COPX max pain, gamma exposure (GEX) & options open interest
As of close · rank #296 by open interest · 1,316 sessions of history since Mar 25, 2021
COPX's nearest-expiration max pain is 89.00 for 2026-10-09, its GEX flip is 78.61, net GEX is 12,872,828, its put/call open-interest ratio is 0.41. 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: volume/OI 0.38 · smile convexity -16.9 pp · front IV premium -0.4 pp
COPX closed 17.3% below its gamma max of 100.77. It is 4.4% above the delta neutral price of 82.15. Total open interest is 316,184, -1.0% versus the previous session. Its options catalyst-intensity score is 63.3 out of 100, led by volume/OI 0.38, smile convexity -16.9 pp, front IV premium -0.4 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 | -1,602 contracts · -0.7% |
| Put OI change, 1 session | -1,654 contracts · -1.8% |
| Call minus put OI growth, 1 session | +1.1 pp |
| Call OI change, 5 sessions | +3,393 contracts · +1.5% |
| Put OI change, 5 sessions | +3,200 contracts · +3.6% |
| Call minus put OI growth, 5 sessions | -2.1 pp |
| Daily call OI change surprise | -0.20σ (252 prior changes) |
| Daily put OI change surprise | -0.49σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.19σ (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 29 completed Day +10 paths · latest May 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | -0.1% | -1.0% to +1.3% | 45% | -0.7% to +0.9% | 0.0% |
| Day +2 | 29 | +0.5% | -1.0% to +2.4% | 55% | -0.7% to +1.8% | 0.0% |
| Day +3 | 29 | +1.0% | -1.5% to +2.2% | 62% | -0.2% to +1.9% | 0.0% |
| Day +4 | 29 | +1.1% | -2.9% to +3.0% | 55% | -1.4% to +2.7% | 0.0% |
| Day +5 | 29 | +0.4% | -4.8% to +5.1% | 52% | -3.8% to +4.2% | 0.0% |
| Day +6 | 29 | +1.2% | -5.2% to +4.3% | 52% | -4.5% to +3.5% | 0.0% |
| Day +7 | 29 | +0.8% | -3.0% to +5.8% | 55% | -2.7% to +4.7% | 0.0% |
| Day +8 | 29 | +1.2% | -3.9% to +4.8% | 59% | -1.9% to +3.9% | 0.0% |
| Day +9 | 29 | +1.5% | -2.9% to +5.5% | 59% | -1.9% to +3.1% | 0.0% |
| Day +10 | 29 | +0.8% | -3.4% to +5.7% | 55% | -2.3% to +5.5% | 0.0% |
Crosses above gamma max 28 completed Day +10 paths · latest May 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | +0.3% | -0.8% to +1.3% | 57% | -0.3% to +0.9% | 0.0% |
| Day +2 | 28 | +0.3% | -1.9% to +1.8% | 54% | -1.1% to +0.8% | 0.0% |
| Day +3 | 28 | -0.0% | -1.9% to +2.8% | 46% | -1.3% to +2.5% | 0.0% |
| Day +4 | 28 | +0.1% | -2.7% to +3.4% | 50% | -2.3% to +1.2% | 0.0% |
| Day +5 | 28 | +0.5% | -2.1% to +3.2% | 54% | -1.3% to +2.3% | 0.0% |
| Day +6 | 28 | +1.5% | -1.4% to +4.2% | 64% | -0.2% to +3.1% | 0.0% |
| Day +7 | 28 | +2.0% | -4.0% to +3.2% | 64% | -0.5% to +2.8% | 0.0% |
| Day +8 | 28 | +2.0% | -5.3% to +4.9% | 61% | -0.4% to +3.7% | 0.0% |
| Day +9 | 28 | +2.8% | -5.7% to +6.1% | 57% | -4.2% to +5.3% | 0.0% |
| Day +10 | 28 | +3.6% | -4.4% to +7.4% | 54% | -3.4% to +5.8% | 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 | 7% |
| Gamma max crosses | 13 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 76.2% of 252 |
| Prior-year sessions closer to delta neutral | 19.8% of 252 |
| Open interest percentile (1y) | 85th |
| Daily open interest change versus prior year | -0.30σ (-3,256 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.1% |
| Open interest change, 21 sessions | +1.2% |
| History available | Mar 25, 2021 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 75.40 vs 74.32 (+1.4%)
- closed below delta neutral at 73.04 vs 74.21 (-1.6%)
- closed below gamma max at 89.31 vs 90.35 (-1.2%)
- closed above gamma max at 92.05 vs 91.36 (+0.8%)
- closed above delta neutral at 76.20 vs 74.53 (+2.2%)
- closed below delta neutral at 70.89 vs 73.07 (-3.1%)
- closed above delta neutral at 75.64 vs 74.45 (+1.6%)
- closed below delta neutral at 74.93 vs 76.77 (-2.5%)
- closed above delta neutral at 78.66 vs 77.75 (+1.2%)
- closed below delta neutral at 76.39 vs 77.36 (-1.3%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/COPX
Questions people ask about COPX
Where is COPX's gamma max today?
As of Oct 2, 2026, the gamma max for COPX is 100.77, +17.3% from the 85.91 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 COPX above or below its delta neutral price?
COPX closed above delta neutral: 85.91 against a delta neutral price of 82.15. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does COPX have?
316,184 contracts of open interest across 845 listed contracts on Oct 2, 2026, -1.0% 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.