W max pain, gamma exposure (GEX) & options open interest
As of close · rank #416 by open interest · 1,394 sessions of history since Dec 1, 2020
W's nearest-expiration max pain is 101.00 for 2026-10-09, its GEX flip is 102.77, net GEX is -520,859, its put/call open-interest ratio is 1.31. 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.
W closed 17.4% below its gamma max of 118.86. It is 5.5% above the delta neutral price of 95.67. Total open interest is 194,344, -1.7% versus the previous session. Its options catalyst-intensity score is 38.0 out of 100. 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 | -2,187 contracts · -2.5% |
| Put OI change, 1 session | -1,156 contracts · -1.0% |
| Call minus put OI growth, 1 session | -1.5 pp |
| Call OI change, 5 sessions | +3,046 contracts · +3.8% |
| Put OI change, 5 sessions | +2,449 contracts · +2.3% |
| Call minus put OI growth, 5 sessions | +1.5 pp |
| Daily call OI change surprise | -0.30σ (252 prior changes) |
| Daily put OI change surprise | -0.14σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.34σ (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 13 completed Day +10 paths · latest Aug 5, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -1.2% | -3.1% to +0.5% | 38% | -3.1% to +0.5% | 0.0% |
| Day +2 | 13 | +0.6% | -2.1% to +2.1% | 54% | -2.1% to +2.1% | 0.0% |
| Day +3 | 13 | +0.5% | -0.4% to +6.1% | 62% | -0.4% to +6.1% | 0.0% |
| Day +4 | 13 | +2.9% | -2.9% to +7.4% | 62% | -2.9% to +7.4% | 0.0% |
| Day +5 | 13 | +1.5% | -2.7% to +7.9% | 62% | -2.7% to +7.9% | 0.0% |
| Day +6 | 13 | +4.9% | -4.7% to +7.4% | 54% | -4.7% to +7.4% | 0.0% |
| Day +7 | 13 | +2.6% | -5.5% to +10.5% | 62% | -5.5% to +10.5% | 0.0% |
| Day +8 | 13 | +2.3% | -3.8% to +8.6% | 54% | -3.8% to +8.6% | 0.0% |
| Day +9 | 13 | +1.3% | -5.5% to +9.1% | 54% | -5.5% to +9.1% | 0.0% |
| Day +10 | 13 | +1.2% | -0.6% to +7.8% | 69% | -0.6% to +7.8% | 0.0% |
Crosses above gamma max 13 completed Day +10 paths · latest Jun 15, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -2.7% | -3.0% to +0.5% | 38% | -3.0% to +0.5% | 0.0% |
| Day +2 | 13 | -2.2% | -3.9% to +2.2% | 31% | -3.9% to +2.2% | 0.0% |
| Day +3 | 13 | -2.4% | -6.4% to +4.8% | 38% | -6.4% to +4.8% | 0.0% |
| Day +4 | 13 | -0.5% | -3.0% to +2.5% | 38% | -3.0% to +2.5% | 0.0% |
| Day +5 | 13 | +2.3% | -5.9% to +4.2% | 62% | -5.9% to +4.2% | 0.0% |
| Day +6 | 13 | +2.0% | -5.5% to +7.2% | 62% | -5.5% to +7.2% | 0.0% |
| Day +7 | 13 | -1.7% | -7.3% to +5.2% | 38% | -7.3% to +5.2% | 0.0% |
| Day +8 | 13 | -1.7% | -14.7% to +3.1% | 46% | -14.7% to +3.1% | 0.0% |
| Day +9 | 13 | +0.5% | -16.3% to +5.5% | 54% | -16.3% to +5.5% | 0.0% |
| Day +10 | 13 | +2.7% | -14.6% to +4.9% | 62% | -14.6% to +4.9% | 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 | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 69.4% of 252 |
| Prior-year sessions closer to delta neutral | 29.0% of 252 |
| Open interest percentile (1y) | 61th |
| Daily open interest change versus prior year | -0.23σ (-3,343 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.9% |
| Open interest change, 21 sessions | -5.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 94.49 vs 94.13 (+0.4%)
- closed below delta neutral at 93.95 vs 93.98 (-0.0%)
- closed below gamma max at 107.57 vs 116.04 (-7.9%)
- closed above gamma max at 116.08 vs 115.09 (+0.9%)
- closed below gamma max at 85.04 vs 87.02 (-2.3%)
- closed above gamma max at 82.97 vs 81.48 (+1.8%)
- closed above delta neutral at 66.34 vs 64.68 (+2.5%)
- closed below delta neutral at 76.94 vs 79.26 (-3.0%)
- closed above delta neutral at 76.92 vs 76.84 (+0.1%)
- closed below delta neutral at 72.61 vs 74.32 (-2.4%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/W
Questions people ask about W
Where is W's gamma max today?
As of Oct 2, 2026, the gamma max for W is 118.86, +17.4% from the 101.25 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 W above or below its delta neutral price?
W closed above delta neutral: 101.25 against a delta neutral price of 95.67. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does W have?
194,344 contracts of open interest across 757 listed contracts on Oct 2, 2026, -1.7% 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.