XLB max pain, gamma exposure (GEX) & options open interest
As of close · rank #389 by open interest · 1,394 sessions of history since Dec 1, 2020
XLB's nearest-expiration max pain is 49.50 for 2026-10-09, its GEX flip is 50.03, net GEX is -5,396,795, its put/call open-interest ratio is 0.90. 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 11.0 pp · IV rank 97 · 25Δ risk reversal -19.3 pp
XLB closed 18.3% below its gamma max of 57.82. It is 1.5% below the delta neutral price of 49.57. Total open interest is 216,434, -27.9% versus the previous session. Its options catalyst-intensity score is 48.6 out of 100, led by front IV premium 11.0 pp, IV rank 97, 25Δ risk reversal -19.3 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 | +704 contracts · +0.6% |
| Put OI change, 1 session | -84,640 contracts · -45.3% |
| Call minus put OI growth, 1 session | +45.9 pp |
| Call OI change, 5 sessions | -7,304 contracts · -6.0% |
| Put OI change, 5 sessions | -79,656 contracts · -43.8% |
| Call minus put OI growth, 5 sessions | +37.8 pp |
| Daily call OI change surprise | +0.02σ (252 prior changes) |
| Daily put OI change surprise | -1.48σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.57σ (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 above gamma max 12 completed Day +10 paths · latest Jan 13, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +0.0% | -0.6% to +0.5% | 50% | -1.2% to +0.5% | 0.0% |
| Day +2 | 12 | +0.2% | -0.2% to +0.8% | 58% | -0.6% to +1.0% | 0.0% |
| Day +3 | 12 | +0.5% | -0.5% to +0.9% | 58% | -1.2% to +1.0% | 0.0% |
| Day +4 | 12 | +0.2% | -0.7% to +1.5% | 58% | -1.1% to +1.6% | 0.0% |
| Day +5 | 12 | +0.7% | -0.0% to +1.0% | 67% | -0.1% to +1.1% | 0.0% |
| Day +6 | 12 | +0.4% | +0.2% to +1.5% | 75% | -0.1% to +1.6% | 0.0% |
| Day +7 | 12 | +1.6% | -0.1% to +2.2% | 67% | -0.2% to +2.5% | 0.0% |
| Day +8 | 12 | +1.8% | +0.9% to +2.6% | 83% | +0.3% to +2.7% | +0.3% |
| Day +9 | 12 | +1.8% | +0.9% to +2.9% | 83% | +0.7% to +3.5% | +0.7% |
| Day +10 | 12 | +2.6% | +0.4% to +3.7% | 75% | -0.3% to +3.7% | 0.0% |
Crosses below gamma max 10 completed Day +10 paths · latest Jan 12, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | -0.0% | -0.9% to +0.8% | 50% | -1.0% to +1.5% | 0.0% |
| Day +2 | 10 | +0.4% | -0.8% to +0.7% | 60% | -1.0% to +2.3% | 0.0% |
| Day +3 | 10 | +0.3% | -0.8% to +0.8% | 60% | -1.4% to +2.0% | 0.0% |
| Day +4 | 10 | +0.6% | +0.3% to +1.1% | 80% | -0.9% to +2.3% | 0.0% |
| Day +5 | 10 | +0.1% | -0.5% to +1.6% | 50% | -1.3% to +2.9% | 0.0% |
| Day +6 | 10 | +1.0% | -1.1% to +1.5% | 60% | -1.5% to +1.8% | 0.0% |
| Day +7 | 10 | +1.6% | -0.8% to +2.2% | 60% | -1.4% to +3.3% | 0.0% |
| Day +8 | 10 | +1.6% | -1.0% to +2.8% | 70% | -3.0% to +3.0% | 0.0% |
| Day +9 | 10 | +1.0% | -0.7% to +2.8% | 60% | -2.3% to +4.6% | 0.0% |
| Day +10 | 10 | +1.6% | -0.4% to +2.9% | 70% | -1.3% to +5.9% | 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 | 4% |
| Gamma max crosses | 10 |
| Delta neutral crosses | 19 |
| Prior-year sessions closer to gamma max | 91.3% of 252 |
| Prior-year sessions closer to delta neutral | 28.2% of 252 |
| Open interest percentile (1y) | 0th |
| Daily open interest change versus prior year | -0.89σ (-83,936 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -28.7% |
| Open interest change, 21 sessions | -57.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 49.99 vs 50.59 (-1.2%)
- closed above delta neutral at 50.71 vs 50.50 (+0.4%)
- closed below delta neutral at 50.73 vs 50.81 (-0.2%)
- closed above delta neutral at 50.49 vs 50.38 (+0.2%)
- closed below delta neutral at 50.95 vs 51.76 (-1.6%)
- closed above delta neutral at 51.75 vs 50.92 (+1.6%)
- closed below delta neutral at 50.41 vs 50.90 (-1.0%)
- closed above delta neutral at 50.47 vs 49.93 (+1.1%)
- closed below delta neutral at 50.83 vs 51.84 (-2.0%)
- closed above delta neutral at 51.92 vs 51.84 (+0.2%)
In today's screens
Neighbours by open interest
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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/XLB
Questions people ask about XLB
Where is XLB's gamma max today?
As of Oct 2, 2026, the gamma max for XLB is 57.82, +18.3% from the 48.86 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 XLB above or below its delta neutral price?
XLB closed below delta neutral: 48.86 against a delta neutral price of 49.57. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLB have?
216,434 contracts of open interest across 474 listed contracts on Oct 2, 2026, -27.9% 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.