S max pain, gamma exposure (GEX) & options open interest
As of close · rank #369 by open interest · 1,242 sessions of history since Jul 12, 2021
S's nearest-expiration max pain is 22.50 for 2026-10-09, its GEX flip is 14.46, net GEX is 14,936,735, its put/call open-interest ratio is 0.27. 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 0.09 · smile convexity -9.4 pp · front IV premium -0.8 pp
S closed 0.1% below its gamma max of 25.10. It is 24.7% above the delta neutral price of 18.88. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 229,962, -6.2% versus the previous session. Its options catalyst-intensity score is 60.4 out of 100, led by volume/OI 0.09, smile convexity -9.4 pp, front IV premium -0.8 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 | -8,595 contracts · -4.5% |
| Put OI change, 1 session | -6,508 contracts · -11.6% |
| Call minus put OI growth, 1 session | +7.1 pp |
| Call OI change, 5 sessions | +2,699 contracts · +1.5% |
| Put OI change, 5 sessions | +1,209 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -1.0 pp |
| Daily call OI change surprise | -0.62σ (252 prior changes) |
| Daily put OI change surprise | -1.68σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.00σ (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 40 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | +0.4% | -2.0% to +2.7% | 55% | -1.3% to +2.1% | 0.0% |
| Day +2 | 40 | +1.5% | -1.3% to +3.5% | 63% | -0.1% to +3.1% | 0.0% |
| Day +3 | 40 | +1.1% | -0.6% to +4.6% | 63% | 0.0% to +1.8% | 0.0% |
| Day +4 | 40 | +1.7% | -1.7% to +5.6% | 63% | -0.6% to +3.5% | 0.0% |
| Day +5 | 40 | +2.0% | -3.5% to +5.6% | 57% | -1.2% to +3.4% | 0.0% |
| Day +6 | 40 | +1.0% | -3.6% to +4.8% | 57% | -0.9% to +2.8% | 0.0% |
| Day +7 | 40 | +1.1% | -4.8% to +4.6% | 65% | +0.2% to +2.2% | +0.2% |
| Day +8 | 40 | -0.6% | -6.7% to +5.8% | 50% | -3.2% to +4.0% | 0.0% |
| Day +9 | 40 | +0.6% | -5.8% to +3.4% | 53% | -4.2% to +2.0% | 0.0% |
| Day +10 | 40 | +1.2% | -6.8% to +4.8% | 55% | -4.5% to +3.0% | 0.0% |
Crosses above gamma max 43 completed Day +10 paths · latest Oct 1, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 44 | +0.2% | -2.0% to +1.5% | 52% | -1.2% to +1.1% | 0.0% |
| Day +2 | 43 | -0.7% | -2.3% to +2.9% | 40% | -1.5% to +1.7% | 0.0% |
| Day +3 | 43 | -0.2% | -2.9% to +3.6% | 47% | -1.8% to +2.5% | 0.0% |
| Day +4 | 43 | -0.2% | -2.3% to +4.9% | 47% | -0.8% to +3.3% | 0.0% |
| Day +5 | 43 | -0.1% | -2.1% to +4.6% | 49% | -0.6% to +3.3% | 0.0% |
| Day +6 | 43 | +0.8% | -5.2% to +5.8% | 56% | -1.5% to +3.7% | 0.0% |
| Day +7 | 43 | +0.4% | -4.4% to +5.2% | 53% | -2.3% to +3.1% | 0.0% |
| Day +8 | 43 | -0.4% | -5.9% to +5.8% | 47% | -1.9% to +3.0% | 0.0% |
| Day +9 | 43 | -1.9% | -9.1% to +5.1% | 40% | -4.1% to +0.9% | 0.0% |
| Day +10 | 43 | -1.8% | -7.8% to +4.8% | 40% | -6.8% to +0.8% | 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 | 14% |
| Gamma max crosses | 36 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 1.2% of 252 |
| Prior-year sessions closer to delta neutral | 69.0% of 252 |
| Open interest percentile (1y) | 15th |
| Daily open interest change versus prior year | -0.88σ (-15,103 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.7% |
| Open interest change, 21 sessions | -26.1% |
| History available | Jul 12, 2021 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 25.06 vs 25.10 (-0.1%)
- closed above gamma max at 24.67 vs 24.59 (+0.3%)
- closed below gamma max at 22.51 vs 24.03 (-6.8%)
- closed above gamma max at 22.61 vs 21.61 (+4.4%)
- closed below gamma max at 21.54 vs 21.71 (-0.8%)
- closed above gamma max at 22.71 vs 22.13 (+2.5%)
- closed below gamma max at 20.82 vs 21.18 (-1.7%)
- closed above gamma max at 21.32 vs 20.09 (+5.7%)
- closed below gamma max at 22.49 vs 23.90 (-6.3%)
- closed above gamma max at 23.84 vs 22.98 (+3.6%)
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/S
Questions people ask about S
Where is S's gamma max today?
As of Oct 2, 2026, the gamma max for S is 25.10, +0.1% from the 25.06 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 S above or below its delta neutral price?
S closed above delta neutral: 25.06 against a delta neutral price of 18.88. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does S have?
229,962 contracts of open interest across 332 listed contracts on Oct 2, 2026, -6.2% 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.