# BUD: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 84.81 |
| Delta neutral (USD/share) | 78.48 |
| Gamma neutral (USD/share) | 76.30 |
| Gamma max (USD/share) | 86.35 |
| Open interest (contracts) | 103,355 |
| Nearest-expiration max pain (USD/share) | 82.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 77.50 |
| Net gamma exposure | 6,441,451 |
| Confirmed GEX flip (USD/share) | 76.30 |
| Call wall (USD/share) | 85.00 |
| Put wall (USD/share) | 85.00 |
| Put/call open-interest ratio | 0.76 |
| Net GEX sign history | positive for the last 120 sessions; negative on 10 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 9 of 53 expirations (17%); median distance 2.91% vs 0.63% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 46.2 |
| Options directional score (-100 to +100) | -17.1 |
| IV rank | 62.0 |
| Front-minus-back IV | 3.6 pp |
| Front 25-delta risk reversal | 6.9 pp |
| Call OI change, 1 session | -184 contracts · -0.3% |
| Put OI change, 1 session | -484 contracts · -1.1% |
| Call minus put OI growth, 1 session | +0.8 pp |
| Call OI change, 5 sessions | +4,821 contracts · +8.9% |
| Put OI change, 5 sessions | +1,474 contracts · +3.4% |
| Call minus put OI growth, 5 sessions | +5.5 pp |
| Daily call OI change surprise | +0.01σ (252 prior changes) |
| Daily put OI change surprise | -0.12σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.25σ (252 prior changes) |
| Daily open interest change (contracts) | -668 |
| Daily open interest change z-score (prior 252) | -0.04σ (252 prior changes) |
| Gamma max distance from close | +1.8% |
| Delta neutral distance from close | -7.5% |
| Prior-year sessions closer to gamma max | 10.3% of 252 |
| Prior-year sessions closer to delta neutral | 57.5% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-11-13 | 82.00 | 83.85 | 84.81 | +3.35% | Prior close |
| 2026-11-06 | 82.00 | 85.20 | 83.96 | +2.30% | Prior close |
| 2026-10-30 | 85.00 | 79.52 | 80.38 | -5.81% | Prior close |
| 2026-10-23 | 82.00 | 85.49 | 84.26 | +2.64% | Prior close |
| 2026-10-16 | 77.50 | 81.28 | 82.59 | +6.26% | Prior close |
| 2026-10-09 | 73.00 | 77.41 | 77.33 | +5.59% | Prior close |
| 2026-10-02 | 77.00 | 73.02 | 73.43 | -4.89% | Prior close |
| 2026-09-25 | 78.00 | 77.42 | 78.00 | 0.00% | Max pain |
| 2026-09-18 | 75.00 | 78.77 | 77.73 | +3.47% | Prior close |
| 2026-09-11 | 79.00 | 77.65 | 78.23 | -0.99% | 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 | 11 | +0.3% | -0.0% to +1.4% | 73% | -0.1% to +1.6% | 0.0% |
| above | Day +3 | 11 | -0.4% | -1.4% to +1.2% | 45% | -1.6% to +1.5% | 0.0% |
| above | Day +5 | 11 | -0.7% | -3.5% to +2.0% | 45% | -4.9% to +2.2% | 0.0% |
| above | Day +10 | 11 | +0.9% | -2.7% to +1.5% | 55% | -3.3% to +1.9% | 0.0% |
| below | Day +1 | 11 | -0.3% | -0.9% to +0.4% | 45% | -1.0% to +0.4% | 0.0% |
| below | Day +3 | 11 | -0.5% | -3.0% to +0.0% | 27% | -3.3% to +0.1% | 0.0% |
| below | Day +5 | 11 | -0.4% | -2.9% to +1.9% | 36% | -3.5% to +2.0% | 0.0% |
| below | Day +10 | 11 | -2.2% | -4.5% to +0.2% | 27% | -6.2% to +0.5% | 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/BUD.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/BUD.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/BUD.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).