XP max pain, gamma exposure (GEX) & options open interest
As of close · rank #124 by open interest · 1,393 sessions of history since Dec 1, 2020
XP's nearest-expiration max pain is 19.50 for 2026-10-09, its GEX flip is 10.16, net GEX is 95,743,246, its put/call open-interest ratio is 0.07. 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 42.2 pp · smile convexity 30.5 pp · 7d expected move +15.3%
XP closed 2.0% below its gamma max of 21.92. It is 32.4% above the delta neutral price of 14.54. Total open interest is 808,995, -0.4% versus the previous session. Its options catalyst-intensity score is 86.2 out of 100, led by front IV premium 42.2 pp, smile convexity 30.5 pp, 7d expected move +15.3%. 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 | -2,408 contracts · -0.3% |
| Put OI change, 1 session | -763 contracts · -1.5% |
| Call minus put OI growth, 1 session | +1.1 pp |
| Call OI change, 5 sessions | +37,383 contracts · +5.2% |
| Put OI change, 5 sessions | +5,614 contracts · +12.2% |
| Call minus put OI growth, 5 sessions | -7.0 pp |
| Daily call OI change surprise | -0.26σ (252 prior changes) |
| Daily put OI change surprise | -0.10σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.09σ (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 21 completed Day +10 paths · latest Sep 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | +1.0% | -0.7% to +2.2% | 62% | -0.5% to +1.8% | 0.0% |
| Day +2 | 21 | +1.4% | -1.0% to +3.0% | 67% | -0.7% to +2.9% | 0.0% |
| Day +3 | 21 | +0.9% | -2.4% to +4.4% | 62% | -1.9% to +3.8% | 0.0% |
| Day +4 | 21 | +0.6% | -2.0% to +3.4% | 57% | -1.8% to +3.4% | 0.0% |
| Day +5 | 21 | +0.4% | -3.7% to +4.1% | 57% | -2.4% to +3.4% | 0.0% |
| Day +6 | 21 | +0.3% | -5.8% to +4.4% | 52% | -5.5% to +3.9% | 0.0% |
| Day +7 | 21 | -0.1% | -5.9% to +3.6% | 48% | -4.5% to +2.2% | 0.0% |
| Day +8 | 21 | -2.3% | -5.8% to +4.5% | 48% | -5.3% to +4.4% | 0.0% |
| Day +9 | 21 | +0.9% | -7.8% to +5.3% | 52% | -5.8% to +4.1% | 0.0% |
| Day +10 | 21 | -0.2% | -8.2% to +9.3% | 48% | -7.7% to +7.5% | 0.0% |
Crosses above gamma max 25 completed Day +10 paths · latest Aug 25, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 25 | +0.2% | -1.3% to +2.9% | 60% | -1.0% to +2.7% | 0.0% |
| Day +2 | 25 | +1.1% | -0.6% to +3.7% | 72% | +0.0% to +3.1% | +0.0% |
| Day +3 | 25 | +2.4% | -1.9% to +5.2% | 68% | -0.8% to +5.2% | 0.0% |
| Day +4 | 25 | +2.4% | -1.3% to +5.6% | 68% | -0.5% to +4.2% | 0.0% |
| Day +5 | 25 | +2.3% | -3.7% to +6.3% | 68% | -3.4% to +5.9% | 0.0% |
| Day +6 | 25 | +0.6% | -1.9% to +5.3% | 52% | -1.6% to +5.1% | 0.0% |
| Day +7 | 25 | +2.0% | -3.4% to +5.9% | 64% | -2.5% to +4.9% | 0.0% |
| Day +8 | 25 | +1.3% | -5.2% to +8.1% | 64% | -4.4% to +7.5% | 0.0% |
| Day +9 | 25 | +0.7% | -6.5% to +5.9% | 52% | -3.1% to +4.6% | 0.0% |
| Day +10 | 25 | -0.7% | -3.9% to +7.0% | 48% | -3.7% to +5.0% | 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 | 15% |
| Gamma max crosses | 20 |
| Delta neutral crosses | 5 |
| Prior-year sessions closer to gamma max | 11.5% of 252 |
| Prior-year sessions closer to delta neutral | 46.0% of 252 |
| Open interest percentile (1y) | 100th |
| Daily open interest change versus prior year | -0.26σ (-3,171 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.6% |
| Open interest change, 21 sessions | +232.9% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 20.19 vs 20.62 (-2.1%)
- closed above gamma max at 17.80 vs 17.33 (+2.6%)
- closed below gamma max at 15.65 vs 19.32 (-23.5%)
- closed above gamma max at 15.26 vs 13.08 (+14.3%)
- closed below gamma max at 16.60 vs 18.21 (-9.7%)
- closed above gamma max at 16.67 vs 13.43 (+19.4%)
- closed below gamma max at 21.12 vs 21.71 (-2.8%)
- closed above gamma max at 20.37 vs 20.21 (+0.8%)
- closed below gamma max at 21.69 vs 22.10 (-1.9%)
- closed above gamma max at 20.14 vs 20.13 (+0.0%)
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/XP
Questions people ask about XP
Where is XP's gamma max today?
As of Oct 2, 2026, the gamma max for XP is 21.92, +2.0% from the 21.50 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 XP above or below its delta neutral price?
XP closed above delta neutral: 21.50 against a delta neutral price of 14.54. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XP have?
808,995 contracts of open interest across 238 listed contracts on Oct 2, 2026, -0.4% 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.