# KMB: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 109.43 |
| Delta neutral (USD/share) | 104.07 |
| Gamma neutral (USD/share) | 102.68 |
| Gamma max (USD/share) | 115.08 |
| Open interest (contracts) | 105,226 |
| Nearest-expiration max pain (USD/share) | 105.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 105.00 |
| Net gamma exposure | 9,164,712 |
| Confirmed GEX flip (USD/share) | 102.68 |
| Call wall (USD/share) | 110.00 |
| Put wall (USD/share) | 95.00 |
| Put/call open-interest ratio | 0.74 |
| Net GEX sign history | positive for the last 25 sessions; negative on 52 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 2.19% vs 0.85% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 44.5 |
| Options directional score (-100 to +100) | -11.3 |
| IV rank | 35.6 |
| Front-minus-back IV | 4.5 pp |
| Front 25-delta risk reversal | 4.4 pp |
| Call OI change, 1 session | -860 contracts · -1.4% |
| Put OI change, 1 session | -659 contracts · -1.4% |
| Call minus put OI growth, 1 session | +0.0 pp |
| Call OI change, 5 sessions | +1,495 contracts · +2.5% |
| Put OI change, 5 sessions | +11,747 contracts · +35.5% |
| Call minus put OI growth, 5 sessions | -33.0 pp |
| Daily call OI change surprise | -0.09σ (252 prior changes) |
| Daily put OI change surprise | -0.16σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.08σ (252 prior changes) |
| Daily open interest change (contracts) | -1,519 |
| Daily open interest change z-score (prior 252) | -0.13σ (252 prior changes) |
| Gamma max distance from close | +5.2% |
| Delta neutral distance from close | -4.9% |
| Prior-year sessions closer to gamma max | 40.1% of 252 |
| Prior-year sessions closer to delta neutral | 63.5% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-11-13 | 107.00 | 107.19 | 109.43 | +2.27% | Prior close |
| 2026-11-06 | 106.00 | 110.46 | 108.43 | +2.20% | Prior close |
| 2026-10-30 | 106.00 | 110.02 | 107.94 | +1.76% | Max pain |
| 2026-10-23 | 104.00 | 112.32 | 110.15 | +5.48% | Prior close |
| 2026-10-16 | 100.00 | 104.07 | 105.57 | +5.35% | Prior close |
| 2026-10-09 | 96.00 | 97.74 | 97.59 | +1.63% | Prior close |
| 2026-10-02 | 97.00 | 94.34 | 94.36 | -2.80% | Prior close |
| 2026-09-25 | 98.00 | 97.22 | 98.43 | +0.44% | Max pain |
| 2026-09-18 | 100.00 | 98.19 | 97.86 | -2.18% | Prior close |
| 2026-09-11 | 103.00 | 98.48 | 98.15 | -4.92% | 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 | 24 | +0.0% | -0.3% to +1.0% | 50% | -0.2% to +0.9% | 0.0% |
| above | Day +3 | 24 | +0.1% | -0.9% to +1.2% | 50% | -0.8% to +0.8% | 0.0% |
| above | Day +5 | 24 | +0.8% | -2.0% to +2.0% | 63% | -0.9% to +1.5% | 0.0% |
| above | Day +10 | 24 | -0.4% | -1.9% to +3.9% | 46% | -1.7% to +3.2% | 0.0% |
| below | Day +1 | 24 | +0.2% | -0.5% to +0.9% | 63% | -0.5% to +0.9% | 0.0% |
| below | Day +3 | 24 | +0.1% | -1.2% to +1.7% | 54% | -0.7% to +1.2% | 0.0% |
| below | Day +5 | 24 | +0.3% | -2.1% to +2.2% | 63% | -0.9% to +2.1% | 0.0% |
| below | Day +10 | 24 | -0.2% | -2.5% to +4.3% | 50% | -1.9% 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/KMB.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/KMB.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/KMB.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).