JPM max pain, gamma exposure (GEX) & options open interest
As of close · rank #166 by open interest · 1,394 sessions of history since Dec 1, 2020
JPM's nearest-expiration max pain is 332.50 for 2026-10-09, its GEX flip is 328.89, net GEX is 7,578,646, its put/call open-interest ratio is 1.02. 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 0.09
JPM closed 10.8% below its gamma max of 368.27. It is 0.4% above the delta neutral price of 330.96. Total open interest is 622,747, -2.8% versus the previous session. Its options catalyst-intensity score is 44.2 out of 100, led by volume/OI 0.09. 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 | -5,917 contracts · -1.9% |
| Put OI change, 1 session | -11,750 contracts · -3.6% |
| Call minus put OI growth, 1 session | +1.7 pp |
| Call OI change, 5 sessions | +22,517 contracts · +7.9% |
| Put OI change, 5 sessions | +8,736 contracts · +2.9% |
| Call minus put OI growth, 5 sessions | +5.0 pp |
| Daily call OI change surprise | -0.30σ (252 prior changes) |
| Daily put OI change surprise | -0.53σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.64σ (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 17 completed Day +10 paths · latest Jun 27, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 17 | +0.1% | -0.8% to +1.0% | 53% | -0.8% to +1.0% | 0.0% |
| Day +2 | 17 | +0.2% | -0.7% to +1.1% | 53% | -0.7% to +1.1% | 0.0% |
| Day +3 | 17 | +0.2% | -1.0% to +1.7% | 59% | -1.0% to +1.7% | 0.0% |
| Day +4 | 17 | +0.7% | -0.2% to +1.6% | 65% | -0.2% to +1.6% | 0.0% |
| Day +5 | 17 | +0.6% | -1.4% to +1.4% | 59% | -1.4% to +1.4% | 0.0% |
| Day +6 | 17 | +0.3% | -0.3% to +1.9% | 71% | -0.3% to +1.9% | 0.0% |
| Day +7 | 17 | +1.2% | -1.2% to +1.7% | 65% | -1.2% to +1.7% | 0.0% |
| Day +8 | 17 | +0.4% | -1.2% to +1.5% | 65% | -1.2% to +1.5% | 0.0% |
| Day +9 | 17 | -0.1% | -1.5% to +1.9% | 41% | -1.5% to +1.9% | 0.0% |
| Day +10 | 17 | +0.7% | -1.2% to +2.3% | 59% | -1.2% to +2.3% | 0.0% |
Crosses above gamma max 17 completed Day +10 paths · latest Jun 26, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 17 | -0.1% | -0.6% to +0.3% | 41% | -0.6% to +0.3% | 0.0% |
| Day +2 | 17 | -0.1% | -1.4% to +1.0% | 47% | -1.4% to +1.0% | 0.0% |
| Day +3 | 17 | -0.1% | -0.9% to +0.6% | 47% | -0.9% to +0.6% | 0.0% |
| Day +4 | 17 | +0.0% | -1.0% to +1.8% | 53% | -1.0% to +1.8% | 0.0% |
| Day +5 | 17 | -0.1% | -1.7% to +2.5% | 47% | -1.7% to +2.5% | 0.0% |
| Day +6 | 17 | -0.1% | -1.7% to +1.9% | 47% | -1.7% to +1.9% | 0.0% |
| Day +7 | 17 | +0.2% | -1.7% to +2.0% | 53% | -1.7% to +2.0% | 0.0% |
| Day +8 | 17 | -0.0% | -0.7% to +2.5% | 47% | -0.7% to +2.5% | 0.0% |
| Day +9 | 17 | -0.1% | -0.5% to +2.0% | 35% | -0.5% to +2.0% | 0.0% |
| Day +10 | 17 | -0.5% | -1.1% to +2.5% | 47% | -1.1% to +2.5% | 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 26 |
| Prior-year sessions closer to gamma max | 92.5% of 252 |
| Prior-year sessions closer to delta neutral | 6.7% of 252 |
| Open interest percentile (1y) | 13th |
| Daily open interest change versus prior year | -0.43σ (-17,667 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.3% |
| Open interest change, 21 sessions | -6.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 333.18 vs 332.62 (+0.2%)
- closed below delta neutral at 330.83 vs 332.35 (-0.5%)
- closed above delta neutral at 301.69 vs 298.68 (+1.0%)
- closed below delta neutral at 296.57 vs 297.06 (-0.2%)
- closed above delta neutral at 299.31 vs 297.66 (+0.6%)
- closed below delta neutral at 296.51 vs 297.68 (-0.4%)
- closed above delta neutral at 301.98 vs 297.18 (+1.6%)
- closed below delta neutral at 295.70 vs 296.26 (-0.2%)
- closed above delta neutral at 294.16 vs 292.90 (+0.4%)
- closed below delta neutral at 291.66 vs 293.52 (-0.6%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/JPM
Questions people ask about JPM
Where is JPM's gamma max today?
As of Oct 2, 2026, the gamma max for JPM is 368.27, +10.8% from the 332.38 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 JPM above or below its delta neutral price?
JPM closed above delta neutral: 332.38 against a delta neutral price of 330.96. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does JPM have?
622,747 contracts of open interest across 1,111 listed contracts on Oct 2, 2026, -2.8% 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.