GDX max pain, gamma exposure (GEX) & options open interest
As of close · rank #48 by open interest · 1,394 sessions of history since Dec 1, 2020
GDX's nearest-expiration max pain is 90.00 for 2026-10-09, its GEX flip is 95.83, net GEX is -67,351,547, its put/call open-interest ratio is 1.56. 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 -0.2 pp · volume/OI 0.07
GDX closed 28.0% below its gamma max of 112.29. It is 4.4% below the delta neutral price of 91.58. Total open interest is 2,212,631, -5.1% versus the previous session. Its options catalyst-intensity score is 49.7 out of 100, led by front IV premium -0.2 pp, 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 | -82,542 contracts · -8.7% |
| Put OI change, 1 session | -35,888 contracts · -2.6% |
| Call minus put OI growth, 1 session | -6.1 pp |
| Call OI change, 5 sessions | +33,800 contracts · +4.1% |
| Put OI change, 5 sessions | +48,365 contracts · +3.7% |
| Call minus put OI growth, 5 sessions | +0.3 pp |
| Daily call OI change surprise | -1.26σ (252 prior changes) |
| Daily put OI change surprise | -0.49σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.47σ (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 25 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | -0.5% | -1.0% to +1.0% | 44% | -0.9% to +0.7% | 0.0% |
| Day +2 | 25 | +0.2% | -1.4% to +1.7% | 60% | -1.0% to +0.7% | 0.0% |
| Day +3 | 25 | -0.5% | -2.6% to +3.1% | 44% | -2.4% to +1.9% | 0.0% |
| Day +4 | 25 | -0.5% | -1.9% to +2.5% | 44% | -1.7% to +2.0% | 0.0% |
| Day +5 | 25 | -0.4% | -3.8% to +2.9% | 40% | -3.2% to +2.5% | 0.0% |
| Day +6 | 25 | -1.2% | -4.1% to +3.9% | 44% | -3.9% to +3.9% | 0.0% |
| Day +7 | 25 | -0.5% | -2.6% to +3.9% | 48% | -2.5% to +3.6% | 0.0% |
| Day +8 | 25 | +0.4% | -3.8% to +3.8% | 60% | -3.4% to +3.4% | 0.0% |
| Day +9 | 25 | +2.1% | -1.7% to +5.9% | 56% | -1.3% to +5.8% | 0.0% |
| Day +10 | 25 | +1.5% | -3.0% to +5.4% | 60% | -2.8% to +5.3% | 0.0% |
Crosses above gamma max 26 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.9% | -1.5% to +0.4% | 31% | -1.4% to 0.0% | 0.0% |
| Day +2 | 26 | -0.8% | -2.1% to +0.9% | 42% | -1.9% to +0.8% | 0.0% |
| Day +3 | 26 | -0.3% | -1.6% to +2.1% | 46% | -1.2% to +1.6% | 0.0% |
| Day +4 | 26 | -0.4% | -3.4% to +3.6% | 46% | -2.1% to +2.3% | 0.0% |
| Day +5 | 26 | -0.7% | -3.3% to +3.1% | 42% | -2.5% to +2.5% | 0.0% |
| Day +6 | 26 | -0.3% | -4.5% to +3.7% | 46% | -3.9% to +2.9% | 0.0% |
| Day +7 | 26 | +0.6% | -3.9% to +4.0% | 50% | -3.4% to +3.1% | 0.0% |
| Day +8 | 26 | -0.4% | -3.3% to +3.6% | 46% | -2.1% to +3.1% | 0.0% |
| Day +9 | 26 | +0.1% | -4.6% to +3.7% | 50% | -3.0% to +2.9% | 0.0% |
| Day +10 | 26 | +0.8% | -3.2% to +5.2% | 58% | -0.6% to +3.5% | 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 | 7% |
| Gamma max crosses | 22 |
| Delta neutral crosses | 23 |
| Prior-year sessions closer to gamma max | 93.7% of 252 |
| Prior-year sessions closer to delta neutral | 34.1% of 252 |
| Open interest percentile (1y) | 59th |
| Daily open interest change versus prior year | -0.90σ (-118,430 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.9% |
| Open interest change, 21 sessions | -17.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 87.89 vs 91.39 (-4.0%)
- closed above delta neutral at 92.87 vs 92.55 (+0.3%)
- closed below delta neutral at 92.35 vs 92.75 (-0.4%)
- closed above delta neutral at 95.92 vs 93.46 (+2.6%)
- closed below delta neutral at 92.80 vs 93.06 (-0.3%)
- closed below gamma max at 102.83 vs 109.39 (-6.4%)
- closed above gamma max at 97.31 vs 95.94 (+1.4%)
- closed above delta neutral at 83.68 vs 80.22 (+4.1%)
- closed below delta neutral at 82.52 vs 86.28 (-4.6%)
- closed above delta neutral at 85.27 vs 83.91 (+1.6%)
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/GDX
Questions people ask about GDX
Where is GDX's gamma max today?
As of Oct 2, 2026, the gamma max for GDX is 112.29, +28.0% from the 87.75 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 GDX above or below its delta neutral price?
GDX closed below delta neutral: 87.75 against a delta neutral price of 91.58. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does GDX have?
2,212,631 contracts of open interest across 1,901 listed contracts on Oct 2, 2026, -5.1% 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.