WMB max pain, gamma exposure (GEX) & options open interest
As of close · rank #259 by open interest · 1,392 sessions of history since Dec 1, 2020
WMB's nearest-expiration max pain is 68.00 for 2026-10-09, its GEX flip is 71.58, net GEX is -12,614,043, its put/call open-interest ratio is 0.61. 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: 25Δ risk reversal -139.2 pp · front IV premium 2.1 pp
WMB closed 14.3% below its gamma max of 80.60. It is 0.4% above the delta neutral price of 70.24. Total open interest is 380,752, -4.2% versus the previous session. Its options catalyst-intensity score is 54.6 out of 100, led by 25Δ risk reversal -139.2 pp, front IV premium 2.1 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 | -5,144 contracts · -2.1% |
| Put OI change, 1 session | -11,677 contracts · -7.5% |
| Call minus put OI growth, 1 session | +5.3 pp |
| Call OI change, 5 sessions | +4,028 contracts · +1.7% |
| Put OI change, 5 sessions | +1,872 contracts · +1.3% |
| Call minus put OI growth, 5 sessions | +0.4 pp |
| Daily call OI change surprise | -0.50σ (252 prior changes) |
| Daily put OI change surprise | -1.47σ (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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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 49 completed Day +10 paths · latest May 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 49 | +0.3% | -0.7% to +0.9% | 65% | +0.0% to +0.5% | +0.0% |
| Day +2 | 49 | +0.3% | -1.2% to +1.6% | 53% | -0.4% to +0.9% | 0.0% |
| Day +3 | 49 | +0.6% | -1.4% to +1.9% | 63% | +0.1% to +1.4% | +0.1% |
| Day +4 | 49 | +0.6% | -1.4% to +1.9% | 59% | -0.6% to +1.1% | 0.0% |
| Day +5 | 49 | +0.3% | -2.3% to +2.8% | 55% | -0.6% to +1.2% | 0.0% |
| Day +6 | 49 | +0.8% | -2.1% to +3.4% | 55% | -0.9% to +1.9% | 0.0% |
| Day +7 | 49 | +0.6% | -1.7% to +3.3% | 59% | -0.7% to +1.4% | 0.0% |
| Day +8 | 49 | +0.6% | -2.6% to +3.9% | 55% | -1.1% to +1.2% | 0.0% |
| Day +9 | 49 | +0.9% | -2.6% to +4.5% | 57% | -1.6% to +2.3% | 0.0% |
| Day +10 | 49 | +1.4% | -2.6% to +5.7% | 57% | -0.8% to +2.5% | 0.0% |
Crosses above gamma max 49 completed Day +10 paths · latest May 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 49 | -0.1% | -1.2% to +1.0% | 45% | -0.4% to +0.2% | 0.0% |
| Day +2 | 49 | +0.1% | -1.7% to +1.6% | 51% | -0.8% to +0.7% | 0.0% |
| Day +3 | 49 | +0.7% | -1.7% to +1.8% | 53% | -0.7% to +1.2% | 0.0% |
| Day +4 | 49 | +0.8% | -2.1% to +2.9% | 57% | -0.3% to +2.1% | 0.0% |
| Day +5 | 49 | +0.7% | -2.5% to +3.1% | 59% | -0.1% to +1.8% | 0.0% |
| Day +6 | 49 | +1.5% | -2.7% to +2.9% | 59% | -0.4% to +2.4% | 0.0% |
| Day +7 | 49 | +1.8% | -2.4% to +2.9% | 55% | -0.7% to +2.5% | 0.0% |
| Day +8 | 49 | +0.9% | -2.4% to +3.7% | 59% | -0.8% to +2.6% | 0.0% |
| Day +9 | 49 | +0.7% | -2.1% to +4.5% | 53% | -1.5% to +2.9% | 0.0% |
| Day +10 | 49 | +1.2% | -3.0% to +5.1% | 57% | -1.5% to +3.6% | 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 | 10 |
| Prior-year sessions closer to gamma max | 96.0% of 252 |
| Prior-year sessions closer to delta neutral | 4.0% of 252 |
| Open interest percentile (1y) | 90th |
| Daily open interest change versus prior year | -1.11σ (-16,821 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.6% |
| Open interest change, 21 sessions | -1.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 70.54 vs 70.24 (+0.4%)
- closed below delta neutral at 69.26 vs 69.70 (-0.6%)
- closed above delta neutral at 72.35 vs 71.54 (+1.1%)
- closed below delta neutral at 71.63 vs 71.78 (-0.2%)
- closed above delta neutral at 72.43 vs 72.41 (+0.0%)
- closed below delta neutral at 71.47 vs 72.24 (-1.1%)
- closed below gamma max at 77.69 vs 79.79 (-2.7%)
- closed above gamma max at 75.71 vs 75.28 (+0.6%)
- closed below gamma max at 75.88 vs 76.75 (-1.2%)
- closed above gamma max at 76.20 vs 76.16 (+0.0%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/WMB
Questions people ask about WMB
Where is WMB's gamma max today?
As of Oct 2, 2026, the gamma max for WMB is 80.60, +14.3% from the 70.54 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 WMB above or below its delta neutral price?
WMB closed above delta neutral: 70.54 against a delta neutral price of 70.24. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does WMB have?
380,752 contracts of open interest across 337 listed contracts on Oct 2, 2026, -4.2% 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.