IYR max pain, gamma exposure (GEX) & options open interest
As of close · rank #542 by open interest · 1,394 sessions of history since Dec 1, 2020
IYR's nearest-expiration max pain is 97.00 for 2026-10-09, its GEX flip is 98.66, net GEX is -15,744,061, its put/call open-interest ratio is 2.03. 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 3.1 pp
IYR closed 8.8% below its gamma max of 103.13. It is 4.1% below the delta neutral price of 98.66. Total open interest is 131,749, -3.7% versus the previous session. Its options catalyst-intensity score is 46.2 out of 100, led by front IV premium 3.1 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 | -3,129 contracts · -6.7% |
| Put OI change, 1 session | -1,948 contracts · -2.2% |
| Call minus put OI growth, 1 session | -4.6 pp |
| Call OI change, 5 sessions | +1,850 contracts · +4.4% |
| Put OI change, 5 sessions | +5,453 contracts · +6.6% |
| Call minus put OI growth, 5 sessions | -2.1 pp |
| Daily call OI change surprise | -0.82σ (252 prior changes) |
| Daily put OI change surprise | -0.26σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.58σ (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 Apr 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.1% | -0.2% to +0.5% | 63% | -0.2% to +0.4% | 0.0% |
| Day +2 | 16 | +0.3% | -0.4% to +1.2% | 63% | -0.4% to +1.2% | 0.0% |
| Day +3 | 16 | +0.1% | -0.8% to +1.2% | 56% | -0.7% to +1.2% | 0.0% |
| Day +4 | 16 | -0.1% | -1.3% to +0.9% | 50% | -1.3% to +0.8% | 0.0% |
| Day +5 | 16 | -0.1% | -0.9% to +1.3% | 50% | -0.8% to +1.2% | 0.0% |
| Day +6 | 16 | +0.3% | -0.7% to +1.7% | 63% | -0.6% to +1.7% | 0.0% |
| Day +7 | 16 | +0.3% | -1.1% to +1.4% | 63% | -1.0% to +1.3% | 0.0% |
| Day +8 | 16 | +0.6% | -1.6% to +1.4% | 56% | -1.5% to +1.4% | 0.0% |
| Day +9 | 16 | -0.6% | -1.3% to +0.8% | 38% | -1.2% to +0.4% | 0.0% |
| Day +10 | 16 | -0.6% | -1.9% to +1.6% | 44% | -1.9% to +1.3% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest Apr 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.3% | -0.3% to +0.9% | 56% | -0.3% to +0.9% | 0.0% |
| Day +2 | 16 | +0.3% | -0.0% to +1.1% | 75% | +0.1% to +1.1% | +0.1% |
| Day +3 | 16 | +1.0% | -0.3% to +1.4% | 63% | -0.2% to +1.3% | 0.0% |
| Day +4 | 16 | +0.6% | -0.8% to +1.6% | 63% | -0.7% to +1.6% | 0.0% |
| Day +5 | 16 | +0.3% | -1.0% to +0.9% | 56% | -1.0% to +0.8% | 0.0% |
| Day +6 | 16 | +0.3% | -0.1% to +0.9% | 69% | -0.0% to +0.8% | 0.0% |
| Day +7 | 16 | +0.6% | -0.2% to +1.1% | 63% | -0.1% to +1.1% | 0.0% |
| Day +8 | 16 | +0.3% | -0.9% to +1.5% | 63% | -0.8% to +1.4% | 0.0% |
| Day +9 | 16 | +0.8% | -1.4% to +1.5% | 63% | -1.3% to +1.4% | 0.0% |
| Day +10 | 16 | +0.1% | -1.4% to +1.5% | 50% | -1.2% to +1.4% | 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 | 3% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 34 |
| Prior-year sessions closer to gamma max | 89.3% of 252 |
| Prior-year sessions closer to delta neutral | 95.2% of 252 |
| Open interest percentile (1y) | 29th |
| Daily open interest change versus prior year | -0.50σ (-5,077 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.9% |
| Open interest change, 21 sessions | -26.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 103.79 vs 104.52 (-0.7%)
- closed above delta neutral at 105.39 vs 105.34 (+0.0%)
- closed below delta neutral at 104.73 vs 104.86 (-0.1%)
- closed above delta neutral at 104.89 vs 104.78 (+0.1%)
- closed below delta neutral at 104.19 vs 104.41 (-0.2%)
- closed above delta neutral at 101.79 vs 101.52 (+0.3%)
- closed below delta neutral at 99.60 vs 99.87 (-0.3%)
- closed above delta neutral at 102.56 vs 101.47 (+1.1%)
- closed below delta neutral at 102.41 vs 102.90 (-0.5%)
- closed above delta neutral at 101.06 vs 100.90 (+0.2%)
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/IYR
Questions people ask about IYR
Where is IYR's gamma max today?
As of Oct 2, 2026, the gamma max for IYR is 103.13, +8.8% from the 94.77 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 IYR above or below its delta neutral price?
IYR closed below delta neutral: 94.77 against a delta neutral price of 98.66. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does IYR have?
131,749 contracts of open interest across 428 listed contracts on Oct 2, 2026, -3.7% 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.