KMI max pain, gamma exposure (GEX) & options open interest
As of close · rank #338 by open interest · 1,394 sessions of history since Dec 1, 2020
KMI's nearest-expiration max pain is 30.00 for 2026-10-09, its GEX flip is 27.28, net GEX is 19,805,219, its put/call open-interest ratio is 0.48. 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: 25Δ risk reversal 110.8 pp · front IV premium 0.6 pp · volume/OI 0.08
KMI closed 7.3% below its gamma max of 33.33. It is 6.1% above the delta neutral price of 29.18. Total open interest is 255,217, -3.0% versus the previous session. Its options catalyst-intensity score is 60.6 out of 100, led by 25Δ risk reversal 110.8 pp, front IV premium 0.6 pp, volume/OI 0.08. 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 | -5,490 contracts · -3.1% |
| Put OI change, 1 session | -2,349 contracts · -2.8% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +2,006 contracts · +1.2% |
| Put OI change, 5 sessions | -1,409 contracts · -1.7% |
| Call minus put OI growth, 5 sessions | +2.9 pp |
| Daily call OI change surprise | -0.46σ (252 prior changes) |
| Daily put OI change surprise | -0.21σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.06σ (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 39 completed Day +10 paths · latest May 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | +0.4% | -0.4% to +1.1% | 59% | -0.1% to +0.9% | 0.0% |
| Day +2 | 39 | +0.1% | -1.3% to +0.9% | 51% | -0.5% to +0.6% | 0.0% |
| Day +3 | 39 | +0.1% | -1.3% to +1.6% | 51% | -0.6% to +1.1% | 0.0% |
| Day +4 | 39 | -0.2% | -1.7% to +2.3% | 46% | -1.0% to +1.0% | 0.0% |
| Day +5 | 39 | -0.3% | -1.8% to +3.0% | 49% | -1.5% to +1.9% | 0.0% |
| Day +6 | 39 | +0.1% | -1.7% to +3.3% | 51% | -1.1% to +2.8% | 0.0% |
| Day +7 | 39 | +0.4% | -3.0% to +3.0% | 54% | -1.8% to +2.1% | 0.0% |
| Day +8 | 39 | -0.1% | -3.2% to +3.4% | 49% | -1.9% to +2.5% | 0.0% |
| Day +9 | 39 | +0.1% | -3.3% to +4.1% | 54% | -2.0% to +2.2% | 0.0% |
| Day +10 | 39 | +0.1% | -2.8% to +3.8% | 51% | -1.4% to +1.7% | 0.0% |
Crosses above gamma max 39 completed Day +10 paths · latest May 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | +0.2% | -1.0% to +0.9% | 56% | -0.4% to +0.6% | 0.0% |
| Day +2 | 39 | +0.1% | -1.0% to +2.0% | 51% | -0.6% to +1.6% | 0.0% |
| Day +3 | 39 | -0.1% | -1.5% to +2.0% | 49% | -1.3% to +1.5% | 0.0% |
| Day +4 | 39 | +0.4% | -1.9% to +2.4% | 54% | -0.8% to +1.7% | 0.0% |
| Day +5 | 39 | +0.8% | -1.5% to +2.0% | 59% | -0.2% to +1.7% | 0.0% |
| Day +6 | 39 | +0.9% | -1.5% to +2.5% | 67% | +0.1% to +1.6% | +0.1% |
| Day +7 | 39 | +0.7% | -1.6% to +2.2% | 51% | -0.8% to +1.5% | 0.0% |
| Day +8 | 39 | +0.4% | -2.5% to +2.9% | 54% | -1.0% to +2.1% | 0.0% |
| Day +9 | 39 | +0.1% | -3.1% to +3.0% | 56% | -0.5% to +2.5% | 0.0% |
| Day +10 | 39 | +1.1% | -3.5% to +3.4% | 59% | -1.8% to +2.7% | 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 | 6% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 69.0% of 252 |
| Prior-year sessions closer to delta neutral | 64.7% of 252 |
| Open interest percentile (1y) | 5th |
| Daily open interest change versus prior year | -0.37σ (-7,839 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.2% |
| Open interest change, 21 sessions | -19.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 33.59 vs 34.34 (-2.2%)
- closed above gamma max at 34.31 vs 33.88 (+1.3%)
- closed below gamma max at 33.96 vs 34.12 (-0.5%)
- closed above gamma max at 33.27 vs 32.54 (+2.2%)
- closed below gamma max at 32.69 vs 33.50 (-2.5%)
- closed above gamma max at 32.32 vs 31.52 (+2.5%)
- closed below gamma max at 31.69 vs 31.82 (-0.4%)
- closed above gamma max at 31.45 vs 31.11 (+1.1%)
- closed below gamma max at 31.01 vs 31.09 (-0.2%)
- closed above gamma max at 30.99 vs 30.95 (+0.1%)
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/KMI
Questions people ask about KMI
Where is KMI's gamma max today?
As of Oct 2, 2026, the gamma max for KMI is 33.33, +7.3% from the 31.07 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 KMI above or below its delta neutral price?
KMI closed above delta neutral: 31.07 against a delta neutral price of 29.18. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does KMI have?
255,217 contracts of open interest across 337 listed contracts on Oct 2, 2026, -3.0% 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.