HE max pain, gamma exposure (GEX) & options open interest
As of close · rank #590 by open interest · 1,394 sessions of history since Dec 1, 2020
HE's nearest-expiration max pain is 10.00 for 2026-10-16, its GEX flip is 11.12, net GEX is -2,706,967, its put/call open-interest ratio is 0.31. 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 -234.3 pp · IV rank 100 · OI change 0.02σ
HE closed 76.9% below its gamma max of 15.74. It is 14.2% below the delta neutral price of 10.17. Total open interest is 115,168, +0.1% versus the previous session. Its options catalyst-intensity score is 66.5 out of 100, led by 25Δ risk reversal -234.3 pp, IV rank 100, OI change 0.02σ. 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 | +199 contracts · +0.2% |
| Put OI change, 1 session | -64 contracts · -0.2% |
| Call minus put OI growth, 1 session | +0.5 pp |
| Call OI change, 5 sessions | +2,178 contracts · +2.5% |
| Put OI change, 5 sessions | -66 contracts · -0.2% |
| Call minus put OI growth, 5 sessions | +2.8 pp |
| Daily call OI change surprise | +0.06σ (252 prior changes) |
| Daily put OI change surprise | -0.03σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.12σ (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 12 completed Day +10 paths · latest Apr 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +1.2% | -0.1% to +3.6% | 67% | -0.4% to +4.5% | 0.0% |
| Day +2 | 12 | +0.6% | -1.0% to +2.5% | 67% | -1.1% to +5.7% | 0.0% |
| Day +3 | 12 | -0.7% | -1.5% to +2.5% | 42% | -2.1% to +4.6% | 0.0% |
| Day +4 | 12 | -1.2% | -2.4% to +1.8% | 42% | -2.6% to +2.3% | 0.0% |
| Day +5 | 12 | -2.2% | -3.2% to +2.9% | 42% | -3.3% to +4.1% | 0.0% |
| Day +6 | 12 | -0.2% | -2.0% to +3.7% | 50% | -2.3% to +6.5% | 0.0% |
| Day +7 | 12 | +0.7% | -1.6% to +5.3% | 58% | -3.5% to +6.1% | 0.0% |
| Day +8 | 12 | -0.5% | -2.8% to +4.6% | 42% | -3.4% to +5.4% | 0.0% |
| Day +9 | 12 | -0.9% | -3.0% to +2.3% | 33% | -3.3% to +3.8% | 0.0% |
| Day +10 | 12 | -1.4% | -3.3% to +3.3% | 42% | -3.3% to +6.9% | 0.0% |
Crosses above gamma max 15 completed Day +10 paths · latest Apr 10, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | +0.5% | -2.5% to +1.8% | 67% | -2.5% to +2.1% | 0.0% |
| Day +2 | 15 | +0.1% | -1.5% to +1.8% | 53% | -2.2% to +1.9% | 0.0% |
| Day +3 | 15 | +0.7% | -1.2% to +2.4% | 53% | -1.5% to +2.7% | 0.0% |
| Day +4 | 15 | +0.4% | -2.0% to +3.8% | 53% | -2.1% to +4.6% | 0.0% |
| Day +5 | 15 | +0.6% | -2.3% to +6.0% | 53% | -2.5% to +6.1% | 0.0% |
| Day +6 | 15 | +0.5% | -2.2% to +5.6% | 60% | -2.6% to +6.6% | 0.0% |
| Day +7 | 15 | +0.3% | -2.4% to +4.8% | 53% | -3.2% to +5.5% | 0.0% |
| Day +8 | 15 | +1.9% | -2.7% to +6.5% | 60% | -3.2% to +6.7% | 0.0% |
| Day +9 | 15 | +1.7% | -1.8% to +6.3% | 67% | -2.0% to +6.7% | 0.0% |
| Day +10 | 15 | -1.3% | -2.7% to +5.6% | 40% | -2.8% to +6.1% | 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 | 9% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 13 |
| Prior-year sessions closer to gamma max | 100.0% of 252 |
| Prior-year sessions closer to delta neutral | 28.2% of 252 |
| Open interest percentile (1y) | 13th |
| Daily open interest change versus prior year | +0.02σ (135 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.9% |
| Open interest change, 21 sessions | +3.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 8.90 vs 10.17 (-14.2%)
- closed above delta neutral at 8.93 vs 8.91 (+0.3%)
- closed below delta neutral at 8.94 vs 9.92 (-10.9%)
- closed above delta neutral at 9.08 vs 8.83 (+2.7%)
- closed below delta neutral at 8.95 vs 9.08 (-1.5%)
- closed above delta neutral at 9.10 vs 8.82 (+3.1%)
- closed below delta neutral at 9.80 vs 10.41 (-6.2%)
- closed above delta neutral at 10.09 vs 8.80 (+12.8%)
- closed below delta neutral at 10.23 vs 10.64 (-4.0%)
- closed above delta neutral at 10.36 vs 9.83 (+5.1%)
In today's screens
Neighbours by open interest
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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/HE
Questions people ask about HE
Where is HE's gamma max today?
As of Oct 2, 2026, the gamma max for HE is 15.74, +76.9% from the 8.90 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 HE above or below its delta neutral price?
HE closed below delta neutral: 8.90 against a delta neutral price of 10.17. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HE have?
115,168 contracts of open interest across 51 listed contracts on Oct 2, 2026, +0.1% 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.