VIX max pain, gamma exposure (GEX) & options open interest
As of close · rank #5 by open interest · 1,393 sessions of history since Dec 1, 2020
VIX's nearest-expiration max pain is 19.00 for 2026-10-21, net GEX is 184,077,887, its put/call open-interest ratio is 0.32. 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: 19d expected move +21.2% · front IV premium 9.1 pp · smile convexity 21.7 pp
VIX closed 30.6% below its gamma max of 20.00. It is 5.9% above the delta neutral price of 14.40. Total open interest is 13,119,123, +2.1% versus the previous session. Its options catalyst-intensity score is 81.0 out of 100, led by 19d expected move +21.2%, front IV premium 9.1 pp, smile convexity 21.7 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 | +224,007 contracts · +2.3% |
| Put OI change, 1 session | +47,096 contracts · +1.5% |
| Call minus put OI growth, 1 session | +0.8 pp |
| Call OI change, 5 sessions | +565,052 contracts · +6.0% |
| Put OI change, 5 sessions | +230,928 contracts · +7.9% |
| Call minus put OI growth, 5 sessions | -1.9 pp |
| Daily call OI change surprise | +0.30σ (252 prior changes) |
| Daily put OI change surprise | +0.13σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.30σ (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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Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 26 |
| Prior-year sessions closer to gamma max | 32.5% of 252 |
| Prior-year sessions closer to delta neutral | 48.4% of 252 |
| Open interest percentile (1y) | 71th |
| Daily open interest change versus prior year | +0.24σ (271,103 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +6.5% |
| Open interest change, 21 sessions | +2.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 15.72 vs 15.49 (+1.4%)
- closed below delta neutral at 14.32 vs 14.42 (-0.7%)
- closed above delta neutral at 14.89 vs 14.20 (+4.6%)
- closed below delta neutral at 15.28 vs 15.31 (-0.2%)
- closed above delta neutral at 14.90 vs 14.82 (+0.6%)
- closed below delta neutral at 15.15 vs 15.18 (-0.2%)
- closed above delta neutral at 16.64 vs 15.40 (+7.5%)
- closed below delta neutral at 17.05 vs 17.14 (-0.5%)
- closed above delta neutral at 16.73 vs 16.56 (+1.0%)
- closed below delta neutral at 15.67 vs 16.10 (-2.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/VIX
Questions people ask about VIX
Where is VIX's gamma max today?
As of Oct 2, 2026, the gamma max for VIX is 20.00, +30.6% from the 15.31 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 VIX above or below its delta neutral price?
VIX closed above delta neutral: 15.31 against a delta neutral price of 14.40. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VIX have?
13,119,123 contracts of open interest across 775 listed contracts on Oct 2, 2026, +2.1% 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.