VIXW gamma max, delta neutral & open interest levels
As of close · rank #271 by open interest · 125 sessions of history since Nov 3, 2023
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.
VIXW closed 29.4% below its gamma max of 18.43. It is 0.6% above the delta neutral price of 14.15. Total open interest is 345,260, +9.7% versus the previous session. 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 | +32,404 contracts · +11.7% |
| Put OI change, 1 session | -1,837 contracts · -4.7% |
| Call minus put OI growth, 1 session | +16.5 pp |
| Call OI change, 5 sessions | +127,794 contracts · +70.8% |
| Put OI change, 5 sessions | +21,359 contracts · +136.0% |
| Call minus put OI growth, 5 sessions | -65.2 pp |
| Daily call OI change surprise | — (121 prior changes) |
| Daily put OI change surprise | — (121 prior changes) |
| Daily call-minus-put growth surprise | — (119 prior changes) |
History
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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 8 completed Day +10 paths · latest Sep 11, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +3.0% | +0.2% to +6.6% | 78% | -5.5% to +6.7% | 0.0% |
| Day +2 | 9 | +9.7% | -3.3% to +13.9% | 56% | -8.3% to +18.2% | 0.0% |
| Day +3 | 9 | +3.2% | -7.2% to +10.6% | 56% | -10.7% to +12.2% | 0.0% |
| Day +4 | 9 | -2.4% | -6.6% to +11.0% | 33% | -9.1% to +12.0% | 0.0% |
| Day +5 | 9 | -5.4% | -14.3% to +5.9% | 33% | -14.5% to +7.6% | 0.0% |
| Day +6 | 9 | -8.2% | -9.9% to +10.6% | 33% | -13.9% to +16.4% | 0.0% |
| Day +7 | 9 | -6.2% | -10.6% to +2.9% | 44% | -13.1% to +5.6% | 0.0% |
| Day +8 | 8 | -3.5% | -10.9% to +4.1% | 38% | -11.7% to +6.0% | 0.0% |
| Day +9 | 8 | -5.7% | -7.2% to -0.5% | 25% | -7.7% to +1.5% | 0.0% |
| Day +10 | 8 | -3.1% | -9.0% to +1.7% | 38% | -11.9% to +3.3% | 0.0% |
Crosses above gamma max 5 completed Day +10 paths · latest Jul 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 5 | -4.4% | -8.2% to -1.8% | 20% | -12.7% to +6.8% | 0.0% |
| Day +2 | 5 | -2.2% | -9.5% to -1.6% | 20% | -17.5% to +28.3% | 0.0% |
| Day +3 | 5 | +1.3% | -9.3% to +8.5% | 60% | -27.5% to +17.7% | 0.0% |
| Day +4 | 5 | -2.5% | -5.2% to +3.1% | 40% | -27.2% to +25.4% | 0.0% |
| Day +5 | 5 | -4.4% | -10.5% to +0.1% | 40% | -20.6% to +39.2% | 0.0% |
| Day +6 | 5 | -6.1% | -21.3% to +0.5% | 40% | -25.3% to +21.6% | 0.0% |
| Day +7 | 5 | -2.7% | -21.0% to -2.6% | 20% | -21.3% to +14.8% | 0.0% |
| Day +8 | 5 | -10.1% | -12.6% to +0.9% | 40% | -13.9% to +5.3% | 0.0% |
| Day +9 | 5 | -9.7% | -12.1% to -6.8% | 20% | -19.0% to +1.3% | 0.0% |
| Day +10 | 5 | -13.7% | -13.9% to -3.7% | 20% | -14.7% to +10.5% | 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 125 sessions
| Sessions closed above gamma max | 14% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 4 |
| Prior-year sessions closer to gamma max | 89.5% of 124 |
| Prior-year sessions closer to delta neutral | 0.8% of 124 |
| Open interest percentile (1y) | 98th |
| Daily open interest change versus prior year | – (30,567 contracts; 123 prior changes) |
| Open interest change, 5 sessions | +76.1% |
| Open interest change, 21 sessions | +66.1% |
| History available | Nov 3, 2023 → Sep 22, 2026 |
Recent crosses
- closed below gamma max at 15.82 vs 16.00 (-1.1%)
- closed above gamma max at 16.39 vs 16.36 (+0.2%)
- closed below gamma max at 14.29 vs 15.10 (-5.7%)
- closed above delta neutral at 14.40 vs 13.57 (+5.8%)
- closed above gamma max at 14.40 vs 13.60 (+5.6%)
- closed below delta neutral at 17.45 vs 18.10 (-3.7%)
- closed below gamma max at 16.95 vs 17.44 (-2.9%)
- closed above gamma max at 18.73 vs 17.61 (+6.0%)
- closed above delta neutral at 16.84 vs 15.14 (+10.1%)
- closed below delta neutral at 17.61 vs 18.29 (-3.9%)
In today's screens
Neighbours by open interest
Questions people ask about VIXW
Where is VIXW's gamma max today?
As of Sep 22, 2026, the gamma max for VIXW is 18.43, +29.4% from the 14.24 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 VIXW above or below its delta neutral price?
VIXW closed above delta neutral: 14.24 against a delta neutral price of 14.15. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VIXW have?
345,260 contracts of open interest across 224 listed contracts on Sep 22, 2026, +9.7% 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.