EWY max pain, gamma exposure (GEX) & options open interest
As of close · rank #92 by open interest · 1,392 sessions of history since Dec 1, 2020
EWY's nearest-expiration max pain is 182.00 for 2026-10-09, its GEX flip is 180.42, net GEX is 31,371,155, its put/call open-interest ratio is 1.11. 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 0.07
EWY closed 7.5% below its gamma max of 206.21. It is 6.0% above the delta neutral price of 180.40. Total open interest is 1,046,525, -6.4% versus the previous session. Its options catalyst-intensity score is 46.5 out of 100, led by volume/OI 0.07. 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 | -26,074 contracts · -5.0% |
| Put OI change, 1 session | -45,042 contracts · -7.6% |
| Call minus put OI growth, 1 session | +2.6 pp |
| Call OI change, 5 sessions | -11,074 contracts · -2.2% |
| Put OI change, 5 sessions | +26,897 contracts · +5.1% |
| Call minus put OI growth, 5 sessions | -7.3 pp |
| Daily call OI change surprise | -0.98σ (249 prior changes) |
| Daily put OI change surprise | -0.89σ (249 prior changes) |
| Daily call-minus-put growth surprise | +0.33σ (249 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 26 completed Day +10 paths · latest May 11, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | +0.1% | -1.1% to +1.3% | 54% | -0.4% to +0.9% | 0.0% |
| Day +2 | 26 | +0.6% | -0.5% to +2.1% | 62% | -0.1% to +1.7% | 0.0% |
| Day +3 | 26 | +1.0% | -0.6% to +2.2% | 65% | -0.0% to +2.0% | 0.0% |
| Day +4 | 26 | +0.9% | -0.1% to +2.0% | 69% | +0.4% to +1.4% | +0.4% |
| Day +5 | 26 | +0.5% | -0.5% to +2.4% | 62% | -0.2% to +2.2% | 0.0% |
| Day +6 | 26 | +2.0% | +0.1% to +3.6% | 77% | +0.3% to +2.9% | +0.3% |
| Day +7 | 26 | +1.3% | -0.1% to +4.4% | 69% | +0.3% to +2.8% | +0.3% |
| Day +8 | 26 | +1.7% | -0.8% to +4.3% | 65% | -0.5% to +3.7% | 0.0% |
| Day +9 | 26 | +0.9% | -2.0% to +5.3% | 62% | -0.5% to +4.5% | 0.0% |
| Day +10 | 26 | +1.9% | -1.7% to +4.7% | 62% | -1.2% to +3.9% | 0.0% |
Crosses above gamma max 27 completed Day +10 paths · latest May 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.3% | -0.2% to +1.9% | 59% | -0.1% to +1.3% | 0.0% |
| Day +2 | 27 | +1.4% | -0.6% to +1.9% | 67% | -0.1% to +1.7% | 0.0% |
| Day +3 | 27 | +0.7% | -0.8% to +3.6% | 52% | -0.2% to +3.5% | 0.0% |
| Day +4 | 27 | +1.2% | -0.5% to +3.0% | 63% | -0.1% to +2.0% | 0.0% |
| Day +5 | 27 | +1.4% | -0.4% to +3.8% | 70% | +0.3% to +3.4% | +0.3% |
| Day +6 | 27 | +0.3% | -0.7% to +3.0% | 63% | -0.4% to +2.6% | 0.0% |
| Day +7 | 27 | +1.0% | -1.0% to +3.7% | 63% | -0.5% to +3.6% | 0.0% |
| Day +8 | 27 | +2.3% | +0.3% to +4.7% | 78% | +0.6% to +3.8% | +0.6% |
| Day +9 | 27 | +2.7% | +0.9% to +4.3% | 81% | +1.0% to +4.1% | +1.0% |
| Day +10 | 27 | +2.2% | +0.5% to +4.4% | 78% | +1.1% to +4.1% | +1.1% |
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 | 12% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 41.7% of 252 |
| Prior-year sessions closer to delta neutral | 47.6% of 252 |
| Open interest percentile (1y) | 75th |
| Daily open interest change versus prior year | -0.99σ (-71,116 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.5% |
| Open interest change, 21 sessions | -9.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 160.24 vs 158.96 (+0.8%)
- closed below delta neutral at 162.96 vs 171.12 (-5.0%)
- closed above delta neutral at 173.86 vs 173.47 (+0.2%)
- closed below delta neutral at 168.02 vs 179.88 (-7.1%)
- closed above delta neutral at 183.52 vs 182.86 (+0.4%)
- closed below delta neutral at 181.29 vs 187.55 (-3.5%)
- closed above delta neutral at 189.85 vs 189.22 (+0.3%)
- closed below delta neutral at 185.50 vs 189.25 (-2.0%)
- closed above delta neutral at 197.25 vs 192.83 (+2.2%)
- closed below delta neutral at 192.20 vs 192.90 (-0.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/EWY
Questions people ask about EWY
Where is EWY's gamma max today?
As of Oct 2, 2026, the gamma max for EWY is 206.21, +7.5% from the 191.88 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 EWY above or below its delta neutral price?
EWY closed above delta neutral: 191.88 against a delta neutral price of 180.40. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does EWY have?
1,046,525 contracts of open interest across 1,264 listed contracts on Oct 2, 2026, -6.4% 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.