SPXS max pain, gamma exposure (GEX) & options open interest
As of close · rank #440 by open interest · 1,390 sessions of history since Dec 1, 2020
SPXS's nearest-expiration max pain is 23.00 for 2026-10-09, its GEX flip is 22.40, net GEX is 9,254,925, its put/call open-interest ratio is 0.94. 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 0.23 · 25Δ risk reversal 48.0 pp · smile convexity 10.0 pp
SPXS closed 2.1% below its gamma max of 24.63. It is 1.3% below the delta neutral price of 24.44. Total open interest is 177,042, -1.6% versus the previous session. Its options catalyst-intensity score is 58.8 out of 100, led by volume/OI 0.23, 25Δ risk reversal 48.0 pp, smile convexity 10.0 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 | +1,633 contracts · +1.8% |
| Put OI change, 1 session | -4,446 contracts · -4.9% |
| Call minus put OI growth, 1 session | +6.7 pp |
| Call OI change, 5 sessions | +6,823 contracts · +8.1% |
| Put OI change, 5 sessions | -136 contracts · -0.2% |
| Call minus put OI growth, 5 sessions | +8.3 pp |
| Daily call OI change surprise | +0.11σ (252 prior changes) |
| Daily put OI change surprise | -0.48σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.60σ (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 84 completed Day +10 paths · latest Sep 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 84 | -0.2% | -2.1% to +2.1% | 45% | -1.2% to +0.5% | 0.0% |
| Day +2 | 84 | -1.0% | -3.9% to +1.5% | 37% | -1.8% to 0.0% | 0.0% |
| Day +3 | 84 | -1.4% | -4.5% to +2.7% | 36% | -2.6% to -0.2% | -0.2% |
| Day +4 | 84 | -1.3% | -4.0% to +2.9% | 39% | -2.6% to 0.0% | 0.0% |
| Day +5 | 84 | -2.0% | -4.8% to +3.6% | 39% | -3.5% to -0.2% | -0.2% |
| Day +6 | 84 | -2.0% | -6.8% to +3.9% | 35% | -4.3% to -0.4% | -0.4% |
| Day +7 | 84 | -3.1% | -8.3% to +3.9% | 39% | -5.6% to -0.2% | -0.2% |
| Day +8 | 84 | -2.6% | -8.7% to +3.6% | 42% | -5.2% to +0.1% | 0.0% |
| Day +9 | 84 | -3.5% | -8.9% to +3.2% | 39% | -5.7% to 0.0% | 0.0% |
| Day +10 | 84 | -3.4% | -9.0% to +3.3% | 40% | -6.6% to +0.3% | 0.0% |
Crosses above gamma max 82 completed Day +10 paths · latest Sep 4, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 82 | +0.2% | -1.8% to +2.2% | 51% | -0.2% to +0.9% | 0.0% |
| Day +2 | 82 | -0.2% | -3.1% to +2.8% | 49% | -1.9% to +1.1% | 0.0% |
| Day +3 | 82 | -1.5% | -4.9% to +1.9% | 37% | -3.0% to -0.4% | -0.4% |
| Day +4 | 82 | -1.5% | -5.8% to +2.4% | 41% | -3.1% to +0.1% | 0.0% |
| Day +5 | 82 | -2.3% | -6.4% to +3.1% | 34% | -3.4% to -1.0% | -1.0% |
| Day +6 | 82 | -1.6% | -6.9% to +2.8% | 37% | -4.8% to -0.4% | -0.4% |
| Day +7 | 82 | -2.4% | -7.8% to +3.9% | 43% | -4.5% to +0.3% | 0.0% |
| Day +8 | 82 | -3.2% | -9.3% to +4.5% | 34% | -4.7% to -1.5% | -1.5% |
| Day +9 | 82 | -3.2% | -9.0% to +3.5% | 35% | -4.6% to -1.1% | -1.1% |
| Day +10 | 82 | -3.9% | -9.4% to +3.3% | 38% | -6.4% to -1.6% | -1.6% |
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 | 30% |
| Gamma max crosses | 42 |
| Delta neutral crosses | 31 |
| Prior-year sessions closer to gamma max | 36.5% of 252 |
| Prior-year sessions closer to delta neutral | 19.4% of 252 |
| Open interest percentile (1y) | 95th |
| Daily open interest change versus prior year | -0.04σ (-2,813 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.9% |
| Open interest change, 21 sessions | +27.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 25.18 vs 25.59 (-1.6%)
- closed below gamma max at 25.21 vs 25.35 (-0.6%)
- closed above delta neutral at 24.44 vs 24.20 (+1.0%)
- closed above gamma max at 24.44 vs 24.12 (+1.3%)
- closed below delta neutral at 24.13 vs 24.33 (-0.8%)
- closed below gamma max at 24.89 vs 25.23 (-1.4%)
- closed above gamma max at 25.23 vs 25.04 (+0.8%)
- closed above delta neutral at 24.72 vs 24.70 (+0.1%)
- closed below delta neutral at 24.76 vs 25.92 (-4.7%)
- closed below gamma max at 24.76 vs 26.21 (-5.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/SPXS
Questions people ask about SPXS
Where is SPXS's gamma max today?
As of Oct 2, 2026, the gamma max for SPXS is 24.63, +2.1% from the 24.12 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 SPXS above or below its delta neutral price?
SPXS closed below delta neutral: 24.12 against a delta neutral price of 24.44. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does SPXS have?
177,042 contracts of open interest across 406 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.