WPM max pain, gamma exposure (GEX) & options open interest
As of close · rank #575 by open interest · 1,393 sessions of history since Dec 1, 2020
WPM's nearest-expiration max pain is 137.00 for 2026-10-09, its GEX flip is 177.23, net GEX is -3,656,566, its put/call open-interest ratio is 1.66. 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 18.6 pp
WPM closed 62.7% below its gamma max of 221.66. It is 9.5% below the delta neutral price of 149.19. Total open interest is 121,503, -2.3% versus the previous session. Its options catalyst-intensity score is 57.2 out of 100, led by 25Δ risk reversal 18.6 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 | -1,894 contracts · -4.0% |
| Put OI change, 1 session | -971 contracts · -1.3% |
| Call minus put OI growth, 1 session | -2.7 pp |
| Call OI change, 5 sessions | +992 contracts · +2.2% |
| Put OI change, 5 sessions | -4,038 contracts · -5.1% |
| Call minus put OI growth, 5 sessions | +7.3 pp |
| Daily call OI change surprise | -0.67σ (252 prior changes) |
| Daily put OI change surprise | -0.40σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.78σ (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 44 completed Day +10 paths · latest Aug 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 44 | +0.5% | -0.5% to +2.0% | 59% | -0.3% to +1.2% | 0.0% |
| Day +2 | 44 | +1.0% | -0.6% to +2.8% | 66% | +0.2% to +2.0% | +0.2% |
| Day +3 | 44 | +0.9% | -1.1% to +3.2% | 66% | +0.4% to +1.9% | +0.4% |
| Day +4 | 44 | +1.7% | +0.1% to +3.5% | 77% | +1.1% to +2.8% | +1.1% |
| Day +5 | 44 | +1.0% | -0.6% to +4.2% | 70% | +0.4% to +2.5% | +0.4% |
| Day +6 | 44 | +2.5% | -0.7% to +5.5% | 70% | +1.3% to +3.8% | +1.3% |
| Day +7 | 44 | +1.7% | -1.2% to +5.0% | 68% | +0.5% to +3.1% | +0.5% |
| Day +8 | 44 | +3.3% | -1.0% to +6.8% | 68% | +1.2% to +4.8% | +1.2% |
| Day +9 | 44 | +1.7% | -2.1% to +6.0% | 57% | -0.4% to +3.7% | 0.0% |
| Day +10 | 44 | +2.1% | -2.5% to +6.7% | 66% | +1.5% to +4.1% | +1.5% |
Crosses above gamma max 45 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 45 | -0.1% | -1.3% to +1.7% | 49% | -0.9% to +0.6% | 0.0% |
| Day +2 | 45 | +0.9% | -1.2% to +2.9% | 60% | -0.4% to +1.4% | 0.0% |
| Day +3 | 45 | +1.4% | -0.4% to +3.2% | 67% | +0.3% to +2.3% | +0.3% |
| Day +4 | 45 | +1.6% | -0.3% to +4.4% | 71% | +0.6% to +2.4% | +0.6% |
| Day +5 | 45 | +2.0% | -0.3% to +5.4% | 73% | +1.4% to +3.4% | +1.4% |
| Day +6 | 45 | +1.7% | -0.9% to +4.4% | 67% | +0.9% to +3.4% | +0.9% |
| Day +7 | 45 | +3.0% | +0.4% to +5.7% | 76% | +1.6% to +4.0% | +1.6% |
| Day +8 | 45 | +1.8% | -0.4% to +4.7% | 73% | +1.2% to +3.9% | +1.2% |
| Day +9 | 45 | +2.8% | -1.4% to +4.8% | 67% | +1.7% to +4.0% | +1.7% |
| Day +10 | 45 | +2.4% | -2.4% to +5.1% | 69% | +1.8% to +3.9% | +1.8% |
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 | 4% |
| Gamma max crosses | 18 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 99.6% of 252 |
| Prior-year sessions closer to delta neutral | 77.8% of 252 |
| Open interest percentile (1y) | 90th |
| Daily open interest change versus prior year | -0.58σ (-2,865 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -2.4% |
| Open interest change, 21 sessions | -3.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 150.98 vs 153.22 (-1.5%)
- closed below gamma max at 157.78 vs 161.68 (-2.5%)
- closed above gamma max at 147.43 vs 146.04 (+0.9%)
- closed below gamma max at 134.20 vs 146.96 (-9.5%)
- closed above gamma max at 125.30 vs 124.39 (+0.7%)
- closed above delta neutral at 122.82 vs 118.05 (+3.9%)
- closed below delta neutral at 122.57 vs 125.87 (-2.7%)
- closed above delta neutral at 123.94 vs 123.46 (+0.4%)
- closed below delta neutral at 116.23 vs 123.42 (-6.2%)
- closed above delta neutral at 128.43 vs 127.36 (+0.8%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/WPM
Questions people ask about WPM
Where is WPM's gamma max today?
As of Oct 2, 2026, the gamma max for WPM is 221.66, +62.7% from the 136.28 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 WPM above or below its delta neutral price?
WPM closed below delta neutral: 136.28 against a delta neutral price of 149.19. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does WPM have?
121,503 contracts of open interest across 634 listed contracts on Oct 2, 2026, -2.3% 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.