DOW max pain, gamma exposure (GEX) & options open interest
As of close · rank #245 by open interest · 1,394 sessions of history since Dec 1, 2020
DOW's nearest-expiration max pain is 28.00 for 2026-10-09, its GEX flip is 28.18, net GEX is -1,021,399, its put/call open-interest ratio is 0.98. 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: 25Δ risk reversal -240.5 pp · IV rank 87
DOW closed 16.6% below its gamma max of 32.60. It is 6.4% below the delta neutral price of 29.77. Total open interest is 409,765, -2.8% versus the previous session. Its options catalyst-intensity score is 55.6 out of 100, led by 25Δ risk reversal -240.5 pp, IV rank 87. 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 | -5,824 contracts · -2.7% |
| Put OI change, 1 session | -5,786 contracts · -2.8% |
| Call minus put OI growth, 1 session | +0.0 pp |
| Call OI change, 5 sessions | +14,500 contracts · +7.5% |
| Put OI change, 5 sessions | +8,528 contracts · +4.4% |
| Call minus put OI growth, 5 sessions | +3.1 pp |
| Daily call OI change surprise | -0.29σ (252 prior changes) |
| Daily put OI change surprise | -0.49σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.02σ (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 22 completed Day +10 paths · latest Mar 31, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.6% | -1.6% to +1.4% | 32% | -1.6% to +1.0% | 0.0% |
| Day +2 | 22 | -0.0% | -1.6% to +1.9% | 50% | -1.6% to +1.9% | 0.0% |
| Day +3 | 22 | +0.3% | -2.3% to +3.1% | 50% | -2.2% to +2.7% | 0.0% |
| Day +4 | 22 | +1.1% | -2.9% to +2.6% | 55% | -1.3% to +2.5% | 0.0% |
| Day +5 | 22 | +0.6% | -3.1% to +2.9% | 59% | -2.3% to +2.2% | 0.0% |
| Day +6 | 22 | +0.2% | -1.8% to +2.4% | 55% | -1.1% to +1.4% | 0.0% |
| Day +7 | 22 | -0.1% | -1.5% to +2.4% | 50% | -1.3% to +1.6% | 0.0% |
| Day +8 | 22 | -0.0% | -1.3% to +2.5% | 50% | -0.8% to +1.9% | 0.0% |
| Day +9 | 22 | -0.4% | -3.5% to +1.3% | 45% | -3.4% to +0.6% | 0.0% |
| Day +10 | 22 | -0.2% | -3.0% to +2.8% | 45% | -2.5% to +2.8% | 0.0% |
Crosses above gamma max 22 completed Day +10 paths · latest Mar 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | +0.0% | -1.2% to +1.2% | 50% | -1.1% to +1.2% | 0.0% |
| Day +2 | 22 | -0.4% | -2.4% to +1.0% | 45% | -2.3% to +1.0% | 0.0% |
| Day +3 | 22 | -0.7% | -2.5% to +0.7% | 36% | -1.8% to +0.7% | 0.0% |
| Day +4 | 22 | -0.2% | -2.5% to +1.5% | 50% | -2.4% to +1.4% | 0.0% |
| Day +5 | 22 | -0.3% | -1.6% to +2.2% | 45% | -1.4% to +2.0% | 0.0% |
| Day +6 | 22 | +0.0% | -2.6% to +2.0% | 50% | -2.5% to +1.6% | 0.0% |
| Day +7 | 22 | -0.7% | -3.0% to +2.0% | 45% | -3.0% to +2.0% | 0.0% |
| Day +8 | 22 | -0.2% | -2.9% to +2.1% | 45% | -2.7% to +1.9% | 0.0% |
| Day +9 | 22 | -0.8% | -2.8% to +2.2% | 45% | -2.1% to +1.8% | 0.0% |
| Day +10 | 22 | -1.6% | -4.0% to +1.3% | 32% | -3.9% to +1.1% | 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 | 16 |
| Delta neutral crosses | 24 |
| Prior-year sessions closer to gamma max | 71.0% of 252 |
| Prior-year sessions closer to delta neutral | 53.2% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -0.39σ (-11,610 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.0% |
| Open interest change, 21 sessions | -16.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 30.36 vs 30.60 (-0.8%)
- closed above delta neutral at 31.28 vs 30.84 (+1.4%)
- closed below delta neutral at 31.44 vs 31.92 (-1.5%)
- closed above delta neutral at 31.07 vs 30.86 (+0.7%)
- closed below delta neutral at 30.57 vs 30.72 (-0.5%)
- closed above delta neutral at 31.26 vs 31.10 (+0.5%)
- closed below delta neutral at 29.84 vs 30.68 (-2.8%)
- closed above delta neutral at 30.47 vs 30.13 (+1.1%)
- closed below delta neutral at 29.70 vs 29.99 (-1.0%)
- closed above delta neutral at 30.31 vs 29.99 (+1.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/DOW
Questions people ask about DOW
Where is DOW's gamma max today?
As of Oct 2, 2026, the gamma max for DOW is 32.60, +16.6% from the 27.97 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 DOW above or below its delta neutral price?
DOW closed below delta neutral: 27.97 against a delta neutral price of 29.77. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does DOW have?
409,765 contracts of open interest across 387 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.