HL max pain, gamma exposure (GEX) & options open interest
As of close · rank #129 by open interest · 1,394 sessions of history since Dec 1, 2020
HL's nearest-expiration max pain is 18.00 for 2026-10-09, its GEX flip is 16.65, net GEX is 3,417,362, its put/call open-interest ratio is 1.02. 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 -16.5 pp
HL closed 21.6% below its gamma max of 20.92. It is 2.5% above the delta neutral price of 16.78. Total open interest is 777,489, -1.0% versus the previous session. Its options catalyst-intensity score is 46.9 out of 100, led by smile convexity -16.5 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 | -4,446 contracts · -1.1% |
| Put OI change, 1 session | -3,267 contracts · -0.8% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +9,462 contracts · +2.5% |
| Put OI change, 5 sessions | +6,430 contracts · +1.7% |
| Call minus put OI growth, 5 sessions | +0.9 pp |
| Daily call OI change surprise | -0.19σ (252 prior changes) |
| Daily put OI change surprise | -0.35σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.03σ (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 57 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 57 | -0.5% | -1.8% to +1.4% | 47% | -1.3% to +0.6% | 0.0% |
| Day +2 | 57 | -1.1% | -3.0% to +2.2% | 40% | -2.0% to +0.9% | 0.0% |
| Day +3 | 57 | -0.1% | -3.2% to +3.8% | 49% | -2.2% to +2.5% | 0.0% |
| Day +4 | 57 | +0.1% | -3.0% to +3.8% | 51% | -1.9% to +1.8% | 0.0% |
| Day +5 | 57 | -0.5% | -4.0% to +4.1% | 42% | -1.8% to +1.4% | 0.0% |
| Day +6 | 57 | -0.2% | -4.1% to +3.6% | 47% | -2.3% to +1.4% | 0.0% |
| Day +7 | 57 | -0.6% | -4.3% to +5.5% | 49% | -2.7% to +1.6% | 0.0% |
| Day +8 | 57 | +0.4% | -3.3% to +6.0% | 56% | -1.0% to +2.6% | 0.0% |
| Day +9 | 57 | +0.3% | -6.8% to +4.8% | 51% | -2.5% to +2.3% | 0.0% |
| Day +10 | 57 | -2.8% | -7.2% to +2.2% | 42% | -4.7% to +1.1% | 0.0% |
Crosses above gamma max 61 completed Day +10 paths · latest Jan 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 61 | -0.4% | -2.3% to +2.2% | 41% | -1.6% to +0.5% | 0.0% |
| Day +2 | 61 | -0.5% | -3.8% to +3.3% | 48% | -2.1% to +2.1% | 0.0% |
| Day +3 | 61 | +0.8% | -4.7% to +4.7% | 51% | -1.7% to +1.8% | 0.0% |
| Day +4 | 61 | +0.5% | -4.6% to +5.1% | 59% | -0.7% to +2.0% | 0.0% |
| Day +5 | 61 | +0.4% | -4.1% to +7.3% | 52% | -1.5% to +3.7% | 0.0% |
| Day +6 | 61 | +0.6% | -4.3% to +6.2% | 54% | -2.0% to +2.1% | 0.0% |
| Day +7 | 61 | +0.2% | -4.2% to +7.3% | 52% | -2.1% to +3.4% | 0.0% |
| Day +8 | 61 | -0.2% | -5.3% to +7.3% | 49% | -2.1% to +3.9% | 0.0% |
| Day +9 | 61 | -0.2% | -5.4% to +6.7% | 49% | -2.5% to +2.8% | 0.0% |
| Day +10 | 61 | -0.4% | -7.1% to +7.1% | 49% | -2.8% to +4.4% | 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 | 9% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 78.6% of 252 |
| Prior-year sessions closer to delta neutral | 2.8% of 252 |
| Open interest percentile (1y) | 77th |
| Daily open interest change versus prior year | -0.25σ (-7,713 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.1% |
| Open interest change, 21 sessions | -7.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 20.72 vs 21.36 (-3.1%)
- closed above gamma max at 20.54 vs 20.04 (+2.4%)
- closed above delta neutral at 15.32 vs 14.99 (+2.1%)
- closed below delta neutral at 14.78 vs 14.91 (-0.9%)
- closed below gamma max at 28.31 vs 31.83 (-12.4%)
- closed above gamma max at 31.29 vs 30.20 (+3.5%)
- closed below gamma max at 28.88 vs 29.30 (-1.4%)
- closed above gamma max at 26.54 vs 25.35 (+4.5%)
- closed below gamma max at 25.22 vs 25.38 (-0.6%)
- closed above gamma max at 22.45 vs 22.01 (+1.9%)
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/HL
Questions people ask about HL
Where is HL's gamma max today?
As of Oct 2, 2026, the gamma max for HL is 20.92, +21.6% from the 17.20 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 HL above or below its delta neutral price?
HL closed above delta neutral: 17.20 against a delta neutral price of 16.78. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HL have?
777,489 contracts of open interest across 406 listed contracts on Oct 2, 2026, -1.0% 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.