IWM max pain, gamma exposure (GEX) & options open interest
As of close · rank #7 by open interest · 1,394 sessions of history since Dec 1, 2020
IWM's nearest-expiration max pain is 280.00 for 2026-10-05, its GEX flip is 294.31, net GEX is -1,232,004,867, its put/call open-interest ratio is 2.45. 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 0.20 · smile convexity 15.4 pp
IWM closed 9.7% below its gamma max of 308.95. It is 2.5% below the delta neutral price of 288.68. Total open interest is 9,843,451, -0.5% versus the previous session. Its options catalyst-intensity score is 45.3 out of 100, led by volume/OI 0.20, smile convexity 15.4 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 | -29,970 contracts · -1.0% |
| Put OI change, 1 session | -21,503 contracts · -0.3% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | -61,355 contracts · -2.1% |
| Put OI change, 5 sessions | +131,492 contracts · +1.9% |
| Call minus put OI growth, 5 sessions | -4.0 pp |
| Daily call OI change surprise | -0.25σ (252 prior changes) |
| Daily put OI change surprise | -0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.25σ (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 1 completed Day +10 paths · latest Dec 15, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 1 | +0.1% | +0.1% to +0.1% | 100% | – | – |
| Day +2 | 1 | +2.0% | +2.0% to +2.0% | 100% | – | – |
| Day +3 | 1 | -0.4% | -0.4% to -0.4% | 0% | – | – |
| Day +4 | 1 | +1.4% | +1.4% to +1.4% | 100% | – | – |
| Day +5 | 1 | +2.3% | +2.3% to +2.3% | 100% | – | – |
| Day +6 | 1 | +3.6% | +3.6% to +3.6% | 100% | – | – |
| Day +7 | 1 | +3.9% | +3.9% to +3.9% | 100% | – | – |
| Day +8 | 1 | +3.5% | +3.5% to +3.5% | 100% | – | – |
| Day +9 | 1 | +1.9% | +1.9% to +1.9% | 100% | – | – |
| Day +10 | 1 | +1.3% | +1.3% to +1.3% | 100% | – | – |
Crosses above gamma max 1 completed Day +10 paths · latest Dec 13, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 1 | +2.7% | +2.7% to +2.7% | 100% | – | – |
| Day +2 | 1 | +1.8% | +1.8% to +1.8% | 100% | – | – |
| Day +3 | 1 | +1.8% | +1.8% to +1.8% | 100% | – | – |
| Day +4 | 1 | +3.8% | +3.8% to +3.8% | 100% | – | – |
| Day +5 | 1 | +1.4% | +1.4% to +1.4% | 100% | – | – |
| Day +6 | 1 | +3.2% | +3.2% to +3.2% | 100% | – | – |
| Day +7 | 1 | +4.1% | +4.1% to +4.1% | 100% | – | – |
| Day +8 | 1 | +5.4% | +5.4% to +5.4% | 100% | – | – |
| Day +9 | 1 | +5.8% | +5.8% to +5.8% | 100% | – | – |
| Day +10 | 1 | +5.4% | +5.4% to +5.4% | 100% | – | – |
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 | 39 |
| Prior-year sessions closer to gamma max | 73.4% of 252 |
| Prior-year sessions closer to delta neutral | 68.3% of 252 |
| Open interest percentile (1y) | 50th |
| Daily open interest change versus prior year | -0.09σ (-51,473 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.7% |
| Open interest change, 21 sessions | -4.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 295.76 vs 298.26 (-0.8%)
- closed above delta neutral at 299.28 vs 299.09 (+0.1%)
- closed below delta neutral at 297.97 vs 299.05 (-0.4%)
- closed above delta neutral at 299.96 vs 299.11 (+0.3%)
- closed below delta neutral at 297.70 vs 298.09 (-0.1%)
- closed above delta neutral at 296.22 vs 294.00 (+0.8%)
- closed below delta neutral at 293.77 vs 294.41 (-0.2%)
- closed above delta neutral at 296.54 vs 294.80 (+0.6%)
- closed below delta neutral at 294.10 vs 294.26 (-0.1%)
- closed above delta neutral at 294.45 vs 293.19 (+0.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/IWM
Questions people ask about IWM
Where is IWM's gamma max today?
As of Oct 2, 2026, the gamma max for IWM is 308.95, +9.7% from the 281.52 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 IWM above or below its delta neutral price?
IWM closed below delta neutral: 281.52 against a delta neutral price of 288.68. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IWM have?
9,843,451 contracts of open interest across 3,207 listed contracts on Oct 2, 2026, -0.5% 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.