Data through close

HESM max pain, gamma exposure (GEX) & options open interest

As of close · rank #1311 by open interest · snapshot page

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HESM's nearest-expiration max pain is 39.00 for 2026-10-16, its GEX flip is 47.19, net GEX is -6,162,475, its put/call open-interest ratio is 3.25. These are whole-chain derived aggregates as of Oct 2, 2026 close.

Close
37.75
prev 38.05
Gamma max
47.87
+26.8% from close
Delta neutral
40.57
+7.5% from close
Gamma neutral
47.19
+25.0% from close
Open interest
28,839
+0.4% vs prev
Contracts listed
107
67 calls · 51 puts

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.

Nearest max pain
39.00
+3.3% from close
2026-10-16
GEX flip
47.19
+25.0% from close
Net GEX
-6,162,475
-21,368,546 per 100k OI
Call wall
42.00
+11.3% from close
Put wall
36.00
-4.6% from close
Put/call OI
3.25
22,056 puts / 6,783 calls

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.

Catalyst intensity
–
cross-sectional score / 100
Directional score
–
IV rank
30.2
within trailing 52-week range
Front / back ATM IV
+24.5% / +27.0%
-2.6 pp front premium
Expected move
+4.8%
14 DTE · one standard deviation
ATM straddle / spot
+3.6%
front-window midpoint premium
25Δ risk reversal
-56.9 pp
put IV minus call IV
IV butterfly
4.2 pp
front-window smile convexity
Volume / open interest
0.04
1,199 contracts traded
Normalized net delta
-0.168
option-holder convention
Modeled dealer delta
0.167
opposite-side scenario
Vanna / 100k OI
4,643
volatility-sensitive delta
Charm / 100k OI
-350,258
time-decay-sensitive delta
IV surface range
215.7 pp
published contour maximum minus minimum

Download the complete dated analysis JSON .

HESM closed 26.8% below its gamma max of 47.87. It is 7.5% below the delta neutral price of 40.57. Total open interest is 28,839, +0.4% versus the previous session. What gamma max means · What delta neutral means

History

Full history since 2020: drag to pan, scroll to zoom, hover for values. Open full-screen chart

Analysis visualizations

Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.

Gamma walls

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In today's screens

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Neighbours by open interest

← AZ (#1310) QGEN (#1312) →

Questions people ask about HESM

Where is HESM's gamma max today?

As of Oct 2, 2026, the gamma max for HESM is 47.87, +26.8% from the 37.75 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 HESM above or below its delta neutral price?

HESM closed below delta neutral: 37.75 against a delta neutral price of 40.57. The delta neutral price is where the summed delta of the whole chain is zero; the definition.

How much open interest does HESM have?

28,839 contracts of open interest across 107 listed contracts on Oct 2, 2026, +0.4% 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.