XME max pain, gamma exposure (GEX) & options open interest
As of close · rank #514 by open interest · 1,392 sessions of history since Dec 1, 2020
XME's nearest-expiration max pain is 110.00 for 2026-10-16, its GEX flip is 109.27, net GEX is -2,959,692, its put/call open-interest ratio is 1.04. 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 -17.4 pp · OI change 0.05σ
XME closed 17.5% below its gamma max of 124.24. It is 3.7% below the delta neutral price of 109.69. Total open interest is 138,990, +0.3% versus the previous session. Its options catalyst-intensity score is 48.9 out of 100, led by smile convexity -17.4 pp, OI change 0.05σ. 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 | +80 contracts · +0.1% |
| Put OI change, 1 session | +337 contracts · +0.5% |
| Call minus put OI growth, 1 session | -0.4 pp |
| Call OI change, 5 sessions | +865 contracts · +1.3% |
| Put OI change, 5 sessions | +3,268 contracts · +4.8% |
| Call minus put OI growth, 5 sessions | -3.5 pp |
| Daily call OI change surprise | +0.01σ (252 prior changes) |
| Daily put OI change surprise | +0.09σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.17σ (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 15 completed Day +10 paths · latest Jan 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -0.4% | -3.6% to +0.6% | 40% | -4.0% to +0.8% | 0.0% |
| Day +2 | 15 | -0.9% | -2.3% to +0.4% | 40% | -2.4% to +0.5% | 0.0% |
| Day +3 | 15 | -0.3% | -2.2% to +1.3% | 33% | -2.4% to +1.4% | 0.0% |
| Day +4 | 15 | -0.2% | -2.6% to +1.8% | 40% | -2.6% to +2.0% | 0.0% |
| Day +5 | 15 | -0.6% | -3.0% to +0.3% | 27% | -4.2% to +0.8% | 0.0% |
| Day +6 | 15 | -1.1% | -4.8% to +1.5% | 40% | -5.0% to +1.7% | 0.0% |
| Day +7 | 15 | -1.2% | -4.6% to +1.4% | 47% | -4.8% to +1.6% | 0.0% |
| Day +8 | 15 | -1.7% | -5.0% to +1.1% | 33% | -6.1% to +2.0% | 0.0% |
| Day +9 | 15 | -2.4% | -5.3% to +0.9% | 33% | -6.0% to +1.5% | 0.0% |
| Day +10 | 15 | -2.6% | -5.7% to -0.5% | 27% | -6.8% to +0.4% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest Jan 21, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.2% | -0.6% to +1.4% | 44% | -0.5% to +1.4% | 0.0% |
| Day +2 | 16 | -0.3% | -1.5% to +2.2% | 50% | -1.3% to +2.1% | 0.0% |
| Day +3 | 16 | -0.9% | -2.6% to +0.8% | 31% | -2.5% to +0.5% | 0.0% |
| Day +4 | 16 | -0.2% | -1.5% to +1.6% | 50% | -1.5% to +1.3% | 0.0% |
| Day +5 | 16 | -0.5% | -3.2% to +1.3% | 44% | -3.1% to +1.3% | 0.0% |
| Day +6 | 16 | +0.0% | -4.4% to +1.2% | 50% | -4.4% to +1.1% | 0.0% |
| Day +7 | 16 | -2.4% | -6.7% to +1.4% | 44% | -6.6% to +1.3% | 0.0% |
| Day +8 | 16 | -1.0% | -4.9% to +2.7% | 44% | -4.9% to +2.6% | 0.0% |
| Day +9 | 16 | -0.9% | -5.0% to +2.0% | 38% | -4.6% to +1.6% | 0.0% |
| Day +10 | 16 | -0.9% | -5.5% to +2.9% | 38% | -4.9% to +2.8% | 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 | 4% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 19 |
| Prior-year sessions closer to gamma max | 59.1% of 252 |
| Prior-year sessions closer to delta neutral | 40.5% of 252 |
| Open interest percentile (1y) | 40th |
| Daily open interest change versus prior year | +0.05σ (417 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +3.1% |
| Open interest change, 21 sessions | -1.6% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 107.96 vs 110.03 (-1.9%)
- closed above delta neutral at 111.94 vs 110.56 (+1.2%)
- closed below delta neutral at 108.68 vs 110.68 (-1.8%)
- closed above delta neutral at 111.32 vs 111.09 (+0.2%)
- closed below delta neutral at 110.17 vs 110.78 (-0.6%)
- closed above delta neutral at 107.86 vs 106.44 (+1.3%)
- closed below delta neutral at 115.22 vs 115.63 (-0.4%)
- closed above delta neutral at 120.44 vs 118.35 (+1.7%)
- closed below delta neutral at 116.13 vs 117.55 (-1.2%)
- closed above delta neutral at 115.38 vs 114.61 (+0.7%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/XME
Questions people ask about XME
Where is XME's gamma max today?
As of Oct 2, 2026, the gamma max for XME is 124.24, +17.5% from the 105.74 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 XME above or below its delta neutral price?
XME closed below delta neutral: 105.74 against a delta neutral price of 109.69. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XME have?
138,990 contracts of open interest across 615 listed contracts on Oct 2, 2026, +0.3% 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.