KWEB max pain, gamma exposure (GEX) & options open interest
As of close · rank #50 by open interest · 1,394 sessions of history since Dec 1, 2020
KWEB's nearest-expiration max pain is 25.00 for 2026-10-09, its GEX flip is 19.91, net GEX is 85,070,786, its put/call open-interest ratio is 0.35. 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.
KWEB closed 10.7% below its gamma max of 26.42. It is 1.5% below the delta neutral price of 24.21. Total open interest is 2,182,406, -3.3% versus the previous session. Its options catalyst-intensity score is 36.6 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 | -59,234 contracts · -3.5% |
| Put OI change, 1 session | -15,864 contracts · -2.7% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | +111,138 contracts · +7.4% |
| Put OI change, 5 sessions | +3,813 contracts · +0.7% |
| Call minus put OI growth, 5 sessions | +6.7 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -0.23σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.32σ (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 12 completed Day +10 paths · latest Sep 12, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +0.7% | -0.8% to +2.3% | 58% | -1.0% to +3.3% | 0.0% |
| Day +2 | 12 | +1.6% | -0.9% to +4.0% | 58% | -2.3% to +4.5% | 0.0% |
| Day +3 | 12 | +3.4% | +0.3% to +5.6% | 75% | -1.2% to +5.6% | 0.0% |
| Day +4 | 12 | +1.8% | -5.2% to +5.2% | 58% | -7.0% to +6.6% | 0.0% |
| Day +5 | 12 | +0.8% | -6.8% to +6.0% | 50% | -7.1% to +6.3% | 0.0% |
| Day +6 | 12 | +1.9% | -4.2% to +6.8% | 58% | -5.9% to +8.8% | 0.0% |
| Day +7 | 12 | -0.1% | -3.7% to +7.9% | 42% | -7.3% to +9.1% | 0.0% |
| Day +8 | 12 | -2.7% | -10.3% to +3.5% | 33% | -13.9% to +7.3% | 0.0% |
| Day +9 | 12 | -1.9% | -9.8% to +3.8% | 33% | -12.9% to +7.5% | 0.0% |
| Day +10 | 12 | -0.4% | -8.4% to +5.3% | 50% | -13.8% to +12.2% | 0.0% |
Crosses above gamma max 13 completed Day +10 paths · latest Sep 11, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -0.3% | -1.0% to +0.5% | 46% | -1.0% to +0.5% | 0.0% |
| Day +2 | 13 | +0.3% | -1.1% to +4.0% | 54% | -1.1% to +4.0% | 0.0% |
| Day +3 | 13 | +0.0% | -1.4% to +6.3% | 54% | -1.4% to +6.3% | 0.0% |
| Day +4 | 13 | +3.3% | -1.1% to +9.4% | 69% | -1.1% to +9.4% | 0.0% |
| Day +5 | 13 | +0.8% | -4.5% to +7.6% | 54% | -4.5% to +7.6% | 0.0% |
| Day +6 | 13 | -0.3% | -6.9% to +4.8% | 46% | -6.9% to +4.8% | 0.0% |
| Day +7 | 13 | +2.3% | -3.5% to +3.7% | 62% | -3.5% to +3.7% | 0.0% |
| Day +8 | 13 | -0.0% | -2.5% to +3.7% | 46% | -2.5% to +3.7% | 0.0% |
| Day +9 | 13 | -1.0% | -4.7% to +6.0% | 46% | -4.7% to +6.0% | 0.0% |
| Day +10 | 13 | -1.3% | -6.3% to +6.6% | 46% | -6.3% to +6.6% | 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 | 33 |
| Prior-year sessions closer to gamma max | 36.9% of 252 |
| Prior-year sessions closer to delta neutral | 28.2% of 252 |
| Open interest percentile (1y) | 2th |
| Daily open interest change versus prior year | -0.36σ (-75,098 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.6% |
| Open interest change, 21 sessions | -11.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 23.86 vs 24.21 (-1.5%)
- closed above delta neutral at 24.51 vs 24.47 (+0.2%)
- closed below delta neutral at 24.69 vs 24.93 (-1.0%)
- closed above delta neutral at 25.18 vs 24.97 (+0.8%)
- closed below delta neutral at 26.69 vs 26.96 (-1.0%)
- closed above delta neutral at 27.22 vs 26.97 (+0.9%)
- closed below delta neutral at 26.78 vs 26.83 (-0.2%)
- closed above delta neutral at 27.01 vs 26.99 (+0.1%)
- closed below delta neutral at 26.85 vs 26.98 (-0.5%)
- closed above delta neutral at 25.12 vs 25.06 (+0.2%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/KWEB
Questions people ask about KWEB
Where is KWEB's gamma max today?
As of Oct 2, 2026, the gamma max for KWEB is 26.42, +10.7% from the 23.86 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 KWEB above or below its delta neutral price?
KWEB closed below delta neutral: 23.86 against a delta neutral price of 24.21. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does KWEB have?
2,182,406 contracts of open interest across 501 listed contracts on Oct 2, 2026, -3.3% 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.