DVN max pain, gamma exposure (GEX) & options open interest
As of close · rank #238 by open interest · 1,394 sessions of history since Dec 1, 2020
DVN's nearest-expiration max pain is 48.00 for 2026-10-09, its GEX flip is 40.60, net GEX is 36,343,862, its put/call open-interest ratio is 0.54. 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 -0.5 pp
DVN closed 5.5% below its gamma max of 50.29. It is 8.3% above the delta neutral price of 43.69. Total open interest is 427,074, -3.3% versus the previous session. Its options catalyst-intensity score is 51.8 out of 100, led by front IV premium -0.5 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 | -9,216 contracts · -3.2% |
| Put OI change, 1 session | -5,443 contracts · -3.5% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +13,099 contracts · +5.0% |
| Put OI change, 5 sessions | +1,552 contracts · +1.0% |
| Call minus put OI growth, 5 sessions | +3.9 pp |
| Daily call OI change surprise | -0.41σ (252 prior changes) |
| Daily put OI change surprise | -0.55σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.00σ (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 43 completed Day +10 paths · latest Sep 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 43 | -0.2% | -1.4% to +1.1% | 44% | -0.7% to +0.4% | 0.0% |
| Day +2 | 43 | -0.8% | -2.8% to +1.5% | 47% | -1.8% to +0.7% | 0.0% |
| Day +3 | 43 | +0.4% | -2.0% to +2.2% | 51% | -1.4% to +1.8% | 0.0% |
| Day +4 | 43 | +0.7% | -2.4% to +3.1% | 53% | -1.6% to +2.1% | 0.0% |
| Day +5 | 43 | +0.5% | -3.4% to +3.5% | 53% | -1.8% to +1.9% | 0.0% |
| Day +6 | 43 | +0.8% | -4.3% to +4.0% | 51% | -1.8% to +2.2% | 0.0% |
| Day +7 | 43 | -1.1% | -4.4% to +5.1% | 44% | -3.3% to +1.9% | 0.0% |
| Day +8 | 43 | -1.5% | -5.6% to +4.1% | 37% | -3.7% to +0.6% | 0.0% |
| Day +9 | 43 | -0.1% | -5.1% to +3.7% | 49% | -3.7% to +2.6% | 0.0% |
| Day +10 | 43 | -0.4% | -4.9% to +5.0% | 49% | -3.6% to +1.9% | 0.0% |
Crosses above gamma max 43 completed Day +10 paths · latest Sep 9, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 43 | +0.1% | -0.5% to +1.4% | 51% | -0.2% to +1.1% | 0.0% |
| Day +2 | 43 | +0.3% | -1.5% to +2.0% | 51% | -0.8% to +1.0% | 0.0% |
| Day +3 | 43 | +0.2% | -2.7% to +1.8% | 51% | -2.0% to +0.7% | 0.0% |
| Day +4 | 43 | +0.4% | -1.8% to +2.9% | 58% | -1.3% to +1.7% | 0.0% |
| Day +5 | 43 | +1.4% | -2.0% to +3.7% | 63% | -0.1% to +2.6% | 0.0% |
| Day +6 | 43 | -0.1% | -1.7% to +4.6% | 49% | -1.0% to +2.7% | 0.0% |
| Day +7 | 43 | +1.3% | -2.2% to +4.5% | 58% | -0.8% to +3.4% | 0.0% |
| Day +8 | 43 | +1.2% | -2.9% to +6.3% | 56% | -1.3% to +2.6% | 0.0% |
| Day +9 | 43 | +0.3% | -3.5% to +5.9% | 51% | -1.1% to +2.6% | 0.0% |
| Day +10 | 43 | -1.0% | -4.7% to +2.8% | 44% | -2.1% to +0.7% | 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 | 16 |
| Delta neutral crosses | 7 |
| Prior-year sessions closer to gamma max | 47.2% of 252 |
| Prior-year sessions closer to delta neutral | 52.8% of 252 |
| Open interest percentile (1y) | 52th |
| Daily open interest change versus prior year | -0.49σ (-14,659 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.6% |
| Open interest change, 21 sessions | -10.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 51.33 vs 54.55 (-6.3%)
- closed above gamma max at 48.98 vs 48.79 (+0.4%)
- closed below gamma max at 48.79 vs 48.88 (-0.2%)
- closed above gamma max at 49.05 vs 48.91 (+0.3%)
- closed below gamma max at 48.23 vs 49.21 (-2.0%)
- closed above gamma max at 49.10 vs 48.39 (+1.4%)
- closed below gamma max at 45.04 vs 47.68 (-5.9%)
- closed above gamma max at 45.29 vs 45.28 (+0.0%)
- closed below gamma max at 50.69 vs 50.96 (-0.5%)
- closed above gamma max at 51.08 vs 50.65 (+0.9%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/DVN
Questions people ask about DVN
Where is DVN's gamma max today?
As of Oct 2, 2026, the gamma max for DVN is 50.29, +5.5% from the 47.65 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 DVN above or below its delta neutral price?
DVN closed above delta neutral: 47.65 against a delta neutral price of 43.69. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does DVN have?
427,074 contracts of open interest across 470 listed contracts on Oct 2, 2026, -3.3% 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.