ET max pain, gamma exposure (GEX) & options open interest
As of close · rank #96 by open interest · 1,394 sessions of history since Dec 1, 2020
ET's nearest-expiration max pain is 20.50 for 2026-10-09, its GEX flip is 15.39, net GEX is 153,729,157, its put/call open-interest ratio is 0.19. 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 -0.2 pp · 25Δ risk reversal -18.6 pp
ET closed 4.9% below its gamma max of 21.47. It is 11.9% above the delta neutral price of 18.03. Total open interest is 1,013,844, -0.7% versus the previous session. Its options catalyst-intensity score is 45.4 out of 100, led by front IV premium -0.2 pp, 25Δ risk reversal -18.6 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 | -6,498 contracts · -0.8% |
| Put OI change, 1 session | -914 contracts · -0.6% |
| Call minus put OI growth, 1 session | -0.2 pp |
| Call OI change, 5 sessions | +10,742 contracts · +1.3% |
| Put OI change, 5 sessions | +6,900 contracts · +4.5% |
| Call minus put OI growth, 5 sessions | -3.2 pp |
| Daily call OI change surprise | -0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.08σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.12σ (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 41 completed Day +10 paths · latest Sep 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 41 | -0.3% | -1.5% to +0.5% | 34% | -0.8% to 0.0% | 0.0% |
| Day +2 | 41 | +0.1% | -0.6% to +1.0% | 54% | -0.4% to +0.6% | 0.0% |
| Day +3 | 41 | -0.3% | -1.2% to +1.4% | 44% | -0.6% to +0.4% | 0.0% |
| Day +4 | 41 | -0.1% | -1.8% to +1.1% | 46% | -0.9% to +0.7% | 0.0% |
| Day +5 | 41 | -0.6% | -2.8% to +0.9% | 39% | -1.9% to +0.3% | 0.0% |
| Day +6 | 41 | 0.0% | -2.8% to +1.0% | 49% | -1.6% to +0.6% | 0.0% |
| Day +7 | 41 | -0.5% | -3.0% to +1.0% | 44% | -2.1% to +0.8% | 0.0% |
| Day +8 | 41 | -0.4% | -2.9% to +1.5% | 39% | -1.2% to +0.8% | 0.0% |
| Day +9 | 41 | -0.4% | -1.7% to +1.8% | 44% | -1.1% to +1.1% | 0.0% |
| Day +10 | 41 | +0.3% | -2.7% to +2.0% | 54% | -1.2% to +1.1% | 0.0% |
Crosses above gamma max 41 completed Day +10 paths · latest Aug 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 41 | +0.0% | -0.7% to +0.9% | 51% | -0.4% to +0.6% | 0.0% |
| Day +2 | 41 | -0.1% | -1.0% to +0.9% | 49% | -0.7% to +0.6% | 0.0% |
| Day +3 | 41 | +0.1% | -1.0% to +0.9% | 51% | -0.8% to +0.4% | 0.0% |
| Day +4 | 41 | -0.0% | -1.7% to +1.2% | 46% | -0.9% to +0.7% | 0.0% |
| Day +5 | 41 | -0.3% | -2.7% to +0.9% | 44% | -1.8% to +0.5% | 0.0% |
| Day +6 | 41 | -0.9% | -3.2% to +0.8% | 39% | -2.1% to +0.0% | 0.0% |
| Day +7 | 41 | -0.5% | -3.2% to +0.8% | 37% | -2.6% to +0.2% | 0.0% |
| Day +8 | 41 | -0.5% | -2.5% to +1.7% | 44% | -1.9% to +1.1% | 0.0% |
| Day +9 | 41 | 0.0% | -2.7% to +1.4% | 46% | -1.5% to +0.9% | 0.0% |
| Day +10 | 41 | -0.5% | -2.7% to +1.4% | 46% | -1.5% to +0.8% | 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 | 8% |
| Gamma max crosses | 22 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 62.3% of 252 |
| Prior-year sessions closer to delta neutral | 42.9% of 252 |
| Open interest percentile (1y) | 76th |
| Daily open interest change versus prior year | -0.22σ (-7,412 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.8% |
| Open interest change, 21 sessions | +4.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 21.50 vs 21.72 (-1.0%)
- closed above gamma max at 21.31 vs 21.24 (+0.3%)
- closed below gamma max at 21.38 vs 21.40 (-0.1%)
- closed above gamma max at 21.43 vs 21.35 (+0.4%)
- closed below gamma max at 21.08 vs 21.15 (-0.3%)
- closed above gamma max at 21.42 vs 21.10 (+1.5%)
- closed below gamma max at 20.32 vs 20.49 (-0.8%)
- closed above gamma max at 20.20 vs 20.02 (+0.9%)
- closed below gamma max at 20.07 vs 20.10 (-0.2%)
- closed above gamma max at 20.18 vs 20.12 (+0.3%)
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/ET
Questions people ask about ET
Where is ET's gamma max today?
As of Oct 2, 2026, the gamma max for ET is 21.47, +4.9% from the 20.47 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 ET above or below its delta neutral price?
ET closed above delta neutral: 20.47 against a delta neutral price of 18.03. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ET have?
1,013,844 contracts of open interest across 326 listed contracts on Oct 2, 2026, -0.7% 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.