IEP max pain, gamma exposure (GEX) & options open interest
As of close · rank #493 by open interest · 1,394 sessions of history since Dec 1, 2020
IEP's nearest-expiration max pain is 7.00 for 2026-10-16, net GEX is 3,658,109, its put/call open-interest ratio is 0.29. 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 213.1 pp · OI change 0.29σ
IEP closed 31.0% below its gamma max of 8.74. It is 2.9% above the delta neutral price of 6.48. Total open interest is 152,160, +1.5% versus the previous session. Its options catalyst-intensity score is 50.1 out of 100, led by 25Δ risk reversal 213.1 pp, OI change 0.29σ. 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 | +1,926 contracts · +1.7% |
| Put OI change, 1 session | +325 contracts · +1.0% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +9,072 contracts · +8.3% |
| Put OI change, 5 sessions | +1,335 contracts · +4.0% |
| Call minus put OI growth, 5 sessions | +4.3 pp |
| Daily call OI change surprise | +0.40σ (252 prior changes) |
| Daily put OI change surprise | +0.09σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.16σ (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 12 completed Day +10 paths · latest Feb 20, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +0.2% | -0.9% to +0.6% | 58% | -1.1% to +0.9% | 0.0% |
| Day +2 | 12 | -0.2% | -2.3% to +2.2% | 42% | -2.5% to +3.5% | 0.0% |
| Day +3 | 12 | +0.8% | -0.6% to +2.1% | 58% | -1.2% to +2.7% | 0.0% |
| Day +4 | 12 | +0.2% | -3.5% to +2.4% | 58% | -4.0% to +2.7% | 0.0% |
| Day +5 | 12 | +0.5% | -2.8% to +2.8% | 58% | -3.0% to +3.7% | 0.0% |
| Day +6 | 12 | -1.1% | -2.5% to +1.9% | 42% | -2.8% to +2.8% | 0.0% |
| Day +7 | 12 | -1.0% | -5.9% to +2.5% | 50% | -6.1% to +4.0% | 0.0% |
| Day +8 | 12 | +0.1% | -6.4% to +3.9% | 50% | -7.3% to +7.3% | 0.0% |
| Day +9 | 12 | -1.2% | -6.1% to +3.2% | 42% | -7.3% to +9.4% | 0.0% |
| Day +10 | 12 | -0.7% | -5.6% to +3.0% | 50% | -8.7% to +4.7% | 0.0% |
Crosses below gamma max 10 completed Day +10 paths · latest Feb 16, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +1.3% | -0.5% to +1.9% | 60% | -1.7% to +2.2% | 0.0% |
| Day +2 | 10 | +0.2% | -0.8% to +1.9% | 50% | -8.0% to +2.9% | 0.0% |
| Day +3 | 10 | +0.4% | -4.0% to +1.3% | 60% | -6.8% to +2.0% | 0.0% |
| Day +4 | 10 | +0.6% | -5.4% to +4.1% | 50% | -8.6% to +5.1% | 0.0% |
| Day +5 | 10 | +0.6% | -7.6% to +3.3% | 60% | -10.9% to +5.8% | 0.0% |
| Day +6 | 10 | +1.1% | -7.2% to +4.6% | 60% | -9.7% to +8.3% | 0.0% |
| Day +7 | 10 | +0.8% | -7.6% to +5.1% | 60% | -10.2% to +8.4% | 0.0% |
| Day +8 | 10 | +0.5% | -4.8% to +1.8% | 60% | -9.9% to +10.6% | 0.0% |
| Day +9 | 10 | -1.0% | -5.3% to +2.5% | 50% | -9.3% to +11.2% | 0.0% |
| Day +10 | 10 | -0.4% | -6.9% to +3.2% | 50% | -9.1% to +14.3% | 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 | 23 |
| Prior-year sessions closer to gamma max | 49.2% of 252 |
| Prior-year sessions closer to delta neutral | 41.7% of 252 |
| Open interest percentile (1y) | 98th |
| Daily open interest change versus prior year | +0.29σ (2,251 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.3% |
| Open interest change, 21 sessions | +12.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 6.67 vs 6.48 (+2.9%)
- closed below delta neutral at 6.77 vs 6.88 (-1.6%)
- closed above delta neutral at 6.75 vs 6.66 (+1.3%)
- closed below delta neutral at 6.86 vs 6.92 (-0.9%)
- closed above delta neutral at 6.91 vs 6.91 (+0.0%)
- closed below delta neutral at 6.78 vs 6.98 (-3.0%)
- closed above delta neutral at 6.73 vs 6.72 (+0.2%)
- closed below delta neutral at 7.11 vs 7.15 (-0.6%)
- closed above delta neutral at 7.49 vs 6.78 (+9.5%)
- closed below delta neutral at 7.50 vs 7.57 (-1.0%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/IEP
Questions people ask about IEP
Where is IEP's gamma max today?
As of Oct 2, 2026, the gamma max for IEP is 8.74, +31.0% from the 6.67 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 IEP above or below its delta neutral price?
IEP closed above delta neutral: 6.67 against a delta neutral price of 6.48. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IEP have?
152,160 contracts of open interest across 96 listed contracts on Oct 2, 2026, +1.5% 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.