# NWL: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 5.78 |
| Delta neutral (USD/share) | 4.47 |
| Gamma neutral (USD/share) | 5.78 |
| Gamma max (USD/share) | 5.92 |
| Open interest (contracts) | 125,509 |
| Nearest-expiration max pain (USD/share) | 5.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 5.00 |
| Net gamma exposure | 24,502,978 |
| Call wall (USD/share) | 6.00 |
| Put wall (USD/share) | 5.00 |
| Put/call open-interest ratio | 0.24 |
| Net GEX sign history | positive for the last 117 sessions; negative on 5 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 18.54% vs 2.55% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 45.2 |
| Options directional score (-100 to +100) | 0.5 |
| IV rank | 9.9 |
| Front-minus-back IV | 9.6 pp |
| Front 25-delta risk reversal | 66.2 pp |
| Call OI change, 1 session | -13 contracts · -0.0% |
| Put OI change, 1 session | +39 contracts · +0.2% |
| Call minus put OI growth, 1 session | -0.2 pp |
| Call OI change, 5 sessions | +811 contracts · +0.8% |
| Put OI change, 5 sessions | -5 contracts · -0.0% |
| Call minus put OI growth, 5 sessions | +0.8 pp |
| Daily call OI change surprise | -0.00σ (252 prior changes) |
| Daily put OI change surprise | +0.12σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.09σ (252 prior changes) |
| Daily open interest change (contracts) | 26 |
| Daily open interest change z-score (prior 252) | +0.02σ (252 prior changes) |
| Gamma max distance from close | +2.4% |
| Delta neutral distance from close | -22.6% |
| Prior-year sessions closer to gamma max | 15.5% of 252 |
| Prior-year sessions closer to delta neutral | 82.9% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 5.00 | 5.77 | 5.65 | +11.27% | Prior close |
| 2026-09-18 | 5.00 | 5.61 | 5.48 | +8.56% | Prior close |
| 2026-08-21 | 5.00 | 5.79 | 6.09 | +18.83% | Prior close |
| 2026-07-17 | 4.00 | 5.45 | 5.23 | +22.57% | Prior close |
| 2026-06-18 | 4.00 | 4.97 | 4.91 | +18.39% | Prior close |
| 2026-05-15 | 4.00 | 3.95 | 3.84 | -4.05% | Prior close |
| 2026-04-17 | 4.00 | 4.25 | 4.33 | +7.76% | Prior close |
| 2026-03-20 | 4.00 | 3.54 | 3.36 | -18.08% | Prior close |
| 2026-02-20 | 4.00 | 4.71 | 4.88 | +18.68% | Prior close |
| 2026-01-16 | 3.00 | 4.28 | 4.22 | +28.50% | 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 | 40 | +0.3% | -1.3% to +1.8% | 53% | -0.8% to +1.1% | 0.0% |
| above | Day +3 | 40 | -0.4% | -1.6% to +1.9% | 45% | -0.8% to +0.5% | 0.0% |
| above | Day +5 | 39 | +0.9% | -1.2% to +4.2% | 56% | -0.7% to +2.2% | 0.0% |
| above | Day +10 | 38 | +1.4% | -1.0% to +7.8% | 66% | +0.0% to +4.8% | +0.0% |
| below | Day +1 | 40 | +0.1% | -1.7% to +1.2% | 50% | -0.9% to +0.6% | 0.0% |
| below | Day +3 | 39 | +0.2% | -2.1% to +2.8% | 51% | -1.6% to +2.3% | 0.0% |
| below | Day +5 | 39 | +1.3% | -1.7% to +3.1% | 62% | -0.2% to +2.2% | 0.0% |
| below | Day +10 | 38 | +2.0% | -3.2% to +7.1% | 63% | -0.3% to +5.9% | 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/NWL.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/NWL.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/NWL.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).