HESM options: max pain, gamma exposure and walls
HESM · close 30.57 (−1.20% on the day, +0.89% over 5 sessions)
Dealers were net short gamma (for 51 sessions): when the price moves, their hedging goes with it, which can let the move stretch. The call wall — the strike with the most call open interest in reach — stands at 33, 7.9% above the close, unchanged for 24 sessions. The put wall stands at 30, 1.9% below the close, unchanged for 4 sessions. Max pain for the front expiry is 32 (4.7% above the close). Implied volatility over 30 days is 30.2%, an IV rank of 68 on a scale where 0 is the lowest day of its own year and 100 the highest; realised volatility over 20 days is 30.9%. The options price a move of about ±8.7% over the next 30 days.
HESM levels tonight
| Level | Price | From the close | Note |
|---|---|---|---|
| Call wall | 33 | +7.9% | 24 sessions |
| Put wall | 30 | −1.9% | 4 sessions |
| Gamma flip | 36.32 | +18.8% | below it dealers are short gamma |
| Max pain, front expiry | 32 | +4.7% |
HESM max pain by expiration
For the nearest expiry, Nov 20, 2026 (8 days out), max pain is 32, 4.7% above the close. Max pain is the strike where the options of that expiry would be worth the least in total at expiry — the price at which option holders, all together, would lose the most. Open interest is as of the close of Nov 12, 2026.
| Expiry | Days | Max pain | From the close | Call OI | Put OI | Put / call | ATM IV | Priced move |
|---|---|---|---|---|---|---|---|---|
| Nov 20, 2026 | 8 | 32 | +4.7% | 4,515 | 2,684 | 0.59 | 33.7% | ±1.52 (5.0%) |
| Dec 18, 2026 | 36 | 36 | +17.8% | 1,752 | 19,595 | 11.18 | 30.0% | ±2.88 (9.4%) |
| Feb 19, 2027 | 99 | 33 | +7.9% | 1,990 | 1,179 | 0.59 | 28.9% | ±4.61 (15.1%) |
| May 21, 2027 | 190 | 30 | −1.9% | 3,729 | 1,202 | 0.32 | 30.7% | ±6.78 (22.2%) |
HESM and its option levels over the last year
The close, with the call wall and the put wall (the strikes the option book is heaviest at) and the gamma flip (the price where dealers’ net gamma changes sign). Each line is that day’s reading, not a level looked back on.
Implied against realised volatility
What the options charge for the next 30 days, against how much HESM actually moved over the last 20. A gap between the two is the market’s price for uncertainty.
Download HESM options history (CSV)
Every session we hold for HESM — 505 sessions, Nov 2024 → Nov 12, 2026 — as plain CSV files you can open in Excel, Python or any AI assistant. No account, no payment: press the button. A new row is added after each close.
one row per session: dealer gamma, vanna, charm, call and put walls, max pain, IV by tenor, skew, open interest, volume, flow — every column explained in the zip
the last session, expiry by expiry: open interest, volume, gamma, max pain, ATM IV, priced move
the last session, strike by strike: call and put open interest, gamma, volume
the last session by horizon (0–14, 15–45, 46–180 days): walls, max pain, gamma
The option series carries the daily close; the full price bars (open, high, low, volume) are not included. Data for research and education, not investment advice — see the terms.
How to read these figures
Gamma exposure (GEX)
How much dealers must buy or sell to stay hedged for each 1% move in the price. Long gamma means they trade against moves and dampen them; short gamma means they trade with moves and can amplify them. It is estimated from open interest and an assumption about which side dealers are on.
Call wall and put wall
The strikes where call and put open interest is heaviest within reach of the price. Prices often slow, or get pinned, near them into expiry; they are where a lot of hedging sits, not a guarantee.
Gamma flip
The price at which net dealer gamma changes sign. The same book acts as a brake above it and as an accelerator below it.
Max pain, IV rank and the priced move
Max pain is the strike where an expiry’s options are worth the least in total. IV rank places today’s implied volatility between the lowest (0) and the highest (100) of the last year. The priced move is what the options charge for the period, as a share of the price.
Every figure is end-of-day and describes how the option market is positioned. It is not a forecast of where HESM goes, and not advice. New to options? Start with Learn.
HESM options: questions and answers
What is HESM max pain today?
For the expiry of Nov 20, 2026, HESM max pain is 32, 4.7% above the close of 30.57 on Nov 12, 2026.
Where are the HESM call wall and put wall?
The call wall is 33 (7.9% above the close) and the put wall is 30 (1.9% below the close), as of the close of Nov 12, 2026.
Is HESM gamma exposure positive or negative?
Negative: dealers were net short gamma for 51 sessions, so their hedging tends to go with moves. Net GEX was −$2.3M per 1% move.
What is the HESM expected move?
The options price a move of about ±8.7% over the next 30 days, and ±1.52 to the expiry of Nov 20, 2026.
Can I download HESM historical options data?
Yes. HESM’s daily option series from Nov 2024 and its strike, expiry and event tables are CSV files on this page — no account and no payment.
HESM on the chart
Every session of HESM on one chart: the price with its walls and gamma flip, the market-maker view, the strike ladder and the expiries — open to everyone.
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