XLI max pain, gamma exposure (GEX) & options open interest
As of close · rank #217 by open interest · 1,394 sessions of history since Dec 1, 2020
XLI's nearest-expiration max pain is 170.00 for 2026-10-09, its GEX flip is 180.00, net GEX is -56,720,079, its put/call open-interest ratio is 1.81. 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: IV rank 100 · front IV premium 2.3 pp
XLI closed 16.4% below its gamma max of 197.82. It is 3.3% below the delta neutral price of 175.52. Total open interest is 467,985, -2.6% versus the previous session. Its options catalyst-intensity score is 53.2 out of 100, led by IV rank 100, front IV premium 2.3 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 | -8,115 contracts · -4.6% |
| Put OI change, 1 session | -4,384 contracts · -1.4% |
| Call minus put OI growth, 1 session | -3.2 pp |
| Call OI change, 5 sessions | +15,708 contracts · +10.4% |
| Put OI change, 5 sessions | +1,399 contracts · +0.5% |
| Call minus put OI growth, 5 sessions | +9.9 pp |
| Daily call OI change surprise | -0.62σ (252 prior changes) |
| Daily put OI change surprise | -0.12σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.61σ (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 13 completed Day +10 paths · latest Jan 2, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -0.2% | -0.3% to +0.4% | 46% | -0.3% to +0.4% | 0.0% |
| Day +2 | 13 | -0.1% | -0.5% to +0.6% | 46% | -0.5% to +0.6% | 0.0% |
| Day +3 | 13 | +0.1% | -0.2% to +0.6% | 69% | -0.2% to +0.6% | 0.0% |
| Day +4 | 13 | +0.3% | -0.3% to +0.9% | 62% | -0.3% to +0.9% | 0.0% |
| Day +5 | 13 | +0.4% | -0.4% to +0.9% | 62% | -0.4% to +0.9% | 0.0% |
| Day +6 | 13 | +0.1% | -1.1% to +1.4% | 54% | -1.1% to +1.4% | 0.0% |
| Day +7 | 13 | +0.8% | +0.1% to +1.3% | 77% | +0.1% to +1.3% | +0.1% |
| Day +8 | 13 | +0.8% | -0.4% to +2.2% | 62% | -0.4% to +2.2% | 0.0% |
| Day +9 | 13 | +1.0% | +0.4% to +2.2% | 77% | +0.4% to +2.2% | +0.4% |
| Day +10 | 13 | +0.8% | +0.0% to +2.7% | 77% | +0.0% to +2.7% | +0.0% |
Crosses above gamma max 14 completed Day +10 paths · latest Dec 31, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 14 | +0.1% | -0.5% to +0.3% | 57% | -0.5% to +0.4% | 0.0% |
| Day +2 | 14 | -0.2% | -0.4% to +0.5% | 36% | -0.4% to +0.6% | 0.0% |
| Day +3 | 14 | -0.1% | -0.4% to +0.5% | 36% | -0.4% to +0.7% | 0.0% |
| Day +4 | 14 | +0.1% | -0.4% to +0.4% | 57% | -0.5% to +0.4% | 0.0% |
| Day +5 | 14 | +0.7% | -0.9% to +1.0% | 64% | -1.1% to +1.0% | 0.0% |
| Day +6 | 14 | +0.5% | -0.6% to +1.5% | 71% | -0.8% to +1.5% | 0.0% |
| Day +7 | 14 | +0.4% | -0.6% to +1.4% | 64% | -0.7% to +1.5% | 0.0% |
| Day +8 | 14 | +0.7% | -0.1% to +1.2% | 64% | -0.1% to +1.2% | 0.0% |
| Day +9 | 14 | +0.9% | +0.1% to +1.2% | 71% | -0.0% to +1.3% | 0.0% |
| Day +10 | 14 | +0.9% | +0.6% to +2.0% | 79% | +0.6% to +2.1% | +0.6% |
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 | 33 |
| Prior-year sessions closer to gamma max | 76.6% of 252 |
| Prior-year sessions closer to delta neutral | 82.5% of 252 |
| Open interest percentile (1y) | 10th |
| Daily open interest change versus prior year | -0.27σ (-12,499 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.8% |
| Open interest change, 21 sessions | -18.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 183.57 vs 183.66 (-0.0%)
- closed above delta neutral at 183.13 vs 181.10 (+1.1%)
- closed below delta neutral at 182.49 vs 182.95 (-0.2%)
- closed above delta neutral at 182.66 vs 181.88 (+0.4%)
- closed below delta neutral at 180.37 vs 181.57 (-0.7%)
- closed above delta neutral at 181.11 vs 180.90 (+0.1%)
- closed below delta neutral at 180.42 vs 180.59 (-0.1%)
- closed above delta neutral at 176.14 vs 174.73 (+0.8%)
- closed below delta neutral at 174.35 vs 174.92 (-0.3%)
- closed above delta neutral at 175.04 vs 174.77 (+0.2%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/XLI
Questions people ask about XLI
Where is XLI's gamma max today?
As of Oct 2, 2026, the gamma max for XLI is 197.82, +16.4% from the 169.95 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 XLI above or below its delta neutral price?
XLI closed below delta neutral: 169.95 against a delta neutral price of 175.52. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLI have?
467,985 contracts of open interest across 1,081 listed contracts on Oct 2, 2026, -2.6% 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.