ETHA max pain, gamma exposure (GEX) & options open interest
As of close · rank #54 by open interest · 371 sessions of history since Apr 14, 2025
ETHA's nearest-expiration max pain is 20.00 for 2026-10-09, its GEX flip is 16.69, net GEX is 79,153,645, its put/call open-interest ratio is 0.58. 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: volume/OI 0.14
ETHA closed 8.0% below its gamma max of 21.73. It is 11.5% above the delta neutral price of 17.79. Total open interest is 2,012,406, -6.3% versus the previous session. Its options catalyst-intensity score is 36.2 out of 100, led by volume/OI 0.14. 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 | -39,826 contracts · -3.0% |
| Put OI change, 1 session | -95,771 contracts · -11.5% |
| Call minus put OI growth, 1 session | +8.4 pp |
| Call OI change, 5 sessions | +26,591 contracts · +2.1% |
| Put OI change, 5 sessions | -10,666 contracts · -1.4% |
| Call minus put OI growth, 5 sessions | +3.6 pp |
| Daily call OI change surprise | -0.48σ (252 prior changes) |
| Daily put OI change surprise | -1.50σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.16σ (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 9 completed Day +10 paths · latest Aug 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.3% | -1.2% to +1.3% | 56% | -2.3% to +3.0% | 0.0% |
| Day +2 | 9 | +1.5% | -3.2% to +3.3% | 67% | -5.6% to +4.5% | 0.0% |
| Day +3 | 9 | -0.7% | -1.2% to +4.4% | 44% | -5.4% to +7.6% | 0.0% |
| Day +4 | 9 | +0.6% | -3.7% to +3.5% | 56% | -5.1% to +9.5% | 0.0% |
| Day +5 | 9 | +0.9% | -3.5% to +10.4% | 56% | -8.3% to +17.0% | 0.0% |
| Day +6 | 9 | +1.2% | -3.0% to +5.8% | 67% | -11.1% to +16.7% | 0.0% |
| Day +7 | 9 | +2.3% | -3.5% to +5.0% | 67% | -13.7% to +18.3% | 0.0% |
| Day +8 | 9 | -0.4% | -4.7% to +4.3% | 44% | -13.4% to +24.7% | 0.0% |
| Day +9 | 9 | +0.6% | -3.0% to +4.4% | 56% | -11.1% to +21.2% | 0.0% |
| Day +10 | 9 | -1.0% | -3.0% to +1.2% | 33% | -10.7% to +26.5% | 0.0% |
Crosses above gamma max 9 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +1.4% | -1.3% to +2.5% | 67% | -5.3% to +4.7% | 0.0% |
| Day +2 | 9 | -0.2% | -3.0% to +8.8% | 44% | -4.5% to +11.2% | 0.0% |
| Day +3 | 9 | +0.2% | -5.5% to +10.5% | 56% | -8.3% to +16.6% | 0.0% |
| Day +4 | 9 | +6.2% | -4.1% to +9.9% | 67% | -8.3% to +11.6% | 0.0% |
| Day +5 | 9 | +6.0% | -8.9% to +8.1% | 67% | -10.1% to +17.4% | 0.0% |
| Day +6 | 9 | +7.1% | -10.2% to +15.5% | 67% | -11.7% to +18.8% | 0.0% |
| Day +7 | 9 | +1.7% | -7.4% to +15.2% | 56% | -13.1% to +15.7% | 0.0% |
| Day +8 | 9 | +6.9% | -11.7% to +16.7% | 56% | -16.7% to +17.9% | 0.0% |
| Day +9 | 9 | +3.9% | -10.4% to +14.8% | 67% | -12.2% to +29.8% | 0.0% |
| Day +10 | 9 | +11.1% | -11.3% to +18.8% | 67% | -12.5% to +29.6% | 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 | 28 |
| Prior-year sessions closer to gamma max | 40.1% of 252 |
| Prior-year sessions closer to delta neutral | 75.4% of 252 |
| Open interest percentile (1y) | 67th |
| Daily open interest change versus prior year | -0.95σ (-135,597 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.8% |
| Open interest change, 21 sessions | -13.5% |
| History available | Apr 14, 2025 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 18.60 vs 19.10 (-2.7%)
- closed above gamma max at 15.88 vs 15.72 (+1.0%)
- closed above delta neutral at 14.44 vs 14.31 (+0.9%)
- closed below delta neutral at 14.14 vs 14.32 (-1.2%)
- closed above delta neutral at 14.48 vs 14.36 (+0.9%)
- closed below delta neutral at 14.07 vs 14.12 (-0.4%)
- closed below gamma max at 13.91 vs 14.79 (-6.4%)
- closed above gamma max at 14.16 vs 14.12 (+0.3%)
- closed above delta neutral at 13.55 vs 13.05 (+3.7%)
- closed below delta neutral at 16.76 vs 16.93 (-1.0%)
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/ETHA
Questions people ask about ETHA
Where is ETHA's gamma max today?
As of Oct 2, 2026, the gamma max for ETHA is 21.73, +8.0% from the 20.11 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 ETHA above or below its delta neutral price?
ETHA closed above delta neutral: 20.11 against a delta neutral price of 17.79. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ETHA have?
2,012,406 contracts of open interest across 845 listed contracts on Oct 2, 2026, -6.3% 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.