SGHC max pain, gamma exposure (GEX) & options open interest
As of close · rank #623 by open interest · 1,096 sessions of history since Jan 31, 2022
SGHC's nearest-expiration max pain is 13.00 for 2026-10-16, net GEX is 6,670,731, its put/call open-interest ratio is 0.34. 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: 25Δ risk reversal -152.8 pp
SGHC closed 13.9% below its gamma max of 12.82. It is 6.9% above the delta neutral price of 10.48. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 102,928, -0.2% versus the previous session. Its options catalyst-intensity score is 45.2 out of 100, led by 25Δ risk reversal -152.8 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 | +1 contracts · +0.0% |
| Put OI change, 1 session | -190 contracts · -0.7% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +16,875 contracts · +28.1% |
| Put OI change, 5 sessions | +628 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | +25.6 pp |
| Daily call OI change surprise | +0.00σ (252 prior changes) |
| Daily put OI change surprise | -0.14σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.12σ (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 39 completed Day +10 paths · latest Aug 5, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 39 | +0.3% | -2.6% to +1.8% | 51% | -1.0% to +1.0% | 0.0% |
| Day +2 | 39 | 0.0% | -3.3% to +2.4% | 46% | -1.4% to +1.0% | 0.0% |
| Day +3 | 39 | -0.3% | -3.5% to +3.8% | 44% | -3.1% to +1.5% | 0.0% |
| Day +4 | 39 | -0.9% | -4.1% to +4.5% | 41% | -2.8% to +2.9% | 0.0% |
| Day +5 | 39 | +0.2% | -4.9% to +3.1% | 51% | -3.2% to +1.7% | 0.0% |
| Day +6 | 39 | +1.3% | -3.6% to +4.5% | 54% | -2.6% to +3.6% | 0.0% |
| Day +7 | 39 | -1.3% | -6.1% to +4.7% | 49% | -4.2% to +1.9% | 0.0% |
| Day +8 | 39 | -0.6% | -5.7% to +3.7% | 46% | -4.2% to +1.0% | 0.0% |
| Day +9 | 39 | -0.5% | -4.2% to +1.9% | 44% | -2.8% to +1.2% | 0.0% |
| Day +10 | 39 | +0.4% | -4.8% to +2.7% | 51% | -3.8% to +1.6% | 0.0% |
Crosses above gamma max 31 completed Day +10 paths · latest Feb 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 31 | -0.9% | -1.7% to +1.6% | 32% | -1.5% to -0.1% | -0.1% |
| Day +2 | 31 | -1.0% | -2.6% to +2.1% | 39% | -2.1% to +0.8% | 0.0% |
| Day +3 | 31 | -1.0% | -3.5% to +1.4% | 42% | -1.7% to +0.8% | 0.0% |
| Day +4 | 31 | -0.6% | -3.6% to +3.1% | 48% | -2.3% to +2.3% | 0.0% |
| Day +5 | 31 | +0.2% | -3.1% to +4.0% | 52% | -1.9% to +3.4% | 0.0% |
| Day +6 | 31 | -0.6% | -3.5% to +3.6% | 42% | -2.7% to +1.7% | 0.0% |
| Day +7 | 31 | -1.8% | -4.1% to +3.8% | 35% | -3.0% to +1.3% | 0.0% |
| Day +8 | 31 | -1.3% | -3.0% to +2.9% | 35% | -2.7% to +1.3% | 0.0% |
| Day +9 | 31 | -0.5% | -3.7% to +2.8% | 39% | -2.7% to +1.0% | 0.0% |
| Day +10 | 31 | -1.4% | -4.6% to +3.2% | 48% | -3.6% to +1.0% | 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 | 76% |
| Gamma max crosses | 7 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 75.8% of 252 |
| Prior-year sessions closer to delta neutral | 13.1% of 252 |
| Open interest percentile (1y) | 24th |
| Daily open interest change versus prior year | -0.01σ (-189 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +20.5% |
| Open interest change, 21 sessions | +83.5% |
| History available | Jan 31, 2022 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 11.25 vs 12.82 (-13.9%)
- closed above gamma max at 11.35 vs 9.90 (+12.8%)
- closed above delta neutral at 11.97 vs 11.84 (+1.1%)
- closed below delta neutral at 12.80 vs 13.31 (-4.0%)
- closed above delta neutral at 13.16 vs 12.71 (+3.4%)
- closed below delta neutral at 13.03 vs 13.16 (-1.0%)
- closed above delta neutral at 13.09 vs 13.02 (+0.5%)
- closed below delta neutral at 12.81 vs 12.83 (-0.1%)
- closed above delta neutral at 12.97 vs 12.96 (+0.1%)
- closed below delta neutral at 12.90 vs 12.93 (-0.2%)
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/SGHC
Questions people ask about SGHC
Where is SGHC's gamma max today?
As of Oct 2, 2026, the gamma max for SGHC is 12.82, +13.9% from the 11.25 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 SGHC above or below its delta neutral price?
SGHC closed above delta neutral: 11.25 against a delta neutral price of 10.48. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SGHC have?
102,928 contracts of open interest across 80 listed contracts on Oct 2, 2026, -0.2% 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.