EEM max pain, gamma exposure (GEX) & options open interest
As of close · rank #20 by open interest · 1,394 sessions of history since Dec 1, 2020
EEM's nearest-expiration max pain is 66.00 for 2026-10-05, its GEX flip is 189.48, net GEX is -44,473,779, its put/call open-interest ratio is 2.23. 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 5.6 pp · OI change 0.01σ
EEM closed 8.2% below its gamma max of 73.23. It is 0.4% above the delta neutral price of 67.37. Total open interest is 4,301,163, -0.1% versus the previous session. Its options catalyst-intensity score is 53.5 out of 100, led by front IV premium 5.6 pp, OI change 0.01σ. 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 | +1,098 contracts · +0.1% |
| Put OI change, 1 session | -6,794 contracts · -0.2% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +1,571 contracts · +0.1% |
| Put OI change, 5 sessions | +50,897 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | -1.6 pp |
| Daily call OI change surprise | +0.04σ (252 prior changes) |
| Daily put OI change surprise | -0.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.13σ (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 13 completed Day +10 paths · latest May 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | +0.2% | -1.1% to +0.7% | 62% | -1.1% to +0.7% | 0.0% |
| Day +2 | 13 | +0.3% | -0.9% to +1.2% | 62% | -0.9% to +1.2% | 0.0% |
| Day +3 | 13 | +0.3% | -0.8% to +1.7% | 54% | -0.8% to +1.7% | 0.0% |
| Day +4 | 13 | -0.2% | -1.5% to +0.7% | 38% | -1.5% to +0.7% | 0.0% |
| Day +5 | 13 | -0.1% | -2.4% to +0.9% | 46% | -2.4% to +0.9% | 0.0% |
| Day +6 | 13 | -0.3% | -0.8% to +1.6% | 38% | -0.8% to +1.6% | 0.0% |
| Day +7 | 13 | +0.1% | -1.0% to +0.3% | 54% | -1.0% to +0.3% | 0.0% |
| Day +8 | 13 | +0.1% | -1.0% to +0.6% | 54% | -1.0% to +0.6% | 0.0% |
| Day +9 | 13 | -1.1% | -1.7% to +1.3% | 38% | -1.7% to +1.3% | 0.0% |
| Day +10 | 13 | +0.7% | -1.1% to +1.8% | 54% | -1.1% to +1.8% | 0.0% |
Crosses above gamma max 13 completed Day +10 paths · latest May 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -0.2% | -0.3% to +0.2% | 31% | -0.3% to +0.2% | 0.0% |
| Day +2 | 13 | +0.2% | -0.4% to +0.7% | 62% | -0.4% to +0.7% | 0.0% |
| Day +3 | 13 | -0.2% | -1.2% to +0.5% | 38% | -1.2% to +0.5% | 0.0% |
| Day +4 | 13 | +0.5% | -1.4% to +1.4% | 54% | -1.4% to +1.4% | 0.0% |
| Day +5 | 13 | -0.3% | -1.2% to +1.0% | 38% | -1.2% to +1.0% | 0.0% |
| Day +6 | 13 | +0.2% | -2.2% to +1.0% | 54% | -2.2% to +1.0% | 0.0% |
| Day +7 | 13 | -0.2% | -3.0% to +1.9% | 38% | -3.0% to +1.9% | 0.0% |
| Day +8 | 13 | -0.4% | -1.2% to +0.5% | 38% | -1.2% to +0.5% | 0.0% |
| Day +9 | 13 | -0.7% | -1.6% to +0.5% | 46% | -1.6% to +0.5% | 0.0% |
| Day +10 | 13 | -0.7% | -1.8% to +0.4% | 31% | -1.8% to +0.4% | 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 | 3% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 22 |
| Prior-year sessions closer to gamma max | 71.0% of 252 |
| Prior-year sessions closer to delta neutral | 4.4% of 252 |
| Open interest percentile (1y) | 13th |
| Daily open interest change versus prior year | +0.01σ (-5,696 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.2% |
| Open interest change, 21 sessions | -18.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 67.67 vs 67.37 (+0.4%)
- closed below delta neutral at 66.79 vs 67.27 (-0.7%)
- closed above delta neutral at 67.40 vs 67.32 (+0.1%)
- closed below delta neutral at 67.20 vs 67.24 (-0.1%)
- closed above delta neutral at 66.91 vs 66.11 (+1.2%)
- closed below delta neutral at 65.76 vs 65.98 (-0.3%)
- closed above delta neutral at 66.00 vs 64.81 (+1.8%)
- closed below delta neutral at 64.99 vs 65.40 (-0.6%)
- closed above delta neutral at 65.34 vs 65.33 (+0.0%)
- closed below delta neutral at 64.50 vs 65.97 (-2.3%)
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/EEM
Questions people ask about EEM
Where is EEM's gamma max today?
As of Oct 2, 2026, the gamma max for EEM is 73.23, +8.2% from the 67.67 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 EEM above or below its delta neutral price?
EEM closed above delta neutral: 67.67 against a delta neutral price of 67.37. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does EEM have?
4,301,163 contracts of open interest across 1,039 listed contracts on Oct 2, 2026, -0.1% 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.