HBAN max pain, gamma exposure (GEX) & options open interest
As of close · rank #526 by open interest · 1,394 sessions of history since Dec 1, 2020
HBAN's nearest-expiration max pain is 16.00 for 2026-10-16, its GEX flip is 13.34, net GEX is 1,980,478, its put/call open-interest ratio is 0.72. 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 250.3 pp · OI change 2.68σ · front IV premium 2.7 pp
HBAN closed 23.7% below its gamma max of 18.97. It is 1.9% below the delta neutral price of 15.61. Total open interest is 134,495, +13.5% versus the previous session. Its options catalyst-intensity score is 63.3 out of 100, led by 25Δ risk reversal 250.3 pp, OI change 2.68σ, front IV premium 2.7 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 | +15,519 contracts · +24.8% |
| Put OI change, 1 session | +487 contracts · +0.9% |
| Call minus put OI growth, 1 session | +23.9 pp |
| Call OI change, 5 sessions | +16,386 contracts · +26.5% |
| Put OI change, 5 sessions | +3,325 contracts · +6.3% |
| Call minus put OI growth, 5 sessions | +20.2 pp |
| Daily call OI change surprise | +3.82σ (252 prior changes) |
| Daily put OI change surprise | +0.16σ (252 prior changes) |
| Daily call-minus-put growth surprise | +4.67σ (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 49 completed Day +10 paths · latest Jul 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 49 | -0.1% | -0.9% to +1.0% | 47% | -0.6% to +0.7% | 0.0% |
| Day +2 | 49 | -0.3% | -1.6% to +1.5% | 47% | -0.9% to +0.5% | 0.0% |
| Day +3 | 49 | -0.5% | -2.1% to +1.8% | 45% | -1.5% to +0.1% | 0.0% |
| Day +4 | 49 | -0.7% | -2.2% to +2.0% | 39% | -1.5% to +0.1% | 0.0% |
| Day +5 | 49 | -0.1% | -3.0% to +2.1% | 49% | -1.5% to +0.6% | 0.0% |
| Day +6 | 49 | -0.3% | -2.9% to +2.3% | 45% | -2.1% to +0.9% | 0.0% |
| Day +7 | 49 | -0.2% | -3.0% to +2.7% | 45% | -1.5% to +1.8% | 0.0% |
| Day +8 | 49 | -0.6% | -3.2% to +2.1% | 37% | -1.6% to 0.0% | 0.0% |
| Day +9 | 49 | -1.2% | -4.1% to +3.3% | 45% | -3.0% to +1.2% | 0.0% |
| Day +10 | 49 | -0.5% | -3.9% to +2.4% | 45% | -1.7% to +0.8% | 0.0% |
Crosses above gamma max 51 completed Day +10 paths · latest Jul 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 51 | 0.0% | -1.0% to +1.2% | 49% | -0.2% to +0.5% | 0.0% |
| Day +2 | 51 | 0.0% | -1.0% to +1.4% | 43% | -0.6% to +0.6% | 0.0% |
| Day +3 | 51 | -0.1% | -1.3% to +1.1% | 47% | -0.6% to +0.6% | 0.0% |
| Day +4 | 51 | -0.3% | -2.2% to +1.7% | 45% | -1.0% to +0.4% | 0.0% |
| Day +5 | 51 | -0.9% | -3.0% to +2.4% | 47% | -1.6% to +0.8% | 0.0% |
| Day +6 | 51 | +0.3% | -3.6% to +2.5% | 53% | -1.4% to +0.9% | 0.0% |
| Day +7 | 51 | +0.5% | -3.8% to +2.5% | 57% | -1.8% to +1.1% | 0.0% |
| Day +8 | 51 | -0.3% | -3.5% to +2.8% | 49% | -0.8% to +1.1% | 0.0% |
| Day +9 | 51 | -0.7% | -4.2% to +1.7% | 47% | -1.7% to +0.7% | 0.0% |
| Day +10 | 51 | -0.3% | -4.9% to +2.5% | 49% | -2.2% to +1.2% | 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 | 11 |
| Prior-year sessions closer to gamma max | 98.4% of 252 |
| Prior-year sessions closer to delta neutral | 18.3% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | +2.68σ (16,006 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +17.2% |
| Open interest change, 21 sessions | +17.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 17.03 vs 17.14 (-0.6%)
- closed below gamma max at 18.56 vs 18.93 (-2.0%)
- closed above gamma max at 18.12 vs 18.05 (+0.4%)
- closed below gamma max at 17.46 vs 18.32 (-4.9%)
- closed above gamma max at 18.01 vs 17.94 (+0.4%)
- closed below gamma max at 16.85 vs 17.12 (-1.6%)
- closed above gamma max at 17.21 vs 17.19 (+0.1%)
- closed above delta neutral at 15.82 vs 15.55 (+1.7%)
- closed below delta neutral at 15.45 vs 15.73 (-1.8%)
- closed above delta neutral at 15.55 vs 15.53 (+0.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/HBAN
Questions people ask about HBAN
Where is HBAN's gamma max today?
As of Oct 2, 2026, the gamma max for HBAN is 18.97, +23.7% from the 15.33 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 HBAN above or below its delta neutral price?
HBAN closed below delta neutral: 15.33 against a delta neutral price of 15.61. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HBAN have?
134,495 contracts of open interest across 141 listed contracts on Oct 2, 2026, +13.5% 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.