SHOP max pain, gamma exposure (GEX) & options open interest
As of close · rank #178 by open interest · 1,394 sessions of history since Dec 1, 2020
SHOP's nearest-expiration max pain is 140.00 for 2026-10-09, its GEX flip is 124.71, net GEX is 27,103,274, its put/call open-interest ratio is 0.95. 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: volume/OI 0.08 · IV rank 92 · smile convexity 9.8 pp
SHOP closed 0.3% above its gamma max of 150.96. It is 15.2% above the delta neutral price of 128.38. That is a fresh cross: the previous close was on the other side of gamma max. Total open interest is 574,563, -5.5% versus the previous session. Its options catalyst-intensity score is 45.3 out of 100, led by volume/OI 0.08, IV rank 92, smile convexity 9.8 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 | -21,017 contracts · -6.7% |
| Put OI change, 1 session | -12,223 contracts · -4.2% |
| Call minus put OI growth, 1 session | -2.5 pp |
| Call OI change, 5 sessions | -5,419 contracts · -1.8% |
| Put OI change, 5 sessions | +6,960 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -4.4 pp |
| Daily call OI change surprise | -0.66σ (252 prior changes) |
| Daily put OI change surprise | -0.75σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.45σ (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 above gamma max 15 completed Day +10 paths · latest Oct 2, 2026 fresh cross
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.2% | -2.7% to +1.4% | 50% | -2.7% to +1.2% | 0.0% |
| Day +2 | 16 | -0.8% | -2.8% to +1.4% | 44% | -2.4% to +1.4% | 0.0% |
| Day +3 | 16 | -2.3% | -5.2% to -0.4% | 19% | -4.4% to -0.4% | -0.4% |
| Day +4 | 16 | -3.3% | -7.2% to -2.6% | 19% | -7.1% to -2.6% | -2.6% |
| Day +5 | 16 | -4.2% | -7.2% to -0.3% | 25% | -7.2% to -0.6% | -0.6% |
| Day +6 | 16 | -4.0% | -7.4% to -0.8% | 25% | -7.3% to -1.2% | -1.2% |
| Day +7 | 16 | -5.4% | -9.0% to +0.3% | 38% | -8.9% to +0.1% | 0.0% |
| Day +8 | 16 | -3.9% | -6.8% to -1.1% | 19% | -6.6% to -1.5% | -1.5% |
| Day +9 | 15 | -3.9% | -7.3% to +1.4% | 33% | -8.1% to +1.9% | 0.0% |
| Day +10 | 15 | -3.6% | -9.2% to +1.1% | 33% | -9.2% to +1.5% | 0.0% |
Crosses below gamma max 16 completed Day +10 paths · latest Sep 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 17 | +0.3% | -1.4% to +2.0% | 59% | -1.4% to +2.0% | 0.0% |
| Day +2 | 17 | -1.7% | -2.6% to -0.1% | 24% | -2.6% to -0.1% | -0.1% |
| Day +3 | 17 | -2.2% | -3.8% to +0.8% | 29% | -3.8% to +0.8% | 0.0% |
| Day +4 | 17 | -2.9% | -4.7% to +0.8% | 29% | -4.7% to +0.8% | 0.0% |
| Day +5 | 17 | -3.3% | -5.3% to +0.5% | 29% | -5.3% to +0.5% | 0.0% |
| Day +6 | 17 | -3.3% | -6.6% to +1.7% | 29% | -6.6% to +1.7% | 0.0% |
| Day +7 | 17 | -5.1% | -6.1% to +0.7% | 29% | -6.1% to +0.7% | 0.0% |
| Day +8 | 16 | -4.3% | -7.2% to -2.1% | 13% | -6.9% to -2.6% | -2.6% |
| Day +9 | 16 | -3.5% | -7.2% to -0.6% | 19% | -6.6% to -0.6% | -0.6% |
| Day +10 | 16 | -3.1% | -9.8% to -0.6% | 13% | -9.5% to -0.8% | -0.8% |
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 | 2% |
| Gamma max crosses | 7 |
| Delta neutral crosses | 22 |
| Prior-year sessions closer to gamma max | 0.8% of 252 |
| Prior-year sessions closer to delta neutral | 88.9% of 252 |
| Open interest percentile (1y) | 30th |
| Daily open interest change versus prior year | -0.76σ (-33,240 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.3% |
| Open interest change, 21 sessions | -27.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above gamma max at 151.39 vs 150.96 (+0.3%)
- closed below gamma max at 142.34 vs 149.36 (-4.9%)
- closed above gamma max at 147.74 vs 143.12 (+3.1%)
- closed above delta neutral at 128.79 vs 125.01 (+2.9%)
- closed below delta neutral at 126.60 vs 126.64 (-0.0%)
- closed below gamma max at 154.32 vs 154.36 (-0.0%)
- closed above gamma max at 158.53 vs 157.26 (+0.8%)
- closed below gamma max at 147.44 vs 149.25 (-1.2%)
- closed above gamma max at 144.24 vs 143.79 (+0.3%)
- closed above delta neutral at 97.42 vs 96.64 (+0.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SHOP
Questions people ask about SHOP
Where is SHOP's gamma max today?
As of Oct 2, 2026, the gamma max for SHOP is 150.96, -0.3% from the 151.39 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 SHOP above or below its delta neutral price?
SHOP closed above delta neutral: 151.39 against a delta neutral price of 128.38. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SHOP have?
574,563 contracts of open interest across 981 listed contracts on Oct 2, 2026, -5.5% 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.