SMCI max pain, gamma exposure (GEX) & options open interest
As of close · rank #55 by open interest · 1,394 sessions of history since Dec 1, 2020
SMCI's nearest-expiration max pain is 40.50 for 2026-10-09, its GEX flip is 35.55, net GEX is 39,930,722, its put/call open-interest ratio is 1.09. 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 0.17 · 7d expected move +9.4%
SMCI closed 6.0% below its gamma max of 46.32. It is 18.0% above the delta neutral price of 35.81. Total open interest is 1,983,975, -8.3% versus the previous session. Its options catalyst-intensity score is 37.6 out of 100, led by volume/OI 0.17, 7d expected move +9.4%. 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 | -140,875 contracts · -12.9% |
| Put OI change, 1 session | -37,914 contracts · -3.5% |
| Call minus put OI growth, 1 session | -9.4 pp |
| Call OI change, 5 sessions | +5,808 contracts · +0.6% |
| Put OI change, 5 sessions | +33,173 contracts · +3.3% |
| Call minus put OI growth, 5 sessions | -2.7 pp |
| Daily call OI change surprise | -1.41σ (252 prior changes) |
| Daily put OI change surprise | -0.76σ (252 prior changes) |
| Daily call-minus-put growth surprise | -2.43σ (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 48 completed Day +10 paths · latest Aug 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 48 | +0.3% | -1.7% to +3.3% | 54% | -0.8% to +1.1% | 0.0% |
| Day +2 | 48 | -0.7% | -3.3% to +3.2% | 42% | -2.0% to +0.7% | 0.0% |
| Day +3 | 48 | -0.3% | -3.3% to +2.5% | 44% | -1.7% to +1.9% | 0.0% |
| Day +4 | 48 | -1.1% | -6.4% to +3.9% | 42% | -4.0% to +1.9% | 0.0% |
| Day +5 | 48 | -1.2% | -6.1% to +4.5% | 46% | -3.9% to +1.3% | 0.0% |
| Day +6 | 48 | -0.8% | -7.5% to +6.6% | 44% | -2.6% to +3.2% | 0.0% |
| Day +7 | 48 | +0.1% | -4.9% to +10.3% | 50% | -4.0% to +2.4% | 0.0% |
| Day +8 | 48 | -1.7% | -6.4% to +9.6% | 42% | -4.5% to +5.8% | 0.0% |
| Day +9 | 48 | +1.9% | -5.3% to +9.9% | 52% | -3.5% to +4.5% | 0.0% |
| Day +10 | 48 | +0.8% | -5.2% to +10.7% | 54% | -2.6% to +5.2% | 0.0% |
Crosses above gamma max 46 completed Day +10 paths · latest Aug 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 46 | +0.1% | -3.7% to +2.7% | 52% | -1.9% to +1.8% | 0.0% |
| Day +2 | 46 | +0.0% | -3.0% to +4.1% | 50% | -1.3% to +2.7% | 0.0% |
| Day +3 | 46 | -0.9% | -4.5% to +4.8% | 46% | -1.8% to +3.3% | 0.0% |
| Day +4 | 46 | -1.9% | -5.2% to +5.7% | 39% | -3.4% to +2.6% | 0.0% |
| Day +5 | 46 | -0.9% | -7.4% to +6.8% | 48% | -5.1% to +2.4% | 0.0% |
| Day +6 | 46 | -1.6% | -8.4% to +7.5% | 46% | -4.5% to +4.6% | 0.0% |
| Day +7 | 46 | -0.3% | -8.2% to +7.9% | 43% | -2.7% to +3.6% | 0.0% |
| Day +8 | 46 | +2.0% | -6.4% to +8.9% | 54% | -5.4% to +6.4% | 0.0% |
| Day +9 | 46 | +2.2% | -6.3% to +13.6% | 57% | -3.6% to +5.3% | 0.0% |
| Day +10 | 46 | +0.9% | -6.5% to +9.4% | 57% | -1.4% to +5.2% | 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 | 9% |
| Gamma max crosses | 25 |
| Delta neutral crosses | 38 |
| Prior-year sessions closer to gamma max | 35.3% of 252 |
| Prior-year sessions closer to delta neutral | 94.4% of 252 |
| Open interest percentile (1y) | 7th |
| Daily open interest change versus prior year | -1.21σ (-178,789 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.0% |
| Open interest change, 21 sessions | -12.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 39.84 vs 40.35 (-1.3%)
- closed above gamma max at 37.61 vs 34.43 (+8.5%)
- closed below gamma max at 30.32 vs 30.32 (-0.0%)
- closed above gamma max at 31.69 vs 30.56 (+3.6%)
- closed above delta neutral at 27.73 vs 27.17 (+2.0%)
- closed below delta neutral at 25.70 vs 26.82 (-4.4%)
- closed below gamma max at 30.10 vs 33.21 (-10.3%)
- closed above delta neutral at 30.56 vs 25.84 (+15.5%)
- closed above gamma max at 30.56 vs 28.02 (+8.3%)
- closed below delta neutral at 27.66 vs 27.91 (-0.9%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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/SMCI
Questions people ask about SMCI
Where is SMCI's gamma max today?
As of Oct 2, 2026, the gamma max for SMCI is 46.32, +6.0% from the 43.69 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 SMCI above or below its delta neutral price?
SMCI closed above delta neutral: 43.69 against a delta neutral price of 35.81. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SMCI have?
1,983,975 contracts of open interest across 1,042 listed contracts on Oct 2, 2026, -8.3% 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.