NDX max pain, gamma exposure (GEX) & options open interest
As of close · rank #439 by open interest · 1,388 sessions of history since Dec 1, 2020
NDX's nearest-expiration max pain is 30,200.00 for 2026-10-05, its GEX flip is 29,712.42, net GEX is 11,925,421, its put/call open-interest ratio is 1.49. 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: volume/OI 0.61 · smile convexity 9.2 pp
NDX closed 2.2% below its gamma max of 31,481.48. It is 4.1% above the delta neutral price of 29,556.87. Total open interest is 178,781, -0.8% versus the previous session. Its options catalyst-intensity score is 46.5 out of 100, led by volume/OI 0.61, smile convexity 9.2 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 | -849 contracts · -1.2% |
| Put OI change, 1 session | -506 contracts · -0.5% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | +724 contracts · +1.0% |
| Put OI change, 5 sessions | +6,208 contracts · +6.2% |
| Call minus put OI growth, 5 sessions | -5.1 pp |
| Daily call OI change surprise | -0.19σ (250 prior changes) |
| Daily put OI change surprise | -0.10σ (250 prior changes) |
| Daily call-minus-put growth surprise | -0.15σ (250 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 29 completed Day +10 paths · latest Sep 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | +0.3% | -0.3% to +1.2% | 60% | -0.1% to +0.8% | 0.0% |
| Day +2 | 30 | +0.3% | -0.8% to +1.1% | 57% | -0.7% to +0.9% | 0.0% |
| Day +3 | 30 | +0.4% | -0.6% to +1.5% | 53% | -0.4% to +0.9% | 0.0% |
| Day +4 | 30 | +0.2% | -1.1% to +2.1% | 53% | -0.7% to +1.2% | 0.0% |
| Day +5 | 30 | +0.6% | -1.7% to +2.5% | 53% | -1.3% to +1.7% | 0.0% |
| Day +6 | 30 | +0.6% | -1.4% to +2.1% | 53% | -0.9% to +1.6% | 0.0% |
| Day +7 | 30 | +0.8% | -0.3% to +2.2% | 63% | -0.1% to +1.8% | 0.0% |
| Day +8 | 30 | +0.3% | -0.6% to +2.6% | 63% | -0.3% to +2.2% | 0.0% |
| Day +9 | 29 | +0.8% | -0.5% to +3.2% | 69% | +0.2% to +2.6% | +0.2% |
| Day +10 | 29 | +1.3% | -0.4% to +3.9% | 69% | +0.0% to +2.4% | +0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Sep 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.2% | -0.5% to +0.3% | 40% | -0.3% to +0.1% | 0.0% |
| Day +2 | 30 | -0.0% | -0.6% to +0.9% | 50% | -0.1% to +0.5% | 0.0% |
| Day +3 | 30 | +0.3% | -0.8% to +1.4% | 53% | -0.5% to +1.0% | 0.0% |
| Day +4 | 30 | +0.3% | -0.8% to +1.5% | 60% | -0.3% to +1.0% | 0.0% |
| Day +5 | 30 | +0.0% | -1.0% to +2.6% | 50% | -0.7% to +0.9% | 0.0% |
| Day +6 | 30 | +0.2% | -1.6% to +2.4% | 50% | -0.9% to +1.8% | 0.0% |
| Day +7 | 30 | +0.2% | -1.1% to +2.2% | 50% | -0.8% to +1.3% | 0.0% |
| Day +8 | 30 | +0.3% | -0.2% to +2.5% | 67% | +0.1% to +1.6% | +0.1% |
| Day +9 | 30 | +0.4% | -0.6% to +2.1% | 53% | -0.2% to +1.8% | 0.0% |
| Day +10 | 29 | +1.0% | -0.7% to +3.0% | 62% | -0.0% to +2.1% | 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 | 3% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 20 |
| Prior-year sessions closer to gamma max | 31.7% of 252 |
| Prior-year sessions closer to delta neutral | 75.0% of 252 |
| Open interest percentile (1y) | 84th |
| Daily open interest change versus prior year | -0.15σ (-1,355 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.0% |
| Open interest change, 21 sessions | -3.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 30,732.40 vs 30,863.26 (-0.4%)
- closed above gamma max at 30,482.35 vs 30,431.64 (+0.2%)
- closed below gamma max at 29,644.17 vs 30,328.42 (-2.3%)
- closed above delta neutral at 29,446.98 vs 29,148.57 (+1.0%)
- closed above gamma max at 29,446.98 vs 29,397.20 (+0.2%)
- closed below delta neutral at 28,937.84 vs 29,070.67 (-0.5%)
- closed above delta neutral at 28,776.80 vs 28,374.06 (+1.4%)
- closed below delta neutral at 28,454.81 vs 28,639.55 (-0.6%)
- closed above delta neutral at 29,155.18 vs 28,791.36 (+1.2%)
- closed below delta neutral at 28,592.66 vs 28,870.79 (-1.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/NDX
Questions people ask about NDX
Where is NDX's gamma max today?
As of Oct 2, 2026, the gamma max for NDX is 31,481.48, +2.2% from the 30,807.93 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 NDX above or below its delta neutral price?
NDX closed above delta neutral: 30,807.93 against a delta neutral price of 29,556.87. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does NDX have?
178,781 contracts of open interest across 5,206 listed contracts on Oct 2, 2026, -0.8% 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.