GS max pain, gamma exposure (GEX) & options open interest
As of close · rank #226 by open interest · 1,394 sessions of history since Dec 1, 2020
GS's nearest-expiration max pain is 915.00 for 2026-10-09, its GEX flip is 910.43, net GEX is -1,761,789, its put/call open-interest ratio is 0.80. 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: smile convexity 13.3 pp · IV rank 89
GS closed 20.6% below its gamma max of 1,088.35. It is 0.9% above the delta neutral price of 894.18. Total open interest is 445,659, -3.7% versus the previous session. Its options catalyst-intensity score is 45.9 out of 100, led by smile convexity 13.3 pp, IV rank 89. 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 | -7,167 contracts · -2.8% |
| Put OI change, 1 session | -9,903 contracts · -4.8% |
| Call minus put OI growth, 1 session | +2.0 pp |
| Call OI change, 5 sessions | +10,005 contracts · +4.2% |
| Put OI change, 5 sessions | +3,111 contracts · +1.6% |
| Call minus put OI growth, 5 sessions | +2.6 pp |
| Daily call OI change surprise | -0.75σ (252 prior changes) |
| Daily put OI change surprise | -0.94σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.87σ (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 Dec 12, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.2% | -0.8% to +1.5% | 56% | -0.7% to +1.2% | 0.0% |
| Day +2 | 18 | +0.5% | -0.7% to +2.0% | 56% | -0.6% to +1.1% | 0.0% |
| Day +3 | 18 | +1.4% | -1.7% to +2.6% | 56% | -1.3% to +2.5% | 0.0% |
| Day +4 | 18 | +1.5% | -1.2% to +2.6% | 67% | -0.8% to +2.4% | 0.0% |
| Day +5 | 18 | +0.5% | -0.4% to +2.6% | 72% | +0.0% to +1.6% | +0.0% |
| Day +6 | 18 | +0.6% | -1.1% to +2.2% | 61% | -1.1% to +2.0% | 0.0% |
| Day +7 | 18 | +1.0% | -2.5% to +3.0% | 67% | -1.5% to +2.0% | 0.0% |
| Day +8 | 18 | +1.2% | -2.2% to +2.6% | 56% | -1.5% to +2.6% | 0.0% |
| Day +9 | 18 | +0.8% | -1.1% to +4.0% | 56% | -0.7% to +3.0% | 0.0% |
| Day +10 | 18 | +1.5% | -0.2% to +5.3% | 67% | -0.1% to +4.4% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest Dec 11, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.2% | -1.6% to +0.7% | 39% | -1.3% to +0.5% | 0.0% |
| Day +2 | 18 | -0.3% | -1.1% to +1.7% | 39% | -0.9% to +1.6% | 0.0% |
| Day +3 | 18 | -0.3% | -1.0% to +1.0% | 44% | -0.9% to +0.9% | 0.0% |
| Day +4 | 18 | +0.2% | -1.5% to +2.1% | 61% | -1.4% to +1.6% | 0.0% |
| Day +5 | 18 | +0.5% | -1.9% to +2.7% | 56% | -1.5% to +2.0% | 0.0% |
| Day +6 | 18 | +0.3% | -1.8% to +3.3% | 50% | -1.3% to +2.7% | 0.0% |
| Day +7 | 18 | +0.3% | -1.2% to +4.0% | 50% | -1.0% to +2.6% | 0.0% |
| Day +8 | 18 | +0.7% | -1.3% to +3.1% | 61% | -1.0% to +3.0% | 0.0% |
| Day +9 | 18 | +0.2% | -2.0% to +4.3% | 50% | -1.8% to +3.2% | 0.0% |
| Day +10 | 18 | +0.7% | -1.6% to +4.4% | 56% | -1.4% to +3.4% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 97.2% of 252 |
| Prior-year sessions closer to delta neutral | 4.4% of 252 |
| Open interest percentile (1y) | 84th |
| Daily open interest change versus prior year | -0.87σ (-17,070 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.0% |
| Open interest change, 21 sessions | -4.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 902.56 vs 894.18 (+0.9%)
- closed below delta neutral at 900.36 vs 901.97 (-0.2%)
- closed above delta neutral at 807.60 vs 806.83 (+0.1%)
- closed below delta neutral at 802.89 vs 807.15 (-0.5%)
- closed above delta neutral at 813.53 vs 808.25 (+0.6%)
- closed below delta neutral at 823.76 vs 830.54 (-0.8%)
- closed above delta neutral at 833.81 vs 831.89 (+0.2%)
- closed below delta neutral at 835.46 vs 842.56 (-0.8%)
- closed below gamma max at 887.96 vs 920.91 (-3.7%)
- closed above gamma max at 911.03 vs 905.34 (+0.6%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/GS
Questions people ask about GS
Where is GS's gamma max today?
As of Oct 2, 2026, the gamma max for GS is 1,088.35, +20.6% from the 902.56 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 GS above or below its delta neutral price?
GS closed above delta neutral: 902.56 against a delta neutral price of 894.18. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does GS have?
445,659 contracts of open interest across 4,420 listed contracts on Oct 2, 2026, -3.7% 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.