SCHD max pain, gamma exposure (GEX) & options open interest
As of close · rank #477 by open interest · 1,394 sessions of history since Dec 1, 2020
SCHD's nearest-expiration max pain is 33.50 for 2026-10-09, its GEX flip is 33.34, net GEX is -6,713,610, its put/call open-interest ratio is 0.78. 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: front IV premium 4.1 pp
SCHD closed 9.0% below its gamma max of 35.67. It is 0.2% above the delta neutral price of 32.65. Total open interest is 158,141, -2.5% versus the previous session. Its options catalyst-intensity score is 50.1 out of 100, led by front IV premium 4.1 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 | -3,140 contracts · -3.4% |
| Put OI change, 1 session | -863 contracts · -1.2% |
| Call minus put OI growth, 1 session | -2.2 pp |
| Call OI change, 5 sessions | +5,405 contracts · +6.5% |
| Put OI change, 5 sessions | +1,362 contracts · +2.0% |
| Call minus put OI growth, 5 sessions | +4.5 pp |
| Daily call OI change surprise | -0.79σ (252 prior changes) |
| Daily put OI change surprise | -0.18σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.25σ (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 35 completed Day +10 paths · latest Sep 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | +0.2% | -0.5% to +0.4% | 60% | -0.1% to +0.2% | 0.0% |
| Day +2 | 35 | +0.5% | -0.3% to +0.8% | 60% | -0.1% to +0.7% | 0.0% |
| Day +3 | 35 | +0.3% | -0.9% to +0.9% | 54% | -0.4% to +0.5% | 0.0% |
| Day +4 | 35 | +0.4% | -0.8% to +0.8% | 54% | -0.4% to +0.5% | 0.0% |
| Day +5 | 35 | +0.0% | -0.9% to +1.1% | 51% | -0.4% to +0.8% | 0.0% |
| Day +6 | 35 | -0.1% | -1.1% to +1.0% | 49% | -0.6% to +0.8% | 0.0% |
| Day +7 | 35 | -0.3% | -1.6% to +1.2% | 49% | -1.2% to +0.7% | 0.0% |
| Day +8 | 35 | -0.6% | -1.8% to +1.4% | 46% | -0.9% to +1.0% | 0.0% |
| Day +9 | 35 | -0.5% | -1.7% to +1.7% | 49% | -0.8% to +0.7% | 0.0% |
| Day +10 | 35 | -0.2% | -1.9% to +1.8% | 49% | -0.8% to +1.1% | 0.0% |
Crosses above gamma max 35 completed Day +10 paths · latest Sep 3, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 35 | +0.1% | -0.4% to +0.3% | 51% | -0.2% to +0.2% | 0.0% |
| Day +2 | 35 | -0.0% | -1.0% to +0.3% | 46% | -0.3% to +0.2% | 0.0% |
| Day +3 | 35 | +0.1% | -0.7% to +1.1% | 57% | -0.2% to +0.5% | 0.0% |
| Day +4 | 35 | +0.0% | -0.8% to +1.0% | 54% | -0.6% to +0.6% | 0.0% |
| Day +5 | 35 | +0.2% | -1.3% to +0.6% | 57% | -0.1% to +0.4% | 0.0% |
| Day +6 | 35 | +0.1% | -1.3% to +0.8% | 51% | -0.4% to +0.4% | 0.0% |
| Day +7 | 35 | +0.5% | -1.2% to +1.4% | 54% | -1.1% to +1.1% | 0.0% |
| Day +8 | 35 | -0.1% | -1.5% to +1.0% | 49% | -1.1% to +0.7% | 0.0% |
| Day +9 | 35 | -0.3% | -1.4% to +1.2% | 43% | -0.9% to +0.8% | 0.0% |
| Day +10 | 35 | -0.3% | -1.0% to +1.6% | 40% | -0.8% to +0.4% | 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 | 13% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 94.8% of 252 |
| Prior-year sessions closer to delta neutral | 9.1% of 252 |
| Open interest percentile (1y) | 60th |
| Daily open interest change versus prior year | -0.49σ (-4,003 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.5% |
| Open interest change, 21 sessions | +2.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 32.72 vs 32.65 (+0.2%)
- closed below delta neutral at 32.85 vs 32.91 (-0.2%)
- closed below gamma max at 34.80 vs 35.35 (-1.6%)
- closed above gamma max at 35.08 vs 35.07 (+0.0%)
- closed below gamma max at 34.83 vs 34.96 (-0.4%)
- closed above gamma max at 34.19 vs 33.94 (+0.7%)
- closed below gamma max at 33.90 vs 33.91 (-0.0%)
- closed above gamma max at 33.70 vs 33.58 (+0.4%)
- closed below gamma max at 33.64 vs 33.65 (-0.0%)
- closed above gamma max at 33.56 vs 33.51 (+0.2%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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/SCHD
Questions people ask about SCHD
Where is SCHD's gamma max today?
As of Oct 2, 2026, the gamma max for SCHD is 35.67, +9.0% from the 32.72 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 SCHD above or below its delta neutral price?
SCHD closed above delta neutral: 32.72 against a delta neutral price of 32.65. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SCHD have?
158,141 contracts of open interest across 292 listed contracts on Oct 2, 2026, -2.5% 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.