OWL max pain, gamma exposure (GEX) & options open interest
As of close · rank #128 by open interest · 1,277 sessions of history since May 20, 2021
OWL's nearest-expiration max pain is 9.50 for 2026-10-09, its GEX flip is 14.71, net GEX is -24,095,329, its put/call open-interest ratio is 1.57. 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.
OWL closed 95.1% below its gamma max of 17.71. It is 23.2% below the delta neutral price of 11.19. Total open interest is 777,694, -6.4% versus the previous session. Its options catalyst-intensity score is 57.3 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 | -34,098 contracts · -10.1% |
| Put OI change, 1 session | -19,468 contracts · -3.9% |
| Call minus put OI growth, 1 session | -6.2 pp |
| Call OI change, 5 sessions | -14,784 contracts · -4.7% |
| Put OI change, 5 sessions | -12,558 contracts · -2.6% |
| Call minus put OI growth, 5 sessions | -2.1 pp |
| Daily call OI change surprise | -1.46σ (252 prior changes) |
| Daily put OI change surprise | -0.64σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.95σ (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 above gamma max 21 completed Day +10 paths · latest Jul 10, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | -0.7% | -1.5% to +0.3% | 38% | -1.3% to +0.1% | 0.0% |
| Day +2 | 21 | -0.4% | -2.2% to +1.3% | 43% | -1.6% to +0.9% | 0.0% |
| Day +3 | 21 | -0.3% | -1.3% to +0.3% | 38% | -1.2% to +0.2% | 0.0% |
| Day +4 | 21 | -0.7% | -2.1% to +0.8% | 38% | -1.7% to +0.6% | 0.0% |
| Day +5 | 21 | -0.4% | -1.6% to +1.3% | 43% | -1.0% to +1.2% | 0.0% |
| Day +6 | 21 | -0.2% | -1.4% to +0.9% | 43% | -1.2% to +0.9% | 0.0% |
| Day +7 | 21 | -0.8% | -2.2% to +0.3% | 33% | -2.1% to +0.3% | 0.0% |
| Day +8 | 21 | -1.3% | -2.1% to -0.3% | 24% | -2.1% to -0.8% | -0.8% |
| Day +9 | 21 | -1.3% | -2.6% to +2.3% | 38% | -2.5% to +2.0% | 0.0% |
| Day +10 | 21 | -0.3% | -3.3% to +1.2% | 38% | -3.0% to +1.2% | 0.0% |
Crosses below gamma max 18 completed Day +10 paths · latest Jul 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.7% | -0.4% to +1.2% | 67% | -0.1% to +1.1% | 0.0% |
| Day +2 | 18 | +0.9% | -0.4% to +2.1% | 61% | -0.4% to +1.9% | 0.0% |
| Day +3 | 18 | +0.7% | -0.8% to +2.1% | 67% | -0.6% to +1.9% | 0.0% |
| Day +4 | 18 | +0.6% | -1.4% to +2.9% | 67% | -1.3% to +2.5% | 0.0% |
| Day +5 | 18 | +0.5% | -1.7% to +2.4% | 61% | -0.5% to +1.8% | 0.0% |
| Day +6 | 18 | -0.1% | -2.6% to +2.8% | 50% | -2.2% to +1.6% | 0.0% |
| Day +7 | 18 | -0.8% | -2.7% to +3.5% | 44% | -2.7% to +3.0% | 0.0% |
| Day +8 | 18 | -0.9% | -2.6% to +2.7% | 44% | -2.4% to +1.8% | 0.0% |
| Day +9 | 18 | -0.5% | -2.4% to +3.5% | 44% | -1.9% to +3.3% | 0.0% |
| Day +10 | 18 | +0.1% | -2.4% to +4.6% | 50% | -1.7% to +2.6% | 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 | 6% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 79.8% of 252 |
| Prior-year sessions closer to delta neutral | 85.3% of 252 |
| Open interest percentile (1y) | 37th |
| Daily open interest change versus prior year | -1.08σ (-53,566 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -3.4% |
| Open interest change, 21 sessions | +0.1% |
| History available | May 20, 2021 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 11.68 vs 11.89 (-1.8%)
- closed above delta neutral at 11.80 vs 11.77 (+0.3%)
- closed below delta neutral at 11.66 vs 11.92 (-2.2%)
- closed above delta neutral at 12.22 vs 12.08 (+1.1%)
- closed below delta neutral at 12.66 vs 12.72 (-0.4%)
- closed below gamma max at 12.32 vs 17.40 (-41.3%)
- closed above gamma max at 11.65 vs 9.34 (+19.9%)
- closed below gamma max at 11.87 vs 18.21 (-53.4%)
- closed above gamma max at 11.46 vs 9.35 (+18.4%)
- closed above delta neutral at 11.57 vs 11.38 (+1.6%)
In today's screens
Neighbours by open interest
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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/OWL
Questions people ask about OWL
Where is OWL's gamma max today?
As of Oct 2, 2026, the gamma max for OWL is 17.71, +95.1% from the 9.08 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 OWL above or below its delta neutral price?
OWL closed below delta neutral: 9.08 against a delta neutral price of 11.19. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does OWL have?
777,694 contracts of open interest across 317 listed contracts on Oct 2, 2026, -6.4% 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.