IAU max pain, gamma exposure (GEX) & options open interest
As of close · rank #377 by open interest · 1,393 sessions of history since Dec 1, 2020
IAU's nearest-expiration max pain is 80.00 for 2026-10-09, its GEX flip is 32.40, net GEX is 11,617,699, its put/call open-interest ratio is 0.18. 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: 25Δ risk reversal -70.5 pp · front IV premium -0.2 pp
IAU closed 11.5% below its gamma max of 86.94. It is 6.0% above the delta neutral price of 73.26. Total open interest is 224,057, -5.4% versus the previous session. Its options catalyst-intensity score is 45.5 out of 100, led by 25Δ risk reversal -70.5 pp, front IV premium -0.2 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 | -9,889 contracts · -5.0% |
| Put OI change, 1 session | -2,921 contracts · -7.8% |
| Call minus put OI growth, 1 session | +2.8 pp |
| Call OI change, 5 sessions | -4,231 contracts · -2.2% |
| Put OI change, 5 sessions | -2,663 contracts · -7.1% |
| Call minus put OI growth, 5 sessions | +4.9 pp |
| Daily call OI change surprise | -1.62σ (252 prior changes) |
| Daily put OI change surprise | -0.47σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.46σ (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 31 completed Day +10 paths · latest Aug 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | +0.0% | -0.6% to +0.6% | 52% | -0.5% to +0.3% | 0.0% |
| Day +2 | 31 | +0.6% | -0.5% to +1.5% | 61% | -0.2% to +1.1% | 0.0% |
| Day +3 | 31 | +0.7% | -0.6% to +2.3% | 61% | -0.2% to +1.9% | 0.0% |
| Day +4 | 31 | +0.9% | -0.9% to +2.8% | 61% | -0.2% to +2.1% | 0.0% |
| Day +5 | 31 | +0.8% | -1.1% to +2.9% | 55% | -0.6% to +2.2% | 0.0% |
| Day +6 | 31 | +1.2% | -1.7% to +3.3% | 58% | -0.6% to +2.6% | 0.0% |
| Day +7 | 31 | +2.0% | -1.9% to +3.4% | 65% | -0.3% to +2.8% | 0.0% |
| Day +8 | 31 | +1.5% | -1.8% to +5.4% | 61% | -0.4% to +3.1% | 0.0% |
| Day +9 | 31 | +1.2% | -1.4% to +5.3% | 61% | -0.4% to +3.7% | 0.0% |
| Day +10 | 31 | +1.4% | -1.4% to +5.2% | 68% | +0.1% to +3.9% | +0.1% |
Crosses above gamma max 32 completed Day +10 paths · latest Aug 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 32 | +0.5% | -0.6% to +1.1% | 69% | +0.1% to +0.7% | +0.1% |
| Day +2 | 32 | +0.4% | -0.5% to +1.2% | 66% | -0.0% to +0.9% | 0.0% |
| Day +3 | 32 | +0.6% | -0.6% to +2.1% | 63% | -0.3% to +1.5% | 0.0% |
| Day +4 | 32 | +1.5% | -0.1% to +2.2% | 72% | +0.5% to +2.0% | +0.5% |
| Day +5 | 32 | +1.7% | +0.1% to +2.9% | 75% | +0.7% to +2.7% | +0.7% |
| Day +6 | 32 | +1.8% | -0.6% to +3.1% | 66% | -0.2% to +2.3% | 0.0% |
| Day +7 | 32 | +2.0% | -1.4% to +3.5% | 69% | +0.3% to +2.8% | +0.3% |
| Day +8 | 32 | +2.0% | -1.2% to +3.6% | 66% | 0.0% to +3.0% | 0.0% |
| Day +9 | 32 | +2.1% | -1.1% to +3.9% | 69% | +0.3% to +3.1% | +0.3% |
| Day +10 | 32 | +1.9% | -0.7% to +5.1% | 63% | -0.2% to +3.7% | 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 | 17% |
| Gamma max crosses | 15 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 92.9% of 252 |
| Prior-year sessions closer to delta neutral | 4.0% of 252 |
| Open interest percentile (1y) | 91th |
| Daily open interest change versus prior year | -1.19σ (-12,810 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -3.0% |
| Open interest change, 21 sessions | -0.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 86.37 vs 86.60 (-0.3%)
- closed above gamma max at 85.13 vs 84.96 (+0.2%)
- closed below gamma max at 97.20 vs 98.35 (-1.2%)
- closed above gamma max at 98.57 vs 97.92 (+0.7%)
- closed below gamma max at 91.20 vs 92.63 (-1.6%)
- closed above gamma max at 86.27 vs 84.79 (+1.7%)
- closed below gamma max at 86.71 vs 86.78 (-0.1%)
- closed above gamma max at 84.89 vs 83.80 (+1.3%)
- closed below gamma max at 83.82 vs 83.86 (-0.0%)
- closed above gamma max at 83.71 vs 83.28 (+0.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IAU
Questions people ask about IAU
Where is IAU's gamma max today?
As of Oct 2, 2026, the gamma max for IAU is 86.94, +11.5% from the 77.95 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 IAU above or below its delta neutral price?
IAU closed above delta neutral: 77.95 against a delta neutral price of 73.26. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IAU have?
224,057 contracts of open interest across 997 listed contracts on Oct 2, 2026, -5.4% 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.