% | -0.9% to +4.6% | 66% | +0.5% to +3.8% | +0.5% |
| Day +7 | 47 | +1.8% | -0.7% to +4.5% | 68% | +0.9% to +3.5% | +0.9% |
| Day +8 | 47 | +2.2% | -2.6% to +5.4% | 64% | +0.1% to +3.4% | +0.1% |
| Day +9 | 47 | +1.9% | -2.5% to +6.1% | 55% | -0.1% to +4.2% | 0.0% |
| Day +10 | 47 | +2.4% | -2.6% to +7.2% | 64% | +0.3% to +5.0% | +0.3% |
Crosses above gamma max 48 completed Day +10 paths · latest Sep 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 48 | -0.0% | -0.4% to +1.2% | 46% | -0.2% to +0.6% | 0.0% |
| Day +2 | 48 | +0.5% | -1.2% to +2.0% | 56% | -0.6% to +1.3% | 0.0% |
| Day +3 | 48 | +0.1% | -2.3% to +2.5% | 52% | -0.9% to +1.2% | 0.0% |
| Day +4 | 48 | +0.2% | -1.4% to +3.0% | 56% | -0.5% to +1.9% | 0.0% |
| Day +5 | 48 | +0.8% | -1.1% to +3.7% | 58% | -0.6% to +3.2% | 0.0% |
| Day +6 | 48 | +1.2% | -0.9% to +4.2% | 60% | -0.3% to +2.8% | 0.0% |
| Day +7 | 48 | +0.9% | -1.1% to +5.0% | 69% | +0.4% to +3.4% | +0.4% |
| Day +8 | 48 | +2.0% | -1.6% to +5.7% | 69% | +0.3% to +5.1% | +0.3% |
| Day +9 | 48 | +1.8% | -2.7% to +6.4% | 63% | -0.4% to +3.7% | 0.0% |
| Day +10 | 48 | +1.4% | -2.8% to +7.0% | 54% | -2.0% to +4.7% | 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 | 11% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 15 |
| Prior-year sessions closer to gamma max | 63.5% of 252 |
| Prior-year sessions closer to delta neutral | 52.4% of 252 |
| Open interest percentile (1y) | 12th |
| Daily open interest change versus prior year | -0.47σ (-8,420 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.4% |
| Open interest change, 21 sessions | -5.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 132.54 vs 138.37 (-4.4%)
- closed above gamma max at 141.22 vs 138.85 (+1.7%)
- closed below gamma max at 136.67 vs 137.24 (-0.4%)
- closed above gamma max at 137.35 vs 137.15 (+0.1%)
- closed below gamma max at 135.72 vs 136.65 (-0.7%)
- closed above gamma max at 136.19 vs 135.48 (+0.5%)
- closed below gamma max at 133.35 vs 135.07 (-1.3%)
- closed above gamma max at 134.89 vs 134.28 (+0.5%)
- closed below gamma max at 120.26 vs 124.50 (-3.5%)
- closed above gamma max at 118.79 vs 117.65 (+1.0%)
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Canonical source: https://halfonadouble.com/stock/COP
Questions people ask about COP
Where is COP's gamma max today?
As of Oct 2, 2026, the gamma max for COP is 136.66, +7.8% from the 126.75 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 COP above or below its delta neutral price?
COP closed above delta neutral: 126.75 against a delta neutral price of 118.00. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does COP have?
288,185 contracts of open interest across 778 listed contracts on Oct 2, 2026, -2.8% 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.