# BRZE: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/BRZE
Data through: 2026-11-13 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 46.64 |
| Delta neutral (USD/share) | 43.14 |
| Gamma neutral (USD/share) | 26.20 |
| Gamma max (USD/share) | 47.93 |
| Open interest (contracts) | 150,145 |
| Nearest-expiration max pain (USD/share) | 32.50 (2026-11-20) |
| All-expiration max pain (USD/share) | 32.50 |
| Net gamma exposure | 72,337,139 |
| Confirmed GEX flip (USD/share) | 26.20 |
| Call wall (USD/share) | 47.50 |
| Put wall (USD/share) | 45.00 |
| Put/call open-interest ratio | 0.10 |
| Net GEX sign history | positive for the last 45 sessions; negative on 12 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 2 of 12 expirations (17%); median distance 14.77% vs 1.33% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 58.6 |
| Options directional score (-100 to +100) | 8.1 |
| IV rank | 29.3 |
| Front-minus-back IV | 11.9 pp |
| Front 25-delta risk reversal | 8.7 pp |
| Call OI change, 1 session | +1,000 contracts · +0.7% |
| Put OI change, 1 session | +1 contracts · +0.0% |
| Call minus put OI growth, 1 session | +0.7 pp |
| Call OI change, 5 sessions | +26,456 contracts · +24.0% |
| Put OI change, 5 sessions | +79 contracts · +0.6% |
| Call minus put OI growth, 5 sessions | +23.3 pp |
| Daily call OI change surprise | +0.11σ (252 prior changes) |
| Daily put OI change surprise | -0.01σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.04σ (252 prior changes) |
| Daily open interest change (contracts) | 1,001 |
| Daily open interest change z-score (prior 252) | +0.08σ (252 prior changes) |
| Gamma max distance from close | +2.8% |
| Delta neutral distance from close | -7.5% |
| Prior-year sessions closer to gamma max | 21.8% of 252 |
| Prior-year sessions closer to delta neutral | 18.3% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 25.00 | 30.38 | 29.34 | +14.29% | Prior close |
| 2026-09-18 | 27.50 | 24.93 | 24.43 | -12.31% | Prior close |
| 2026-08-21 | 22.50 | 30.71 | 31.06 | +27.87% | Prior close |
| 2026-07-17 | 22.50 | 26.21 | 26.50 | +15.26% | Prior close |
| 2026-06-18 | 25.00 | 20.17 | 20.05 | -24.57% | Prior close |
| 2026-05-15 | 22.50 | 19.87 | 20.87 | -8.20% | Prior close |
| 2026-04-17 | 20.00 | 22.87 | 22.66 | +11.63% | Prior close |
| 2026-03-20 | 17.50 | 19.21 | 18.33 | +4.32% | Max pain |
| 2026-02-20 | 20.00 | 17.04 | 17.16 | -16.67% | Prior close |
| 2026-01-16 | 27.50 | 25.48 | 23.03 | -17.54% | Prior close |

Each expiration compares the last session before it, when it was the nearest expiration, with the expiration-session close; distances are percentages of that prior close. Underlying closes are not option settlement values. Descriptive history, not a forecast.

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 21 | +0.4% | -2.2% to +1.9% | 52% | -1.5% to +1.9% | 0.0% |
| above | Day +3 | 21 | +0.3% | -4.3% to +2.9% | 52% | -2.5% to +1.3% | 0.0% |
| above | Day +5 | 21 | -1.4% | -3.9% to +2.8% | 48% | -2.0% to +1.8% | 0.0% |
| above | Day +10 | 21 | -1.0% | -10.7% to +2.7% | 43% | -9.2% to +2.0% | 0.0% |
| below | Day +1 | 20 | +0.1% | -3.0% to +2.5% | 50% | -2.7% to +2.4% | 0.0% |
| below | Day +3 | 20 | -0.5% | -5.9% to +1.4% | 45% | -5.6% to +1.0% | 0.0% |
| below | Day +5 | 20 | -2.7% | -9.6% to +3.4% | 45% | -9.0% to +2.7% | 0.0% |
| below | Day +10 | 20 | +1.0% | -5.5% to +5.0% | 55% | -5.3% to +4.8% | 0.0% |

Returns are close-to-close after the labelled number of subsequent trading sessions. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/BRZE.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/BRZE.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/BRZE.json?date=2026-11-13&public_schema=5)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; the 60-session close-versus-max-pain chart, full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).