# EWT: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 97.38 |
| Delta neutral (USD/share) | 103.37 |
| Gamma neutral (USD/share) | 108.37 |
| Gamma max (USD/share) | 120.82 |
| Open interest (contracts) | 182,983 |
| Nearest-expiration max pain (USD/share) | 100.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 100.00 |
| Net gamma exposure | -12,759,118 |
| Confirmed GEX flip (USD/share) | 108.37 |
| Call wall (USD/share) | 100.00 |
| Put wall (USD/share) | 90.00 |
| Put/call open-interest ratio | 2.10 |
| Net GEX sign history | negative for the last 11 sessions; negative on 55 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 3 of 12 expirations (25%); median distance 5.83% vs 2.33% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 50.5 |
| Options directional score (-100 to +100) | -41.2 |
| IV rank | 11.0 |
| Front-minus-back IV | 9.0 pp |
| Front 25-delta risk reversal | 11.6 pp |
| Call OI change, 1 session | +1,742 contracts · +3.0% |
| Put OI change, 1 session | -4,510 contracts · -3.5% |
| Call minus put OI growth, 1 session | +6.6 pp |
| Call OI change, 5 sessions | +7,791 contracts · +15.2% |
| Put OI change, 5 sessions | +8,401 contracts · +7.3% |
| Call minus put OI growth, 5 sessions | +7.9 pp |
| Daily call OI change surprise | +0.32σ (252 prior changes) |
| Daily put OI change surprise | -0.90σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.28σ (242 prior changes) |
| Daily open interest change (contracts) | -2,768 |
| Daily open interest change z-score (prior 252) | -0.38σ (252 prior changes) |
| Gamma max distance from close | +24.1% |
| Delta neutral distance from close | +6.2% |
| Prior-year sessions closer to gamma max | 92.1% of 252 |
| Prior-year sessions closer to delta neutral | 35.7% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 109.00 | 109.14 | 106.26 | -2.51% | Max pain |
| 2026-09-18 | 105.00 | 110.64 | 111.64 | +6.00% | Prior close |
| 2026-08-21 | 96.00 | 104.07 | 104.30 | +7.98% | Prior close |
| 2026-07-17 | 103.00 | 100.16 | 97.33 | -5.66% | Prior close |
| 2026-06-18 | 85.00 | 105.11 | 110.08 | +23.87% | Prior close |
| 2026-05-15 | 88.00 | 95.48 | 91.28 | +3.44% | Max pain |
| 2026-04-17 | 75.00 | 81.35 | 83.22 | +10.10% | Prior close |
| 2026-03-20 | 68.20 | 72.14 | 69.74 | +2.13% | Max pain |
| 2026-02-20 | 70.00 | 72.67 | 74.38 | +6.03% | Prior close |
| 2026-01-16 | 61.69 | 67.29 | 67.34 | +8.40% | 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 | 30 | +0.1% | -0.5% to +0.4% | 57% | -0.3% to +0.3% | 0.0% |
| above | Day +3 | 30 | +0.2% | -1.2% to +1.4% | 53% | -1.0% to +0.7% | 0.0% |
| above | Day +5 | 30 | +0.7% | -1.5% to +2.2% | 57% | -0.3% to +1.4% | 0.0% |
| above | Day +10 | 30 | +0.9% | -1.2% to +4.0% | 57% | -0.4% to +2.7% | 0.0% |
| below | Day +1 | 28 | -0.1% | -0.5% to +1.0% | 46% | -0.4% to +0.8% | 0.0% |
| below | Day +3 | 28 | +0.6% | -1.7% to +2.7% | 57% | -0.3% to +2.3% | 0.0% |
| below | Day +5 | 28 | +0.9% | -1.0% to +2.9% | 61% | -0.4% to +1.8% | 0.0% |
| below | Day +10 | 28 | +0.9% | -1.1% to +4.7% | 68% | +0.0% to +3.6% | +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/EWT.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/EWT.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/EWT.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).