HPQ max pain, gamma exposure (GEX) & options open interest
As of close · rank #243 by open interest · 1,394 sessions of history since Dec 1, 2020
HPQ's nearest-expiration max pain is 32.50 for 2026-10-09, its GEX flip is 34.02, net GEX is -5,379,199, its put/call open-interest ratio is 1.13. 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 14.9 pp · IV rank 91
HPQ closed 24.6% below its gamma max of 40.02. It is 2.2% above the delta neutral price of 31.41. Total open interest is 416,697, -4.3% versus the previous session. Its options catalyst-intensity score is 50.2 out of 100, led by smile convexity 14.9 pp, IV rank 91. 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 | -7,440 contracts · -3.7% |
| Put OI change, 1 session | -11,241 contracts · -4.8% |
| Call minus put OI growth, 1 session | +1.2 pp |
| Call OI change, 5 sessions | +3,044 contracts · +1.6% |
| Put OI change, 5 sessions | -2,952 contracts · -1.3% |
| Call minus put OI growth, 5 sessions | +2.9 pp |
| Daily call OI change surprise | -0.53σ (252 prior changes) |
| Daily put OI change surprise | -0.76σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.23σ (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 33 completed Day +10 paths · latest Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 33 | -0.3% | -1.9% to +0.5% | 36% | -1.2% to +0.3% | 0.0% |
| Day +2 | 33 | -0.4% | -1.8% to +0.8% | 39% | -1.2% to +0.5% | 0.0% |
| Day +3 | 33 | -0.2% | -2.4% to +1.4% | 39% | -1.2% to +0.6% | 0.0% |
| Day +4 | 33 | -0.4% | -2.8% to +0.9% | 42% | -2.1% to +0.3% | 0.0% |
| Day +5 | 33 | -0.5% | -2.6% to +2.0% | 45% | -1.5% to +1.1% | 0.0% |
| Day +6 | 33 | +1.0% | -2.1% to +3.0% | 52% | -1.6% to +2.6% | 0.0% |
| Day +7 | 33 | -0.3% | -2.0% to +2.5% | 48% | -1.7% to +1.8% | 0.0% |
| Day +8 | 33 | +0.5% | -1.4% to +3.3% | 58% | -0.8% to +2.6% | 0.0% |
| Day +9 | 33 | +1.2% | -2.0% to +3.5% | 61% | -0.3% to +2.8% | 0.0% |
| Day +10 | 33 | +0.4% | -1.7% to +4.9% | 58% | -1.1% to +4.0% | 0.0% |
Crosses above gamma max 32 completed Day +10 paths · latest May 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 32 | -0.5% | -1.2% to +0.2% | 28% | -0.9% to -0.2% | -0.2% |
| Day +2 | 32 | -0.4% | -1.7% to +0.2% | 38% | -0.9% to +0.1% | 0.0% |
| Day +3 | 32 | -0.8% | -3.4% to +0.6% | 31% | -2.1% to -0.0% | -0.0% |
| Day +4 | 32 | -0.7% | -3.7% to +1.4% | 41% | -2.8% to +1.2% | 0.0% |
| Day +5 | 32 | -0.8% | -3.5% to +1.2% | 41% | -2.6% to +0.6% | 0.0% |
| Day +6 | 32 | -1.3% | -4.0% to +1.8% | 41% | -2.8% to +0.9% | 0.0% |
| Day +7 | 32 | -0.5% | -3.0% to +2.2% | 44% | -2.4% to +2.2% | 0.0% |
| Day +8 | 32 | -0.2% | -3.1% to +2.3% | 50% | -2.2% to +1.4% | 0.0% |
| Day +9 | 32 | -0.4% | -3.1% to +2.8% | 47% | -1.5% to +2.4% | 0.0% |
| Day +10 | 32 | +0.2% | -2.9% to +3.5% | 53% | -1.7% to +2.6% | 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 | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 76.6% of 252 |
| Prior-year sessions closer to delta neutral | 21.8% of 252 |
| Open interest percentile (1y) | 79th |
| Daily open interest change versus prior year | -0.70σ (-18,681 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.0% |
| Open interest change, 21 sessions | -15.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 31.32 vs 31.24 (+0.2%)
- closed below delta neutral at 31.14 vs 31.26 (-0.4%)
- closed above delta neutral at 22.59 vs 22.13 (+2.1%)
- closed below delta neutral at 21.93 vs 21.99 (-0.3%)
- closed above delta neutral at 22.03 vs 21.81 (+1.0%)
- closed below delta neutral at 21.94 vs 22.01 (-0.3%)
- closed below gamma max at 27.27 vs 29.09 (-6.6%)
- closed above gamma max at 27.04 vs 26.82 (+0.8%)
- closed below gamma max at 21.67 vs 22.19 (-2.4%)
- closed above gamma max at 22.68 vs 22.61 (+0.3%)
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/HPQ
Questions people ask about HPQ
Where is HPQ's gamma max today?
As of Oct 2, 2026, the gamma max for HPQ is 40.02, +24.6% from the 32.12 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 HPQ above or below its delta neutral price?
HPQ closed above delta neutral: 32.12 against a delta neutral price of 31.41. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HPQ have?
416,697 contracts of open interest across 530 listed contracts on Oct 2, 2026, -4.3% 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.