XLV max pain, gamma exposure (GEX) & options open interest
As of close · rank #173 by open interest · 1,394 sessions of history since Dec 1, 2020
XLV's nearest-expiration max pain is 167.00 for 2026-10-09, its GEX flip is 168.04, net GEX is -9,512,976, its put/call open-interest ratio is 1.66. 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 4.2 pp
XLV closed 8.2% below its gamma max of 179.78. It is 4.4% above the delta neutral price of 158.82. Total open interest is 602,785, -1.6% versus the previous session. Its options catalyst-intensity score is 49.0 out of 100, led by front IV premium 4.2 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 | -2,648 contracts · -1.2% |
| Put OI change, 1 session | -7,171 contracts · -1.9% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +4,785 contracts · +2.2% |
| Put OI change, 5 sessions | +9,837 contracts · +2.7% |
| Call minus put OI growth, 5 sessions | -0.5 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | -0.50σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.11σ (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 22 completed Day +10 paths · latest Aug 24, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.2% | -1.0% to +0.5% | 45% | -1.0% to +0.5% | 0.0% |
| Day +2 | 22 | -0.1% | -0.7% to +0.9% | 45% | -0.6% to +0.6% | 0.0% |
| Day +3 | 22 | +0.5% | -0.9% to +1.1% | 64% | -0.3% to +1.0% | 0.0% |
| Day +4 | 22 | +0.8% | -0.5% to +1.2% | 68% | -0.3% to +1.1% | 0.0% |
| Day +5 | 22 | +1.1% | -0.3% to +2.1% | 68% | -0.2% to +2.0% | 0.0% |
| Day +6 | 22 | +1.2% | +0.1% to +1.8% | 77% | +0.4% to +1.8% | +0.4% |
| Day +7 | 22 | +1.4% | -0.0% to +2.0% | 73% | +0.1% to +2.0% | +0.1% |
| Day +8 | 22 | +1.5% | +0.4% to +2.7% | 82% | +0.5% to +2.6% | +0.5% |
| Day +9 | 22 | +1.3% | +0.0% to +2.8% | 73% | +0.2% to +2.7% | +0.2% |
| Day +10 | 22 | +1.0% | +0.4% to +2.5% | 77% | +0.4% to +1.9% | +0.4% |
Crosses above gamma max 22 completed Day +10 paths · latest Aug 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | +0.0% | -0.3% to +0.4% | 50% | -0.3% to +0.4% | 0.0% |
| Day +2 | 22 | -0.1% | -1.2% to +0.4% | 41% | -1.0% to +0.1% | 0.0% |
| Day +3 | 22 | -0.1% | -0.9% to +0.2% | 41% | -0.7% to +0.2% | 0.0% |
| Day +4 | 22 | +0.3% | -0.6% to +1.5% | 59% | -0.6% to +1.4% | 0.0% |
| Day +5 | 22 | +0.5% | -0.2% to +1.3% | 59% | -0.2% to +1.1% | 0.0% |
| Day +6 | 22 | +0.6% | -0.7% to +1.2% | 73% | +0.1% to +0.9% | +0.1% |
| Day +7 | 22 | +1.0% | +0.1% to +1.8% | 82% | +0.4% to +1.2% | +0.4% |
| Day +8 | 22 | +1.0% | -0.2% to +1.7% | 73% | +0.0% to +1.7% | +0.0% |
| Day +9 | 22 | +0.8% | +0.3% to +2.2% | 82% | +0.4% to +2.0% | +0.4% |
| Day +10 | 22 | +1.1% | +0.7% to +2.0% | 91% | +0.7% to +2.0% | +0.7% |
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 | 8% |
| Gamma max crosses | 16 |
| Delta neutral crosses | 6 |
| Prior-year sessions closer to gamma max | 91.3% of 252 |
| Prior-year sessions closer to delta neutral | 53.2% of 252 |
| Open interest percentile (1y) | 81th |
| Daily open interest change versus prior year | -0.38σ (-9,819 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.5% |
| Open interest change, 21 sessions | -7.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 174.70 vs 176.66 (-1.1%)
- closed above gamma max at 169.73 vs 168.05 (+1.0%)
- closed below gamma max at 168.38 vs 168.51 (-0.1%)
- closed above gamma max at 168.44 vs 167.91 (+0.3%)
- closed below gamma max at 166.24 vs 166.65 (-0.2%)
- closed above gamma max at 167.26 vs 165.73 (+0.9%)
- closed below gamma max at 161.09 vs 164.46 (-2.1%)
- closed above gamma max at 161.80 vs 161.11 (+0.4%)
- closed below gamma max at 158.29 vs 160.46 (-1.4%)
- closed above gamma max at 160.84 vs 160.72 (+0.1%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/XLV
Questions people ask about XLV
Where is XLV's gamma max today?
As of Oct 2, 2026, the gamma max for XLV is 179.78, +8.2% from the 166.18 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 XLV above or below its delta neutral price?
XLV closed above delta neutral: 166.18 against a delta neutral price of 158.82. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLV have?
602,785 contracts of open interest across 816 listed contracts on Oct 2, 2026, -1.6% 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.