EWJ max pain, gamma exposure (GEX) & options open interest
As of close · rank #610 by open interest · 1,394 sessions of history since Dec 1, 2020
EWJ's nearest-expiration max pain is 96.00 for 2026-10-09, its GEX flip is 109.65, net GEX is -9,829,650, its put/call open-interest ratio is 2.33. 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 2.4 pp · smile convexity -10.3 pp
EWJ closed 23.6% below its gamma max of 122.25. It is 1.1% below the delta neutral price of 100.03. Total open interest is 106,444, -3.4% versus the previous session. Its options catalyst-intensity score is 45.7 out of 100, led by front IV premium 2.4 pp, smile convexity -10.3 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 | -180 contracts · -0.6% |
| Put OI change, 1 session | -3,597 contracts · -4.6% |
| Call minus put OI growth, 1 session | +4.0 pp |
| Call OI change, 5 sessions | +2,483 contracts · +8.4% |
| Put OI change, 5 sessions | -1,087 contracts · -1.4% |
| Call minus put OI growth, 5 sessions | +9.9 pp |
| Daily call OI change surprise | -0.02σ (252 prior changes) |
| Daily put OI change surprise | -0.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.25σ (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 20 completed Day +10 paths · latest Feb 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.4% | -0.3% to +0.6% | 65% | -0.2% to +0.6% | 0.0% |
| Day +2 | 20 | +0.4% | -0.6% to +1.1% | 55% | -0.5% to +1.1% | 0.0% |
| Day +3 | 20 | +0.4% | -0.8% to +1.3% | 65% | -0.7% to +1.2% | 0.0% |
| Day +4 | 20 | -0.1% | -0.9% to +1.1% | 45% | -0.9% to +1.1% | 0.0% |
| Day +5 | 20 | +0.1% | -1.2% to +1.2% | 50% | -1.2% to +1.1% | 0.0% |
| Day +6 | 20 | +0.5% | -1.9% to +1.6% | 55% | -1.8% to +1.5% | 0.0% |
| Day +7 | 20 | -0.5% | -1.9% to +1.6% | 45% | -1.9% to +1.5% | 0.0% |
| Day +8 | 20 | -0.0% | -1.0% to +1.2% | 50% | -0.8% to +0.9% | 0.0% |
| Day +9 | 20 | +0.2% | -1.4% to +1.7% | 55% | -1.2% to +1.6% | 0.0% |
| Day +10 | 20 | +0.8% | -1.3% to +1.3% | 65% | -1.2% to +1.3% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest Feb 9, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.1% | -0.5% to +0.6% | 60% | -0.5% to +0.6% | 0.0% |
| Day +2 | 20 | +0.3% | -0.2% to +0.9% | 60% | -0.2% to +0.7% | 0.0% |
| Day +3 | 20 | +0.2% | -0.6% to +1.1% | 55% | -0.6% to +1.1% | 0.0% |
| Day +4 | 20 | +0.2% | -0.3% to +1.0% | 65% | -0.2% to +1.0% | 0.0% |
| Day +5 | 20 | +0.2% | -0.4% to +0.8% | 55% | -0.3% to +0.7% | 0.0% |
| Day +6 | 20 | +0.4% | -0.6% to +1.0% | 60% | -0.6% to +1.0% | 0.0% |
| Day +7 | 20 | +0.1% | -0.5% to +1.2% | 50% | -0.5% to +1.1% | 0.0% |
| Day +8 | 20 | +0.4% | -1.2% to +1.2% | 55% | -1.1% to +1.0% | 0.0% |
| Day +9 | 20 | -0.1% | -1.0% to +2.1% | 45% | -1.0% to +2.0% | 0.0% |
| Day +10 | 20 | +0.2% | -1.4% to +1.4% | 55% | -1.4% to +1.2% | 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 | 5% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 29 |
| Prior-year sessions closer to gamma max | 97.2% of 252 |
| Prior-year sessions closer to delta neutral | 31.3% of 252 |
| Open interest percentile (1y) | 31th |
| Daily open interest change versus prior year | -0.23σ (-3,777 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.3% |
| Open interest change, 21 sessions | -14.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 97.58 vs 97.67 (-0.1%)
- closed above delta neutral at 98.56 vs 97.61 (+1.0%)
- closed below delta neutral at 97.00 vs 97.20 (-0.2%)
- closed above delta neutral at 97.90 vs 96.71 (+1.2%)
- closed below delta neutral at 94.78 vs 95.07 (-0.3%)
- closed above delta neutral at 94.61 vs 94.36 (+0.3%)
- closed below delta neutral at 90.49 vs 91.68 (-1.3%)
- closed above delta neutral at 92.71 vs 91.91 (+0.9%)
- closed below delta neutral at 90.72 vs 91.10 (-0.4%)
- closed below gamma max at 91.03 vs 102.29 (-12.4%)
In today's screens
Neighbours by open interest
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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/EWJ
Questions people ask about EWJ
Where is EWJ's gamma max today?
As of Oct 2, 2026, the gamma max for EWJ is 122.25, +23.6% from the 98.92 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 EWJ above or below its delta neutral price?
EWJ closed below delta neutral: 98.92 against a delta neutral price of 100.03. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does EWJ have?
106,444 contracts of open interest across 423 listed contracts on Oct 2, 2026, -3.4% 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.