ISRG max pain, gamma exposure (GEX) & options open interest
As of close · rank #579 by open interest · 1,394 sessions of history since Dec 1, 2020
ISRG's nearest-expiration max pain is 380.00 for 2026-10-09, its GEX flip is 382.47, net GEX is 1,450,484, 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.
ISRG closed 12.8% below its gamma max of 442.14. It is 2.4% above the delta neutral price of 382.62. Total open interest is 120,654, -3.6% versus the previous session. Its options catalyst-intensity score is 38.9 out of 100. 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 | -1,330 contracts · -1.9% |
| Put OI change, 1 session | -3,195 contracts · -5.7% |
| Call minus put OI growth, 1 session | +3.8 pp |
| Call OI change, 5 sessions | +2,130 contracts · +3.2% |
| Put OI change, 5 sessions | +1,120 contracts · +2.2% |
| Call minus put OI growth, 5 sessions | +1.1 pp |
| Daily call OI change surprise | -0.37σ (252 prior changes) |
| Daily put OI change surprise | -0.96σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.43σ (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 18 completed Day +10 paths · latest Oct 24, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.2% | -0.3% to +0.9% | 56% | -0.3% to +0.9% | 0.0% |
| Day +2 | 18 | +0.5% | -0.5% to +1.7% | 61% | -0.3% to +1.0% | 0.0% |
| Day +3 | 18 | +0.1% | -1.2% to +2.3% | 56% | -0.9% to +2.1% | 0.0% |
| Day +4 | 18 | -0.1% | -1.4% to +1.0% | 50% | -1.1% to +0.8% | 0.0% |
| Day +5 | 18 | -0.0% | -0.9% to +0.9% | 44% | -0.7% to +0.4% | 0.0% |
| Day +6 | 18 | -0.3% | -1.1% to +1.4% | 44% | -1.1% to +1.3% | 0.0% |
| Day +7 | 18 | +0.6% | -0.9% to +1.7% | 67% | -0.6% to +1.2% | 0.0% |
| Day +8 | 18 | +0.6% | -1.0% to +2.0% | 61% | -0.4% to +1.8% | 0.0% |
| Day +9 | 18 | +0.7% | -0.7% to +2.6% | 61% | -0.7% to +2.5% | 0.0% |
| Day +10 | 18 | +2.1% | -1.0% to +3.2% | 72% | +1.1% to +2.7% | +1.1% |
Crosses above gamma max 16 completed Day +10 paths · latest Jan 15, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.3% | -0.6% to +0.8% | 38% | -0.6% to +0.8% | 0.0% |
| Day +2 | 16 | +0.2% | -1.1% to +1.4% | 50% | -1.0% to +1.3% | 0.0% |
| Day +3 | 16 | +0.2% | -0.9% to +1.9% | 50% | -0.8% to +1.8% | 0.0% |
| Day +4 | 16 | +0.1% | -1.3% to +2.3% | 50% | -1.2% to +2.1% | 0.0% |
| Day +5 | 16 | +0.3% | -1.2% to +2.5% | 56% | -1.2% to +2.2% | 0.0% |
| Day +6 | 16 | +0.2% | -1.5% to +1.5% | 56% | -1.4% to +1.4% | 0.0% |
| Day +7 | 16 | +0.4% | -1.6% to +1.8% | 56% | -1.5% to +1.8% | 0.0% |
| Day +8 | 16 | +0.9% | -0.7% to +1.6% | 56% | -0.6% to +1.6% | 0.0% |
| Day +9 | 16 | +1.4% | -0.7% to +2.1% | 69% | -0.5% to +2.0% | 0.0% |
| Day +10 | 16 | +1.8% | -0.2% to +2.9% | 69% | -0.0% to +2.9% | 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 | 2 |
| Delta neutral crosses | 23 |
| Prior-year sessions closer to gamma max | 40.9% of 252 |
| Prior-year sessions closer to delta neutral | 40.5% of 252 |
| Open interest percentile (1y) | 75th |
| Daily open interest change versus prior year | -0.66σ (-4,525 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.8% |
| Open interest change, 21 sessions | -9.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 377.94 vs 375.02 (+0.8%)
- closed below delta neutral at 374.48 vs 377.32 (-0.8%)
- closed above delta neutral at 375.20 vs 372.56 (+0.7%)
- closed below delta neutral at 368.27 vs 371.81 (-1.0%)
- closed above delta neutral at 375.41 vs 374.84 (+0.2%)
- closed below delta neutral at 411.55 vs 412.26 (-0.2%)
- closed above delta neutral at 426.01 vs 415.63 (+2.4%)
- closed below delta neutral at 417.36 vs 435.96 (-4.5%)
- closed above delta neutral at 436.64 vs 436.24 (+0.1%)
- closed below delta neutral at 438.46 vs 440.72 (-0.5%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/ISRG
Questions people ask about ISRG
Where is ISRG's gamma max today?
As of Oct 2, 2026, the gamma max for ISRG is 442.14, +12.8% from the 391.95 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 ISRG above or below its delta neutral price?
ISRG closed above delta neutral: 391.95 against a delta neutral price of 382.62. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does ISRG have?
120,654 contracts of open interest across 1,308 listed contracts on Oct 2, 2026, -3.6% 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.