IBM max pain, gamma exposure (GEX) & options open interest
As of close · rank #177 by open interest · 1,393 sessions of history since Dec 1, 2020
IBM's nearest-expiration max pain is 225.00 for 2026-10-09, its GEX flip is 223.96, net GEX is -1,841,873, its put/call open-interest ratio is 0.81. 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 0.08
IBM closed 16.4% below its gamma max of 259.05. It is 3.4% below the delta neutral price of 230.17. Total open interest is 574,930, -4.0% versus the previous session. Its options catalyst-intensity score is 38.5 out of 100, led by volume/OI 0.08. 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 | -15,198 contracts · -4.6% |
| Put OI change, 1 session | -8,979 contracts · -3.4% |
| Call minus put OI growth, 1 session | -1.2 pp |
| Call OI change, 5 sessions | +12,986 contracts · +4.3% |
| Put OI change, 5 sessions | +7,725 contracts · +3.1% |
| Call minus put OI growth, 5 sessions | +1.2 pp |
| Daily call OI change surprise | -0.73σ (252 prior changes) |
| Daily put OI change surprise | -0.70σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.36σ (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 27 completed Day +10 paths · latest Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.1% | -1.0% to +0.5% | 52% | -0.7% to +0.5% | 0.0% |
| Day +2 | 27 | -0.3% | -1.5% to +1.0% | 48% | -1.0% to +0.6% | 0.0% |
| Day +3 | 27 | -0.1% | -1.7% to +0.9% | 44% | -1.3% to +0.8% | 0.0% |
| Day +4 | 27 | +0.1% | -1.8% to +1.5% | 56% | -0.9% to +1.2% | 0.0% |
| Day +5 | 27 | -0.7% | -2.1% to +2.2% | 41% | -1.6% to +2.1% | 0.0% |
| Day +6 | 27 | -0.6% | -2.8% to +1.8% | 44% | -2.5% to +1.5% | 0.0% |
| Day +7 | 27 | -0.4% | -2.5% to +2.8% | 48% | -2.3% to +2.5% | 0.0% |
| Day +8 | 27 | +0.0% | -2.6% to +2.4% | 52% | -2.0% to +1.8% | 0.0% |
| Day +9 | 27 | +0.8% | -2.1% to +2.7% | 52% | -1.8% to +1.8% | 0.0% |
| Day +10 | 27 | -1.3% | -3.4% to +3.2% | 41% | -3.2% to +2.2% | 0.0% |
Crosses above gamma max 26 completed Day +10 paths · latest May 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | +0.4% | -0.4% to +0.9% | 65% | -0.1% to +0.7% | 0.0% |
| Day +2 | 26 | +0.6% | -0.5% to +1.3% | 65% | -0.1% to +1.2% | 0.0% |
| Day +3 | 26 | +0.5% | -1.4% to +1.8% | 65% | -0.2% to +1.3% | 0.0% |
| Day +4 | 26 | +0.7% | -1.0% to +1.9% | 62% | -0.7% to +1.4% | 0.0% |
| Day +5 | 26 | +0.2% | -1.8% to +1.8% | 54% | -0.4% to +1.6% | 0.0% |
| Day +6 | 26 | -0.0% | -1.8% to +2.3% | 50% | -1.4% to +1.8% | 0.0% |
| Day +7 | 26 | -1.1% | -3.1% to +3.0% | 38% | -2.3% to +2.6% | 0.0% |
| Day +8 | 26 | -0.6% | -3.5% to +3.3% | 42% | -2.3% to +2.3% | 0.0% |
| Day +9 | 26 | +0.1% | -3.0% to +3.0% | 50% | -1.6% to +1.6% | 0.0% |
| Day +10 | 26 | +0.2% | -2.7% to +2.7% | 54% | -1.3% to +1.6% | 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 | 6 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 80.2% of 252 |
| Prior-year sessions closer to delta neutral | 34.1% of 252 |
| Open interest percentile (1y) | 79th |
| Daily open interest change versus prior year | -0.74σ (-24,177 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.7% |
| Open interest change, 21 sessions | -9.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 227.06 vs 230.66 (-1.6%)
- closed above delta neutral at 231.38 vs 231.19 (+0.1%)
- closed below delta neutral at 229.55 vs 231.57 (-0.9%)
- closed above delta neutral at 238.79 vs 231.15 (+3.2%)
- closed below delta neutral at 229.87 vs 230.28 (-0.2%)
- closed above delta neutral at 232.67 vs 229.02 (+1.6%)
- closed below delta neutral at 228.85 vs 229.63 (-0.3%)
- closed above delta neutral at 235.15 vs 227.47 (+3.3%)
- closed below delta neutral at 221.74 vs 224.31 (-1.2%)
- closed above delta neutral at 227.55 vs 225.10 (+1.1%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IBM
Questions people ask about IBM
Where is IBM's gamma max today?
As of Oct 2, 2026, the gamma max for IBM is 259.05, +16.4% from the 222.64 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 IBM above or below its delta neutral price?
IBM closed below delta neutral: 222.64 against a delta neutral price of 230.17. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IBM have?
574,930 contracts of open interest across 1,466 listed contracts on Oct 2, 2026, -4.0% 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.