ETSY max pain, gamma exposure (GEX) & options open interest
As of close · rank #464 by open interest · 1,394 sessions of history since Dec 1, 2020
ETSY's nearest-expiration max pain is 71.00 for 2026-10-09, its GEX flip is 49.47, net GEX is 6,784,998, its put/call open-interest ratio is 0.37. 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: smile convexity 20.1 pp · IV rank 92
ETSY closed 17.5% below its gamma max of 85.48. It is 12.5% above the delta neutral price of 63.66. Total open interest is 164,222, -2.9% versus the previous session. Its options catalyst-intensity score is 45.9 out of 100, led by smile convexity 20.1 pp, IV rank 92. 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 | -4,158 contracts · -3.4% |
| Put OI change, 1 session | -709 contracts · -1.6% |
| Call minus put OI growth, 1 session | -1.8 pp |
| Call OI change, 5 sessions | +1,184 contracts · +1.0% |
| Put OI change, 5 sessions | +1,816 contracts · +4.3% |
| Call minus put OI growth, 5 sessions | -3.3 pp |
| Daily call OI change surprise | -0.41σ (252 prior changes) |
| Daily put OI change surprise | -0.04σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.39σ (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 18 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.4% | -2.3% to +1.5% | 50% | -2.0% to +1.3% | 0.0% |
| Day +2 | 18 | -1.1% | -3.3% to +2.4% | 39% | -2.5% to +1.3% | 0.0% |
| Day +3 | 18 | -2.3% | -3.8% to +2.4% | 33% | -3.5% to +0.6% | 0.0% |
| Day +4 | 18 | -2.7% | -4.9% to +1.8% | 33% | -4.1% to +1.5% | 0.0% |
| Day +5 | 18 | -3.9% | -8.8% to +2.6% | 39% | -8.4% to +2.4% | 0.0% |
| Day +6 | 18 | -4.3% | -8.4% to +4.7% | 39% | -8.1% to +3.2% | 0.0% |
| Day +7 | 18 | -3.9% | -7.9% to +1.7% | 44% | -7.7% to +1.1% | 0.0% |
| Day +8 | 18 | -4.0% | -7.2% to +3.4% | 33% | -7.1% to +3.0% | 0.0% |
| Day +9 | 18 | -3.4% | -9.2% to +3.0% | 33% | -7.4% to +2.5% | 0.0% |
| Day +10 | 18 | -2.5% | -7.7% to +0.7% | 28% | -7.6% to -0.4% | -0.4% |
Crosses above gamma max 19 completed Day +10 paths · latest Jul 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.5% | -2.5% to +1.5% | 37% | -2.5% to +0.9% | 0.0% |
| Day +2 | 19 | +0.8% | -3.1% to +3.9% | 53% | -2.6% to +3.7% | 0.0% |
| Day +3 | 19 | -1.1% | -2.9% to +2.8% | 42% | -2.4% to +1.7% | 0.0% |
| Day +4 | 19 | -0.4% | -3.2% to +2.2% | 47% | -2.8% to +2.2% | 0.0% |
| Day +5 | 19 | -0.4% | -6.0% to +3.1% | 37% | -5.8% to +2.4% | 0.0% |
| Day +6 | 19 | -0.2% | -5.2% to +3.6% | 47% | -4.7% to +3.6% | 0.0% |
| Day +7 | 19 | +1.8% | -5.8% to +4.0% | 53% | -5.6% to +3.9% | 0.0% |
| Day +8 | 19 | -1.7% | -6.6% to +3.6% | 47% | -3.5% to +2.4% | 0.0% |
| Day +9 | 19 | -0.4% | -5.8% to +5.2% | 42% | -4.0% to +2.7% | 0.0% |
| Day +10 | 19 | -0.7% | -5.5% to +3.8% | 37% | -5.3% to +2.9% | 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 | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 65.1% of 252 |
| Prior-year sessions closer to delta neutral | 69.4% of 252 |
| Open interest percentile (1y) | 31th |
| Daily open interest change versus prior year | -0.25σ (-4,867 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.9% |
| Open interest change, 21 sessions | -22.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 83.48 vs 84.39 (-1.1%)
- closed above gamma max at 85.74 vs 84.10 (+1.9%)
- closed below gamma max at 73.95 vs 78.29 (-5.9%)
- closed above gamma max at 73.34 vs 73.10 (+0.3%)
- closed above delta neutral at 53.14 vs 52.56 (+1.1%)
- closed below delta neutral at 52.02 vs 52.20 (-0.3%)
- closed above delta neutral at 52.18 vs 50.86 (+2.5%)
- closed below delta neutral at 47.46 vs 51.71 (-8.9%)
- closed above delta neutral at 54.46 vs 53.53 (+1.7%)
- closed below delta neutral at 53.09 vs 53.86 (-1.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ETSY
Questions people ask about ETSY
Where is ETSY's gamma max today?
As of Oct 2, 2026, the gamma max for ETSY is 85.48, +17.5% from the 72.77 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 ETSY above or below its delta neutral price?
ETSY closed above delta neutral: 72.77 against a delta neutral price of 63.66. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ETSY have?
164,222 contracts of open interest across 535 listed contracts on Oct 2, 2026, -2.9% 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.