XOP max pain, gamma exposure (GEX) & options open interest
As of close · rank #254 by open interest · 1,394 sessions of history since Dec 1, 2020
XOP's nearest-expiration max pain is 188.00 for 2026-10-09, its GEX flip is 199.62, net GEX is -23,025,502, its put/call open-interest ratio is 2.63. 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 1.1 pp · smile convexity 8.5 pp · IV rank 86
XOP closed 16.3% below its gamma max of 215.16. It is 0.8% below the delta neutral price of 186.43. Total open interest is 385,309, -2.3% versus the previous session. Its options catalyst-intensity score is 47.8 out of 100, led by front IV premium 1.1 pp, smile convexity 8.5 pp, IV rank 86. 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 | -5,601 contracts · -5.0% |
| Put OI change, 1 session | -3,317 contracts · -1.2% |
| Call minus put OI growth, 1 session | -3.8 pp |
| Call OI change, 5 sessions | +4,964 contracts · +4.9% |
| Put OI change, 5 sessions | -2,078 contracts · -0.7% |
| Call minus put OI growth, 5 sessions | +5.6 pp |
| Daily call OI change surprise | -0.56σ (252 prior changes) |
| Daily put OI change surprise | -0.16σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.71σ (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 above gamma max 13 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 13 | -0.6% | -1.5% to +1.0% | 46% | -1.5% to +1.0% | 0.0% |
| Day +2 | 13 | -0.0% | -3.3% to +1.5% | 46% | -3.3% to +1.5% | 0.0% |
| Day +3 | 13 | -0.8% | -1.9% to -0.0% | 23% | -1.9% to -0.0% | -0.0% |
| Day +4 | 13 | +0.0% | -1.9% to +2.1% | 54% | -1.9% to +2.1% | 0.0% |
| Day +5 | 13 | -0.3% | -1.1% to +3.4% | 46% | -1.1% to +3.4% | 0.0% |
| Day +6 | 13 | +1.6% | -0.5% to +2.9% | 62% | -0.5% to +2.9% | 0.0% |
| Day +7 | 13 | +1.8% | -3.2% to +4.8% | 62% | -3.2% to +4.8% | 0.0% |
| Day +8 | 13 | +2.5% | -3.9% to +4.5% | 62% | -3.9% to +4.5% | 0.0% |
| Day +9 | 13 | +1.3% | -6.5% to +5.0% | 54% | -6.5% to +5.0% | 0.0% |
| Day +10 | 13 | +3.2% | -5.4% to +5.1% | 62% | -5.4% to +5.1% | 0.0% |
Crosses below gamma max 12 completed Day +10 paths · latest Mar 22, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 12 | +0.7% | -1.3% to +1.7% | 67% | -2.1% to +1.8% | 0.0% |
| Day +2 | 12 | +0.9% | -0.8% to +2.0% | 58% | -2.0% to +2.0% | 0.0% |
| Day +3 | 12 | +0.6% | -1.7% to +2.4% | 50% | -2.2% to +2.7% | 0.0% |
| Day +4 | 12 | +0.9% | -0.2% to +2.9% | 75% | -1.8% to +3.1% | 0.0% |
| Day +5 | 12 | +1.3% | -0.8% to +3.6% | 67% | -2.1% to +3.6% | 0.0% |
| Day +6 | 12 | +1.8% | -4.7% to +5.2% | 58% | -4.9% to +5.4% | 0.0% |
| Day +7 | 12 | +3.1% | -5.8% to +5.2% | 58% | -7.0% to +5.7% | 0.0% |
| Day +8 | 12 | +0.8% | -3.1% to +5.1% | 58% | -3.6% to +5.6% | 0.0% |
| Day +9 | 12 | -0.1% | -4.9% to +6.8% | 50% | -5.6% to +7.2% | 0.0% |
| Day +10 | 12 | +0.2% | -6.1% to +6.1% | 50% | -7.3% to +6.2% | 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 | 1% |
| Gamma max crosses | 2 |
| Delta neutral crosses | 18 |
| Prior-year sessions closer to gamma max | 70.6% of 252 |
| Prior-year sessions closer to delta neutral | 13.9% of 252 |
| Open interest percentile (1y) | 55th |
| Daily open interest change versus prior year | -0.30σ (-8,918 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +0.8% |
| Open interest change, 21 sessions | -15.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 184.75 vs 186.01 (-0.7%)
- closed below gamma max at 189.54 vs 215.34 (-13.6%)
- closed above gamma max at 186.33 vs 185.86 (+0.3%)
- closed above delta neutral at 167.05 vs 166.67 (+0.2%)
- closed below delta neutral at 165.19 vs 166.24 (-0.6%)
- closed above delta neutral at 154.65 vs 152.59 (+1.3%)
- closed below delta neutral at 153.08 vs 153.12 (-0.0%)
- closed above delta neutral at 155.04 vs 153.04 (+1.3%)
- closed below delta neutral at 153.25 vs 154.44 (-0.8%)
- closed above delta neutral at 157.17 vs 155.40 (+1.1%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/XOP
Questions people ask about XOP
Where is XOP's gamma max today?
As of Oct 2, 2026, the gamma max for XOP is 215.16, +16.3% from the 184.93 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 XOP above or below its delta neutral price?
XOP closed below delta neutral: 184.93 against a delta neutral price of 186.43. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XOP have?
385,309 contracts of open interest across 1,040 listed contracts on Oct 2, 2026, -2.3% 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.