# HSBC: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 89.62 |
| Delta neutral (USD/share) | 89.14 |
| Gamma neutral (USD/share) | 84.58 |
| Gamma max (USD/share) | 90.39 |
| Open interest (contracts) | 108,123 |
| Nearest-expiration max pain (USD/share) | 84.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 90.00 |
| Net gamma exposure | 3,527,295 |
| Confirmed GEX flip (USD/share) | 84.58 |
| Call wall (USD/share) | 90.00 |
| Put wall (USD/share) | 90.00 |
| Put/call open-interest ratio | 1.11 |
| Net GEX sign history | positive for the last 10 sessions; negative on 125 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 11 of 53 expirations (21%); median distance 3.11% vs 0.99% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 49.3 |
| Options directional score (-100 to +100) | 6.5 |
| IV rank | 50.4 |
| Front-minus-back IV | 3.7 pp |
| Front 25-delta risk reversal | -109.9 pp |
| Call OI change, 1 session | -727 contracts · -1.4% |
| Put OI change, 1 session | +2 contracts · +0.0% |
| Call minus put OI growth, 1 session | -1.4 pp |
| Call OI change, 5 sessions | +1,476 contracts · +3.0% |
| Put OI change, 5 sessions | -1,815 contracts · -3.1% |
| Call minus put OI growth, 5 sessions | +6.1 pp |
| Daily call OI change surprise | -0.32σ (252 prior changes) |
| Daily put OI change surprise | +0.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.34σ (252 prior changes) |
| Daily open interest change (contracts) | -725 |
| Daily open interest change z-score (prior 252) | -0.13σ (252 prior changes) |
| Gamma max distance from close | +0.9% |
| Delta neutral distance from close | -0.5% |
| Prior-year sessions closer to gamma max | 9.9% of 252 |
| Prior-year sessions closer to delta neutral | 2.4% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-11-13 | 89.00 | 89.08 | 89.62 | +0.70% | Prior close |
| 2026-11-06 | 88.00 | 88.06 | 87.06 | -1.07% | Max pain |
| 2026-10-30 | 90.00 | 86.60 | 85.42 | -5.29% | Prior close |
| 2026-10-23 | 94.00 | 91.89 | 90.68 | -3.61% | Prior close |
| 2026-10-16 | 95.00 | 94.54 | 94.57 | -0.45% | Prior close |
| 2026-10-09 | 95.00 | 92.61 | 92.98 | -2.18% | Prior close |
| 2026-10-02 | 101.00 | 95.82 | 96.14 | -5.07% | Prior close |
| 2026-09-25 | 101.00 | 100.17 | 100.95 | -0.05% | Max pain |
| 2026-09-18 | 100.00 | 102.84 | 101.83 | +1.78% | Prior close |
| 2026-09-11 | 106.00 | 103.70 | 105.30 | -0.68% | Max pain |

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 | 25 | +0.1% | -0.4% to +0.9% | 52% | -0.2% to +0.7% | 0.0% |
| above | Day +3 | 25 | +0.7% | -0.4% to +2.2% | 60% | -0.2% to +2.1% | 0.0% |
| above | Day +5 | 25 | +0.9% | -2.0% to +3.0% | 60% | -1.2% to +2.7% | 0.0% |
| above | Day +10 | 25 | +1.5% | -1.1% to +4.8% | 60% | -1.0% to +4.3% | 0.0% |
| below | Day +1 | 19 | +0.9% | +0.6% to +1.3% | 84% | +0.6% to +1.2% | +0.6% |
| below | Day +3 | 19 | +0.5% | -1.0% to +2.4% | 63% | -0.6% to +2.3% | 0.0% |
| below | Day +5 | 19 | +1.6% | -1.0% to +2.5% | 58% | -0.8% to +2.5% | 0.0% |
| below | Day +10 | 19 | +0.4% | -2.0% to +3.1% | 58% | -1.7% to +2.6% | 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/HSBC.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/HSBC.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/HSBC.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).