# PAA: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 23.75 |
| Delta neutral (USD/share) | 21.09 |
| Gamma neutral (USD/share) | 17.38 |
| Gamma max (USD/share) | 23.16 |
| Open interest (contracts) | 230,039 |
| Nearest-expiration max pain (USD/share) | 24.00 (2026-10-09) |
| All-expiration max pain (USD/share) | 22.00 |
| Net gamma exposure | 34,607,140 |
| Confirmed GEX flip (USD/share) | 17.38 |
| Call wall (USD/share) | 25.00 |
| Put wall (USD/share) | 24.00 |
| Put/call open-interest ratio | 0.21 |
| Options catalyst-intensity score (0–100) | 45.6 |
| Options directional score (-100 to +100) | 38.7 |
| IV rank | 35.4 |
| Front ATM IV | +25.9% |
| Front-minus-back IV | 4.6 pp |
| Front expected move | +3.6% |
| Front ATM straddle / spot | +2.6% |
| Front 25-delta risk reversal | -42.2 pp |
| Call OI change, 1 session | -957 contracts · -0.5% |
| Put OI change, 1 session | +118 contracts · +0.3% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | +498 contracts · +0.3% |
| Put OI change, 5 sessions | +8,830 contracts · +28.5% |
| Call minus put OI growth, 5 sessions | -28.3 pp |
| Daily call OI change surprise | -0.10σ (252 prior changes) |
| Daily put OI change surprise | +0.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.07σ (252 prior changes) |
| Daily open interest change (contracts) | -839 |
| Daily open interest change z-score (prior 252) | -0.08σ (252 prior changes) |
| Gamma max distance from close | -2.5% |
| Delta neutral distance from close | -11.2% |
| Prior-year sessions closer to gamma max | 41.7% of 252 |
| Prior-year sessions closer to delta neutral | 12.7% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 71 | +0.1% | -0.7% to +1.0% | 54% | -0.5% to +0.4% | 0.0% |
| above | Day +3 | 71 | +0.6% | -0.9% to +2.0% | 61% | +0.1% to +1.2% | +0.1% |
| above | Day +5 | 71 | +0.6% | -1.9% to +2.6% | 63% | +0.2% to +1.8% | +0.2% |
| above | Day +10 | 71 | +0.7% | -3.9% to +2.9% | 55% | -0.5% to +1.2% | 0.0% |
| below | Day +1 | 69 | 0.0% | -0.7% to +1.2% | 49% | -0.2% to +0.6% | 0.0% |
| below | Day +3 | 69 | +0.6% | -1.3% to +2.3% | 58% | 0.0% to +1.2% | 0.0% |
| below | Day +5 | 69 | +0.8% | -2.5% to +2.2% | 59% | -0.1% to +1.4% | 0.0% |
| below | Day +10 | 69 | +0.0% | -2.9% to +3.5% | 51% | -1.1% to +1.4% | 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/PAA.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/PAA.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/PAA.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).