VLO max pain, gamma exposure (GEX) & options open interest
As of close · rank #470 by open interest · 1,394 sessions of history since Dec 1, 2020
VLO's nearest-expiration max pain is 400.00 for 2026-10-09, its GEX flip is 411.90, net GEX is -672,198, its put/call open-interest ratio is 1.49. 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: volume/OI 0.09 · front IV premium -0.8 pp
VLO closed 13.7% below its gamma max of 461.85. It is 5.9% above the delta neutral price of 382.13. Total open interest is 160,382, -5.6% versus the previous session. Its options catalyst-intensity score is 52.9 out of 100, led by volume/OI 0.09, front IV premium -0.8 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 | -4,849 contracts · -7.0% |
| Put OI change, 1 session | -4,737 contracts · -4.7% |
| Call minus put OI growth, 1 session | -2.3 pp |
| Call OI change, 5 sessions | +59 contracts · +0.1% |
| Put OI change, 5 sessions | +683 contracts · +0.7% |
| Call minus put OI growth, 5 sessions | -0.6 pp |
| Daily call OI change surprise | -1.14σ (252 prior changes) |
| Daily put OI change surprise | -0.85σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.42σ (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 36 completed Day +10 paths · latest Aug 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | -0.3% | -1.5% to +1.5% | 42% | -1.1% to +1.2% | 0.0% |
| Day +2 | 36 | -0.6% | -2.2% to +2.0% | 44% | -1.9% to +1.5% | 0.0% |
| Day +3 | 36 | +0.1% | -3.0% to +2.7% | 50% | -1.6% to +1.1% | 0.0% |
| Day +4 | 36 | -0.7% | -3.1% to +3.7% | 42% | -2.0% to +2.0% | 0.0% |
| Day +5 | 36 | +0.1% | -3.7% to +3.0% | 50% | -2.3% to +2.1% | 0.0% |
| Day +6 | 36 | +1.3% | -2.8% to +3.4% | 56% | -1.5% to +3.0% | 0.0% |
| Day +7 | 36 | +0.1% | -2.8% to +4.3% | 50% | -1.6% to +3.0% | 0.0% |
| Day +8 | 36 | -0.4% | -3.1% to +4.4% | 47% | -2.0% to +2.6% | 0.0% |
| Day +9 | 36 | +1.5% | -3.2% to +4.1% | 56% | -1.7% to +2.8% | 0.0% |
| Day +10 | 36 | +1.7% | -3.0% to +5.7% | 61% | -1.7% to +3.5% | 0.0% |
Crosses above gamma max 36 completed Day +10 paths · latest Aug 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 36 | +0.5% | -1.4% to +1.2% | 58% | -1.0% to +0.7% | 0.0% |
| Day +2 | 36 | -0.7% | -2.5% to +2.0% | 42% | -1.4% to +0.9% | 0.0% |
| Day +3 | 36 | +0.9% | -3.2% to +3.5% | 58% | -2.6% to +2.4% | 0.0% |
| Day +4 | 36 | -0.7% | -3.0% to +4.4% | 47% | -2.4% to +3.1% | 0.0% |
| Day +5 | 36 | +0.7% | -2.9% to +3.7% | 56% | -2.4% to +2.8% | 0.0% |
| Day +6 | 36 | +1.0% | -3.3% to +4.7% | 56% | -1.4% to +3.4% | 0.0% |
| Day +7 | 36 | +0.4% | -3.9% to +4.2% | 53% | -0.8% to +2.2% | 0.0% |
| Day +8 | 36 | +0.6% | -3.1% to +4.3% | 58% | -1.1% to +3.1% | 0.0% |
| Day +9 | 36 | +1.8% | -3.9% to +4.9% | 58% | -2.3% to +4.2% | 0.0% |
| Day +10 | 36 | +1.0% | -3.7% to +5.4% | 53% | -2.9% to +4.1% | 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 | 5% |
| Gamma max crosses | 14 |
| Delta neutral crosses | 2 |
| Prior-year sessions closer to gamma max | 97.2% of 252 |
| Prior-year sessions closer to delta neutral | 18.7% of 252 |
| Open interest percentile (1y) | 96th |
| Daily open interest change versus prior year | -1.05σ (-9,586 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.5% |
| Open interest change, 21 sessions | +9.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 382.86 vs 375.71 (+1.9%)
- closed below delta neutral at 375.84 vs 377.16 (-0.3%)
- closed below gamma max at 350.05 vs 353.02 (-0.8%)
- closed above gamma max at 330.21 vs 329.23 (+0.3%)
- closed below gamma max at 314.80 vs 320.14 (-1.7%)
- closed above gamma max at 313.31 vs 312.94 (+0.1%)
- closed below gamma max at 309.65 vs 311.65 (-0.6%)
- closed above gamma max at 300.26 vs 298.91 (+0.4%)
- closed below gamma max at 292.66 vs 295.46 (-1.0%)
- closed above gamma max at 295.79 vs 290.18 (+1.9%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/VLO
Questions people ask about VLO
Where is VLO's gamma max today?
As of Oct 2, 2026, the gamma max for VLO is 461.85, +13.7% from the 406.30 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 VLO above or below its delta neutral price?
VLO closed above delta neutral: 406.30 against a delta neutral price of 382.13. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does VLO have?
160,382 contracts of open interest across 1,076 listed contracts on Oct 2, 2026, -5.6% 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.