GAP max pain, gamma exposure (GEX) & options open interest
As of close · rank #457 by open interest · 523 sessions of history since Sep 3, 2024
GAP's nearest-expiration max pain is 23.00 for 2026-10-09, its GEX flip is 18.86, net GEX is 7,661,798, its put/call open-interest ratio is 0.71. 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: 25Δ risk reversal 68.8 pp
GAP closed 7.5% below its gamma max of 24.20. It is 7.9% above the delta neutral price of 20.74. Total open interest is 166,837, -5.3% versus the previous session. Its options catalyst-intensity score is 42.8 out of 100, led by 25Δ risk reversal 68.8 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 | -6,518 contracts · -6.2% |
| Put OI change, 1 session | -2,736 contracts · -3.8% |
| Call minus put OI growth, 1 session | -2.4 pp |
| Call OI change, 5 sessions | -5,182 contracts · -5.0% |
| Put OI change, 5 sessions | +978 contracts · +1.4% |
| Call minus put OI growth, 5 sessions | -6.5 pp |
| Daily call OI change surprise | -0.51σ (252 prior changes) |
| Daily put OI change surprise | -0.34σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.33σ (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 Feb 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -1.6% | -2.2% to +2.0% | 39% | -2.0% to +1.5% | 0.0% |
| Day +2 | 18 | +0.6% | -2.4% to +3.2% | 50% | -2.2% to +2.2% | 0.0% |
| Day +3 | 18 | +0.5% | -2.3% to +4.6% | 61% | -2.3% to +4.2% | 0.0% |
| Day +4 | 18 | +1.2% | -3.1% to +4.7% | 56% | -2.5% to +4.1% | 0.0% |
| Day +5 | 18 | -0.5% | -2.6% to +9.8% | 44% | -1.3% to +9.4% | 0.0% |
| Day +6 | 18 | +3.7% | -2.1% to +8.8% | 67% | -1.5% to +8.5% | 0.0% |
| Day +7 | 18 | +2.7% | -3.2% to +8.3% | 67% | -1.0% to +7.8% | 0.0% |
| Day +8 | 18 | +4.3% | +1.6% to +9.5% | 78% | +1.7% to +9.3% | +1.7% |
| Day +9 | 18 | +2.9% | +0.6% to +9.6% | 78% | +1.4% to +9.6% | +1.4% |
| Day +10 | 18 | +4.1% | -1.8% to +10.5% | 67% | -1.3% to +9.7% | 0.0% |
Crosses above gamma max 19 completed Day +10 paths · latest Feb 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.5% | -1.2% to +1.1% | 32% | -1.1% to +1.0% | 0.0% |
| Day +2 | 19 | -1.2% | -2.5% to +2.9% | 47% | -2.4% to +2.4% | 0.0% |
| Day +3 | 19 | +1.2% | -3.1% to +5.4% | 58% | -2.8% to +4.9% | 0.0% |
| Day +4 | 19 | +0.7% | -4.4% to +4.8% | 63% | -4.3% to +4.0% | 0.0% |
| Day +5 | 19 | +1.0% | -3.1% to +4.8% | 53% | -2.3% to +3.4% | 0.0% |
| Day +6 | 19 | +0.2% | -3.1% to +9.0% | 53% | -1.8% to +7.9% | 0.0% |
| Day +7 | 19 | +1.3% | -1.4% to +10.2% | 58% | -1.0% to +10.1% | 0.0% |
| Day +8 | 19 | +1.7% | -3.6% to +10.2% | 58% | -2.7% to +9.2% | 0.0% |
| Day +9 | 19 | +2.0% | -4.2% to +10.2% | 63% | -4.1% to +8.1% | 0.0% |
| Day +10 | 19 | +5.4% | -2.6% to +10.8% | 63% | -1.7% to +10.5% | 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 | 9% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 24 |
| Prior-year sessions closer to gamma max | 42.1% of 252 |
| Prior-year sessions closer to delta neutral | 64.3% of 252 |
| Open interest percentile (1y) | 56th |
| Daily open interest change versus prior year | -0.50σ (-9,254 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -2.5% |
| Open interest change, 21 sessions | -29.2% |
| History available | Sep 3, 2024 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 20.87 vs 20.33 (+2.6%)
- closed below delta neutral at 20.17 vs 20.40 (-1.1%)
- closed above delta neutral at 21.15 vs 20.59 (+2.7%)
- closed below delta neutral at 20.15 vs 20.25 (-0.5%)
- closed above delta neutral at 20.36 vs 20.25 (+0.5%)
- closed below delta neutral at 20.18 vs 20.30 (-0.6%)
- closed above delta neutral at 20.39 vs 20.32 (+0.4%)
- closed below delta neutral at 20.25 vs 20.28 (-0.2%)
- closed above delta neutral at 20.49 vs 20.38 (+0.5%)
- closed below delta neutral at 20.38 vs 20.39 (-0.0%)
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/GAP
Questions people ask about GAP
Where is GAP's gamma max today?
As of Oct 2, 2026, the gamma max for GAP is 24.20, +7.5% from the 22.51 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 GAP above or below its delta neutral price?
GAP closed above delta neutral: 22.51 against a delta neutral price of 20.74. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does GAP have?
166,837 contracts of open interest across 372 listed contracts on Oct 2, 2026, -5.3% 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.