VALE max pain, gamma exposure (GEX) & options open interest
As of close · rank #64 by open interest · 1,394 sessions of history since Dec 1, 2020
VALE's nearest-expiration max pain is 13.50 for 2026-10-09, its GEX flip is 13.87, net GEX is -3,858,315, its put/call open-interest ratio is 0.99. 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: front IV premium 14.7 pp · OI change 0.45σ
VALE closed 26.5% below its gamma max of 17.40. It is 3.0% below the delta neutral price of 14.18. Total open interest is 1,625,977, +1.9% versus the previous session. Its options catalyst-intensity score is 57.0 out of 100, led by front IV premium 14.7 pp, OI change 0.45σ. 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 | +23,159 contracts · +2.9% |
| Put OI change, 1 session | +7,428 contracts · +0.9% |
| Call minus put OI growth, 1 session | +2.0 pp |
| Call OI change, 5 sessions | +37,851 contracts · +4.8% |
| Put OI change, 5 sessions | +44,485 contracts · +5.8% |
| Call minus put OI growth, 5 sessions | -1.0 pp |
| Daily call OI change surprise | +0.53σ (252 prior changes) |
| Daily put OI change surprise | +0.25σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.69σ (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 above gamma max 25 completed Day +10 paths · latest Jun 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | -0.1% | -0.8% to +1.6% | 44% | -0.7% to +1.1% | 0.0% |
| Day +2 | 25 | -0.9% | -2.0% to +1.0% | 44% | -2.0% to +0.9% | 0.0% |
| Day +3 | 25 | -0.9% | -2.6% to +0.6% | 32% | -1.9% to +0.6% | 0.0% |
| Day +4 | 25 | -1.4% | -4.1% to +0.3% | 28% | -3.8% to -0.1% | -0.1% |
| Day +5 | 25 | -1.7% | -3.1% to +0.4% | 36% | -2.8% to +0.3% | 0.0% |
| Day +6 | 25 | -1.4% | -3.9% to +1.6% | 36% | -3.8% to +1.0% | 0.0% |
| Day +7 | 25 | -3.3% | -4.8% to +1.3% | 28% | -4.6% to 0.0% | 0.0% |
| Day +8 | 25 | -2.9% | -6.2% to +0.4% | 32% | -5.7% to +0.2% | 0.0% |
| Day +9 | 25 | -3.4% | -4.5% to +1.0% | 28% | -4.4% to 0.0% | 0.0% |
| Day +10 | 25 | -3.2% | -4.4% to +1.7% | 32% | -4.0% to +1.1% | 0.0% |
Crosses below gamma max 22 completed Day +10 paths · latest Apr 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.7% | -1.6% to +0.6% | 32% | -1.6% to +0.1% | 0.0% |
| Day +2 | 22 | -0.9% | -2.2% to +0.9% | 45% | -2.1% to +0.7% | 0.0% |
| Day +3 | 22 | -0.5% | -3.2% to +0.9% | 36% | -3.1% to +0.7% | 0.0% |
| Day +4 | 22 | -0.8% | -2.7% to +1.5% | 45% | -2.5% to +1.1% | 0.0% |
| Day +5 | 22 | -1.2% | -3.7% to +0.8% | 32% | -3.7% to +0.2% | 0.0% |
| Day +6 | 22 | -2.5% | -4.7% to +0.7% | 32% | -3.1% to +0.3% | 0.0% |
| Day +7 | 22 | -2.5% | -5.5% to +1.8% | 32% | -5.2% to +0.3% | 0.0% |
| Day +8 | 22 | -1.7% | -4.7% to +2.3% | 36% | -4.3% to +1.2% | 0.0% |
| Day +9 | 22 | -0.6% | -6.3% to +1.5% | 41% | -4.0% to +1.1% | 0.0% |
| Day +10 | 22 | -1.4% | -5.4% to +1.7% | 45% | -5.3% to +1.1% | 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 | 6% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 91.3% of 252 |
| Prior-year sessions closer to delta neutral | 19.8% of 252 |
| Open interest percentile (1y) | 38th |
| Daily open interest change versus prior year | +0.45σ (30,587 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.3% |
| Open interest change, 21 sessions | -0.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 14.21 vs 14.26 (-0.3%)
- closed above delta neutral at 14.47 vs 14.41 (+0.4%)
- closed below delta neutral at 14.13 vs 14.55 (-2.9%)
- closed above delta neutral at 14.59 vs 14.54 (+0.4%)
- closed below delta neutral at 15.06 vs 15.74 (-4.5%)
- closed above delta neutral at 14.99 vs 14.87 (+0.8%)
- closed below delta neutral at 14.05 vs 14.46 (-3.0%)
- closed above delta neutral at 14.69 vs 14.18 (+3.4%)
- closed below delta neutral at 15.08 vs 15.23 (-1.0%)
- closed above delta neutral at 14.92 vs 14.60 (+2.2%)
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/VALE
Questions people ask about VALE
Where is VALE's gamma max today?
As of Oct 2, 2026, the gamma max for VALE is 17.40, +26.5% from the 13.76 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 VALE above or below its delta neutral price?
VALE closed below delta neutral: 13.76 against a delta neutral price of 14.18. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VALE have?
1,625,977 contracts of open interest across 306 listed contracts on Oct 2, 2026, +1.9% 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.