SPX max pain, gamma exposure (GEX) & options open interest
As of close · rank #1 by open interest · 1,392 sessions of history since Dec 1, 2020
SPX's nearest-expiration max pain is 7,500.00 for 2026-10-16, its GEX flip is 7,667.41, net GEX is 156,604,300, its put/call open-interest ratio is 1.42. 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: OI change 0.13σ
SPX closed 5.0% below its gamma max of 8,106.38. It is 5.6% above the delta neutral price of 7,293.30. Total open interest is 17,088,093, +0.8% versus the previous session. Its options catalyst-intensity score is 43.0 out of 100, led by OI change 0.13σ. 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 | +42,780 contracts · +0.6% |
| Put OI change, 1 session | +86,881 contracts · +0.9% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +427,937 contracts · +6.4% |
| Put OI change, 5 sessions | +541,167 contracts · +5.7% |
| Call minus put OI growth, 5 sessions | +0.7 pp |
| Daily call OI change surprise | +0.10σ (252 prior changes) |
| Daily put OI change surprise | +0.15σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.27σ (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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Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 27.8% of 252 |
| Prior-year sessions closer to delta neutral | 30.2% of 252 |
| Open interest percentile (1y) | 62th |
| Daily open interest change versus prior year | +0.13σ (129,661 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.0% |
| Open interest change, 21 sessions | -5.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 6,528.52 vs 6,515.25 (+0.2%)
- closed below delta neutral at 6,477.16 vs 6,516.05 (-0.6%)
- closed above delta neutral at 5,484.77 vs 5,413.58 (+1.3%)
- closed below delta neutral at 5,396.52 vs 5,544.10 (-2.7%)
- closed above delta neutral at 5,675.29 vs 5,639.70 (+0.6%)
- closed below delta neutral at 5,614.66 vs 5,632.84 (-0.3%)
- closed above delta neutral at 5,638.94 vs 5,603.59 (+0.6%)
- closed below delta neutral at 5,614.56 vs 5,658.56 (-0.8%)
- closed above delta neutral at 4,317.78 vs 4,298.04 (+0.5%)
- closed below delta neutral at 4,314.60 vs 4,329.69 (-0.3%)
In today's screens
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Questions people ask about SPX
Where is SPX's gamma max today?
As of Oct 2, 2026, the gamma max for SPX is 8,106.38, +5.0% from the 7,722.72 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 SPX above or below its delta neutral price?
SPX closed above delta neutral: 7,722.72 against a delta neutral price of 7,293.30. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SPX have?
17,088,093 contracts of open interest across 8,118 listed contracts on Oct 2, 2026, +0.8% 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.