IREN max pain, gamma exposure (GEX) & options open interest
As of close · rank #37 by open interest · 847 sessions of history since May 3, 2022
IREN's nearest-expiration max pain is 42.50 for 2026-10-09, its GEX flip is 38.92, net GEX is 18,437,939, its put/call open-interest ratio is 0.78. 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 · 7d expected move +9.8%
IREN closed 25.2% below its gamma max of 52.28. It is 9.0% above the delta neutral price of 38.02. Total open interest is 2,624,930, -5.6% versus the previous session. Its options catalyst-intensity score is 37.2 out of 100, led by volume/OI 0.11, 7d expected move +9.8%. 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 | -68,456 contracts · -4.4% |
| Put OI change, 1 session | -88,659 contracts · -7.1% |
| Call minus put OI growth, 1 session | +2.7 pp |
| Call OI change, 5 sessions | +33,455 contracts · +2.3% |
| Put OI change, 5 sessions | +24,120 contracts · +2.1% |
| Call minus put OI growth, 5 sessions | +0.2 pp |
| Daily call OI change surprise | -0.87σ (252 prior changes) |
| Daily put OI change surprise | -1.13σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.79σ (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 26 completed Day +10 paths · latest May 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.6% | -2.8% to +2.8% | 46% | -2.1% to +2.0% | 0.0% |
| Day +2 | 26 | -1.6% | -5.9% to +2.2% | 42% | -4.3% to +2.0% | 0.0% |
| Day +3 | 26 | -0.8% | -7.1% to +5.5% | 42% | -5.7% to +4.0% | 0.0% |
| Day +4 | 26 | -3.8% | -8.8% to +6.9% | 42% | -6.0% to +4.7% | 0.0% |
| Day +5 | 26 | +0.0% | -4.2% to +13.8% | 50% | -3.4% to +11.4% | 0.0% |
| Day +6 | 26 | -0.8% | -9.1% to +11.7% | 46% | -6.7% to +7.4% | 0.0% |
| Day +7 | 26 | -1.4% | -8.7% to +9.2% | 46% | -7.6% to +6.3% | 0.0% |
| Day +8 | 26 | -0.6% | -10.8% to +13.9% | 50% | -7.0% to +10.6% | 0.0% |
| Day +9 | 26 | +2.1% | -11.4% to +17.8% | 50% | -10.1% to +10.8% | 0.0% |
| Day +10 | 26 | +0.1% | -9.9% to +18.1% | 50% | -4.6% to +13.7% | 0.0% |
Crosses above gamma max 15 completed Day +10 paths · latest May 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -1.9% | -5.2% to +1.2% | 40% | -5.7% to +1.4% | 0.0% |
| Day +2 | 15 | -2.2% | -5.4% to +0.4% | 33% | -5.8% to +0.4% | 0.0% |
| Day +3 | 15 | -4.5% | -9.0% to -0.5% | 27% | -9.6% to +0.7% | 0.0% |
| Day +4 | 15 | -2.6% | -7.6% to +2.1% | 40% | -7.8% to +2.5% | 0.0% |
| Day +5 | 15 | -3.5% | -8.4% to +7.3% | 40% | -9.5% to +11.0% | 0.0% |
| Day +6 | 15 | +2.2% | -7.4% to +14.5% | 53% | -8.9% to +14.9% | 0.0% |
| Day +7 | 15 | +0.4% | -12.5% to +19.5% | 53% | -13.2% to +26.1% | 0.0% |
| Day +8 | 15 | +2.9% | -11.1% to +20.6% | 67% | -12.9% to +24.6% | 0.0% |
| Day +9 | 15 | +2.1% | -15.8% to +20.1% | 53% | -17.5% to +27.6% | 0.0% |
| Day +10 | 15 | +5.1% | -9.9% to +23.7% | 53% | -13.6% to +23.8% | 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 | 10 |
| Prior-year sessions closer to gamma max | 68.3% of 252 |
| Prior-year sessions closer to delta neutral | 32.1% of 252 |
| Open interest percentile (1y) | 87th |
| Daily open interest change versus prior year | -1.03σ (-157,115 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.2% |
| Open interest change, 21 sessions | +0.8% |
| History available | May 3, 2022 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 37.12 vs 36.52 (+1.6%)
- closed below delta neutral at 35.45 vs 36.31 (-2.4%)
- closed above delta neutral at 38.26 vs 37.23 (+2.7%)
- closed below delta neutral at 36.29 vs 37.39 (-3.0%)
- closed above delta neutral at 40.20 vs 37.11 (+7.7%)
- closed below delta neutral at 38.59 vs 39.66 (-2.8%)
- closed below gamma max at 64.05 vs 69.40 (-8.4%)
- closed above gamma max at 67.94 vs 67.42 (+0.8%)
- closed below gamma max at 56.85 vs 59.13 (-4.0%)
- closed above gamma max at 60.98 vs 59.79 (+1.9%)
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/IREN
Questions people ask about IREN
Where is IREN's gamma max today?
As of Oct 2, 2026, the gamma max for IREN is 52.28, +25.2% from the 41.76 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 IREN above or below its delta neutral price?
IREN closed above delta neutral: 41.76 against a delta neutral price of 38.02. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IREN have?
2,624,930 contracts of open interest across 1,080 listed contracts on Oct 2, 2026, -5.6% 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.