XBI max pain, gamma exposure (GEX) & options open interest
As of close · rank #179 by open interest · 1,394 sessions of history since Dec 1, 2020
XBI's nearest-expiration max pain is 156.00 for 2026-10-09, its GEX flip is 163.49, net GEX is -35,684,274, its put/call open-interest ratio is 1.33. 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: front IV premium 1.4 pp
XBI closed 16.0% below its gamma max of 179.24. It is 0.4% above the delta neutral price of 153.89. Total open interest is 572,494, -3.2% versus the previous session. Its options catalyst-intensity score is 48.5 out of 100, led by front IV premium 1.4 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 | -11,791 contracts · -4.6% |
| Put OI change, 1 session | -7,346 contracts · -2.2% |
| Call minus put OI growth, 1 session | -2.4 pp |
| Call OI change, 5 sessions | +1,197 contracts · +0.5% |
| Put OI change, 5 sessions | +8,026 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -2.0 pp |
| Daily call OI change surprise | -0.62σ (252 prior changes) |
| Daily put OI change surprise | -0.20σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.52σ (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 3 completed Day +10 paths · latest Aug 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 3 | -0.4% | -0.9% to +0.5% | 33% | – | – |
| Day +2 | 3 | +0.4% | -0.8% to +0.5% | 67% | – | – |
| Day +3 | 3 | +1.7% | -0.9% to +2.6% | 67% | – | – |
| Day +4 | 3 | +0.1% | -2.6% to +1.6% | 67% | – | – |
| Day +5 | 3 | -0.4% | -2.8% to +1.3% | 33% | – | – |
| Day +6 | 3 | -0.6% | -2.8% to +0.2% | 33% | – | – |
| Day +7 | 3 | -0.6% | -3.8% to +2.7% | 33% | – | – |
| Day +8 | 3 | -0.0% | -3.2% to +4.0% | 33% | – | – |
| Day +9 | 3 | +1.2% | -3.3% to +4.7% | 67% | – | – |
| Day +10 | 3 | +0.6% | -3.8% to +3.6% | 67% | – | – |
Crosses above gamma max 3 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 3 | -0.7% | -2.2% to +0.5% | 33% | – | – |
| Day +2 | 3 | -2.1% | -2.2% to -0.5% | 33% | – | – |
| Day +3 | 3 | -2.7% | -2.9% to -0.3% | 33% | – | – |
| Day +4 | 3 | -0.3% | -2.2% to +1.6% | 33% | – | – |
| Day +5 | 3 | -0.7% | -3.3% to +0.6% | 33% | – | – |
| Day +6 | 3 | -0.8% | -3.3% to +0.2% | 33% | – | – |
| Day +7 | 3 | -4.2% | -5.0% to -0.7% | 33% | – | – |
| Day +8 | 3 | -4.2% | -6.0% to +1.8% | 33% | – | – |
| Day +9 | 3 | -3.6% | -5.4% to +3.1% | 33% | – | – |
| Day +10 | 3 | -2.5% | -5.4% to +3.8% | 33% | – | – |
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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 8 |
| Prior-year sessions closer to gamma max | 96.0% of 252 |
| Prior-year sessions closer to delta neutral | 0.8% of 252 |
| Open interest percentile (1y) | 15th |
| Daily open interest change versus prior year | -0.36σ (-19,137 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.6% |
| Open interest change, 21 sessions | -4.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 158.25 vs 155.48 (+1.8%)
- closed below delta neutral at 154.03 vs 155.36 (-0.9%)
- closed below gamma max at 163.41 vs 168.60 (-3.2%)
- closed above gamma max at 169.55 vs 168.76 (+0.5%)
- closed above delta neutral at 127.74 vs 123.60 (+3.2%)
- closed below delta neutral at 119.59 vs 121.19 (-1.3%)
- closed above delta neutral at 123.92 vs 121.52 (+1.9%)
- closed below delta neutral at 119.54 vs 120.93 (-1.2%)
- closed above delta neutral at 122.33 vs 121.64 (+0.6%)
- closed below delta neutral at 121.11 vs 121.49 (-0.3%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/XBI
Questions people ask about XBI
Where is XBI's gamma max today?
As of Oct 2, 2026, the gamma max for XBI is 179.24, +16.0% from the 154.47 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 XBI above or below its delta neutral price?
XBI closed above delta neutral: 154.47 against a delta neutral price of 153.89. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XBI have?
572,494 contracts of open interest across 1,147 listed contracts on Oct 2, 2026, -3.2% 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.