{"schema_version":1,"publisher":"Half on a Double","data_through":"2026-10-02","frequency":"end-of-day","methodology":"market-implied-carry-v1","generation":"market-implied-carry-analytics-20260917T000000Z","canonical_url":"https://halfonadouble.com/stock/LUV","markdown_url":"https://halfonadouble.com/stock/LUV.md","history_url":"https://halfonadouble.com/api/v1/history/LUV.csv","advanced_analysis_url":"https://halfonadouble.com/api/v1/analysis/LUV.json?date=2026-10-02","definitions_url":"https://halfonadouble.com/methodology.md","license_url":"https://halfonadouble.com/terms.md","disclaimer_url":"https://halfonadouble.com/disclaimer.md","symbol":"LUV","page_tier":"A","units":{"prices":"USD per share","open_interest":"option contracts","gamma_exposure":"modeled dollar-delta change per USD 1 underlying move","gamma_exposure_normalized":"modeled gamma exposure per 100,000 open option contracts","distances":"percent of close","forward_outcomes":"close-to-close percent return"},"snapshot":{"close":42.470001220703125,"previous_close":41.84000015258789,"delta_neutral":41.1249503663051,"gamma_neutral":37.89891865363339,"gamma_max":44.7715592617719,"total_open_interest":192573,"previous_open_interest":194615,"listed_contracts":399,"listed_calls":244,"listed_puts":205,"gamma_max_distance_pct":5.419255886309742,"delta_neutral_distance_pct":-3.1670610212799906,"gamma_neutral_distance_pct":-10.763085556120593,"open_interest_change_1d_pct":-1.0492510854764536,"call_open_interest":110114,"put_open_interest":82459,"put_call_open_interest_ratio":0.7488511905843035,"nearest_expiration_max_pain":40.5,"nearest_expiration_max_pain_expiry":"2026-10-09","nearest_expiration_max_pain_distance_pct":-4.638571142170808,"all_expiration_max_pain":42.5,"net_gamma_exposure":9967620.49881033,"net_gamma_exposure_per_100k_open_interest":5176021.819678943,"gamma_exposure_flip":37.89891865363339,"gamma_exposure_flip_distance_pct":-10.763085556120593,"call_wall":42.5,"call_wall_distance_pct":0.07063522117878185,"put_wall":42.5,"put_wall_distance_pct":0.07063522117878185,"gamma_max_cross_direction":null,"delta_neutral_cross_direction":null,"open_interest_rank":417},"history_summary":{"first_date":"2020-12-01","last_date":"2026-10-02","session_count":1394,"trailing_window_sessions":252,"sessions_above_gamma_max_pct":8.333333333333332,"gamma_max_cross_count":8,"delta_neutral_cross_count":29,"gamma_max_prior_sessions_closer_pct":21.428571428571427,"gamma_max_prior_comparison_sessions":252,"delta_neutral_prior_sessions_closer_pct":37.698412698412696,"delta_neutral_prior_comparison_sessions":252,"open_interest_percentile_1y":3.1746031746031744,"open_interest_change_1d_contracts":-2042,"open_interest_change_z_252":-0.05267624781499373,"open_interest_change_z_comparison_sessions":252,"open_interest_change_5_sessions_pct":5.129464943742937,"open_interest_change_21_sessions_pct":-24.011238127557483,"call_put_open_interest_changes":{"one_session":{"call_change_contracts":-567,"put_change_contracts":-1475,"call_growth_pct":-0.5122830476775598,"put_growth_pct":-1.757333142707365,"call_minus_put_growth_pp":1.2450500950298053},"five_sessions":{"call_change_contracts":8808,"put_change_contracts":588,"call_growth_pct":8.694450476773339,"put_growth_pct":0.7182030267127554,"call_minus_put_growth_pp":7.976247450060583},"call_change_surprise":{"z_score":-0.025914172907492546,"comparison_sessions":252},"put_change_surprise":{"z_score":-0.07321871129027648,"comparison_sessions":252},"call_minus_put_growth_surprise":{"z_score":0.2098546263107672,"comparison_sessions":252}}},"advanced_options":{"data_through":"2026-10-02","analysis_coverage":1,"catalyst_score":68.60240041256034,"directional_score":-17.795275590551174,"catalyst_reasons":["front IV premium 6.6 pp","smile convexity -14.9 pp"],"features":{"symbol":"LUV","price":42.47,"totalOi":198041,"analysisCoverage":1,"avgIvPct":165.2,"ivRank":77.7,"iv52wHighPct":197.1,"iv52wLowPct":54.3,"frontDte":7,"frontAtmIvPct":49.6083,"backAtmIvPct":42.9589,"termPremiumPp":6.6494,"expectedMoveFrontPct":6.87,"straddleFrontPct":6.25,"straddle30dPct":10.51,"riskReversalFrontPp":3.49,"riskReversal30dPp":-22.58,"butterflyFrontPp":-14.88,"butterfly30dPp":-6.68,"putCallOiRatio":0.738,"putCallOiFrontRatio":0.479,"putCallVolumeFrontRatio":0.173,"optionVolume":13054,"volumeOiRatio":0.065916,"netDeltaNormalized":0.07849,"dealerDeltaNormalized":-0.077345,"gexPer100kOi":2827703.177625,"vannaPer100kOi":3086.734565,"charmPer100kOi":-633919.743891,"weekendDeltaShiftPer100kOi":-1901759.231674,"ivSurfaceRangePp":161.1,"gammaFlipDistancePct":-0.847657,"maxPainDistancePct":0.070638,"peakCallDistancePct":11.843654,"peakPutDistancePct":-1.106664},"complete_analysis_url":"https://halfonadouble.com/api/v1/analysis/LUV.json?date=2026-10-02","interpretation":"Catalyst intensity ranks unusual option pricing and activity; it does not identify the event, predict direction or recommend a trade. Directional score summarizes relative positioning under documented model conventions."},"gamma_max_cross_outcomes":[{"direction":"above","event_count":20,"completed_path_count":20,"latest_cross_date":"2026-06-24","horizons":[{"sessions":1,"sample_size":20,"median_return_pct":1.4999370845719562,"p25_return_pct":-0.008575259742807373,"p75_return_pct":2.26434810804107,"above_zero_pct":75,"median_interval_low_pct":0.028706060888827878,"median_interval_high_pct":2.257560967573191,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0.028706060888827878},{"sessions":3,"sample_size":20,"median_return_pct":1.2003398877555305,"p25_return_pct":-0.6985896455875329,"p75_return_pct":2.765776523670821,"above_zero_pct":65,"median_interval_low_pct":-0.5890158366627207,"median_interval_high_pct":2.457541580391376,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0},{"sessions":5,"sample_size":20,"median_return_pct":1.901525066417964,"p25_return_pct":-2.150180684798536,"p75_return_pct":3.609832768185739,"above_zero_pct":60,"median_interval_low_pct":-2.081546321927763,"median_interval_high_pct":2.887265022129659,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0},{"sessions":10,"sample_size":20,"median_return_pct":-0.19195481320342656,"p25_return_pct":-3.6484954385696433,"p75_return_pct":5.665099760736403,"above_zero_pct":50,"median_interval_low_pct":-3.3863339627509093,"median_interval_high_pct":4.988814137098507,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0}]},{"direction":"below","event_count":20,"completed_path_count":20,"latest_cross_date":"2026-06-29","horizons":[{"sessions":1,"sample_size":20,"median_return_pct":-0.18094191759659428,"p25_return_pct":-0.5231956411806987,"p75_return_pct":1.3857352453679084,"above_zero_pct":40,"median_interval_low_pct":-0.4879505823709107,"median_interval_high_pct":1.3359316886554673,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0},{"sessions":3,"sample_size":20,"median_return_pct":0.14630305185814874,"p25_return_pct":-2.6130239343264723,"p75_return_pct":2.8062880399717436,"above_zero_pct":50,"median_interval_low_pct":-2.6119398491004753,"median_interval_high_pct":2.5538682643675426,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0},{"sessions":5,"sample_size":20,"median_return_pct":-0.21280703777870613,"p25_return_pct":-3.3025584788012816,"p75_return_pct":3.0316810685298403,"above_zero_pct":50,"median_interval_low_pct":-3.272145616502875,"median_interval_high_pct":2.732056002060057,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0},{"sessions":10,"sample_size":20,"median_return_pct":-0.5129710435677892,"p25_return_pct":-6.008714674877746,"p75_return_pct":3.838816590959099,"above_zero_pct":45,"median_interval_low_pct":-5.940339716857435,"median_interval_high_pct":3.14496643347546,"median_interval_nominal_coverage_pct":95.86105346679688,"confidence_floor_pct":0}]}],"missing_value_semantics":"null means unavailable; it never means zero","interpretation":"These are descriptive end-of-day model outputs. Signed GEX uses the published call-positive, put-negative convention and is not observed dealer inventory. None of the fields are live prices, predictions or investment advice."}