STM max pain, gamma exposure (GEX) & options open interest
As of close · rank #277 by open interest · 1,394 sessions of history since Dec 1, 2020
STM's nearest-expiration max pain is 52.00 for 2026-10-09, its GEX flip is 52.70, net GEX is 4,305,922, its put/call open-interest ratio is 0.84. 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 70.8 pp · volume/OI 0.12 · IV rank 93
STM closed 26.3% below its gamma max of 72.32. It is 4.7% above the delta neutral price of 54.55. Total open interest is 347,633, -4.2% versus the previous session. Its options catalyst-intensity score is 59.8 out of 100, led by 25Δ risk reversal 70.8 pp, volume/OI 0.12, IV rank 93. 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 | -14,689 contracts · -7.2% |
| Put OI change, 1 session | -460 contracts · -0.3% |
| Call minus put OI growth, 1 session | -6.9 pp |
| Call OI change, 5 sessions | -5,923 contracts · -3.0% |
| Put OI change, 5 sessions | +3,458 contracts · +2.2% |
| Call minus put OI growth, 5 sessions | -5.3 pp |
| Daily call OI change surprise | -1.30σ (252 prior changes) |
| Daily put OI change surprise | -0.18σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.91σ (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 Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 27 | -0.7% | -2.1% to +1.7% | 41% | -1.7% to +1.6% | 0.0% |
| Day +2 | 27 | +1.5% | -1.2% to +3.5% | 63% | -0.4% to +3.4% | 0.0% |
| Day +3 | 27 | +1.3% | -2.5% to +3.0% | 59% | -2.3% to +2.6% | 0.0% |
| Day +4 | 27 | -0.2% | -3.0% to +3.6% | 48% | -2.8% to +3.0% | 0.0% |
| Day +5 | 27 | +0.9% | -3.7% to +3.7% | 59% | -3.2% to +2.3% | 0.0% |
| Day +6 | 26 | +0.3% | -4.4% to +4.9% | 58% | -2.4% to +1.8% | 0.0% |
| Day +7 | 26 | -2.1% | -5.4% to +4.8% | 42% | -4.2% to +3.4% | 0.0% |
| Day +8 | 26 | -1.1% | -4.9% to +3.3% | 46% | -2.5% to +2.1% | 0.0% |
| Day +9 | 26 | -1.2% | -6.9% to +3.3% | 42% | -5.5% to +0.7% | 0.0% |
| Day +10 | 26 | -3.7% | -7.0% to +4.4% | 35% | -6.4% to +1.8% | 0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Sep 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | -0.5% | -2.2% to +1.3% | 47% | -1.1% to +0.7% | 0.0% |
| Day +2 | 30 | -0.2% | -2.7% to +1.1% | 50% | -1.7% to +0.5% | 0.0% |
| Day +3 | 30 | +0.3% | -2.4% to +2.5% | 53% | -2.0% to +1.1% | 0.0% |
| Day +4 | 30 | +0.1% | -5.0% to +2.2% | 50% | -2.1% to +1.8% | 0.0% |
| Day +5 | 30 | +0.2% | -3.5% to +2.1% | 53% | -1.1% to +1.5% | 0.0% |
| Day +6 | 30 | -0.3% | -4.1% to +2.2% | 43% | -1.7% to +1.2% | 0.0% |
| Day +7 | 30 | -1.0% | -6.2% to +2.3% | 37% | -2.7% to +1.0% | 0.0% |
| Day +8 | 30 | +0.0% | -7.3% to +3.6% | 50% | -3.9% to +1.8% | 0.0% |
| Day +9 | 30 | +0.1% | -7.0% to +4.4% | 53% | -4.1% to +2.9% | 0.0% |
| Day +10 | 29 | -2.9% | -8.2% to +4.0% | 41% | -5.7% to +2.4% | 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 | 24% |
| Gamma max crosses | 26 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 88.1% of 252 |
| Prior-year sessions closer to delta neutral | 27.8% of 252 |
| Open interest percentile (1y) | 84th |
| Daily open interest change versus prior year | -1.01σ (-15,149 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -0.7% |
| Open interest change, 21 sessions | -0.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 52.74 vs 52.38 (+0.7%)
- closed below delta neutral at 51.93 vs 52.00 (-0.1%)
- closed below gamma max at 51.93 vs 54.69 (-5.3%)
- closed above delta neutral at 51.63 vs 51.59 (+0.1%)
- closed above gamma max at 51.63 vs 50.95 (+1.3%)
- closed below delta neutral at 52.27 vs 53.26 (-1.9%)
- closed below gamma max at 56.10 vs 58.92 (-5.0%)
- closed above delta neutral at 54.22 vs 53.35 (+1.6%)
- closed above gamma max at 54.22 vs 52.21 (+3.7%)
- closed below delta neutral at 52.19 vs 52.60 (-0.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/STM
Questions people ask about STM
Where is STM's gamma max today?
As of Oct 2, 2026, the gamma max for STM is 72.32, +26.3% from the 57.26 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 STM above or below its delta neutral price?
STM closed above delta neutral: 57.26 against a delta neutral price of 54.55. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does STM have?
347,633 contracts of open interest across 429 listed contracts on Oct 2, 2026, -4.2% 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.