VGT max pain, gamma exposure (GEX) & options open interest
As of close · rank #583 by open interest · 1,394 sessions of history since Dec 1, 2020
VGT's nearest-expiration max pain is 121.00 for 2026-10-16, its GEX flip is 113.86, net GEX is 20,034,875, its put/call open-interest ratio is 0.59. 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 0.05σ · smile convexity 9.0 pp
VGT closed 2.4% below its gamma max of 131.42. It is 11.5% above the delta neutral price of 113.51. Total open interest is 118,501, +0.6% versus the previous session. Its options catalyst-intensity score is 53.4 out of 100, led by OI change 0.05σ, smile convexity 9.0 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 | +523 contracts · +0.7% |
| Put OI change, 1 session | +187 contracts · +0.4% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +5,176 contracts · +7.5% |
| Put OI change, 5 sessions | +2,983 contracts · +7.3% |
| Call minus put OI growth, 5 sessions | +0.2 pp |
| Daily call OI change surprise | +0.06σ (252 prior changes) |
| Daily put OI change surprise | +0.01σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.02σ (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 30 completed Day +10 paths · latest Jun 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 30 | +0.1% | -0.8% to +0.6% | 53% | -0.5% to +0.4% | 0.0% |
| Day +2 | 30 | +0.6% | -1.1% to +1.4% | 60% | -0.1% to +0.9% | 0.0% |
| Day +3 | 30 | +0.8% | -0.9% to +1.1% | 57% | -0.3% to +1.1% | 0.0% |
| Day +4 | 30 | +0.2% | -1.0% to +1.7% | 60% | -0.3% to +1.5% | 0.0% |
| Day +5 | 30 | +0.6% | -1.3% to +1.6% | 63% | -0.1% to +0.9% | 0.0% |
| Day +6 | 30 | +0.9% | -0.8% to +2.0% | 63% | -0.3% to +1.2% | 0.0% |
| Day +7 | 30 | +1.0% | -0.3% to +2.1% | 67% | +0.1% to +1.4% | +0.1% |
| Day +8 | 30 | +1.0% | -0.5% to +2.3% | 70% | +0.8% to +2.0% | +0.8% |
| Day +9 | 30 | +1.3% | +0.3% to +2.6% | 77% | +1.1% to +2.0% | +1.1% |
| Day +10 | 30 | +1.5% | -1.6% to +2.7% | 53% | -0.9% to +2.2% | 0.0% |
Crosses above gamma max 29 completed Day +10 paths · latest Jun 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 29 | +0.2% | -0.2% to +0.7% | 62% | -0.1% to +0.5% | 0.0% |
| Day +2 | 29 | +0.1% | -1.0% to +0.9% | 55% | -0.6% to +0.7% | 0.0% |
| Day +3 | 29 | -0.3% | -1.1% to +0.9% | 48% | -1.0% to +0.5% | 0.0% |
| Day +4 | 29 | -0.2% | -1.4% to +1.1% | 34% | -0.9% to +0.1% | 0.0% |
| Day +5 | 29 | -0.2% | -1.0% to +0.7% | 45% | -0.8% to +0.6% | 0.0% |
| Day +6 | 29 | +0.2% | -1.1% to +1.0% | 59% | -0.5% to +0.8% | 0.0% |
| Day +7 | 29 | +0.7% | -1.4% to +1.3% | 59% | -0.6% to +1.2% | 0.0% |
| Day +8 | 29 | +1.0% | -0.8% to +1.9% | 69% | +0.1% to +1.5% | +0.1% |
| Day +9 | 29 | +0.9% | -1.0% to +1.9% | 62% | -0.3% to +1.6% | 0.0% |
| Day +10 | 29 | +0.7% | -0.4% to +2.1% | 72% | +0.2% to +1.9% | +0.2% |
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 | 15% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 25.0% of 252 |
| Prior-year sessions closer to delta neutral | 53.2% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | +0.05σ (710 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.4% |
| Open interest change, 21 sessions | +28.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 120.51 vs 121.26 (-0.6%)
- closed above gamma max at 116.93 vs 116.67 (+0.2%)
- closed below gamma max at 117.81 vs 118.61 (-0.7%)
- closed above gamma max at 120.73 vs 120.39 (+0.3%)
- closed below gamma max at 117.21 vs 122.61 (-4.6%)
- closed above gamma max at 104.16 vs 102.15 (+1.9%)
- closed below gamma max at 101.57 vs 101.90 (-0.3%)
- closed above gamma max at 784.02 vs 782.49 (+0.2%)
- closed above delta neutral at 697.72 vs 686.87 (+1.6%)
- closed below delta neutral at 681.00 vs 683.73 (-0.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/VGT
Questions people ask about VGT
Where is VGT's gamma max today?
As of Oct 2, 2026, the gamma max for VGT is 131.42, +2.4% from the 128.32 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 VGT above or below its delta neutral price?
VGT closed above delta neutral: 128.32 against a delta neutral price of 113.51. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VGT have?
118,501 contracts of open interest across 1,007 listed contracts on Oct 2, 2026, +0.6% 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.