SBUX max pain, gamma exposure (GEX) & options open interest
As of close · rank #224 by open interest · 1,394 sessions of history since Dec 1, 2020
SBUX's nearest-expiration max pain is 96.00 for 2026-10-09, its GEX flip is 94.62, net GEX is 238,675, its put/call open-interest ratio is 1.01. 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: IV rank 100 · smile convexity -8.3 pp
SBUX closed 16.1% below its gamma max of 110.00. It is 0.1% below the delta neutral price of 94.80. Total open interest is 452,944, -1.9% versus the previous session. Its options catalyst-intensity score is 41.4 out of 100, led by IV rank 100, smile convexity -8.3 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 | -6,010 contracts · -2.6% |
| Put OI change, 1 session | -2,936 contracts · -1.3% |
| Call minus put OI growth, 1 session | -1.3 pp |
| Call OI change, 5 sessions | +3,963 contracts · +1.8% |
| Put OI change, 5 sessions | +673 contracts · +0.3% |
| Call minus put OI growth, 5 sessions | +1.5 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -0.20σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.75σ (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 11 completed Day +10 paths · latest Jan 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | +0.1% | -1.2% to +1.1% | 55% | -1.2% to +1.3% | 0.0% |
| Day +2 | 11 | -0.0% | -0.8% to +0.8% | 45% | -0.8% to +1.1% | 0.0% |
| Day +3 | 11 | -0.1% | -2.3% to +1.0% | 45% | -2.6% to +1.5% | 0.0% |
| Day +4 | 11 | -0.0% | -2.7% to +1.4% | 45% | -2.8% to +1.9% | 0.0% |
| Day +5 | 11 | -1.4% | -3.3% to +1.6% | 45% | -3.6% to +1.7% | 0.0% |
| Day +6 | 11 | -1.2% | -4.1% to +1.5% | 36% | -4.2% to +2.4% | 0.0% |
| Day +7 | 11 | -0.6% | -4.9% to +0.8% | 27% | -5.4% to +2.1% | 0.0% |
| Day +8 | 11 | -1.2% | -3.8% to +0.9% | 36% | -4.6% to +1.2% | 0.0% |
| Day +9 | 11 | -0.2% | -3.9% to +2.0% | 45% | -5.2% to +2.7% | 0.0% |
| Day +10 | 11 | -1.1% | -3.9% to +2.2% | 45% | -5.5% to +3.1% | 0.0% |
Crosses above gamma max 11 completed Day +10 paths · latest Jan 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.5% | -0.9% to +0.2% | 36% | -1.0% to +0.4% | 0.0% |
| Day +2 | 11 | -0.1% | -1.7% to +1.0% | 45% | -2.0% to +1.1% | 0.0% |
| Day +3 | 11 | -0.3% | -0.9% to +0.6% | 36% | -1.1% to +1.1% | 0.0% |
| Day +4 | 11 | -0.2% | -2.0% to +1.2% | 45% | -2.1% to +1.9% | 0.0% |
| Day +5 | 11 | -0.6% | -3.1% to +1.4% | 36% | -4.1% to +2.0% | 0.0% |
| Day +6 | 11 | -1.0% | -3.6% to +1.4% | 45% | -4.5% to +1.6% | 0.0% |
| Day +7 | 11 | -1.8% | -4.1% to +0.9% | 36% | -4.6% to +1.4% | 0.0% |
| Day +8 | 11 | -1.6% | -3.9% to +0.7% | 27% | -4.9% to +1.9% | 0.0% |
| Day +9 | 11 | -3.2% | -3.6% to +0.4% | 36% | -3.7% to +0.5% | 0.0% |
| Day +10 | 11 | -1.0% | -3.1% to +1.3% | 45% | -3.2% to +1.8% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 19 |
| Prior-year sessions closer to gamma max | 94.8% of 252 |
| Prior-year sessions closer to delta neutral | 1.2% of 252 |
| Open interest percentile (1y) | 8th |
| Daily open interest change versus prior year | -0.30σ (-8,946 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.0% |
| Open interest change, 21 sessions | -6.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 93.96 vs 94.64 (-0.7%)
- closed above delta neutral at 95.27 vs 94.67 (+0.6%)
- closed below delta neutral at 94.14 vs 96.04 (-2.0%)
- closed above delta neutral at 95.11 vs 94.90 (+0.2%)
- closed below delta neutral at 94.90 vs 95.57 (-0.7%)
- closed above delta neutral at 95.83 vs 95.62 (+0.2%)
- closed below delta neutral at 96.58 vs 97.53 (-1.0%)
- closed above delta neutral at 89.59 vs 87.87 (+1.9%)
- closed below delta neutral at 86.72 vs 87.26 (-0.6%)
- closed below gamma max at 95.83 vs 98.39 (-2.7%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SBUX
Questions people ask about SBUX
Where is SBUX's gamma max today?
As of Oct 2, 2026, the gamma max for SBUX is 110.00, +16.1% from the 94.71 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 SBUX above or below its delta neutral price?
SBUX closed below delta neutral: 94.71 against a delta neutral price of 94.80. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SBUX have?
452,944 contracts of open interest across 599 listed contracts on Oct 2, 2026, -1.9% 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.