GDXJ max pain, gamma exposure (GEX) & options open interest
As of close · rank #397 by open interest · 1,394 sessions of history since Dec 1, 2020
GDXJ's nearest-expiration max pain is 120.50 for 2026-10-09, its GEX flip is 118.50, net GEX is -1,917,517, its put/call open-interest ratio is 0.68. 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 -40.4 pp · front IV premium 0.9 pp
GDXJ closed 27.8% below its gamma max of 145.28. It is 1.0% above the delta neutral price of 112.54. Total open interest is 207,506, -4.1% versus the previous session. Its options catalyst-intensity score is 56.5 out of 100, led by 25Δ risk reversal -40.4 pp, front IV premium 0.9 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 | -6,675 contracts · -5.1% |
| Put OI change, 1 session | -2,158 contracts · -2.5% |
| Call minus put OI growth, 1 session | -2.6 pp |
| Call OI change, 5 sessions | -880 contracts · -0.7% |
| Put OI change, 5 sessions | +3,539 contracts · +4.4% |
| Call minus put OI growth, 5 sessions | -5.1 pp |
| Daily call OI change surprise | -1.14σ (252 prior changes) |
| Daily put OI change surprise | -0.21σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.62σ (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 15 completed Day +10 paths · latest Aug 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | +1.5% | -0.4% to +2.2% | 73% | -0.9% to +2.3% | 0.0% |
| Day +2 | 15 | -0.4% | -1.0% to +0.8% | 47% | -1.2% to +1.1% | 0.0% |
| Day +3 | 15 | -0.4% | -2.3% to +2.0% | 47% | -2.7% to +2.2% | 0.0% |
| Day +4 | 15 | -0.4% | -3.3% to +1.7% | 47% | -3.6% to +1.9% | 0.0% |
| Day +5 | 15 | -1.6% | -4.0% to +1.5% | 40% | -4.2% to +2.3% | 0.0% |
| Day +6 | 15 | -0.5% | -4.6% to +2.0% | 47% | -5.4% to +2.8% | 0.0% |
| Day +7 | 15 | -0.3% | -1.3% to +1.2% | 40% | -1.6% to +1.6% | 0.0% |
| Day +8 | 15 | +0.1% | -1.4% to +2.6% | 60% | -1.8% to +3.7% | 0.0% |
| Day +9 | 15 | -0.1% | -1.8% to +4.1% | 47% | -1.9% to +4.5% | 0.0% |
| Day +10 | 15 | -0.9% | -1.9% to +2.8% | 40% | -2.1% to +4.5% | 0.0% |
Crosses above gamma max 15 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -0.2% | -0.8% to +0.8% | 47% | -1.0% to +0.9% | 0.0% |
| Day +2 | 15 | +0.6% | -1.1% to +1.5% | 53% | -1.8% to +1.9% | 0.0% |
| Day +3 | 15 | -0.3% | -1.5% to +1.2% | 40% | -1.6% to +2.2% | 0.0% |
| Day +4 | 15 | +0.2% | -1.6% to +1.7% | 60% | -2.4% to +1.7% | 0.0% |
| Day +5 | 15 | +0.3% | -2.5% to +1.3% | 53% | -2.9% to +1.3% | 0.0% |
| Day +6 | 15 | -2.8% | -3.8% to +1.1% | 27% | -4.0% to +2.8% | 0.0% |
| Day +7 | 15 | -2.0% | -2.9% to +2.0% | 40% | -3.0% to +2.3% | 0.0% |
| Day +8 | 15 | -0.8% | -2.9% to +0.0% | 27% | -3.4% to +0.2% | 0.0% |
| Day +9 | 15 | -0.3% | -1.1% to +0.3% | 33% | -1.2% to +0.5% | 0.0% |
| Day +10 | 15 | +0.7% | -2.5% to +3.8% | 53% | -2.7% to +4.9% | 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 | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 92.5% of 252 |
| Prior-year sessions closer to delta neutral | 6.7% of 252 |
| Open interest percentile (1y) | 74th |
| Daily open interest change versus prior year | -0.62σ (-8,833 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.3% |
| Open interest change, 21 sessions | +3.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 133.58 vs 138.38 (-3.6%)
- closed above gamma max at 132.59 vs 132.07 (+0.4%)
- closed below gamma max at 118.60 vs 123.66 (-4.3%)
- closed above gamma max at 118.78 vs 118.56 (+0.2%)
- closed above delta neutral at 101.92 vs 99.73 (+2.1%)
- closed below delta neutral at 96.78 vs 98.78 (-2.1%)
- closed above delta neutral at 99.00 vs 98.72 (+0.3%)
- closed below delta neutral at 97.60 vs 98.31 (-0.7%)
- closed above delta neutral at 100.56 vs 98.46 (+2.1%)
- closed below delta neutral at 98.91 vs 100.38 (-1.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/GDXJ
Questions people ask about GDXJ
Where is GDXJ's gamma max today?
As of Oct 2, 2026, the gamma max for GDXJ is 145.28, +27.8% from the 113.65 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 GDXJ above or below its delta neutral price?
GDXJ closed above delta neutral: 113.65 against a delta neutral price of 112.54. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does GDXJ have?
207,506 contracts of open interest across 1,114 listed contracts on Oct 2, 2026, -4.1% 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.