XLU max pain, gamma exposure (GEX) & options open interest
As of close · rank #36 by open interest · 1,394 sessions of history since Dec 1, 2020
XLU's nearest-expiration max pain is 39.50 for 2026-10-09, its GEX flip is 38.37, net GEX is 227,605,142, its put/call open-interest ratio is 1.40. 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: OI change 0.25σ · front IV premium 2.7 pp · volume/OI 0.08
XLU closed 3.1% below its gamma max of 41.06. It is 0.7% below the delta neutral price of 40.11. Total open interest is 2,682,954, +1.3% versus the previous session. Its options catalyst-intensity score is 51.2 out of 100, led by OI change 0.25σ, front IV premium 2.7 pp, volume/OI 0.08. 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 | +11,168 contracts · +1.0% |
| Put OI change, 1 session | +22,445 contracts · +1.5% |
| Call minus put OI growth, 1 session | -0.4 pp |
| Call OI change, 5 sessions | +570,701 contracts · +104.7% |
| Put OI change, 5 sessions | +157,510 contracts · +11.2% |
| Call minus put OI growth, 5 sessions | +93.6 pp |
| Daily call OI change surprise | +0.18σ (252 prior changes) |
| Daily put OI change surprise | +0.27σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.14σ (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 12 completed Day +10 paths · latest Oct 17, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | -0.3% | -0.5% to -0.0% | 17% | -0.6% to 0.0% | 0.0% |
| Day +2 | 12 | -0.1% | -0.7% to +0.5% | 42% | -0.8% to +0.8% | 0.0% |
| Day +3 | 12 | +0.5% | -0.5% to +1.4% | 50% | -1.0% to +1.7% | 0.0% |
| Day +4 | 12 | -0.2% | -0.9% to +1.8% | 42% | -1.0% to +2.2% | 0.0% |
| Day +5 | 12 | -0.1% | -1.0% to +1.5% | 50% | -1.3% to +1.5% | 0.0% |
| Day +6 | 12 | +0.5% | -0.9% to +2.6% | 58% | -1.3% to +2.9% | 0.0% |
| Day +7 | 12 | +0.1% | -1.7% to +1.9% | 50% | -1.9% to +3.0% | 0.0% |
| Day +8 | 12 | -0.2% | -1.8% to +2.4% | 50% | -2.4% to +3.8% | 0.0% |
| Day +9 | 12 | -0.4% | -1.6% to +2.6% | 42% | -2.0% to +3.5% | 0.0% |
| Day +10 | 12 | -0.3% | -1.2% to +2.1% | 42% | -2.0% to +2.7% | 0.0% |
Crosses above gamma max 12 completed Day +10 paths · latest Oct 13, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +0.7% | +0.4% to +0.8% | 83% | +0.4% to +0.8% | +0.4% |
| Day +2 | 12 | +0.6% | +0.3% to +0.8% | 75% | -0.1% to +1.1% | 0.0% |
| Day +3 | 12 | +0.2% | -0.1% to +1.0% | 67% | -0.1% to +1.1% | 0.0% |
| Day +4 | 12 | +0.8% | +0.2% to +1.4% | 75% | -0.6% to +1.7% | 0.0% |
| Day +5 | 12 | +1.4% | +0.7% to +1.8% | 83% | +0.5% to +2.0% | +0.5% |
| Day +6 | 12 | +1.0% | -0.4% to +2.8% | 58% | -0.6% to +3.0% | 0.0% |
| Day +7 | 12 | +0.9% | -0.6% to +3.4% | 50% | -0.7% to +3.5% | 0.0% |
| Day +8 | 12 | +0.7% | -0.4% to +2.8% | 58% | -0.6% to +3.0% | 0.0% |
| Day +9 | 12 | +1.0% | +0.2% to +2.5% | 83% | +0.2% to +2.7% | +0.2% |
| Day +10 | 12 | +0.8% | +0.0% to +2.3% | 75% | -0.2% to +2.9% | 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 | 2% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 21 |
| Prior-year sessions closer to gamma max | 17.9% of 252 |
| Prior-year sessions closer to delta neutral | 20.2% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | +0.25σ (33,613 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +37.3% |
| Open interest change, 21 sessions | +42.5% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 43.77 vs 43.91 (-0.3%)
- closed above delta neutral at 44.02 vs 43.90 (+0.3%)
- closed below delta neutral at 44.18 vs 44.20 (-0.0%)
- closed above delta neutral at 44.04 vs 43.83 (+0.5%)
- closed below delta neutral at 44.66 vs 44.76 (-0.2%)
- closed above delta neutral at 44.72 vs 44.32 (+0.9%)
- closed below delta neutral at 44.46 vs 44.58 (-0.3%)
- closed above delta neutral at 44.74 vs 44.60 (+0.3%)
- closed below delta neutral at 44.62 vs 45.01 (-0.9%)
- closed above delta neutral at 45.35 vs 45.17 (+0.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/XLU
Questions people ask about XLU
Where is XLU's gamma max today?
As of Oct 2, 2026, the gamma max for XLU is 41.06, +3.1% from the 39.83 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 XLU above or below its delta neutral price?
XLU closed below delta neutral: 39.83 against a delta neutral price of 40.11. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLU have?
2,682,954 contracts of open interest across 680 listed contracts on Oct 2, 2026, +1.3% 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.