IEF max pain, gamma exposure (GEX) & options open interest
As of close · rank #59 by open interest · 1,394 sessions of history since Dec 1, 2020
IEF's nearest-expiration max pain is 88.50 for 2026-10-09, its GEX flip is 89.05, net GEX is -1,346,864, its put/call open-interest ratio is 0.59. 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 0.11 · front IV premium 0.2 pp
IEF closed 3.6% below its gamma max of 92.21. It is 1.1% below the delta neutral price of 90.01. Total open interest is 1,754,237, -2.3% versus the previous session. Its options catalyst-intensity score is 40.7 out of 100, led by volume/OI 0.11, 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 | +9,041 contracts · +0.8% |
| Put OI change, 1 session | -49,536 contracts · -7.1% |
| Call minus put OI growth, 1 session | +7.9 pp |
| Call OI change, 5 sessions | +215,205 contracts · +24.3% |
| Put OI change, 5 sessions | +31,983 contracts · +5.2% |
| Call minus put OI growth, 5 sessions | +19.1 pp |
| Daily call OI change surprise | +0.18σ (252 prior changes) |
| Daily put OI change surprise | -1.15σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.09σ (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 11 completed Day +10 paths · latest Apr 7, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.1% | -0.3% to +0.1% | 36% | -0.4% to +0.2% | 0.0% |
| Day +2 | 11 | -0.4% | -0.6% to -0.1% | 27% | -0.6% to +0.0% | 0.0% |
| Day +3 | 11 | -0.4% | -0.5% to -0.0% | 27% | -0.5% to +0.1% | 0.0% |
| Day +4 | 11 | -0.5% | -0.8% to +0.4% | 36% | -0.9% to +0.5% | 0.0% |
| Day +5 | 11 | -0.4% | -1.0% to +0.5% | 45% | -1.1% to +0.6% | 0.0% |
| Day +6 | 11 | -0.2% | -0.9% to +1.2% | 45% | -1.0% to +1.3% | 0.0% |
| Day +7 | 11 | -0.2% | -0.5% to +1.2% | 45% | -0.6% to +1.2% | 0.0% |
| Day +8 | 11 | -0.5% | -1.0% to +1.0% | 45% | -1.0% to +1.1% | 0.0% |
| Day +9 | 11 | -0.2% | -1.0% to +0.9% | 45% | -1.3% to +0.9% | 0.0% |
| Day +10 | 11 | +0.2% | -1.1% to +0.7% | 55% | -1.2% to +0.7% | 0.0% |
Crosses above gamma max 11 completed Day +10 paths · latest Apr 3, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | +0.1% | -0.3% to +0.4% | 55% | -0.4% to +0.4% | 0.0% |
| Day +2 | 11 | +0.0% | -0.4% to +0.3% | 55% | -0.6% to +0.4% | 0.0% |
| Day +3 | 11 | -0.3% | -0.8% to +0.6% | 45% | -1.0% to +0.7% | 0.0% |
| Day +4 | 11 | -0.5% | -0.9% to +0.6% | 45% | -1.0% to +0.6% | 0.0% |
| Day +5 | 11 | -0.1% | -1.2% to +0.7% | 45% | -1.4% to +0.9% | 0.0% |
| Day +6 | 11 | +0.2% | -1.1% to +0.8% | 64% | -1.7% to +0.8% | 0.0% |
| Day +7 | 11 | +0.6% | -0.8% to +0.8% | 64% | -1.4% to +0.9% | 0.0% |
| Day +8 | 11 | +0.7% | -1.0% to +0.9% | 64% | -1.4% to +0.9% | 0.0% |
| Day +9 | 11 | +0.7% | -1.2% to +1.0% | 64% | -1.4% to +1.0% | 0.0% |
| Day +10 | 11 | +0.4% | -1.4% to +1.1% | 64% | -1.7% to +1.1% | 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 15 |
| Prior-year sessions closer to gamma max | 81.7% of 252 |
| Prior-year sessions closer to delta neutral | 74.2% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -0.69σ (-40,495 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +16.4% |
| Open interest change, 21 sessions | +96.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 92.85 vs 93.14 (-0.3%)
- closed above delta neutral at 93.01 vs 92.98 (+0.0%)
- closed below delta neutral at 93.00 vs 93.11 (-0.1%)
- closed above delta neutral at 93.38 vs 93.16 (+0.2%)
- closed below delta neutral at 93.04 vs 93.22 (-0.2%)
- closed above delta neutral at 93.30 vs 93.16 (+0.2%)
- closed below delta neutral at 94.57 vs 94.72 (-0.2%)
- closed above delta neutral at 95.01 vs 94.87 (+0.2%)
- closed below delta neutral at 96.81 vs 96.93 (-0.1%)
- closed above delta neutral at 96.83 vs 96.44 (+0.4%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/IEF
Questions people ask about IEF
Where is IEF's gamma max today?
As of Oct 2, 2026, the gamma max for IEF is 92.21, +3.6% from the 89.05 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 IEF above or below its delta neutral price?
IEF closed below delta neutral: 89.05 against a delta neutral price of 90.01. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IEF have?
1,754,237 contracts of open interest across 469 listed contracts on Oct 2, 2026, -2.3% 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.