# BW: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/BW
Data through: 2026-10-23 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 4.15 |
| Delta neutral (USD/share) | 3.15 |
| Gamma neutral (USD/share) | 4.15 |
| Gamma max (USD/share) | 6.19 |
| Open interest (contracts) | 101,271 |
| Nearest-expiration max pain (USD/share) | 6.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 6.00 |
| Net gamma exposure | 1,248,022 |
| Call wall (USD/share) | 10.00 |
| Put wall (USD/share) | 5.00 |
| Put/call open-interest ratio | 0.21 |
| Options catalyst-intensity score (0–100) | 45.1 |
| Options directional score (-100 to +100) | 1.4 |
| IV rank | 6.5 |
| Front-minus-back IV | 14.3 pp |
| Front 25-delta risk reversal | 9.6 pp |
| Call OI change, 1 session | +361 contracts · +0.4% |
| Put OI change, 1 session | +134 contracts · +0.8% |
| Call minus put OI growth, 1 session | -0.3 pp |
| Call OI change, 5 sessions | +2,574 contracts · +3.2% |
| Put OI change, 5 sessions | +616 contracts · +3.7% |
| Call minus put OI growth, 5 sessions | -0.5 pp |
| Daily call OI change surprise | +0.03σ (252 prior changes) |
| Daily put OI change surprise | +0.03σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.06σ (252 prior changes) |
| Daily open interest change (contracts) | 495 |
| Daily open interest change z-score (prior 252) | +0.03σ (252 prior changes) |
| Gamma max distance from close | +49.2% |
| Delta neutral distance from close | -24.1% |
| Prior-year sessions closer to gamma max | 85.7% of 252 |
| Prior-year sessions closer to delta neutral | 19.0% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 48 | -0.6% | -3.1% to +3.3% | 44% | -2.2% to +2.3% | 0.0% |
| above | Day +3 | 48 | -2.7% | -7.2% to +3.3% | 33% | -4.2% to -0.9% | -0.9% |
| above | Day +5 | 48 | -1.0% | -5.6% to +6.9% | 48% | -4.0% to +3.2% | 0.0% |
| above | Day +10 | 48 | -0.2% | -10.7% to +16.1% | 50% | -5.5% to +5.9% | 0.0% |
| below | Day +1 | 47 | +0.8% | -2.9% to +2.7% | 60% | -0.4% to +1.7% | 0.0% |
| below | Day +3 | 47 | +1.6% | -5.4% to +6.7% | 53% | -1.9% to +4.6% | 0.0% |
| below | Day +5 | 47 | -1.4% | -6.7% to +8.4% | 43% | -3.0% to +2.7% | 0.0% |
| below | Day +10 | 47 | +0.8% | -13.5% to +23.9% | 53% | -8.5% to +6.3% | 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/BW.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/BW.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/BW.json?date=2026-10-23&public_schema=4)

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

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