SLV max pain, gamma exposure (GEX) & options open interest
As of close · rank #13 by open interest · 1,394 sessions of history since Dec 1, 2020
SLV's nearest-expiration max pain is 55.50 for 2026-10-05, its GEX flip is 51.02, net GEX is 90,454,504, its put/call open-interest ratio is 0.42. 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: smile convexity 10.6 pp · volume/OI 0.07
SLV closed 17.7% below its gamma max of 64.42. It is 0.1% below the delta neutral price of 54.77. Total open interest is 5,341,512, -1.6% versus the previous session. Its options catalyst-intensity score is 40.2 out of 100, led by smile convexity 10.6 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 | -61,697 contracts · -1.6% |
| Put OI change, 1 session | -24,462 contracts · -1.5% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | -240,675 contracts · -6.0% |
| Put OI change, 5 sessions | -106,278 contracts · -6.3% |
| Call minus put OI growth, 5 sessions | +0.3 pp |
| Daily call OI change surprise | -0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.12σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.01σ (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 26 completed Day +10 paths · latest Dec 24, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | +0.2% | -1.5% to +1.2% | 50% | -0.5% to +0.8% | 0.0% |
| Day +2 | 26 | +0.1% | -1.0% to +2.2% | 54% | -0.9% to +1.6% | 0.0% |
| Day +3 | 26 | +0.5% | -0.7% to +3.6% | 62% | -0.7% to +2.7% | 0.0% |
| Day +4 | 26 | +1.2% | -1.5% to +3.9% | 54% | -1.2% to +3.7% | 0.0% |
| Day +5 | 26 | +2.0% | -0.3% to +3.8% | 69% | +0.2% to +3.5% | +0.2% |
| Day +6 | 26 | +2.9% | -1.6% to +5.4% | 65% | -0.2% to +4.7% | 0.0% |
| Day +7 | 26 | +2.9% | -0.9% to +6.4% | 69% | +0.0% to +5.7% | +0.0% |
| Day +8 | 26 | +3.2% | -1.0% to +8.1% | 65% | -0.8% to +5.3% | 0.0% |
| Day +9 | 26 | +2.3% | -0.0% to +8.5% | 73% | +0.2% to +6.9% | +0.2% |
| Day +10 | 26 | +2.5% | +0.1% to +9.1% | 77% | +0.7% to +7.5% | +0.7% |
Crosses above gamma max 26 completed Day +10 paths · latest Dec 22, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | -0.2% | -1.2% to +1.0% | 42% | -1.1% to +0.7% | 0.0% |
| Day +2 | 26 | +0.3% | -2.1% to +2.5% | 50% | -1.8% to +1.1% | 0.0% |
| Day +3 | 26 | +0.6% | -2.1% to +2.3% | 54% | -1.7% to +1.7% | 0.0% |
| Day +4 | 26 | -0.2% | -1.7% to +4.2% | 42% | -1.1% to +2.8% | 0.0% |
| Day +5 | 26 | +1.9% | -2.0% to +3.7% | 58% | -1.2% to +3.3% | 0.0% |
| Day +6 | 26 | +1.4% | -1.1% to +4.1% | 65% | -0.6% to +2.9% | 0.0% |
| Day +7 | 26 | +2.3% | -1.7% to +5.0% | 65% | -0.9% to +4.2% | 0.0% |
| Day +8 | 26 | +2.8% | -1.2% to +5.4% | 65% | -0.8% to +4.0% | 0.0% |
| Day +9 | 26 | +1.6% | -1.9% to +7.0% | 62% | -1.1% to +5.9% | 0.0% |
| Day +10 | 26 | +1.4% | -1.3% to +8.8% | 65% | -1.1% to +7.1% | 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 | 4% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 17 |
| Prior-year sessions closer to gamma max | 75.8% of 252 |
| Prior-year sessions closer to delta neutral | 0.4% of 252 |
| Open interest percentile (1y) | 0th |
| Daily open interest change versus prior year | -0.20σ (-86,159 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -6.1% |
| Open interest change, 21 sessions | -18.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 54.74 vs 54.77 (-0.1%)
- closed above delta neutral at 55.02 vs 54.83 (+0.3%)
- closed below delta neutral at 54.51 vs 54.94 (-0.8%)
- closed above delta neutral at 55.48 vs 54.94 (+1.0%)
- closed below delta neutral at 54.95 vs 55.06 (-0.2%)
- closed above delta neutral at 56.07 vs 54.43 (+2.9%)
- closed below delta neutral at 61.57 vs 64.58 (-4.9%)
- closed above delta neutral at 66.66 vs 65.76 (+1.4%)
- closed below delta neutral at 64.84 vs 65.22 (-0.6%)
- closed above delta neutral at 63.42 vs 62.57 (+1.3%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SLV
Questions people ask about SLV
Where is SLV's gamma max today?
As of Oct 2, 2026, the gamma max for SLV is 64.42, +17.7% from the 54.74 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 SLV above or below its delta neutral price?
SLV closed below delta neutral: 54.74 against a delta neutral price of 54.77. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SLV have?
5,341,512 contracts of open interest across 3,149 listed contracts on Oct 2, 2026, -1.6% 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.