GLD max pain, gamma exposure (GEX) & options open interest
As of close · rank #15 by open interest · 1,394 sessions of history since Dec 1, 2020
GLD's nearest-expiration max pain is 382.00 for 2026-10-05, its GEX flip is 379.76, net GEX is 6,433,184, its put/call open-interest ratio is 0.53. 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 0.8 pp
GLD closed 17.0% below its gamma max of 444.81. It is 0.6% below the delta neutral price of 382.44. Total open interest is 5,175,179, -2.0% versus the previous session. Its options catalyst-intensity score is 45.5 out of 100, led by front IV premium 0.8 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 | -51,384 contracts · -1.5% |
| Put OI change, 1 session | -52,098 contracts · -2.8% |
| Call minus put OI growth, 1 session | +1.3 pp |
| Call OI change, 5 sessions | -31,295 contracts · -0.9% |
| Put OI change, 5 sessions | -21,211 contracts · -1.2% |
| Call minus put OI growth, 5 sessions | +0.3 pp |
| Daily call OI change surprise | -0.27σ (252 prior changes) |
| Daily put OI change surprise | -0.44σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.29σ (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 Jan 30, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.3% | -0.9% to +1.3% | 61% | -0.5% to +1.0% | 0.0% |
| Day +2 | 18 | +0.3% | -0.4% to +1.5% | 56% | -0.2% to +1.0% | 0.0% |
| Day +3 | 18 | +0.1% | -0.8% to +1.8% | 61% | -0.8% to +1.0% | 0.0% |
| Day +4 | 18 | +0.1% | -1.0% to +2.3% | 50% | -0.7% to +1.5% | 0.0% |
| Day +5 | 18 | -0.2% | -1.5% to +2.4% | 44% | -1.0% to +2.3% | 0.0% |
| Day +6 | 18 | +0.7% | -2.0% to +2.9% | 56% | -1.1% to +2.7% | 0.0% |
| Day +7 | 18 | +0.3% | -1.1% to +3.7% | 56% | -0.7% to +3.5% | 0.0% |
| Day +8 | 18 | +0.9% | -0.6% to +3.1% | 56% | -0.2% to +2.7% | 0.0% |
| Day +9 | 18 | +1.5% | -1.3% to +3.2% | 56% | -1.1% to +3.1% | 0.0% |
| Day +10 | 18 | +2.1% | -0.5% to +3.6% | 67% | -0.5% to +3.5% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest Jan 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.1% | -0.9% to +0.8% | 56% | -0.4% to +0.7% | 0.0% |
| Day +2 | 18 | +0.2% | -1.6% to +1.9% | 56% | -0.9% to +1.0% | 0.0% |
| Day +3 | 18 | +0.4% | -1.0% to +1.6% | 56% | -0.2% to +1.6% | 0.0% |
| Day +4 | 18 | +0.6% | -1.6% to +2.0% | 61% | -1.2% to +1.3% | 0.0% |
| Day +5 | 18 | +0.8% | -0.7% to +3.5% | 61% | -0.4% to +2.6% | 0.0% |
| Day +6 | 18 | -0.0% | -1.3% to +3.0% | 50% | -1.0% to +3.0% | 0.0% |
| Day +7 | 18 | +0.3% | -0.5% to +2.9% | 61% | -0.2% to +2.8% | 0.0% |
| Day +8 | 18 | +0.7% | -0.5% to +2.6% | 61% | -0.5% to +1.8% | 0.0% |
| Day +9 | 18 | +1.1% | -0.9% to +1.8% | 61% | -0.2% to +1.4% | 0.0% |
| Day +10 | 18 | +1.2% | -2.1% to +3.4% | 67% | -0.3% to +2.6% | 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 | 14 |
| Delta neutral crosses | 13 |
| Prior-year sessions closer to gamma max | 84.1% of 252 |
| Prior-year sessions closer to delta neutral | 4.0% of 252 |
| Open interest percentile (1y) | 48th |
| Daily open interest change versus prior year | -0.36σ (-103,482 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.0% |
| Open interest change, 21 sessions | -17.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 377.91 vs 383.21 (-1.4%)
- closed above delta neutral at 374.16 vs 373.63 (+0.1%)
- closed below delta neutral at 371.54 vs 374.38 (-0.8%)
- closed above delta neutral at 377.16 vs 374.42 (+0.7%)
- closed below delta neutral at 371.53 vs 375.72 (-1.1%)
- closed above delta neutral at 379.04 vs 376.81 (+0.6%)
- closed below delta neutral at 388.60 vs 392.06 (-0.9%)
- closed above delta neutral at 396.55 vs 393.12 (+0.9%)
- closed below delta neutral at 396.24 vs 399.15 (-0.7%)
- closed above delta neutral at 414.73 vs 403.94 (+2.6%)
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/GLD
Questions people ask about GLD
Where is GLD's gamma max today?
As of Oct 2, 2026, the gamma max for GLD is 444.81, +17.0% from the 380.14 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 GLD above or below its delta neutral price?
GLD closed below delta neutral: 380.14 against a delta neutral price of 382.44. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does GLD have?
5,175,179 contracts of open interest across 4,709 listed contracts on Oct 2, 2026, -2.0% 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.