XSP max pain, gamma exposure (GEX) & options open interest
As of close · rank #130 by open interest · 1,379 sessions of history since Dec 1, 2020
XSP's nearest-expiration max pain is 770.00 for 2026-10-05, its GEX flip is 772.10, net GEX is 2,998,666, its put/call open-interest ratio is 2.35. 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: volume/OI 0.31 · front IV premium 1.5 pp · smile convexity 7.8 pp
XSP closed 1.6% below its gamma max of 784.99. It is 0.2% above the delta neutral price of 770.74. Total open interest is 775,227, -0.8% versus the previous session. Its options catalyst-intensity score is 50.0 out of 100, led by volume/OI 0.31, front IV premium 1.5 pp, smile convexity 7.8 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 | -3,398 contracts · -1.4% |
| Put OI change, 1 session | -2,656 contracts · -0.5% |
| Call minus put OI growth, 1 session | -1.0 pp |
| Call OI change, 5 sessions | +1,748 contracts · +0.8% |
| Put OI change, 5 sessions | -14,411 contracts · -2.6% |
| Call minus put OI growth, 5 sessions | +3.3 pp |
| Daily call OI change surprise | -0.59σ (242 prior changes) |
| Daily put OI change surprise | -0.17σ (242 prior changes) |
| Daily call-minus-put growth surprise | -0.45σ (242 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 4 completed Day +10 paths · latest Mar 22, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 4 | -0.4% | -0.5% to -0.2% | 25% | – | – |
| Day +2 | 4 | -0.8% | -1.0% to -0.5% | 0% | – | – |
| Day +3 | 4 | -0.5% | -0.8% to -0.2% | 25% | – | – |
| Day +4 | 4 | -1.1% | -1.2% to -0.7% | 25% | – | – |
| Day +5 | 4 | -0.2% | -0.7% to -0.0% | 25% | – | – |
| Day +6 | 4 | -0.4% | -0.6% to -0.2% | 25% | – | – |
| Day +7 | 4 | -0.2% | -0.6% to +0.0% | 50% | – | – |
| Day +8 | 4 | -0.2% | -0.6% to -0.2% | 0% | – | – |
| Day +9 | 4 | +0.4% | -0.0% to +0.7% | 75% | – | – |
| Day +10 | 4 | -0.1% | -0.2% to +0.2% | 50% | – | – |
Crosses above gamma max 4 completed Day +10 paths · latest Mar 21, 2024
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 4 | +0.1% | -0.2% to +0.6% | 50% | – | – |
| Day +2 | 4 | +0.2% | -0.5% to +1.0% | 50% | – | – |
| Day +3 | 4 | +0.1% | -0.9% to +0.9% | 50% | – | – |
| Day +4 | 4 | +0.2% | -0.1% to +0.4% | 75% | – | – |
| Day +5 | 4 | -0.0% | -0.6% to +0.5% | 50% | – | – |
| Day +6 | 4 | -0.1% | -0.7% to +0.1% | 50% | – | – |
| Day +7 | 4 | -0.1% | -0.8% to +0.7% | 50% | – | – |
| Day +8 | 4 | -0.0% | -0.7% to +0.8% | 50% | – | – |
| Day +9 | 4 | +0.1% | -0.9% to +1.0% | 50% | – | – |
| Day +10 | 4 | +0.6% | +0.3% to +0.9% | 75% | – | – |
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 | 39 |
| Prior-year sessions closer to gamma max | 11.1% of 252 |
| Prior-year sessions closer to delta neutral | 11.5% of 252 |
| Open interest percentile (1y) | 96th |
| Daily open interest change versus prior year | -0.25σ (-6,054 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.6% |
| Open interest change, 21 sessions | +5.4% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 772.29 vs 770.74 (+0.2%)
- closed below delta neutral at 768.37 vs 769.56 (-0.2%)
- closed above delta neutral at 776.48 vs 768.57 (+1.0%)
- closed below delta neutral at 767.37 vs 770.09 (-0.4%)
- closed above delta neutral at 774.54 vs 770.11 (+0.6%)
- closed below delta neutral at 768.66 vs 769.56 (-0.1%)
- closed above delta neutral at 773.08 vs 769.38 (+0.5%)
- closed below delta neutral at 764.18 vs 767.93 (-0.5%)
- closed above delta neutral at 770.84 vs 768.58 (+0.3%)
- closed below delta neutral at 769.20 vs 769.71 (-0.1%)
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/XSP
Questions people ask about XSP
Where is XSP's gamma max today?
As of Oct 2, 2026, the gamma max for XSP is 784.99, +1.6% from the 772.29 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 XSP above or below its delta neutral price?
XSP closed above delta neutral: 772.29 against a delta neutral price of 770.74. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XSP have?
775,227 contracts of open interest across 7,376 listed contracts on Oct 2, 2026, -0.8% 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.