# ITUB: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 7.53 |
| Delta neutral (USD/share) | 7.93 |
| Gamma neutral (USD/share) | 8.71 |
| Gamma max (USD/share) | 9.93 |
| Open interest (contracts) | 120,164 |
| Nearest-expiration max pain (USD/share) | 6.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 8.00 |
| Net gamma exposure | -4,429,144 |
| Confirmed GEX flip (USD/share) | 8.71 |
| Call wall (USD/share) | 8.00 |
| Put wall (USD/share) | 8.00 |
| Put/call open-interest ratio | 1.05 |
| Net GEX sign history | negative for the last 15 sessions; negative on 121 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 0 of 12 expirations (0%); median distance 6.21% vs 1.15% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 34.7 |
| Options directional score (-100 to +100) | -39.6 |
| IV rank | 5.7 |
| Front-minus-back IV | – pp |
| Front 25-delta risk reversal | 38.4 pp |
| Call OI change, 1 session | +182 contracts · +0.3% |
| Put OI change, 1 session | +17 contracts · +0.0% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +244 contracts · +0.4% |
| Put OI change, 5 sessions | -3,376 contracts · -5.2% |
| Call minus put OI growth, 5 sessions | +5.6 pp |
| Daily call OI change surprise | -0.00σ (248 prior changes) |
| Daily put OI change surprise | -0.08σ (248 prior changes) |
| Daily call-minus-put growth surprise | +0.06σ (234 prior changes) |
| Daily open interest change (contracts) | 199 |
| Daily open interest change z-score (prior 252) | -0.03σ (252 prior changes) |
| Gamma max distance from close | +31.9% |
| Delta neutral distance from close | +5.3% |
| Prior-year sessions closer to gamma max | 79.7% of 232 |
| Prior-year sessions closer to delta neutral | 40.1% of 232 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 8.00 | 9.50 | 9.44 | +15.16% | Prior close |
| 2026-09-18 | 8.00 | 8.29 | 8.20 | +2.41% | Prior close |
| 2026-08-21 | 8.00 | 7.17 | 7.48 | -7.25% | Prior close |
| 2026-07-17 | 8.00 | 8.30 | 8.20 | +2.41% | Prior close |
| 2026-06-18 | 8.00 | 7.97 | 7.79 | -2.63% | Prior close |
| 2026-05-15 | 9.00 | 8.07 | 7.82 | -14.67% | Prior close |
| 2026-04-17 | 8.00 | 9.33 | 9.38 | +14.79% | Prior close |
| 2026-03-20 | 9.00 | 8.12 | 7.84 | -14.29% | Prior close |
| 2026-02-20 | 8.00 | 9.27 | 9.51 | +16.29% | Prior close |
| 2026-01-16 | 7.00 | 7.44 | 7.38 | +5.11% | 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 | 29 | -0.2% | -1.5% to +0.9% | 38% | -0.8% to +0.4% | 0.0% |
| above | Day +3 | 29 | -0.4% | -2.8% to +2.0% | 45% | -2.0% to +1.2% | 0.0% |
| above | Day +5 | 29 | +0.6% | -3.5% to +2.2% | 52% | -2.4% to +1.4% | 0.0% |
| above | Day +10 | 29 | -0.4% | -4.7% to +2.7% | 45% | -2.2% to +2.3% | 0.0% |
| below | Day +1 | 28 | +0.1% | -1.0% to +1.0% | 50% | -0.8% to +0.6% | 0.0% |
| below | Day +3 | 28 | -0.3% | -2.1% to +1.3% | 46% | -1.6% to +0.3% | 0.0% |
| below | Day +5 | 28 | -0.5% | -2.2% to +2.5% | 46% | -1.3% to +1.4% | 0.0% |
| below | Day +10 | 28 | -0.2% | -3.9% to +2.4% | 46% | -3.1% to +1.3% | 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/ITUB.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/ITUB.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/ITUB.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).