XLK max pain, gamma exposure (GEX) & options open interest
As of close · rank #140 by open interest · 1,394 sessions of history since Dec 1, 2020
XLK's nearest-expiration max pain is 190.00 for 2026-10-09, its GEX flip is 193.48, net GEX is 12,789,800, its put/call open-interest ratio is 1.75. 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: volume/OI 0.18 · IV rank 94
XLK closed 2.8% below its gamma max of 205.34. It is 5.7% above the delta neutral price of 188.48. Total open interest is 727,118, -6.7% versus the previous session. Its options catalyst-intensity score is 52.5 out of 100, led by volume/OI 0.18, IV rank 94. 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 | -8,667 contracts · -3.2% |
| Put OI change, 1 session | -43,516 contracts · -8.6% |
| Call minus put OI growth, 1 session | +5.4 pp |
| Call OI change, 5 sessions | +4,931 contracts · +1.9% |
| Put OI change, 5 sessions | +26,539 contracts · +6.1% |
| Call minus put OI growth, 5 sessions | -4.2 pp |
| Daily call OI change surprise | -0.38σ (252 prior changes) |
| Daily put OI change surprise | -1.18σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.53σ (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 7 completed Day +10 paths · latest Apr 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 7 | +0.1% | -0.7% to +0.4% | 57% | -0.9% to +1.3% | 0.0% |
| Day +2 | 7 | +0.5% | -0.6% to +0.5% | 71% | -2.4% to +1.4% | 0.0% |
| Day +3 | 7 | -0.2% | -1.0% to +0.5% | 29% | -1.6% to +2.4% | 0.0% |
| Day +4 | 7 | -0.3% | -1.6% to +0.3% | 29% | -3.7% to +1.1% | 0.0% |
| Day +5 | 7 | +0.6% | -1.7% to +1.1% | 57% | -4.0% to +3.8% | 0.0% |
| Day +6 | 7 | +0.5% | -0.6% to +1.0% | 71% | -2.5% to +4.0% | 0.0% |
| Day +7 | 7 | +1.1% | -1.0% to +1.3% | 57% | -5.9% to +2.3% | 0.0% |
| Day +8 | 7 | +0.4% | -1.1% to +1.6% | 57% | -5.5% to +3.0% | 0.0% |
| Day +9 | 7 | +0.4% | -1.1% to +1.9% | 57% | -2.4% to +3.4% | 0.0% |
| Day +10 | 7 | +0.7% | -1.3% to +1.5% | 71% | -3.9% to +4.9% | 0.0% |
Crosses above gamma max 8 completed Day +10 paths · latest Apr 16, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 8 | +0.3% | -0.3% to +1.0% | 50% | -0.3% to +1.0% | 0.0% |
| Day +2 | 8 | +0.4% | -0.2% to +1.6% | 75% | -1.2% to +1.7% | 0.0% |
| Day +3 | 8 | +1.3% | -0.2% to +1.6% | 75% | -1.7% to +1.8% | 0.0% |
| Day +4 | 8 | +0.5% | -0.5% to +1.2% | 63% | -1.8% to +2.1% | 0.0% |
| Day +5 | 8 | +0.2% | -1.4% to +1.4% | 50% | -3.1% to +2.1% | 0.0% |
| Day +6 | 8 | +0.6% | -1.3% to +1.3% | 63% | -4.3% to +2.1% | 0.0% |
| Day +7 | 8 | +0.9% | -0.4% to +1.3% | 75% | -2.8% to +1.5% | 0.0% |
| Day +8 | 8 | +0.6% | -2.0% to +1.6% | 63% | -6.2% to +2.1% | 0.0% |
| Day +9 | 8 | -0.1% | -2.4% to +1.8% | 50% | -5.8% to +3.1% | 0.0% |
| Day +10 | 8 | +0.4% | -1.8% to +1.6% | 63% | -2.7% to +3.6% | 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 | 0% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 12 |
| Prior-year sessions closer to gamma max | 15.5% of 252 |
| Prior-year sessions closer to delta neutral | 68.3% of 252 |
| Open interest percentile (1y) | 47th |
| Daily open interest change versus prior year | -0.89σ (-52,183 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.5% |
| Open interest change, 21 sessions | -5.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 154.34 vs 157.77 (-2.2%)
- closed above gamma max at 152.02 vs 150.72 (+0.9%)
- closed above delta neutral at 137.38 vs 137.29 (+0.1%)
- closed below delta neutral at 141.01 vs 141.43 (-0.3%)
- closed above delta neutral at 143.00 vs 141.48 (+1.1%)
- closed below delta neutral at 139.18 vs 139.31 (-0.1%)
- closed above delta neutral at 141.13 vs 140.63 (+0.4%)
- closed below delta neutral at 138.12 vs 139.88 (-1.3%)
- closed above delta neutral at 147.63 vs 140.99 (+4.5%)
- closed below delta neutral at 146.60 vs 162.18 (-10.6%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/XLK
Questions people ask about XLK
Where is XLK's gamma max today?
As of Oct 2, 2026, the gamma max for XLK is 205.34, +2.8% from the 199.81 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 XLK above or below its delta neutral price?
XLK closed above delta neutral: 199.81 against a delta neutral price of 188.48. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLK have?
727,118 contracts of open interest across 1,352 listed contracts on Oct 2, 2026, -6.7% 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.