SILJ max pain, gamma exposure (GEX) & options open interest
As of close · rank #190 by open interest · 1,394 sessions of history since Dec 1, 2020
SILJ's nearest-expiration max pain is 27.50 for 2026-10-09, its GEX flip is 3.83, net GEX is 21,498,587, its put/call open-interest ratio is 0.17. 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 11.4 pp · volume/OI 0.07
SILJ closed 16.8% below its gamma max of 31.79. It is 15.0% above the delta neutral price of 23.14. Total open interest is 535,533, -1.9% versus the previous session. Its options catalyst-intensity score is 58.8 out of 100, led by IV rank 100, smile convexity 11.4 pp, volume/OI 0.07. 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 | -6,720 contracts · -1.4% |
| Put OI change, 1 session | -3,603 contracts · -4.4% |
| Call minus put OI growth, 1 session | +3.0 pp |
| Call OI change, 5 sessions | +10,389 contracts · +2.3% |
| Put OI change, 5 sessions | +14,769 contracts · +23.3% |
| Call minus put OI growth, 5 sessions | -20.9 pp |
| Daily call OI change surprise | -0.22σ (252 prior changes) |
| Daily put OI change surprise | -0.19σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.29σ (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 43 completed Day +10 paths · latest May 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 43 | -0.2% | -1.4% to +1.5% | 42% | -0.9% to +0.7% | 0.0% |
| Day +2 | 43 | +0.6% | -2.5% to +3.0% | 56% | -0.8% to +2.3% | 0.0% |
| Day +3 | 43 | +0.7% | -2.6% to +4.3% | 58% | -1.2% to +2.6% | 0.0% |
| Day +4 | 43 | -0.5% | -4.2% to +4.3% | 47% | -2.7% to +2.8% | 0.0% |
| Day +5 | 43 | +0.4% | -3.0% to +5.5% | 51% | -1.9% to +3.0% | 0.0% |
| Day +6 | 43 | +1.2% | -2.8% to +5.8% | 53% | -0.8% to +4.4% | 0.0% |
| Day +7 | 43 | +1.3% | -2.0% to +5.4% | 58% | -0.5% to +3.1% | 0.0% |
| Day +8 | 43 | +1.7% | -3.9% to +6.2% | 58% | -1.2% to +3.6% | 0.0% |
| Day +9 | 43 | +0.9% | -6.5% to +6.8% | 56% | -2.6% to +3.3% | 0.0% |
| Day +10 | 43 | +1.4% | -5.7% to +6.8% | 58% | -2.0% to +4.5% | 0.0% |
Crosses below gamma max 40 completed Day +10 paths · latest Apr 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 40 | -0.1% | -1.4% to +1.0% | 48% | -0.8% to +0.4% | 0.0% |
| Day +2 | 40 | -0.3% | -2.4% to +2.6% | 43% | -1.6% to +0.7% | 0.0% |
| Day +3 | 40 | -0.1% | -3.1% to +2.9% | 50% | -1.8% to +1.2% | 0.0% |
| Day +4 | 40 | +1.0% | -2.3% to +5.2% | 60% | -0.6% to +2.8% | 0.0% |
| Day +5 | 40 | +1.0% | -2.8% to +4.8% | 53% | -1.4% to +3.0% | 0.0% |
| Day +6 | 40 | +1.5% | -4.3% to +4.3% | 57% | -1.6% to +3.4% | 0.0% |
| Day +7 | 40 | +1.3% | -4.8% to +7.0% | 53% | -1.6% to +4.5% | 0.0% |
| Day +8 | 40 | +0.5% | -7.8% to +6.6% | 50% | -4.2% to +3.9% | 0.0% |
| Day +9 | 40 | +0.5% | -7.1% to +6.8% | 50% | -5.1% to +3.9% | 0.0% |
| Day +10 | 40 | +0.7% | -6.9% to +7.3% | 55% | -4.6% to +3.4% | 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 | 10% |
| Gamma max crosses | 28 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 90.9% of 252 |
| Prior-year sessions closer to delta neutral | 16.7% of 252 |
| Open interest percentile (1y) | 26th |
| Daily open interest change versus prior year | -0.23σ (-10,323 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.9% |
| Open interest change, 21 sessions | -4.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 30.88 vs 34.13 (-10.5%)
- closed above gamma max at 31.04 vs 30.41 (+2.0%)
- closed below gamma max at 30.61 vs 33.23 (-8.6%)
- closed above gamma max at 29.72 vs 29.27 (+1.5%)
- closed below gamma max at 40.30 vs 42.51 (-5.5%)
- closed above gamma max at 37.98 vs 37.88 (+0.3%)
- closed below gamma max at 36.75 vs 38.53 (-4.9%)
- closed above gamma max at 36.14 vs 34.96 (+3.3%)
- closed below gamma max at 31.52 vs 42.70 (-35.5%)
- closed above gamma max at 31.80 vs 30.05 (+5.5%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SILJ
Questions people ask about SILJ
Where is SILJ's gamma max today?
As of Oct 2, 2026, the gamma max for SILJ is 31.79, +16.8% from the 27.23 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 SILJ above or below its delta neutral price?
SILJ closed above delta neutral: 27.23 against a delta neutral price of 23.14. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SILJ have?
535,533 contracts of open interest across 500 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.