# OBE: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 9.89 |
| Delta neutral (USD/share) | 6.33 |
| Gamma neutral (USD/share) | 7.42 |
| Gamma max (USD/share) | 11.89 |
| Open interest (contracts) | 119,214 |
| Nearest-expiration max pain (USD/share) | 10.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 10.00 |
| Net gamma exposure | 7,131,123 |
| Confirmed GEX flip (USD/share) | 7.42 |
| Call wall (USD/share) | 15.00 |
| Put wall (USD/share) | 10.00 |
| Put/call open-interest ratio | 0.03 |
| Net GEX sign history | positive for the last 910 sessions; negative on 0 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 17.27% vs 1.79% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 28.9 |
| Options directional score (-100 to +100) | 15.7 |
| IV rank | 0.3 |
| Front-minus-back IV | 10.4 pp |
| Front 25-delta risk reversal | 5.3 pp |
| Call OI change, 1 session | +165 contracts · +0.1% |
| Put OI change, 1 session | 0 contracts · 0.0% |
| Call minus put OI growth, 1 session | +0.1 pp |
| Call OI change, 5 sessions | -208 contracts · -0.2% |
| Put OI change, 5 sessions | +94 contracts · +2.5% |
| Call minus put OI growth, 5 sessions | -2.6 pp |
| Daily call OI change surprise | -0.11σ (252 prior changes) |
| Daily put OI change surprise | -0.06σ (252 prior changes) |
| Daily call-minus-put growth surprise | — (177 prior changes) |
| Daily open interest change (contracts) | 165 |
| Daily open interest change z-score (prior 252) | -0.11σ (252 prior changes) |
| Gamma max distance from close | +20.2% |
| Delta neutral distance from close | -36.0% |
| Prior-year sessions closer to gamma max | 94.9% of 197 |
| Prior-year sessions closer to delta neutral | 12.2% of 197 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 10.00 | 11.47 | 11.97 | +17.18% | Prior close |
| 2026-09-18 | 12.50 | 12.13 | 12.26 | -1.98% | Prior close |
| 2026-08-21 | 10.00 | 12.11 | 11.95 | +16.10% | Prior close |
| 2026-07-17 | 7.50 | 8.87 | 9.64 | +24.13% | Prior close |
| 2026-06-18 | 10.00 | 9.49 | 9.26 | -7.80% | Prior close |
| 2026-05-15 | 12.50 | 13.15 | 13.47 | +7.38% | Prior close |
| 2026-04-17 | 7.50 | 10.12 | 10.10 | +25.69% | Prior close |
| 2026-03-20 | 5.00 | 8.74 | 8.73 | +42.68% | Prior close |
| 2026-02-20 | 5.00 | 7.60 | 7.92 | +38.42% | Prior close |
| 2026-01-16 | 5.00 | 6.38 | 6.45 | +22.75% | 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 | 11 | -0.2% | -2.4% to +0.5% | 45% | -3.6% to +0.9% | 0.0% |
| above | Day +3 | 11 | -2.0% | -3.9% to +2.7% | 45% | -4.7% to +2.7% | 0.0% |
| above | Day +5 | 11 | -0.2% | -4.3% to +1.1% | 36% | -4.8% to +1.9% | 0.0% |
| above | Day +10 | 11 | -1.1% | -9.4% to +1.7% | 36% | -11.1% to +3.3% | 0.0% |
| below | Day +1 | 13 | -1.0% | -4.1% to +0.6% | 38% | -4.1% to +0.6% | 0.0% |
| below | Day +3 | 13 | -1.5% | -6.9% to +3.2% | 38% | -6.9% to +3.2% | 0.0% |
| below | Day +5 | 13 | +0.2% | -9.9% to +3.9% | 54% | -9.9% to +3.9% | 0.0% |
| below | Day +10 | 13 | -3.4% | -14.1% to +0.7% | 31% | -14.1% to +0.7% | 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/OBE.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/OBE.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/OBE.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).