HYG max pain, gamma exposure (GEX) & options open interest
As of close · rank #8 by open interest · 1,394 sessions of history since Dec 1, 2020
HYG's nearest-expiration max pain is 77.00 for 2026-10-09, its GEX flip is 79.63, net GEX is -5,006,208,609, its put/call open-interest ratio is 2.91. 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: front IV premium 1.3 pp
HYG closed 5.9% below its gamma max of 81.42. It is 3.0% below the delta neutral price of 79.24. Total open interest is 9,478,558, -1.1% versus the previous session. Its options catalyst-intensity score is 50.4 out of 100, led by front IV premium 1.3 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 | +130,192 contracts · +5.7% |
| Put OI change, 1 session | -231,031 contracts · -3.2% |
| Call minus put OI growth, 1 session | +8.8 pp |
| Call OI change, 5 sessions | +450,646 contracts · +22.8% |
| Put OI change, 5 sessions | +523,856 contracts · +8.0% |
| Call minus put OI growth, 5 sessions | +14.8 pp |
| Daily call OI change surprise | +1.09σ (252 prior changes) |
| Daily put OI change surprise | -0.44σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.43σ (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 2 completed Day +10 paths · latest Jan 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 2 | +0.1% | +0.0% to +0.1% | 50% | – | – |
| Day +2 | 2 | +0.0% | -0.0% to +0.0% | 50% | – | – |
| Day +3 | 2 | -0.2% | -0.2% to -0.2% | 0% | – | – |
| Day +4 | 2 | +0.0% | +0.0% to +0.1% | 50% | – | – |
| Day +5 | 2 | +0.2% | +0.2% to +0.2% | 100% | – | – |
| Day +6 | 2 | +0.1% | +0.1% to +0.2% | 100% | – | – |
| Day +7 | 2 | -0.1% | -0.2% to +0.0% | 50% | – | – |
| Day +8 | 2 | -0.1% | -0.2% to +0.0% | 50% | – | – |
| Day +9 | 2 | -0.3% | -0.4% to -0.1% | 0% | – | – |
| Day +10 | 2 | -0.4% | -0.5% to -0.2% | 0% | – | – |
Crosses below gamma max 1 completed Day +10 paths · latest Sep 20, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 1 | -0.2% | -0.2% to -0.2% | 0% | – | – |
| Day +2 | 1 | -0.3% | -0.3% to -0.3% | 0% | – | – |
| Day +3 | 1 | -0.1% | -0.1% to -0.1% | 0% | – | – |
| Day +4 | 1 | +0.1% | +0.1% to +0.1% | 100% | – | – |
| Day +5 | 1 | +0.0% | +0.0% to +0.0% | 100% | – | – |
| Day +6 | 1 | -0.5% | -0.5% to -0.5% | 0% | – | – |
| Day +7 | 1 | -0.5% | -0.5% to -0.5% | 0% | – | – |
| Day +8 | 1 | -0.7% | -0.7% to -0.7% | 0% | – | – |
| Day +9 | 1 | -0.8% | -0.8% to -0.8% | 0% | – | – |
| Day +10 | 1 | -1.2% | -1.2% to -1.2% | 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 | 1% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 83.3% of 252 |
| Prior-year sessions closer to delta neutral | 95.2% of 252 |
| Open interest percentile (1y) | 68th |
| Daily open interest change versus prior year | -0.17σ (-100,839 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +11.5% |
| Open interest change, 21 sessions | +13.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 81.09 vs 121.09 (-49.3%)
- closed above gamma max at 81.04 vs 81.00 (+0.0%)
- closed below delta neutral at 79.18 vs 79.61 (-0.5%)
- closed above delta neutral at 79.47 vs 79.44 (+0.0%)
- closed below delta neutral at 79.87 vs 80.29 (-0.5%)
- closed above delta neutral at 80.30 vs 80.23 (+0.1%)
- closed below delta neutral at 80.36 vs 80.40 (-0.1%)
- closed above delta neutral at 80.16 vs 80.08 (+0.1%)
- closed below delta neutral at 80.03 vs 80.09 (-0.1%)
- closed below gamma max at 80.26 vs 81.34 (-1.3%)
In today's screens
- Call OI growth leads puts (1 session)
- Call OI growth leads puts (5 sessions)
- Unusual OI growth shift toward calls
- Most open interest
- Nearest max pain
- Gamma exposure extremes
- Call/put contract extremes
- Put/call open interest extremes
- Open interest surge
- Net delta positioning extremes
- Modeled dealer-delta extremes
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/HYG
Questions people ask about HYG
Where is HYG's gamma max today?
As of Oct 2, 2026, the gamma max for HYG is 81.42, +5.9% from the 76.91 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 HYG above or below its delta neutral price?
HYG closed below delta neutral: 76.91 against a delta neutral price of 79.24. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does HYG have?
9,478,558 contracts of open interest across 500 listed contracts on Oct 2, 2026, -1.1% 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.