LBTYA max pain, gamma exposure (GEX) & options open interest
As of close · rank #515 by open interest · 1,393 sessions of history since Dec 1, 2020
LBTYA's nearest-expiration max pain is 10.00 for 2026-10-16, net GEX is 2,701,535, its put/call open-interest ratio is 0.40. 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 -157.4 pp
LBTYA closed 28.3% below its gamma max of 11.45. It is 14.9% above the delta neutral price of 7.59. Total open interest is 138,797, +0.1% versus the previous session. Its options catalyst-intensity score is 32.9 out of 100, led by 25Δ risk reversal -157.4 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 | +164 contracts · +0.2% |
| Put OI change, 1 session | -65 contracts · -0.2% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +5,341 contracts · +5.7% |
| Put OI change, 5 sessions | -223 contracts · -0.6% |
| Call minus put OI growth, 5 sessions | +6.3 pp |
| Daily call OI change surprise | -0.04σ (252 prior changes) |
| Daily put OI change surprise | -0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.04σ (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 25 completed Day +10 paths · latest Feb 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | +0.4% | -0.8% to +1.1% | 60% | -0.6% to +1.1% | 0.0% |
| Day +2 | 25 | 0.0% | -1.5% to +2.1% | 48% | -0.7% to +1.8% | 0.0% |
| Day +3 | 25 | +0.1% | -2.8% to +1.5% | 52% | -1.5% to +1.5% | 0.0% |
| Day +4 | 25 | -0.9% | -2.3% to +3.0% | 36% | -2.2% to +2.5% | 0.0% |
| Day +5 | 25 | -0.7% | -1.7% to +2.1% | 44% | -1.2% to +0.7% | 0.0% |
| Day +6 | 25 | -0.5% | -2.5% to +1.9% | 36% | -2.4% to +0.6% | 0.0% |
| Day +7 | 25 | -0.5% | -5.0% to +1.0% | 40% | -3.1% to +0.9% | 0.0% |
| Day +8 | 25 | -0.8% | -4.1% to +1.2% | 36% | -4.0% to +0.6% | 0.0% |
| Day +9 | 25 | -1.6% | -5.3% to +2.5% | 36% | -4.7% to +2.2% | 0.0% |
| Day +10 | 25 | -1.3% | -6.4% to +1.1% | 44% | -5.7% to +0.9% | 0.0% |
Crosses above gamma max 25 completed Day +10 paths · latest Jul 17, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | -1.0% | -1.9% to -0.1% | 24% | -1.8% to -0.3% | -0.3% |
| Day +2 | 25 | -1.2% | -2.7% to +0.7% | 36% | -2.7% to +0.4% | 0.0% |
| Day +3 | 25 | -1.0% | -3.0% to +2.1% | 40% | -2.8% to +1.8% | 0.0% |
| Day +4 | 25 | -1.5% | -2.8% to +2.2% | 44% | -2.6% to +1.3% | 0.0% |
| Day +5 | 25 | -1.5% | -3.7% to +2.6% | 40% | -3.4% to +2.2% | 0.0% |
| Day +6 | 25 | -0.4% | -3.4% to +1.4% | 48% | -2.4% to +1.1% | 0.0% |
| Day +7 | 25 | -1.5% | -3.9% to +0.8% | 36% | -3.2% to +0.6% | 0.0% |
| Day +8 | 25 | -1.4% | -3.9% to +1.2% | 40% | -3.1% to +0.6% | 0.0% |
| Day +9 | 25 | -2.6% | -5.6% to +1.4% | 36% | -5.2% to +0.4% | 0.0% |
| Day +10 | 25 | -1.9% | -6.2% to +2.7% | 36% | -5.4% to +1.3% | 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 | 2 |
| Delta neutral crosses | 28 |
| Prior-year sessions closer to gamma max | 84.9% of 251 |
| Prior-year sessions closer to delta neutral | 80.9% of 251 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -0.05σ (99 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.8% |
| Open interest change, 21 sessions | +14.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 10.22 vs 10.14 (+0.7%)
- closed below delta neutral at 11.37 vs 11.38 (-0.1%)
- closed above delta neutral at 11.55 vs 11.44 (+1.0%)
- closed below delta neutral at 11.20 vs 11.28 (-0.7%)
- closed above delta neutral at 12.42 vs 12.41 (+0.1%)
- closed below delta neutral at 12.21 vs 12.26 (-0.4%)
- closed above delta neutral at 12.48 vs 12.29 (+1.6%)
- closed below delta neutral at 12.54 vs 13.39 (-6.8%)
- closed below gamma max at 12.26 vs 12.48 (-1.8%)
- closed above delta neutral at 13.04 vs 12.28 (+5.8%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/LBTYA
Questions people ask about LBTYA
Where is LBTYA's gamma max today?
As of Oct 2, 2026, the gamma max for LBTYA is 11.45, +28.3% from the 8.92 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 LBTYA above or below its delta neutral price?
LBTYA closed above delta neutral: 8.92 against a delta neutral price of 7.59. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does LBTYA have?
138,797 contracts of open interest across 37 listed contracts on Oct 2, 2026, +0.1% 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.