EWZ max pain, gamma exposure (GEX) & options open interest
As of close · rank #9 by open interest · 1,394 sessions of history since Dec 1, 2020
EWZ's nearest-expiration max pain is 36.50 for 2026-10-09, its GEX flip is 30.31, net GEX is 1,008,234,977, its put/call open-interest ratio is 0.29. 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 25.7 pp · volume/OI 0.14 · 7d expected move +10.7%
EWZ closed 8.9% below its gamma max of 41.58. It is 12.8% above the delta neutral price of 33.31. Total open interest is 9,122,883, -2.3% versus the previous session. Its options catalyst-intensity score is 65.8 out of 100, led by front IV premium 25.7 pp, volume/OI 0.14, 7d expected move +10.7%. 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 | -19,590 contracts · -0.3% |
| Put OI change, 1 session | -194,364 contracts · -8.7% |
| Call minus put OI growth, 1 session | +8.5 pp |
| Call OI change, 5 sessions | +608,659 contracts · +9.4% |
| Put OI change, 5 sessions | +70,555 contracts · +3.6% |
| Call minus put OI growth, 5 sessions | +5.8 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | -2.39σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.95σ (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 14 completed Day +10 paths · latest Apr 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | -1.0% | -1.6% to -0.1% | 29% | -1.7% to +0.0% | 0.0% |
| Day +2 | 14 | -1.6% | -1.9% to -0.5% | 21% | -1.9% to -0.5% | -0.5% |
| Day +3 | 14 | -0.8% | -1.5% to -0.1% | 21% | -1.5% to -0.1% | -0.1% |
| Day +4 | 14 | -0.5% | -1.9% to +0.7% | 36% | -2.0% to +0.8% | 0.0% |
| Day +5 | 14 | -1.9% | -2.3% to +1.9% | 36% | -2.4% to +2.3% | 0.0% |
| Day +6 | 14 | -1.3% | -2.6% to +1.6% | 36% | -2.7% to +1.9% | 0.0% |
| Day +7 | 14 | -1.7% | -3.0% to +0.9% | 43% | -3.0% to +0.9% | 0.0% |
| Day +8 | 14 | -1.4% | -3.4% to +1.3% | 36% | -3.8% to +1.6% | 0.0% |
| Day +9 | 14 | -1.6% | -3.6% to +2.4% | 36% | -3.8% to +2.7% | 0.0% |
| Day +10 | 14 | -1.3% | -2.6% to +0.9% | 43% | -2.7% to +1.0% | 0.0% |
Crosses above gamma max 14 completed Day +10 paths · latest Apr 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | -0.5% | -1.1% to +1.3% | 43% | -1.2% to +1.5% | 0.0% |
| Day +2 | 14 | -1.3% | -2.6% to +0.9% | 29% | -2.8% to +1.3% | 0.0% |
| Day +3 | 14 | -1.5% | -3.5% to +2.1% | 36% | -3.6% to +2.3% | 0.0% |
| Day +4 | 14 | -1.1% | -3.1% to +1.3% | 36% | -3.2% to +1.6% | 0.0% |
| Day +5 | 14 | -1.2% | -3.1% to +1.4% | 36% | -3.3% to +1.7% | 0.0% |
| Day +6 | 14 | -2.5% | -3.3% to +2.1% | 43% | -3.5% to +2.6% | 0.0% |
| Day +7 | 14 | -1.9% | -3.8% to +1.2% | 36% | -4.0% to +1.4% | 0.0% |
| Day +8 | 14 | -1.5% | -4.2% to +1.4% | 36% | -4.3% to +1.5% | 0.0% |
| Day +9 | 14 | -1.7% | -4.7% to +1.2% | 43% | -4.7% to +1.3% | 0.0% |
| Day +10 | 14 | -2.2% | -4.8% to +1.6% | 36% | -4.9% to +1.7% | 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 | 4% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 63.1% of 252 |
| Prior-year sessions closer to delta neutral | 67.9% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -1.00σ (-213,954 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +8.0% |
| Open interest change, 21 sessions | +42.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 41.46 vs 41.51 (-0.1%)
- closed above gamma max at 41.75 vs 41.51 (+0.6%)
- closed below gamma max at 39.10 vs 39.66 (-1.4%)
- closed above gamma max at 39.59 vs 39.58 (+0.0%)
- closed below gamma max at 38.49 vs 38.96 (-1.2%)
- closed above gamma max at 39.15 vs 38.95 (+0.5%)
- closed below gamma max at 38.12 vs 38.47 (-0.9%)
- closed above gamma max at 35.95 vs 35.88 (+0.2%)
- closed below gamma max at 32.53 vs 34.72 (-6.7%)
- closed above gamma max at 34.72 vs 34.64 (+0.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/EWZ
Questions people ask about EWZ
Where is EWZ's gamma max today?
As of Oct 2, 2026, the gamma max for EWZ is 41.58, +8.9% from the 38.19 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 EWZ above or below its delta neutral price?
EWZ closed above delta neutral: 38.19 against a delta neutral price of 33.31. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does EWZ have?
9,122,883 contracts of open interest across 859 listed contracts on Oct 2, 2026, -2.3% 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.