XLF max pain, gamma exposure (GEX) & options open interest
As of close · rank #12 by open interest · 1,393 sessions of history since Dec 1, 2020
XLF's nearest-expiration max pain is 54.00 for 2026-10-05, its GEX flip is 57.26, net GEX is -572,185,060, its put/call open-interest ratio is 1.49. 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 12.0 pp · OI change 0.02σ · smile convexity 11.6 pp
XLF closed 14.6% below its gamma max of 61.31. It is 3.2% below the delta neutral price of 55.19. Total open interest is 5,563,776, +0.2% versus the previous session. Its options catalyst-intensity score is 59.1 out of 100, led by front IV premium 12.0 pp, OI change 0.02σ, smile convexity 11.6 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 | -20,986 contracts · -0.9% |
| Put OI change, 1 session | +30,040 contracts · +0.9% |
| Call minus put OI growth, 1 session | -1.8 pp |
| Call OI change, 5 sessions | +71,864 contracts · +3.3% |
| Put OI change, 5 sessions | +213,458 contracts · +6.8% |
| Call minus put OI growth, 5 sessions | -3.5 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | +0.17σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.85σ (252 prior changes) |
History
Hover for valuesDrag to panScroll to zoomClick a series to hide it ← → step a session+ − zoomTouch: swipe to pan, pinch to zoom, hold for the crosshair
Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
No matching visualizations.
Gamma walls
Chart loads when this section is in view.
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 10 completed Day +10 paths · latest Jul 8, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +0.4% | -0.2% to +0.9% | 60% | -0.6% to +1.0% | 0.0% |
| Day +2 | 10 | +0.5% | -0.3% to +1.3% | 60% | -1.0% to +1.3% | 0.0% |
| Day +3 | 10 | +1.1% | -0.2% to +1.5% | 70% | -1.1% to +2.0% | 0.0% |
| Day +4 | 10 | +0.5% | -0.9% to +2.1% | 50% | -1.2% to +2.2% | 0.0% |
| Day +5 | 10 | +0.6% | -0.2% to +2.7% | 70% | -1.9% to +4.1% | 0.0% |
| Day +6 | 10 | +0.5% | +0.3% to +2.1% | 80% | -0.9% to +3.2% | 0.0% |
| Day +7 | 10 | +0.2% | -0.7% to +1.0% | 60% | -1.1% to +2.3% | 0.0% |
| Day +8 | 10 | +0.1% | -1.0% to +1.5% | 50% | -1.1% to +1.9% | 0.0% |
| Day +9 | 10 | +0.3% | -1.1% to +2.1% | 50% | -1.8% to +2.8% | 0.0% |
| Day +10 | 10 | -0.3% | -1.0% to +2.5% | 40% | -2.2% to +3.8% | 0.0% |
Crosses above gamma max 10 completed Day +10 paths · latest Jul 6, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 10 | +0.2% | -0.2% to +0.5% | 60% | -0.4% to +0.7% | 0.0% |
| Day +2 | 10 | +0.1% | -0.3% to +0.4% | 60% | -0.8% to +0.9% | 0.0% |
| Day +3 | 10 | +0.5% | -0.7% to +0.9% | 60% | -1.1% to +1.3% | 0.0% |
| Day +4 | 10 | +0.7% | -0.5% to +1.1% | 70% | -1.1% to +1.2% | 0.0% |
| Day +5 | 10 | +0.6% | -0.7% to +1.7% | 50% | -0.8% to +2.6% | 0.0% |
| Day +6 | 10 | +0.3% | 0.0% to +2.0% | 60% | -1.2% to +3.2% | 0.0% |
| Day +7 | 10 | +0.5% | +0.1% to +1.7% | 80% | -0.5% to +2.6% | 0.0% |
| Day +8 | 10 | +0.4% | -0.3% to +1.0% | 60% | -0.4% to +1.4% | 0.0% |
| Day +9 | 10 | +0.3% | -0.8% to +0.5% | 60% | -1.0% to +1.9% | 0.0% |
| Day +10 | 10 | +0.0% | -0.7% to +1.6% | 50% | -1.9% to +2.4% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 19 |
| Prior-year sessions closer to gamma max | 92.5% of 252 |
| Prior-year sessions closer to delta neutral | 63.5% of 252 |
| Open interest percentile (1y) | 52th |
| Daily open interest change versus prior year | +0.02σ (9,054 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.4% |
| Open interest change, 21 sessions | -10.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 54.80 vs 55.69 (-1.6%)
- closed above delta neutral at 55.90 vs 55.87 (+0.1%)
- closed below delta neutral at 55.88 vs 55.92 (-0.1%)
- closed below gamma max at 54.97 vs 56.15 (-2.2%)
- closed above gamma max at 56.14 vs 56.00 (+0.3%)
- closed above delta neutral at 52.47 vs 52.27 (+0.4%)
- closed below delta neutral at 51.99 vs 52.01 (-0.0%)
- closed above delta neutral at 52.21 vs 52.10 (+0.2%)
- closed below delta neutral at 51.58 vs 51.91 (-0.6%)
- closed above delta neutral at 51.91 vs 51.88 (+0.1%)
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/XLF
Questions people ask about XLF
Where is XLF's gamma max today?
As of Oct 2, 2026, the gamma max for XLF is 61.31, +14.6% from the 53.49 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 XLF above or below its delta neutral price?
XLF closed below delta neutral: 53.49 against a delta neutral price of 55.19. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLF have?
5,563,776 contracts of open interest across 1,149 listed contracts on Oct 2, 2026, +0.2% 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.