SMH max pain, gamma exposure (GEX) & options open interest
As of close · rank #72 by open interest · 1,394 sessions of history since Dec 1, 2020
SMH's nearest-expiration max pain is 612.50 for 2026-10-05, its GEX flip is 598.09, net GEX is 62,258,892, its put/call open-interest ratio is 1.49. 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: 25Δ risk reversal 177.3 pp · volume/OI 0.22 · smile convexity 18.3 pp
SMH closed 3.2% below its gamma max of 650.93. It is 6.2% above the delta neutral price of 591.23. Total open interest is 1,495,730, -14.0% versus the previous session. Its options catalyst-intensity score is 45.6 out of 100, led by 25Δ risk reversal 177.3 pp, volume/OI 0.22, smile convexity 18.3 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 | -31,835 contracts · -5.0% |
| Put OI change, 1 session | -212,283 contracts · -19.2% |
| Call minus put OI growth, 1 session | +14.2 pp |
| Call OI change, 5 sessions | +3,580 contracts · +0.6% |
| Put OI change, 5 sessions | -13,008 contracts · -1.4% |
| Call minus put OI growth, 5 sessions | +2.0 pp |
| Daily call OI change surprise | -0.92σ (252 prior changes) |
| Daily put OI change surprise | -1.61σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.14σ (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 11 completed Day +10 paths · latest Jul 19, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 11 | -0.0% | -1.0% to +1.1% | 45% | -1.1% to +1.8% | 0.0% |
| Day +2 | 11 | +1.2% | -2.1% to +2.5% | 64% | -2.2% to +2.9% | 0.0% |
| Day +3 | 11 | -1.2% | -2.1% to +1.3% | 36% | -2.6% to +1.6% | 0.0% |
| Day +4 | 11 | -0.8% | -2.5% to +0.7% | 36% | -3.6% to +0.8% | 0.0% |
| Day +5 | 11 | -0.4% | -1.3% to +1.0% | 36% | -2.1% to +1.5% | 0.0% |
| Day +6 | 11 | -1.2% | -1.8% to -0.1% | 27% | -2.3% to +0.5% | 0.0% |
| Day +7 | 11 | -0.3% | -2.3% to +0.9% | 36% | -2.7% to +1.2% | 0.0% |
| Day +8 | 11 | -0.5% | -1.2% to +1.0% | 45% | -1.2% to +1.3% | 0.0% |
| Day +9 | 11 | -0.4% | -3.2% to +0.8% | 45% | -3.5% to +1.2% | 0.0% |
| Day +10 | 11 | -2.2% | -3.3% to +1.4% | 45% | -3.9% to +2.2% | 0.0% |
Crosses above gamma max 9 completed Day +10 paths · latest Jul 18, 2023
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.6% | -0.6% to +0.8% | 56% | -1.0% to +1.0% | 0.0% |
| Day +2 | 9 | +1.1% | -0.9% to +1.9% | 67% | -1.6% to +2.6% | 0.0% |
| Day +3 | 9 | -0.2% | -1.6% to +2.5% | 44% | -2.4% to +2.7% | 0.0% |
| Day +4 | 9 | -0.5% | -1.4% to +0.9% | 33% | -2.3% to +1.1% | 0.0% |
| Day +5 | 9 | +0.2% | -2.4% to +1.3% | 56% | -3.1% to +3.6% | 0.0% |
| Day +6 | 9 | +0.4% | -2.1% to +1.6% | 56% | -2.9% to +2.3% | 0.0% |
| Day +7 | 9 | -1.7% | -1.7% to +2.2% | 33% | -2.7% to +3.5% | 0.0% |
| Day +8 | 9 | +0.2% | -0.8% to +2.9% | 56% | -1.5% to +3.5% | 0.0% |
| Day +9 | 9 | +0.1% | -1.8% to +2.9% | 56% | -1.8% to +4.1% | 0.0% |
| Day +10 | 9 | -0.3% | -2.9% to +4.2% | 44% | -4.3% to +4.5% | 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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 30 |
| Prior-year sessions closer to gamma max | 2.0% of 252 |
| Prior-year sessions closer to delta neutral | 90.9% of 252 |
| Open interest percentile (1y) | 59th |
| Daily open interest change versus prior year | -1.51σ (-244,118 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -0.6% |
| Open interest change, 21 sessions | -20.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 573.00 vs 568.02 (+0.9%)
- closed below delta neutral at 541.50 vs 563.93 (-4.1%)
- closed above delta neutral at 568.53 vs 567.35 (+0.2%)
- closed below delta neutral at 560.28 vs 564.89 (-0.8%)
- closed above delta neutral at 567.01 vs 564.74 (+0.4%)
- closed below delta neutral at 553.11 vs 563.84 (-1.9%)
- closed above delta neutral at 573.00 vs 565.29 (+1.3%)
- closed below delta neutral at 569.77 vs 574.43 (-0.8%)
- closed above delta neutral at 575.71 vs 566.87 (+1.5%)
- closed below delta neutral at 620.46 vs 635.04 (-2.3%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SMH
Questions people ask about SMH
Where is SMH's gamma max today?
As of Oct 2, 2026, the gamma max for SMH is 650.93, +3.2% from the 630.60 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 SMH above or below its delta neutral price?
SMH closed above delta neutral: 630.60 against a delta neutral price of 591.23. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SMH have?
1,495,730 contracts of open interest across 4,080 listed contracts on Oct 2, 2026, -14.0% 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.