Data through close

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

As of close · rank #878 by open interest · snapshot page

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HWM's nearest-expiration max pain is 230.00 for 2026-10-09, its GEX flip is 256.68, net GEX is -6,984,915, its put/call open-interest ratio is 1.55. These are whole-chain derived aggregates as of Oct 2, 2026 close.

Close
231.35
prev 228.51
Gamma max
277.11
+19.8% from close
Delta neutral
241.67
+4.5% from close
Gamma neutral
256.68
+10.9% from close
Open interest
60,905
-7.1% vs prev
Contracts listed
607
401 calls · 312 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
230.00
-0.6% from close
2026-10-09
GEX flip
256.68
+10.9% from close
Net GEX
-6,984,915
-11,468,542 per 100k OI
Call wall
230.00
-0.6% from close
Put wall
220.00
-4.9% from close
Put/call OI
1.55
36,998 puts / 23,907 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
87.2
within trailing 52-week range
Front / back ATM IV
+33.9% / +38.6%
-4.6 pp front premium
Expected move
+4.7%
7 DTE · one standard deviation
ATM straddle / spot
+3.5%
front-window midpoint premium
25Δ risk reversal
3.0 pp
put IV minus call IV
IV butterfly
2.3 pp
front-window smile convexity
Volume / open interest
0.04
2,436 contracts traded
Normalized net delta
-0.050
option-holder convention
Modeled dealer delta
0.050
opposite-side scenario
Vanna / 100k OI
1,556
volatility-sensitive delta
Charm / 100k OI
2,514,052
time-decay-sensitive delta
IV surface range
65.6 pp
published contour maximum minus minimum

Download the complete dated analysis JSON .

HWM closed 19.8% below its gamma max of 277.11. It is 4.5% below the delta neutral price of 241.67. Total open interest is 60,905, -7.1% 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

Neighbours by open interest

← TOI (#877) AVAV (#879) →

Questions people ask about HWM

Where is HWM's gamma max today?

As of Oct 2, 2026, the gamma max for HWM is 277.11, +19.8% from the 231.35 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 HWM above or below its delta neutral price?

HWM closed below delta neutral: 231.35 against a delta neutral price of 241.67. The delta neutral price is where the summed delta of the whole chain is zero; the definition.

How much open interest does HWM have?

60,905 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.