XLP max pain, gamma exposure (GEX) & options open interest
As of close · rank #198 by open interest · 1,393 sessions of history since Dec 1, 2020
XLP's nearest-expiration max pain is 82.00 for 2026-10-09, its GEX flip is 88.50, net GEX is -90,098,415, its put/call open-interest ratio is 3.35. 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: smile convexity -16.2 pp · front IV premium 3.5 pp
XLP closed 17.8% below its gamma max of 94.83. It is 5.3% below the delta neutral price of 84.76. Total open interest is 506,965, -1.2% versus the previous session. Its options catalyst-intensity score is 49.2 out of 100, led by smile convexity -16.2 pp, front IV premium 3.5 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 | -5,525 contracts · -4.5% |
| Put OI change, 1 session | -398 contracts · -0.1% |
| Call minus put OI growth, 1 session | -4.4 pp |
| Call OI change, 5 sessions | +4,979 contracts · +4.5% |
| Put OI change, 5 sessions | +10,832 contracts · +2.9% |
| Call minus put OI growth, 5 sessions | +1.6 pp |
| Daily call OI change surprise | -0.47σ (252 prior changes) |
| Daily put OI change surprise | -0.00σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.70σ (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 9 completed Day +10 paths · latest Sep 4, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.4% | -0.3% to +0.7% | 67% | -0.4% to +0.8% | 0.0% |
| Day +2 | 9 | -0.1% | -0.8% to +0.3% | 44% | -1.0% to +0.7% | 0.0% |
| Day +3 | 9 | +0.2% | -0.2% to +0.5% | 56% | -1.7% to +0.6% | 0.0% |
| Day +4 | 9 | -0.0% | -0.4% to +0.2% | 44% | -1.5% to +1.2% | 0.0% |
| Day +5 | 9 | +0.6% | -0.6% to +1.0% | 56% | -0.8% to +1.1% | 0.0% |
| Day +6 | 9 | +0.7% | +0.0% to +1.1% | 78% | -0.2% to +1.7% | 0.0% |
| Day +7 | 9 | +0.5% | +0.1% to +0.8% | 78% | -0.1% to +1.2% | 0.0% |
| Day +8 | 9 | +0.9% | +0.7% to +1.1% | 89% | +0.2% to +1.1% | +0.2% |
| Day +9 | 9 | +1.0% | +0.2% to +1.1% | 78% | -0.0% to +1.2% | 0.0% |
| Day +10 | 9 | +0.5% | -0.1% to +0.8% | 67% | -0.4% to +1.4% | 0.0% |
Crosses above gamma max 9 completed Day +10 paths · latest Sep 3, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.1% | +0.1% to +0.3% | 78% | -0.3% to +0.4% | 0.0% |
| Day +2 | 9 | +0.4% | +0.1% to +0.7% | 78% | -0.3% to +1.1% | 0.0% |
| Day +3 | 9 | +0.4% | -0.1% to +1.4% | 67% | -1.4% to +1.7% | 0.0% |
| Day +4 | 9 | +0.6% | +0.1% to +0.8% | 78% | -1.9% to +0.9% | 0.0% |
| Day +5 | 9 | +0.0% | -0.6% to +0.6% | 56% | -1.5% to +0.9% | 0.0% |
| Day +6 | 9 | -0.2% | -0.3% to +0.7% | 44% | -0.6% to +1.0% | 0.0% |
| Day +7 | 9 | +0.5% | +0.1% to +1.0% | 78% | -0.0% to +1.1% | 0.0% |
| Day +8 | 9 | +0.4% | -0.0% to +1.2% | 67% | -0.0% to +1.2% | 0.0% |
| Day +9 | 9 | +1.2% | +0.3% to +1.4% | 89% | +0.1% to +1.4% | +0.1% |
| Day +10 | 9 | +0.8% | +0.4% to +1.3% | 89% | +0.0% to +1.3% | +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 | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 22 |
| Prior-year sessions closer to gamma max | 67.5% of 252 |
| Prior-year sessions closer to delta neutral | 84.5% of 252 |
| Open interest percentile (1y) | 26th |
| Daily open interest change versus prior year | -0.06σ (-5,923 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.2% |
| Open interest change, 21 sessions | -9.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 86.52 vs 87.20 (-0.8%)
- closed above delta neutral at 87.45 vs 87.22 (+0.3%)
- closed below delta neutral at 85.32 vs 86.45 (-1.3%)
- closed above delta neutral at 86.54 vs 86.47 (+0.1%)
- closed below delta neutral at 85.47 vs 86.63 (-1.4%)
- closed above delta neutral at 87.06 vs 86.21 (+1.0%)
- closed below delta neutral at 85.19 vs 85.38 (-0.2%)
- closed above delta neutral at 85.81 vs 84.69 (+1.3%)
- closed below delta neutral at 83.42 vs 84.09 (-0.8%)
- closed above delta neutral at 84.59 vs 84.52 (+0.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/XLP
Questions people ask about XLP
Where is XLP's gamma max today?
As of Oct 2, 2026, the gamma max for XLP is 94.83, +17.8% from the 80.53 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 XLP above or below its delta neutral price?
XLP closed below delta neutral: 80.53 against a delta neutral price of 84.76. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLP have?
506,965 contracts of open interest across 625 listed contracts on Oct 2, 2026, -1.2% 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.