SHEL max pain, gamma exposure (GEX) & options open interest
As of close · rank #390 by open interest · 1,095 sessions of history since Feb 1, 2022
SHEL's nearest-expiration max pain is 95.00 for 2026-10-09, its GEX flip is 77.00, net GEX is 21,309,873, its put/call open-interest ratio is 0.55. 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 3.0 pp
SHEL closed 1.3% below its gamma max of 97.49. It is 12.0% above the delta neutral price of 84.66. Total open interest is 216,157, -1.5% versus the previous session. Its options catalyst-intensity score is 47.3 out of 100, led by front IV premium 3.0 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 | -1,617 contracts · -1.1% |
| Put OI change, 1 session | -1,660 contracts · -2.1% |
| Call minus put OI growth, 1 session | +1.0 pp |
| Call OI change, 5 sessions | +1,538 contracts · +1.1% |
| Put OI change, 5 sessions | +1,628 contracts · +2.2% |
| Call minus put OI growth, 5 sessions | -1.1 pp |
| Daily call OI change surprise | -0.15σ (252 prior changes) |
| Daily put OI change surprise | -0.41σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.20σ (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 28 completed Day +10 paths · latest Sep 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 28 | -0.1% | -1.1% to +0.5% | 50% | -0.9% to +0.4% | 0.0% |
| Day +2 | 28 | -0.5% | -0.9% to +0.9% | 39% | -0.8% to +0.8% | 0.0% |
| Day +3 | 28 | -0.5% | -1.7% to +1.0% | 36% | -1.6% to +0.4% | 0.0% |
| Day +4 | 28 | -0.5% | -2.4% to +0.9% | 32% | -1.8% to -0.0% | -0.0% |
| Day +5 | 28 | -0.3% | -2.3% to +1.1% | 46% | -1.3% to +1.0% | 0.0% |
| Day +6 | 28 | +0.4% | -2.2% to +1.6% | 54% | -1.0% to +1.2% | 0.0% |
| Day +7 | 28 | +1.3% | -2.0% to +2.7% | 57% | -1.1% to +2.2% | 0.0% |
| Day +8 | 28 | +1.3% | -1.5% to +3.5% | 61% | -0.6% to +3.1% | 0.0% |
| Day +9 | 28 | +1.7% | -1.1% to +3.3% | 57% | -0.7% to +2.2% | 0.0% |
| Day +10 | 28 | +1.1% | -0.8% to +2.8% | 64% | -0.1% to +2.5% | 0.0% |
Crosses above gamma max 27 completed Day +10 paths · latest Sep 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | +0.1% | -1.1% to +0.5% | 52% | -1.0% to +0.5% | 0.0% |
| Day +2 | 27 | -0.0% | -1.6% to +0.7% | 44% | -1.4% to +0.7% | 0.0% |
| Day +3 | 27 | -0.6% | -1.9% to +0.8% | 37% | -1.5% to +0.6% | 0.0% |
| Day +4 | 27 | -0.7% | -2.7% to +0.4% | 30% | -2.4% to -0.1% | -0.1% |
| Day +5 | 27 | -0.5% | -3.0% to +1.4% | 44% | -2.2% to +1.0% | 0.0% |
| Day +6 | 27 | -0.7% | -2.1% to +1.5% | 37% | -1.8% to +0.2% | 0.0% |
| Day +7 | 27 | -0.6% | -1.7% to +0.9% | 37% | -1.1% to +0.5% | 0.0% |
| Day +8 | 27 | -0.5% | -2.3% to +1.2% | 41% | -2.2% to +0.7% | 0.0% |
| Day +9 | 27 | +0.3% | -2.0% to +3.0% | 52% | -1.7% to +2.6% | 0.0% |
| Day +10 | 27 | +0.7% | -1.6% to +3.1% | 52% | -1.0% to +2.0% | 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 | 10% |
| Gamma max crosses | 28 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 23.4% of 252 |
| Prior-year sessions closer to delta neutral | 84.1% of 252 |
| Open interest percentile (1y) | 39th |
| Daily open interest change versus prior year | -0.23σ (-3,277 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.5% |
| Open interest change, 21 sessions | -8.4% |
| History available | Feb 1, 2022 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 95.70 vs 96.99 (-1.4%)
- closed above gamma max at 98.95 vs 97.17 (+1.8%)
- closed below gamma max at 96.45 vs 96.78 (-0.3%)
- closed above gamma max at 95.60 vs 95.30 (+0.3%)
- closed below gamma max at 91.08 vs 92.60 (-1.7%)
- closed above gamma max at 91.98 vs 91.96 (+0.0%)
- closed below gamma max at 90.71 vs 94.59 (-4.3%)
- closed above gamma max at 90.44 vs 90.15 (+0.3%)
- closed below gamma max at 91.19 vs 92.40 (-1.3%)
- closed above gamma max at 92.75 vs 92.28 (+0.5%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SHEL
Questions people ask about SHEL
Where is SHEL's gamma max today?
As of Oct 2, 2026, the gamma max for SHEL is 97.49, +1.3% from the 96.23 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 SHEL above or below its delta neutral price?
SHEL closed above delta neutral: 96.23 against a delta neutral price of 84.66. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SHEL have?
216,157 contracts of open interest across 494 listed contracts on Oct 2, 2026, -1.5% 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.