XLY max pain, gamma exposure (GEX) & options open interest
As of close · rank #236 by open interest · 1,394 sessions of history since Dec 1, 2020
XLY's nearest-expiration max pain is 108.00 for 2026-10-09, its GEX flip is 124.78, net GEX is -36,338,320, its put/call open-interest ratio is 2.02. 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 · OI change 0.09σ · 25Δ risk reversal -58.0 pp
XLY closed 24.4% below its gamma max of 136.87. It is 5.2% below the delta neutral price of 115.73. Total open interest is 433,117, +0.9% versus the previous session. Its options catalyst-intensity score is 51.7 out of 100, led by front IV premium 4.2 pp, OI change 0.09σ, 25Δ risk reversal -58.0 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 | -174 contracts · -0.1% |
| Put OI change, 1 session | +4,081 contracts · +1.4% |
| Call minus put OI growth, 1 session | -1.5 pp |
| Call OI change, 5 sessions | +8,597 contracts · +6.4% |
| Put OI change, 5 sessions | +9,189 contracts · +3.3% |
| Call minus put OI growth, 5 sessions | +3.1 pp |
| Daily call OI change surprise | -0.04σ (252 prior changes) |
| Daily put OI change surprise | +0.15σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.42σ (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 Dec 3, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.4% | -0.6% to +0.9% | 67% | -1.1% to +1.2% | 0.0% |
| Day +2 | 9 | +0.8% | -1.4% to +1.5% | 67% | -2.3% to +1.5% | 0.0% |
| Day +3 | 9 | +0.8% | -0.8% to +1.2% | 67% | -1.1% to +1.4% | 0.0% |
| Day +4 | 9 | -0.4% | -1.3% to +1.0% | 44% | -2.2% to +2.4% | 0.0% |
| Day +5 | 9 | +0.7% | -1.1% to +1.5% | 67% | -1.7% to +2.0% | 0.0% |
| Day +6 | 9 | +0.4% | -0.7% to +2.6% | 56% | -1.5% to +4.5% | 0.0% |
| Day +7 | 9 | +0.8% | -0.1% to +3.0% | 67% | -0.8% to +4.5% | 0.0% |
| Day +8 | 9 | +1.1% | +0.8% to +2.7% | 78% | -0.9% to +4.8% | 0.0% |
| Day +9 | 9 | +0.7% | -0.9% to +3.1% | 67% | -1.7% to +6.1% | 0.0% |
| Day +10 | 9 | +0.5% | -0.5% to +3.0% | 56% | -1.2% to +6.4% | 0.0% |
Crosses above gamma max 9 completed Day +10 paths · latest Dec 2, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 9 | +0.8% | -0.0% to +1.3% | 56% | -1.0% to +1.6% | 0.0% |
| Day +2 | 9 | +0.7% | -0.4% to +1.2% | 56% | -0.4% to +1.6% | 0.0% |
| Day +3 | 9 | +1.5% | -0.4% to +1.7% | 67% | -1.4% to +2.0% | 0.0% |
| Day +4 | 9 | +0.1% | -0.6% to +2.4% | 56% | -0.9% to +2.8% | 0.0% |
| Day +5 | 9 | +0.9% | -1.4% to +2.4% | 56% | -1.8% to +3.5% | 0.0% |
| Day +6 | 9 | +0.1% | -0.6% to +2.4% | 56% | -1.1% to +3.6% | 0.0% |
| Day +7 | 9 | +0.7% | +0.1% to +1.7% | 78% | -1.1% to +5.5% | 0.0% |
| Day +8 | 9 | +1.1% | -0.2% to +2.1% | 56% | -0.4% to +4.6% | 0.0% |
| Day +9 | 9 | +0.8% | -0.2% to +2.4% | 56% | -0.2% to +5.0% | 0.0% |
| Day +10 | 9 | +1.1% | -0.3% to +2.0% | 56% | -0.7% to +6.4% | 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 | 15 |
| Prior-year sessions closer to gamma max | 49.2% of 252 |
| Prior-year sessions closer to delta neutral | 71.0% of 252 |
| Open interest percentile (1y) | 50th |
| Daily open interest change versus prior year | +0.09σ (3,907 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +4.3% |
| Open interest change, 21 sessions | -23.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 118.19 vs 120.16 (-1.7%)
- closed above delta neutral at 122.06 vs 121.92 (+0.1%)
- closed below delta neutral at 122.30 vs 122.59 (-0.2%)
- closed above delta neutral at 122.62 vs 122.61 (+0.0%)
- closed below delta neutral at 122.29 vs 122.54 (-0.2%)
- closed above delta neutral at 120.30 vs 119.45 (+0.7%)
- closed below delta neutral at 118.35 vs 119.04 (-0.6%)
- closed above delta neutral at 119.71 vs 119.44 (+0.2%)
- closed below delta neutral at 119.73 vs 132.87 (-11.0%)
- closed above delta neutral at 236.46 vs 234.54 (+0.8%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/XLY
Questions people ask about XLY
Where is XLY's gamma max today?
As of Oct 2, 2026, the gamma max for XLY is 136.87, +24.4% from the 110.04 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 XLY above or below its delta neutral price?
XLY closed below delta neutral: 110.04 against a delta neutral price of 115.73. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLY have?
433,117 contracts of open interest across 662 listed contracts on Oct 2, 2026, +0.9% 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.