HPE max pain, gamma exposure (GEX) & options open interest
As of close · rank #184 by open interest · 1,394 sessions of history since Dec 1, 2020
HPE's nearest-expiration max pain is 60.00 for 2026-10-09, its GEX flip is 54.78, net GEX is 19,739,301, 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: volume/OI 0.16 · front IV premium -0.4 pp · IV rank 88
HPE closed 2.6% above its gamma max of 67.54. It is 19.7% above the delta neutral price of 55.71. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 563,132, -7.1% versus the previous session. Its options catalyst-intensity score is 62.3 out of 100, led by volume/OI 0.16, front IV premium -0.4 pp, IV rank 88. 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 | -32,993 contracts · -9.6% |
| Put OI change, 1 session | -10,125 contracts · -3.9% |
| Call minus put OI growth, 1 session | -5.7 pp |
| Call OI change, 5 sessions | +22,207 contracts · +7.7% |
| Put OI change, 5 sessions | +15,841 contracts · +6.7% |
| Call minus put OI growth, 5 sessions | +0.9 pp |
| Daily call OI change surprise | -1.18σ (252 prior changes) |
| Daily put OI change surprise | -0.50σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.38σ (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 above gamma max 36 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | +0.2% | -1.3% to +1.4% | 50% | -0.9% to +0.7% | 0.0% |
| Day +2 | 36 | -0.3% | -1.7% to +2.8% | 44% | -1.3% to +1.5% | 0.0% |
| Day +3 | 36 | -0.5% | -2.4% to +2.9% | 44% | -2.0% to +1.6% | 0.0% |
| Day +4 | 36 | +0.1% | -3.3% to +2.4% | 50% | -1.9% to +1.6% | 0.0% |
| Day +5 | 36 | -0.1% | -2.7% to +4.3% | 50% | -2.2% to +1.4% | 0.0% |
| Day +6 | 36 | +0.1% | -2.2% to +3.7% | 53% | -0.9% to +3.1% | 0.0% |
| Day +7 | 36 | +0.5% | -2.0% to +3.4% | 58% | -0.7% to +2.6% | 0.0% |
| Day +8 | 36 | +0.3% | -2.7% to +4.7% | 53% | -1.7% to +2.8% | 0.0% |
| Day +9 | 36 | +0.4% | -1.7% to +6.0% | 56% | -1.2% to +3.6% | 0.0% |
| Day +10 | 36 | +1.0% | -1.7% to +6.1% | 61% | -0.5% to +4.6% | 0.0% |
Crosses below gamma max 36 completed Day +10 paths · latest Sep 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | -0.0% | -1.2% to +1.3% | 50% | -1.0% to +0.8% | 0.0% |
| Day +2 | 36 | -0.4% | -1.4% to +2.2% | 47% | -1.1% to +0.7% | 0.0% |
| Day +3 | 36 | +0.5% | -1.8% to +2.3% | 58% | -0.7% to +1.8% | 0.0% |
| Day +4 | 36 | +0.8% | -2.7% to +3.1% | 56% | -0.9% to +1.7% | 0.0% |
| Day +5 | 36 | +1.3% | -1.8% to +4.5% | 58% | -1.1% to +2.6% | 0.0% |
| Day +6 | 36 | +1.7% | -2.2% to +4.1% | 67% | +0.1% to +3.5% | +0.1% |
| Day +7 | 36 | +0.5% | -1.8% to +4.5% | 58% | -1.0% to +3.6% | 0.0% |
| Day +8 | 36 | +0.9% | -1.2% to +5.2% | 56% | -0.4% to +3.7% | 0.0% |
| Day +9 | 36 | +1.2% | -1.0% to +5.6% | 58% | -0.5% to +3.6% | 0.0% |
| Day +10 | 36 | +1.3% | -1.2% to +6.9% | 58% | -0.6% to +4.0% | 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 | 10% |
| Gamma max crosses | 25 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 23.8% of 252 |
| Prior-year sessions closer to delta neutral | 98.0% of 252 |
| Open interest percentile (1y) | 60th |
| Daily open interest change versus prior year | -0.93σ (-43,118 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.2% |
| Open interest change, 21 sessions | -8.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above gamma max at 69.35 vs 67.54 (+2.6%)
- closed below gamma max at 60.74 vs 62.28 (-2.5%)
- closed above gamma max at 61.04 vs 59.78 (+2.1%)
- closed below gamma max at 55.41 vs 59.47 (-7.3%)
- closed above gamma max at 62.09 vs 59.70 (+3.9%)
- closed below gamma max at 55.22 vs 57.95 (-4.9%)
- closed above gamma max at 58.90 vs 58.70 (+0.3%)
- closed below gamma max at 58.70 vs 58.99 (-0.5%)
- closed above gamma max at 58.79 vs 58.58 (+0.4%)
- closed below gamma max at 53.90 vs 59.26 (-9.9%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/HPE
Questions people ask about HPE
Where is HPE's gamma max today?
As of Oct 2, 2026, the gamma max for HPE is 67.54, -2.6% from the 69.35 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 HPE above or below its delta neutral price?
HPE closed above delta neutral: 69.35 against a delta neutral price of 55.71. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HPE have?
563,132 contracts of open interest across 607 listed contracts on Oct 2, 2026, -7.1% 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.