EFA max pain, gamma exposure (GEX) & options open interest
As of close · rank #79 by open interest · 1,394 sessions of history since Dec 1, 2020
EFA's nearest-expiration max pain is 105.00 for 2026-10-09, net GEX is -252,249,047, its put/call open-interest ratio is 3.09. 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: OI change 0.25σ · front IV premium 0.8 pp
EFA closed 8.4% below its gamma max of 112.66. It is 3.1% below the delta neutral price of 107.17. Total open interest is 1,308,457, +1.8% versus the previous session. Its options catalyst-intensity score is 48.1 out of 100, led by OI change 0.25σ, front IV premium 0.8 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 | -3,408 contracts · -1.1% |
| Put OI change, 1 session | +27,061 contracts · +2.8% |
| Call minus put OI growth, 1 session | -3.9 pp |
| Call OI change, 5 sessions | +8,989 contracts · +2.9% |
| Put OI change, 5 sessions | +73,145 contracts · +8.0% |
| Call minus put OI growth, 5 sessions | -5.1 pp |
| Daily call OI change surprise | -0.06σ (252 prior changes) |
| Daily put OI change surprise | +0.45σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.89σ (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 11 completed Day +10 paths · latest Feb 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | +0.4% | +0.2% to +0.7% | 91% | +0.1% to +0.8% | +0.1% |
| Day +2 | 11 | +0.1% | -0.6% to +0.5% | 64% | -0.9% to +0.6% | 0.0% |
| Day +3 | 11 | +0.2% | -1.1% to +0.6% | 64% | -1.2% to +0.7% | 0.0% |
| Day +4 | 11 | +0.4% | -0.1% to +0.8% | 64% | -0.2% to +0.9% | 0.0% |
| Day +5 | 11 | +0.7% | +0.1% to +1.1% | 73% | -0.0% to +1.2% | 0.0% |
| Day +6 | 11 | +0.6% | +0.0% to +1.1% | 73% | -0.1% to +1.2% | 0.0% |
| Day +7 | 11 | +1.1% | +0.0% to +1.4% | 73% | -0.4% to +1.5% | 0.0% |
| Day +8 | 11 | +1.3% | +0.3% to +1.6% | 73% | -0.3% to +1.6% | 0.0% |
| Day +9 | 11 | +1.5% | +0.3% to +1.8% | 73% | -0.8% to +1.8% | 0.0% |
| Day +10 | 11 | +1.2% | +0.3% to +1.9% | 82% | +0.2% to +2.2% | +0.2% |
Crosses above gamma max 11 completed Day +10 paths · latest Feb 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.4% | -1.0% to +0.1% | 36% | -1.0% to +0.2% | 0.0% |
| Day +2 | 11 | -0.4% | -0.7% to -0.0% | 18% | -0.7% to 0.0% | 0.0% |
| Day +3 | 11 | -0.0% | -0.6% to +0.1% | 36% | -0.7% to +0.1% | 0.0% |
| Day +4 | 11 | -0.1% | -0.7% to +0.2% | 36% | -0.7% to +0.3% | 0.0% |
| Day +5 | 11 | -0.4% | -0.6% to +0.4% | 36% | -0.6% to +0.7% | 0.0% |
| Day +6 | 11 | -0.2% | -0.4% to +0.4% | 45% | -0.5% to +0.5% | 0.0% |
| Day +7 | 11 | +0.1% | -0.1% to +0.6% | 64% | -0.1% to +0.6% | 0.0% |
| Day +8 | 11 | +0.5% | +0.2% to +0.5% | 82% | +0.2% to +0.5% | +0.2% |
| Day +9 | 11 | +0.4% | +0.2% to +0.9% | 82% | +0.1% to +1.1% | +0.1% |
| Day +10 | 11 | +0.5% | +0.2% to +1.7% | 91% | +0.2% to +2.0% | +0.2% |
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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 43 |
| Prior-year sessions closer to gamma max | 88.9% of 252 |
| Prior-year sessions closer to delta neutral | 84.9% of 252 |
| Open interest percentile (1y) | 36th |
| Daily open interest change versus prior year | +0.25σ (23,653 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.7% |
| Open interest change, 21 sessions | +8.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 105.85 vs 106.30 (-0.4%)
- closed above delta neutral at 106.70 vs 106.68 (+0.0%)
- closed below delta neutral at 106.56 vs 106.66 (-0.1%)
- closed above delta neutral at 106.24 vs 104.03 (+2.1%)
- closed below delta neutral at 103.37 vs 103.83 (-0.4%)
- closed above delta neutral at 103.89 vs 103.69 (+0.2%)
- closed below delta neutral at 102.90 vs 103.67 (-0.7%)
- closed above delta neutral at 104.06 vs 103.51 (+0.5%)
- closed below delta neutral at 103.33 vs 103.54 (-0.2%)
- closed above delta neutral at 103.96 vs 103.51 (+0.4%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/EFA
Questions people ask about EFA
Where is EFA's gamma max today?
As of Oct 2, 2026, the gamma max for EFA is 112.66, +8.4% from the 103.96 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 EFA above or below its delta neutral price?
EFA closed below delta neutral: 103.96 against a delta neutral price of 107.17. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does EFA have?
1,308,457 contracts of open interest across 868 listed contracts on Oct 2, 2026, +1.8% 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.