IOVA max pain, gamma exposure (GEX) & options open interest
As of close · rank #249 by open interest · 1,386 sessions of history since Dec 1, 2020
IOVA's nearest-expiration max pain is 13.50 for 2026-10-09, its GEX flip is 8.99, net GEX is 4,811,864, its put/call open-interest ratio is 0.52. 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 -125.5 pp · 7d expected move +10.7% · smile convexity 9.4 pp
IOVA closed 3.9% below its gamma max of 14.77. It is 27.3% above the delta neutral price of 10.33. Total open interest is 394,428, -4.6% versus the previous session. Its options catalyst-intensity score is 50.6 out of 100, led by 25Δ risk reversal -125.5 pp, 7d expected move +10.7%, smile convexity 9.4 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 | -15,895 contracts · -5.8% |
| Put OI change, 1 session | -3,153 contracts · -2.3% |
| Call minus put OI growth, 1 session | -3.5 pp |
| Call OI change, 5 sessions | +25,585 contracts · +10.9% |
| Put OI change, 5 sessions | +30,696 contracts · +29.4% |
| Call minus put OI growth, 5 sessions | -18.5 pp |
| Daily call OI change surprise | -1.74σ (252 prior changes) |
| Daily put OI change surprise | -0.86σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.53σ (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 78 completed Day +10 paths · latest Sep 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 80 | -0.5% | -2.5% to +2.3% | 43% | -1.4% to +0.2% | 0.0% |
| Day +2 | 80 | -0.1% | -3.3% to +3.1% | 50% | -1.0% to +0.9% | 0.0% |
| Day +3 | 80 | -0.4% | -5.2% to +6.0% | 46% | -2.4% to +0.9% | 0.0% |
| Day +4 | 79 | +0.3% | -6.1% to +7.4% | 51% | -2.6% to +2.4% | 0.0% |
| Day +5 | 79 | -1.1% | -7.4% to +7.4% | 44% | -3.4% to +3.4% | 0.0% |
| Day +6 | 79 | -0.7% | -7.8% to +8.4% | 44% | -3.6% to +2.9% | 0.0% |
| Day +7 | 78 | +0.1% | -7.6% to +9.6% | 50% | -2.2% to +3.6% | 0.0% |
| Day +8 | 78 | -0.6% | -8.0% to +7.9% | 49% | -3.4% to +2.2% | 0.0% |
| Day +9 | 78 | -1.1% | -11.0% to +8.0% | 45% | -5.5% to +2.9% | 0.0% |
| Day +10 | 78 | -0.6% | -11.9% to +7.4% | 47% | -4.0% to +2.4% | 0.0% |
Crosses above gamma max 76 completed Day +10 paths · latest Sep 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 76 | -0.1% | -4.0% to +2.4% | 49% | -1.6% to +1.0% | 0.0% |
| Day +2 | 76 | -1.6% | -6.9% to +3.3% | 43% | -2.7% to +1.4% | 0.0% |
| Day +3 | 76 | +0.4% | -6.4% to +5.8% | 50% | -3.0% to +2.2% | 0.0% |
| Day +4 | 76 | -1.5% | -6.9% to +5.5% | 43% | -2.5% to +0.9% | 0.0% |
| Day +5 | 76 | -0.4% | -8.7% to +6.6% | 42% | -3.6% to +1.1% | 0.0% |
| Day +6 | 76 | -0.8% | -9.7% to +7.8% | 47% | -4.2% to +2.1% | 0.0% |
| Day +7 | 76 | -2.1% | -9.4% to +6.1% | 46% | -5.0% to +2.2% | 0.0% |
| Day +8 | 76 | -1.4% | -9.5% to +8.1% | 45% | -6.3% to +2.3% | 0.0% |
| Day +9 | 76 | -1.1% | -11.8% to +9.6% | 49% | -5.1% to +5.4% | 0.0% |
| Day +10 | 76 | -0.4% | -13.0% to +12.4% | 46% | -5.6% to +5.1% | 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 | 38% |
| Gamma max crosses | 70 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 38.9% of 252 |
| Prior-year sessions closer to delta neutral | 6.3% of 252 |
| Open interest percentile (1y) | 99th |
| Daily open interest change versus prior year | -1.68σ (-19,048 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +16.6% |
| Open interest change, 21 sessions | +18.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 14.45 vs 14.68 (-1.6%)
- closed above gamma max at 11.00 vs 9.38 (+14.7%)
- closed below gamma max at 10.80 vs 10.99 (-1.8%)
- closed above gamma max at 10.02 vs 9.95 (+0.7%)
- closed below gamma max at 9.36 vs 10.07 (-7.6%)
- closed above gamma max at 8.70 vs 7.82 (+10.2%)
- closed below gamma max at 8.17 vs 8.43 (-3.2%)
- closed above gamma max at 8.01 vs 8.00 (+0.1%)
- closed below gamma max at 8.29 vs 8.36 (-0.9%)
- closed above gamma max at 7.99 vs 7.76 (+2.9%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IOVA
Questions people ask about IOVA
Where is IOVA's gamma max today?
As of Oct 2, 2026, the gamma max for IOVA is 14.77, +3.9% from the 14.22 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 IOVA above or below its delta neutral price?
IOVA closed above delta neutral: 14.22 against a delta neutral price of 10.33. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IOVA have?
394,428 contracts of open interest across 229 listed contracts on Oct 2, 2026, -4.6% 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.