LQD max pain, gamma exposure (GEX) & options open interest
As of close · rank #33 by open interest · 1,394 sessions of history since Dec 1, 2020
LQD's nearest-expiration max pain is 102.50 for 2026-10-09, net GEX is -622,924,921, its put/call open-interest ratio is 1.33. 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 -0.7 pp
LQD closed 6.2% below its gamma max of 108.19. It is 3.0% below the delta neutral price of 104.89. Total open interest is 2,771,028, -1.4% versus the previous session. Its options catalyst-intensity score is 31.6 out of 100, led by front IV premium -0.7 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 | -42,853 contracts · -3.5% |
| Put OI change, 1 session | +3,075 contracts · +0.2% |
| Call minus put OI growth, 1 session | -3.7 pp |
| Call OI change, 5 sessions | +145,204 contracts · +13.9% |
| Put OI change, 5 sessions | +246,657 contracts · +18.5% |
| Call minus put OI growth, 5 sessions | -4.5 pp |
| Daily call OI change surprise | -1.15σ (252 prior changes) |
| Daily put OI change surprise | -0.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.75σ (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 7 completed Day +10 paths · latest Dec 15, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | +0.1% | -0.3% to +0.5% | 57% | -0.6% to +0.7% | 0.0% |
| Day +2 | 7 | +0.4% | -0.3% to +0.7% | 57% | -0.4% to +1.1% | 0.0% |
| Day +3 | 7 | +0.3% | +0.1% to +0.7% | 71% | -0.6% to +1.7% | 0.0% |
| Day +4 | 7 | +0.6% | +0.1% to +0.8% | 71% | -0.4% to +1.9% | 0.0% |
| Day +5 | 7 | +0.5% | +0.0% to +0.9% | 71% | -0.6% to +1.1% | 0.0% |
| Day +6 | 7 | +0.5% | +0.2% to +0.7% | 71% | -0.2% to +1.5% | 0.0% |
| Day +7 | 7 | +0.8% | +0.4% to +1.4% | 86% | -0.1% to +2.4% | 0.0% |
| Day +8 | 7 | +0.8% | +0.6% to +1.5% | 100% | +0.0% to +2.8% | +0.0% |
| Day +9 | 7 | +0.7% | +0.2% to +1.8% | 86% | -0.3% to +3.4% | 0.0% |
| Day +10 | 7 | +0.8% | +0.3% to +1.6% | 86% | -0.4% to +2.5% | 0.0% |
Crosses above gamma max 7 completed Day +10 paths · latest Dec 14, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | -0.1% | -0.2% to +0.3% | 43% | -0.5% to +0.9% | 0.0% |
| Day +2 | 7 | +0.3% | -0.2% to +0.3% | 57% | -0.6% to +0.6% | 0.0% |
| Day +3 | 7 | +0.3% | -0.1% to +0.5% | 71% | -0.4% to +0.8% | 0.0% |
| Day +4 | 7 | +0.1% | -0.1% to +0.2% | 57% | -0.5% to +1.0% | 0.0% |
| Day +5 | 7 | +0.4% | +0.1% to +0.7% | 86% | -0.2% to +1.0% | 0.0% |
| Day +6 | 7 | +0.5% | +0.0% to +1.0% | 71% | -0.4% to +2.1% | 0.0% |
| Day +7 | 7 | +0.3% | +0.1% to +0.7% | 71% | -0.2% to +2.2% | 0.0% |
| Day +8 | 7 | +0.7% | +0.3% to +1.1% | 100% | +0.1% to +1.7% | +0.1% |
| Day +9 | 7 | +0.6% | +0.5% to +0.9% | 100% | +0.0% to +2.1% | +0.0% |
| Day +10 | 7 | +0.5% | +0.2% to +1.4% | 100% | +0.1% to +3.0% | +0.1% |
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 | 15 |
| Prior-year sessions closer to gamma max | 98.8% of 252 |
| Prior-year sessions closer to delta neutral | 98.8% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -0.41σ (-39,778 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +16.5% |
| Open interest change, 21 sessions | +27.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 109.07 vs 109.40 (-0.3%)
- closed above delta neutral at 109.70 vs 109.60 (+0.1%)
- closed below delta neutral at 109.50 vs 109.57 (-0.1%)
- closed above delta neutral at 109.43 vs 109.40 (+0.0%)
- closed below delta neutral at 110.83 vs 111.01 (-0.2%)
- closed above delta neutral at 111.22 vs 111.18 (+0.0%)
- closed below delta neutral at 110.70 vs 110.92 (-0.2%)
- closed above delta neutral at 110.82 vs 110.81 (+0.0%)
- closed below delta neutral at 110.87 vs 111.09 (-0.2%)
- closed above delta neutral at 110.75 vs 110.64 (+0.1%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/LQD
Questions people ask about LQD
Where is LQD's gamma max today?
As of Oct 2, 2026, the gamma max for LQD is 108.19, +6.2% from the 101.83 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 LQD above or below its delta neutral price?
LQD closed below delta neutral: 101.83 against a delta neutral price of 104.89. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does LQD have?
2,771,028 contracts of open interest across 550 listed contracts on Oct 2, 2026, -1.4% 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.