LUV max pain, gamma exposure (GEX) & options open interest
As of close · rank #417 by open interest · 1,394 sessions of history since Dec 1, 2020
LUV's nearest-expiration max pain is 40.50 for 2026-10-09, its GEX flip is 37.90, net GEX is 9,967,620, its put/call open-interest ratio is 0.75. 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 6.6 pp · smile convexity -14.9 pp
LUV closed 5.4% below its gamma max of 44.77. It is 3.2% above the delta neutral price of 41.12. Total open interest is 192,573, -1.0% versus the previous session. Its options catalyst-intensity score is 68.6 out of 100, led by front IV premium 6.6 pp, smile convexity -14.9 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 | -567 contracts · -0.5% |
| Put OI change, 1 session | -1,475 contracts · -1.8% |
| Call minus put OI growth, 1 session | +1.2 pp |
| Call OI change, 5 sessions | +8,808 contracts · +8.7% |
| Put OI change, 5 sessions | +588 contracts · +0.7% |
| Call minus put OI growth, 5 sessions | +8.0 pp |
| Daily call OI change surprise | -0.03σ (252 prior changes) |
| Daily put OI change surprise | -0.07σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.21σ (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 20 completed Day +10 paths · latest Jun 29, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | -0.2% | -0.5% to +1.4% | 40% | -0.5% to +1.3% | 0.0% |
| Day +2 | 20 | -0.1% | -0.9% to +2.6% | 45% | -0.8% to +2.4% | 0.0% |
| Day +3 | 20 | +0.1% | -2.6% to +2.8% | 50% | -2.6% to +2.6% | 0.0% |
| Day +4 | 20 | -1.0% | -1.9% to +1.8% | 35% | -1.9% to +1.0% | 0.0% |
| Day +5 | 20 | -0.2% | -3.3% to +3.0% | 50% | -3.3% to +2.7% | 0.0% |
| Day +6 | 20 | -0.4% | -2.7% to +4.1% | 45% | -2.4% to +3.9% | 0.0% |
| Day +7 | 20 | +0.9% | -2.5% to +3.5% | 60% | -2.3% to +3.4% | 0.0% |
| Day +8 | 20 | +0.7% | -3.6% to +3.6% | 60% | -3.5% to +3.6% | 0.0% |
| Day +9 | 20 | +0.2% | -6.3% to +3.6% | 55% | -6.2% to +3.2% | 0.0% |
| Day +10 | 20 | -0.5% | -6.0% to +3.8% | 45% | -5.9% to +3.1% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest Jun 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +1.5% | -0.0% to +2.3% | 75% | +0.0% to +2.3% | +0.0% |
| Day +2 | 20 | +0.7% | -0.5% to +2.5% | 65% | -0.5% to +2.3% | 0.0% |
| Day +3 | 20 | +1.2% | -0.7% to +2.8% | 65% | -0.6% to +2.5% | 0.0% |
| Day +4 | 20 | +1.6% | -0.3% to +3.6% | 70% | -0.1% to +3.5% | 0.0% |
| Day +5 | 20 | +1.9% | -2.2% to +3.6% | 60% | -2.1% to +2.9% | 0.0% |
| Day +6 | 20 | +0.7% | -2.3% to +4.1% | 60% | -2.2% to +4.1% | 0.0% |
| Day +7 | 20 | +0.6% | -1.7% to +3.9% | 55% | -1.3% to +3.6% | 0.0% |
| Day +8 | 20 | +0.3% | -2.6% to +2.7% | 50% | -2.4% to +2.4% | 0.0% |
| Day +9 | 20 | +0.4% | -3.4% to +4.0% | 55% | -3.0% to +3.9% | 0.0% |
| Day +10 | 20 | -0.2% | -3.6% to +5.7% | 50% | -3.4% to +5.0% | 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 | 8% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 29 |
| Prior-year sessions closer to gamma max | 21.4% of 252 |
| Prior-year sessions closer to delta neutral | 37.7% of 252 |
| Open interest percentile (1y) | 3th |
| Daily open interest change versus prior year | -0.05σ (-2,042 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.1% |
| Open interest change, 21 sessions | -24.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 40.34 vs 40.26 (+0.2%)
- closed below delta neutral at 44.26 vs 44.56 (-0.7%)
- closed below gamma max at 51.60 vs 52.27 (-1.3%)
- closed above gamma max at 50.94 vs 50.28 (+1.3%)
- closed below gamma max at 47.97 vs 49.87 (-4.0%)
- closed above gamma max at 46.66 vs 46.17 (+1.1%)
- closed above delta neutral at 44.29 vs 43.22 (+2.4%)
- closed below delta neutral at 41.40 vs 41.92 (-1.2%)
- closed above delta neutral at 43.17 vs 42.07 (+2.6%)
- closed below delta neutral at 41.54 vs 41.55 (-0.0%)
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/LUV
Questions people ask about LUV
Where is LUV's gamma max today?
As of Oct 2, 2026, the gamma max for LUV is 44.77, +5.4% from the 42.47 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 LUV above or below its delta neutral price?
LUV closed above delta neutral: 42.47 against a delta neutral price of 41.12. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does LUV have?
192,573 contracts of open interest across 399 listed contracts on Oct 2, 2026, -1.0% 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.