IGV max pain, gamma exposure (GEX) & options open interest
As of close · rank #77 by open interest · 1,378 sessions of history since Dec 1, 2020
IGV's nearest-expiration max pain is 105.00 for 2026-10-09, its GEX flip is 110.32, net GEX is -13,456,751, its put/call open-interest ratio is 2.34. 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 -0.2 pp
IGV closed 8.6% below its gamma max of 117.75. It is 3.6% above the delta neutral price of 104.48. Total open interest is 1,342,661, -2.9% versus the previous session. Its options catalyst-intensity score is 45.5 out of 100, led by 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 | -11,310 contracts · -2.7% |
| Put OI change, 1 session | -29,056 contracts · -3.0% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +2,536 contracts · +0.6% |
| Put OI change, 5 sessions | -20,374 contracts · -2.1% |
| Call minus put OI growth, 5 sessions | +2.8 pp |
| Daily call OI change surprise | -0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.74σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.02σ (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 16 completed Day +10 paths · latest Jun 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -1.2% | -2.0% to -0.2% | 25% | -2.0% to -0.5% | -0.5% |
| Day +2 | 16 | -0.3% | -2.9% to +1.0% | 38% | -2.7% to +0.8% | 0.0% |
| Day +3 | 16 | -0.3% | -2.2% to +1.3% | 31% | -2.2% to +1.2% | 0.0% |
| Day +4 | 16 | -0.9% | -2.9% to +1.3% | 31% | -2.9% to +1.0% | 0.0% |
| Day +5 | 16 | -1.7% | -3.7% to +0.2% | 25% | -3.7% to -0.2% | -0.2% |
| Day +6 | 16 | -2.0% | -5.7% to -0.0% | 25% | -5.7% to -0.1% | -0.1% |
| Day +7 | 16 | -2.1% | -4.0% to +0.6% | 31% | -3.6% to +0.5% | 0.0% |
| Day +8 | 16 | -1.9% | -3.8% to +0.4% | 25% | -3.2% to -0.2% | -0.2% |
| Day +9 | 16 | -1.3% | -6.4% to +0.3% | 25% | -6.3% to -0.1% | -0.1% |
| Day +10 | 16 | -1.2% | -4.3% to +1.4% | 38% | -4.0% to +1.4% | 0.0% |
Crosses above gamma max 18 completed Day +10 paths · latest Jun 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | -0.1% | -1.1% to +0.9% | 50% | -1.0% to +0.8% | 0.0% |
| Day +2 | 18 | -0.8% | -1.5% to +1.3% | 39% | -1.5% to +0.9% | 0.0% |
| Day +3 | 18 | -1.0% | -2.1% to +1.7% | 39% | -1.9% to +1.4% | 0.0% |
| Day +4 | 18 | -0.1% | -1.5% to +2.1% | 50% | -1.3% to +2.0% | 0.0% |
| Day +5 | 18 | -0.0% | -2.9% to +2.5% | 50% | -1.9% to +2.2% | 0.0% |
| Day +6 | 18 | -0.5% | -2.8% to +2.4% | 44% | -2.8% to +1.3% | 0.0% |
| Day +7 | 18 | -2.2% | -3.6% to +0.1% | 28% | -3.3% to -0.2% | -0.2% |
| Day +8 | 18 | -1.9% | -3.6% to +1.5% | 33% | -2.7% to +1.2% | 0.0% |
| Day +9 | 18 | -1.4% | -4.1% to +2.7% | 39% | -3.6% to +2.2% | 0.0% |
| Day +10 | 18 | -0.4% | -3.2% to +4.3% | 50% | -2.9% 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 38.5% of 252 |
| Prior-year sessions closer to delta neutral | 58.7% of 252 |
| Open interest percentile (1y) | 59th |
| Daily open interest change versus prior year | -0.53σ (-40,366 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.3% |
| Open interest change, 21 sessions | -1.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 101.75 vs 101.43 (+0.3%)
- closed below delta neutral at 101.20 vs 101.50 (-0.3%)
- closed above delta neutral at 97.42 vs 94.77 (+2.7%)
- closed below delta neutral at 94.58 vs 94.89 (-0.3%)
- closed above delta neutral at 91.78 vs 91.04 (+0.8%)
- closed below delta neutral at 92.48 vs 94.00 (-1.6%)
- closed above delta neutral at 94.81 vs 94.35 (+0.5%)
- closed below delta neutral at 93.57 vs 93.76 (-0.2%)
- closed above delta neutral at 93.29 vs 93.01 (+0.3%)
- closed below delta neutral at 93.03 vs 94.70 (-1.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IGV
Questions people ask about IGV
Where is IGV's gamma max today?
As of Oct 2, 2026, the gamma max for IGV is 117.75, +8.6% from the 108.43 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 IGV above or below its delta neutral price?
IGV closed above delta neutral: 108.43 against a delta neutral price of 104.48. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IGV have?
1,342,661 contracts of open interest across 1,097 listed contracts on Oct 2, 2026, -2.9% 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.