DIA max pain, gamma exposure (GEX) & options open interest
As of close · rank #191 by open interest · 1,394 sessions of history since Dec 1, 2020
DIA's nearest-expiration max pain is 514.00 for 2026-10-09, its GEX flip is 513.10, net GEX is -10,797,998, its put/call open-interest ratio is 1.22. 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 12.2 pp · volume/OI 0.08
DIA closed 4.2% below its gamma max of 532.39. It is 0.2% below the delta neutral price of 511.87. Total open interest is 535,530, -4.6% versus the previous session. Its options catalyst-intensity score is 43.5 out of 100, led by smile convexity 12.2 pp, volume/OI 0.08. 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 | -15,122 contracts · -5.9% |
| Put OI change, 1 session | -10,871 contracts · -3.6% |
| Call minus put OI growth, 1 session | -2.3 pp |
| Call OI change, 5 sessions | -7,926 contracts · -3.2% |
| Put OI change, 5 sessions | -57,601 contracts · -16.4% |
| Call minus put OI growth, 5 sessions | +13.2 pp |
| Daily call OI change surprise | -1.26σ (252 prior changes) |
| Daily put OI change surprise | -0.67σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.88σ (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 6 completed Day +10 paths · latest Aug 5, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 6 | +0.3% | -0.2% to +0.7% | 50% | -0.9% to +0.8% | 0.0% |
| Day +2 | 6 | -0.0% | -0.3% to +0.7% | 50% | -0.6% to +1.3% | 0.0% |
| Day +3 | 6 | -0.0% | -0.5% to +0.6% | 50% | -0.7% to +1.0% | 0.0% |
| Day +4 | 6 | +0.2% | -0.3% to +0.9% | 50% | -1.0% to +1.1% | 0.0% |
| Day +5 | 6 | +0.2% | +0.0% to +0.4% | 83% | -1.0% to +1.2% | 0.0% |
| Day +6 | 6 | -0.1% | -0.6% to +0.3% | 50% | -0.9% to +3.8% | 0.0% |
| Day +7 | 6 | +0.1% | -0.6% to +0.8% | 50% | -1.1% to +3.8% | 0.0% |
| Day +8 | 6 | +0.0% | -1.0% to +2.1% | 50% | -1.6% to +3.4% | 0.0% |
| Day +9 | 6 | +0.1% | -0.7% to +1.9% | 50% | -1.8% to +2.8% | 0.0% |
| Day +10 | 6 | +0.2% | -0.1% to +2.1% | 67% | -1.6% to +3.5% | 0.0% |
Crosses above gamma max 6 completed Day +10 paths · latest Aug 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 6 | +0.2% | -0.0% to +0.4% | 67% | -0.3% to +0.9% | 0.0% |
| Day +2 | 6 | +0.5% | +0.2% to +0.7% | 83% | -0.4% to +0.8% | 0.0% |
| Day +3 | 6 | +0.5% | -0.0% to +0.7% | 67% | -0.2% to +1.3% | 0.0% |
| Day +4 | 6 | +0.4% | -0.1% to +0.5% | 67% | -0.6% to +1.3% | 0.0% |
| Day +5 | 6 | +0.6% | +0.1% to +0.7% | 67% | -0.6% to +1.3% | 0.0% |
| Day +6 | 6 | +0.2% | +0.0% to +0.8% | 83% | -0.6% to +1.5% | 0.0% |
| Day +7 | 6 | -0.3% | -0.4% to +0.9% | 33% | -0.6% to +4.1% | 0.0% |
| Day +8 | 6 | -0.0% | -0.5% to +1.4% | 50% | -0.7% to +4.1% | 0.0% |
| Day +9 | 6 | -0.1% | -1.1% to +2.7% | 50% | -1.2% to +3.7% | 0.0% |
| Day +10 | 6 | -0.1% | -0.7% to +2.1% | 50% | -1.4% to +3.7% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 27 |
| Prior-year sessions closer to gamma max | 81.0% of 252 |
| Prior-year sessions closer to delta neutral | 4.4% of 252 |
| Open interest percentile (1y) | 46th |
| Daily open interest change versus prior year | -0.95σ (-25,993 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -10.9% |
| Open interest change, 21 sessions | -12.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 512.88 vs 513.81 (-0.2%)
- closed above delta neutral at 517.49 vs 513.84 (+0.7%)
- closed below delta neutral at 514.30 vs 515.02 (-0.1%)
- closed above delta neutral at 519.78 vs 515.11 (+0.9%)
- closed below delta neutral at 521.23 vs 522.03 (-0.2%)
- closed above delta neutral at 525.79 vs 521.80 (+0.8%)
- closed below delta neutral at 520.75 vs 523.17 (-0.5%)
- closed below gamma max at 542.81 vs 547.23 (-0.8%)
- closed above gamma max at 540.47 vs 539.41 (+0.2%)
- closed above delta neutral at 521.51 vs 516.26 (+1.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/DIA
Questions people ask about DIA
Where is DIA's gamma max today?
As of Oct 2, 2026, the gamma max for DIA is 532.39, +4.2% from the 511.10 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 DIA above or below its delta neutral price?
DIA closed below delta neutral: 511.10 against a delta neutral price of 511.87. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does DIA have?
535,530 contracts of open interest across 2,553 listed contracts on Oct 2, 2026, -4.6% 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.