SBSW max pain, gamma exposure (GEX) & options open interest
As of close · rank #373 by open interest · 1,391 sessions of history since Dec 1, 2020
SBSW's nearest-expiration max pain is 12.00 for 2026-10-16, its GEX flip is 5.07, net GEX is 3,282,615, its put/call open-interest ratio is 0.36. 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: OI change 0.02σ · 14d expected move +9.5%
SBSW closed 26.7% below its gamma max of 12.62. It is 7.5% above the delta neutral price of 9.21. Total open interest is 227,106, -0.1% versus the previous session. Its options catalyst-intensity score is 53.2 out of 100, led by OI change 0.02σ, 14d expected move +9.5%. 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 | -180 contracts · -0.1% |
| Put OI change, 1 session | -14 contracts · -0.0% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | +451 contracts · +0.3% |
| Put OI change, 5 sessions | +1,331 contracts · +2.2% |
| Call minus put OI growth, 5 sessions | -2.0 pp |
| Daily call OI change surprise | +0.02σ (252 prior changes) |
| Daily put OI change surprise | +0.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.05σ (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 36 completed Day +10 paths · latest Aug 28, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | -0.3% | -2.4% to +1.7% | 42% | -1.4% to +1.1% | 0.0% |
| Day +2 | 36 | +0.3% | -3.6% to +4.7% | 50% | -1.6% to +3.7% | 0.0% |
| Day +3 | 36 | +0.7% | -3.3% to +5.0% | 53% | -2.4% to +2.6% | 0.0% |
| Day +4 | 36 | -1.3% | -4.2% to +7.1% | 42% | -2.5% to +4.2% | 0.0% |
| Day +5 | 36 | -0.6% | -3.2% to +5.9% | 44% | -2.2% to +2.8% | 0.0% |
| Day +6 | 36 | -0.2% | -4.5% to +7.2% | 47% | -2.7% to +4.5% | 0.0% |
| Day +7 | 36 | +0.2% | -4.8% to +8.7% | 50% | -2.4% to +5.1% | 0.0% |
| Day +8 | 36 | +1.8% | -3.8% to +11.7% | 53% | -3.2% to +5.1% | 0.0% |
| Day +9 | 36 | +4.0% | -4.1% to +9.8% | 64% | -1.8% to +7.3% | 0.0% |
| Day +10 | 36 | +1.9% | -3.1% to +11.9% | 61% | -1.1% to +8.2% | 0.0% |
Crosses above gamma max 34 completed Day +10 paths · latest Aug 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 34 | +0.7% | -1.5% to +2.0% | 62% | -1.0% to +1.5% | 0.0% |
| Day +2 | 34 | -1.8% | -4.0% to +1.7% | 35% | -3.0% to +0.6% | 0.0% |
| Day +3 | 34 | -0.6% | -4.6% to +3.1% | 50% | -3.2% to +1.9% | 0.0% |
| Day +4 | 34 | +0.7% | -6.5% to +4.1% | 56% | -4.3% to +3.3% | 0.0% |
| Day +5 | 34 | -0.2% | -7.9% to +4.0% | 50% | -7.1% to +1.8% | 0.0% |
| Day +6 | 34 | +0.7% | -7.5% to +5.7% | 53% | -6.5% to +4.3% | 0.0% |
| Day +7 | 34 | +0.7% | -7.9% to +6.3% | 53% | -4.6% to +4.3% | 0.0% |
| Day +8 | 34 | +0.9% | -7.0% to +8.4% | 50% | -5.1% to +5.3% | 0.0% |
| Day +9 | 34 | +0.3% | -7.9% to +9.0% | 50% | -3.7% to +4.6% | 0.0% |
| Day +10 | 34 | +4.4% | -6.8% to +11.1% | 59% | -4.9% to +8.4% | 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 | 22% |
| Gamma max crosses | 21 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 87.7% of 252 |
| Prior-year sessions closer to delta neutral | 0.0% of 252 |
| Open interest percentile (1y) | 39th |
| Daily open interest change versus prior year | +0.02σ (-194 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.8% |
| Open interest change, 21 sessions | -3.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 12.09 vs 12.44 (-2.9%)
- closed above gamma max at 12.26 vs 12.25 (+0.1%)
- closed below gamma max at 12.53 vs 12.99 (-3.6%)
- closed above gamma max at 12.47 vs 12.17 (+2.4%)
- closed below gamma max at 12.58 vs 12.78 (-1.6%)
- closed above gamma max at 11.59 vs 11.16 (+3.7%)
- closed below gamma max at 10.97 vs 11.10 (-1.2%)
- closed above gamma max at 10.77 vs 10.58 (+1.7%)
- closed below gamma max at 10.48 vs 10.52 (-0.4%)
- closed above gamma max at 10.64 vs 10.57 (+0.7%)
In today's screens
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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/SBSW
Questions people ask about SBSW
Where is SBSW's gamma max today?
As of Oct 2, 2026, the gamma max for SBSW is 12.62, +26.7% from the 9.96 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 SBSW above or below its delta neutral price?
SBSW closed above delta neutral: 9.96 against a delta neutral price of 9.21. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SBSW have?
227,106 contracts of open interest across 174 listed contracts on Oct 2, 2026, -0.1% 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.