# NVAX: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/NVAX
Data through: 2026-10-02 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 10.46 |
| Delta neutral (USD/share) | 7.19 |
| Gamma neutral (USD/share) | 5.70 |
| Gamma max (USD/share) | 11.04 |
| Open interest (contracts) | 230,276 |
| Nearest-expiration max pain (USD/share) | 10.00 (2026-10-09) |
| All-expiration max pain (USD/share) | 10.00 |
| Net gamma exposure | 7,138,706 |
| Confirmed GEX flip (USD/share) | 5.70 |
| Call wall (USD/share) | 10.00 |
| Put wall (USD/share) | 10.00 |
| Put/call open-interest ratio | 0.59 |
| Options catalyst-intensity score (0–100) | 48.8 |
| Options directional score (-100 to +100) | -17.0 |
| IV rank | 100.0 |
| Front ATM IV | +56.6% |
| Front-minus-back IV | -27.4 pp |
| Front expected move | +7.8% |
| Front ATM straddle / spot | +5.6% |
| Front 25-delta risk reversal | 47.9 pp |
| Call OI change, 1 session | -11,653 contracts · -7.5% |
| Put OI change, 1 session | -1,102 contracts · -1.3% |
| Call minus put OI growth, 1 session | -6.2 pp |
| Call OI change, 5 sessions | +3,984 contracts · +2.8% |
| Put OI change, 5 sessions | +812 contracts · +1.0% |
| Call minus put OI growth, 5 sessions | +1.9 pp |
| Daily call OI change surprise | -1.14σ (252 prior changes) |
| Daily put OI change surprise | -0.21σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.71σ (252 prior changes) |
| Daily open interest change (contracts) | -12,755 |
| Daily open interest change z-score (prior 252) | -0.90σ (252 prior changes) |
| Gamma max distance from close | +5.6% |
| Delta neutral distance from close | -31.3% |
| Prior-year sessions closer to gamma max | 40.5% of 252 |
| Prior-year sessions closer to delta neutral | 81.0% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 34 | -1.5% | -3.6% to +1.4% | 32% | -2.6% to -0.1% | -0.1% |
| above | Day +3 | 34 | -2.4% | -7.0% to +1.1% | 29% | -5.3% to -0.7% | -0.7% |
| above | Day +5 | 34 | -6.0% | -12.8% to +1.3% | 32% | -10.8% to -0.1% | -0.1% |
| above | Day +10 | 33 | -6.4% | -14.9% to +4.2% | 33% | -13.1% to -1.0% | -1.0% |
| below | Day +1 | 37 | -0.4% | -4.1% to +1.4% | 43% | -2.8% to +0.7% | 0.0% |
| below | Day +3 | 37 | -2.5% | -7.9% to +1.7% | 38% | -6.4% to +0.1% | 0.0% |
| below | Day +5 | 37 | -5.7% | -11.2% to +3.0% | 32% | -9.2% to -1.4% | -1.4% |
| below | Day +10 | 36 | -4.9% | -11.8% to +7.3% | 42% | -10.2% to +1.2% | 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/NVAX.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/NVAX.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/NVAX.json?date=2026-10-02)

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).