UNG max pain, gamma exposure (GEX) & options open interest
As of close · rank #207 by open interest · 1,393 sessions of history since Dec 1, 2020
UNG's nearest-expiration max pain is 10.50 for 2026-10-07, its GEX flip is 5.14, net GEX is 27,061,687, its put/call open-interest ratio is 0.31. 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 0.76σ
UNG closed 10.0% below its gamma max of 11.51. It is 13.6% above the delta neutral price of 9.05. Total open interest is 489,303, +4.3% versus the previous session. Its options catalyst-intensity score is 62.6 out of 100, led by OI change 0.76σ. 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 | +23,351 contracts · +6.7% |
| Put OI change, 1 session | -3,120 contracts · -2.6% |
| Call minus put OI growth, 1 session | +9.3 pp |
| Call OI change, 5 sessions | +37,578 contracts · +11.2% |
| Put OI change, 5 sessions | -516 contracts · -0.4% |
| Call minus put OI growth, 5 sessions | +11.6 pp |
| Daily call OI change surprise | +1.24σ (252 prior changes) |
| Daily put OI change surprise | -0.33σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.46σ (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 25 completed Day +10 paths · latest Sep 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 26 | +0.1% | -1.6% to +2.9% | 54% | -1.5% to +1.4% | 0.0% |
| Day +2 | 26 | -0.1% | -3.4% to +4.5% | 46% | -2.4% to +4.1% | 0.0% |
| Day +3 | 26 | +0.1% | -3.8% to +2.8% | 54% | -1.8% to +2.2% | 0.0% |
| Day +4 | 26 | +0.7% | -3.8% to +5.3% | 58% | -2.7% to +4.0% | 0.0% |
| Day +5 | 26 | +1.2% | -3.0% to +5.4% | 58% | -2.1% to +3.6% | 0.0% |
| Day +6 | 25 | +2.6% | -4.6% to +4.1% | 60% | -2.1% to +3.8% | 0.0% |
| Day +7 | 25 | +0.4% | -5.4% to +7.6% | 60% | -4.6% to +6.3% | 0.0% |
| Day +8 | 25 | +0.9% | -3.4% to +9.8% | 52% | -3.3% to +9.0% | 0.0% |
| Day +9 | 25 | +2.0% | -8.3% to +11.2% | 56% | -6.8% to +8.8% | 0.0% |
| Day +10 | 25 | +5.5% | -9.9% to +11.7% | 56% | -8.8% to +11.1% | 0.0% |
Crosses above gamma max 28 completed Day +10 paths · latest Sep 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.7% | -3.4% to +4.1% | 55% | -1.3% to +2.7% | 0.0% |
| Day +2 | 29 | -0.7% | -5.7% to +3.8% | 45% | -4.7% to +2.7% | 0.0% |
| Day +3 | 29 | -0.8% | -5.6% to +4.6% | 48% | -4.1% to +4.2% | 0.0% |
| Day +4 | 29 | +0.5% | -6.3% to +4.9% | 52% | -3.4% to +2.9% | 0.0% |
| Day +5 | 29 | +1.9% | -7.3% to +4.6% | 55% | -6.1% to +4.0% | 0.0% |
| Day +6 | 29 | -0.0% | -8.4% to +6.9% | 45% | -3.7% to +2.1% | 0.0% |
| Day +7 | 28 | +1.1% | -4.3% to +6.6% | 57% | -2.7% to +5.5% | 0.0% |
| Day +8 | 28 | +1.3% | -12.5% to +5.6% | 54% | -4.3% to +3.4% | 0.0% |
| Day +9 | 28 | +0.8% | -13.1% to +5.5% | 54% | -3.6% to +4.0% | 0.0% |
| Day +10 | 28 | -0.0% | -7.9% to +6.6% | 50% | -6.2% to +4.9% | 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 | 4% |
| Gamma max crosses | 16 |
| Delta neutral crosses | 14 |
| Prior-year sessions closer to gamma max | 59.9% of 252 |
| Prior-year sessions closer to delta neutral | 77.0% of 252 |
| Open interest percentile (1y) | 99th |
| Daily open interest change versus prior year | +0.76σ (20,231 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +8.2% |
| Open interest change, 21 sessions | +16.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 11.13 vs 11.63 (-4.5%)
- closed above gamma max at 11.55 vs 11.14 (+3.6%)
- closed below gamma max at 10.26 vs 10.69 (-4.2%)
- closed above gamma max at 10.41 vs 8.90 (+14.5%)
- closed below gamma max at 11.93 vs 12.33 (-3.4%)
- closed above gamma max at 11.90 vs 11.84 (+0.5%)
- closed below gamma max at 11.49 vs 12.11 (-5.4%)
- closed above gamma max at 11.90 vs 11.81 (+0.7%)
- closed above delta neutral at 12.32 vs 12.07 (+2.1%)
- closed below delta neutral at 12.17 vs 12.28 (-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/UNG
Questions people ask about UNG
Where is UNG's gamma max today?
As of Oct 2, 2026, the gamma max for UNG is 11.51, +10.0% from the 10.47 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 UNG above or below its delta neutral price?
UNG closed above delta neutral: 10.47 against a delta neutral price of 9.05. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does UNG have?
489,303 contracts of open interest across 352 listed contracts on Oct 2, 2026, +4.3% 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.