XEL max pain, gamma exposure (GEX) & options open interest
As of close · rank #409 by open interest · 1,394 sessions of history since Dec 1, 2020
XEL's nearest-expiration max pain is 75.00 for 2026-10-16, net GEX is -28,605,978, its put/call open-interest ratio is 8.64. 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 0.6 pp
XEL closed 123.8% below its gamma max of 159.77. It is 19.7% below the delta neutral price of 85.44. Total open interest is 198,276, +0.3% versus the previous session. Its options catalyst-intensity score is 46.0 out of 100, led by front IV premium 0.6 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 | +192 contracts · +0.9% |
| Put OI change, 1 session | +435 contracts · +0.2% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +1,236 contracts · +6.4% |
| Put OI change, 5 sessions | +4,937 contracts · +2.9% |
| Call minus put OI growth, 5 sessions | +3.5 pp |
| Daily call OI change surprise | +0.17σ (252 prior changes) |
| Daily put OI change surprise | -0.07σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.20σ (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 22 completed Day +10 paths · latest May 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | +0.1% | -1.1% to +0.6% | 50% | -0.8% to +0.6% | 0.0% |
| Day +2 | 22 | -0.4% | -1.1% to +1.0% | 45% | -0.9% to +1.0% | 0.0% |
| Day +3 | 22 | -0.1% | -1.1% to +0.9% | 45% | -1.1% to +0.8% | 0.0% |
| Day +4 | 22 | -0.2% | -1.1% to +1.1% | 41% | -0.9% to +1.1% | 0.0% |
| Day +5 | 22 | +0.0% | -0.9% to +1.1% | 50% | -0.7% to +1.0% | 0.0% |
| Day +6 | 22 | -0.1% | -1.4% to +0.6% | 45% | -0.9% to +0.4% | 0.0% |
| Day +7 | 22 | -0.2% | -1.8% to +0.9% | 50% | -1.7% to +0.8% | 0.0% |
| Day +8 | 22 | +0.3% | -1.6% to +1.5% | 55% | -1.3% to +1.4% | 0.0% |
| Day +9 | 22 | +0.3% | -1.9% to +1.4% | 59% | -1.9% to +1.0% | 0.0% |
| Day +10 | 22 | +0.3% | -1.4% to +1.4% | 59% | -1.2% to +1.1% | 0.0% |
Crosses above gamma max 22 completed Day +10 paths · latest Oct 16, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | +0.0% | -0.3% to +0.4% | 50% | -0.3% to +0.2% | 0.0% |
| Day +2 | 22 | -0.3% | -0.7% to +0.6% | 41% | -0.7% to +0.4% | 0.0% |
| Day +3 | 22 | -0.5% | -0.8% to +0.6% | 41% | -0.8% to +0.6% | 0.0% |
| Day +4 | 22 | -0.4% | -1.2% to +1.4% | 41% | -0.9% to +1.0% | 0.0% |
| Day +5 | 22 | -0.2% | -1.1% to +1.2% | 45% | -0.9% to +1.0% | 0.0% |
| Day +6 | 22 | +0.2% | -0.8% to +0.8% | 59% | -0.5% to +0.6% | 0.0% |
| Day +7 | 22 | -0.1% | -1.0% to +2.4% | 50% | -1.0% to +1.4% | 0.0% |
| Day +8 | 22 | +0.5% | -1.2% to +1.8% | 55% | -1.0% to +1.8% | 0.0% |
| Day +9 | 22 | +0.1% | -1.2% to +2.4% | 55% | -0.7% to +1.4% | 0.0% |
| Day +10 | 22 | +0.2% | -0.6% to +2.4% | 55% | -0.6% to +2.3% | 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 | 9 |
| Prior-year sessions closer to gamma max | 98.0% of 252 |
| Prior-year sessions closer to delta neutral | 96.0% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -0.02σ (627 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.2% |
| Open interest change, 21 sessions | +45.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 80.71 vs 81.41 (-0.9%)
- closed above delta neutral at 81.67 vs 81.33 (+0.4%)
- closed below delta neutral at 79.24 vs 79.83 (-0.7%)
- closed below gamma max at 79.39 vs 80.38 (-1.2%)
- closed above gamma max at 81.51 vs 80.17 (+1.6%)
- closed above delta neutral at 74.26 vs 74.16 (+0.1%)
- closed below delta neutral at 74.07 vs 74.35 (-0.4%)
- closed above delta neutral at 74.68 vs 74.56 (+0.2%)
- closed below delta neutral at 73.73 vs 74.58 (-1.2%)
- closed above delta neutral at 75.72 vs 75.30 (+0.6%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/XEL
Questions people ask about XEL
Where is XEL's gamma max today?
As of Oct 2, 2026, the gamma max for XEL is 159.77, +123.8% from the 71.40 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 XEL above or below its delta neutral price?
XEL closed below delta neutral: 71.40 against a delta neutral price of 85.44. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XEL have?
198,276 contracts of open interest across 160 listed contracts on Oct 2, 2026, +0.3% 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.