# REAL: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 14.53 |
| Delta neutral (USD/share) | 9.90 |
| Gamma neutral (USD/share) | 8.73 |
| Gamma max (USD/share) | 13.57 |
| Open interest (contracts) | 110,565 |
| Nearest-expiration max pain (USD/share) | 7.50 (2026-11-20) |
| All-expiration max pain (USD/share) | 10.00 |
| Net gamma exposure | 10,264,541 |
| Confirmed GEX flip (USD/share) | 8.73 |
| Call wall (USD/share) | 15.00 |
| Put wall (USD/share) | 10.00 |
| Put/call open-interest ratio | 0.33 |
| Net GEX sign history | positive for the last 227 sessions; negative on 14 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 15.10% vs 2.38% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 70.6 |
| Options directional score (-100 to +100) | 1.2 |
| IV rank | 20.0 |
| Front-minus-back IV | 44.2 pp |
| Front 25-delta risk reversal | 7.7 pp |
| Call OI change, 1 session | +316 contracts · +0.4% |
| Put OI change, 1 session | +23 contracts · +0.1% |
| Call minus put OI growth, 1 session | +0.3 pp |
| Call OI change, 5 sessions | +11,316 contracts · +15.8% |
| Put OI change, 5 sessions | +1,109 contracts · +4.2% |
| Call minus put OI growth, 5 sessions | +11.6 pp |
| Daily call OI change surprise | +0.05σ (252 prior changes) |
| Daily put OI change surprise | +0.03σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.02σ (252 prior changes) |
| Daily open interest change (contracts) | 339 |
| Daily open interest change z-score (prior 252) | +0.05σ (252 prior changes) |
| Gamma max distance from close | -6.6% |
| Delta neutral distance from close | -31.9% |
| Prior-year sessions closer to gamma max | 36.1% of 252 |
| Prior-year sessions closer to delta neutral | 96.0% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 10.00 | 10.54 | 10.39 | +3.70% | Prior close |
| 2026-09-18 | 10.00 | 9.46 | 9.45 | -5.81% | Prior close |
| 2026-08-21 | 12.50 | 11.65 | 11.12 | -11.85% | Prior close |
| 2026-07-17 | 10.00 | 11.40 | 11.21 | +10.61% | Prior close |
| 2026-06-18 | 10.00 | 11.39 | 12.45 | +21.51% | Prior close |
| 2026-05-15 | 10.00 | 9.35 | 9.06 | -10.05% | Prior close |
| 2026-04-17 | 10.00 | 11.33 | 12.08 | +18.36% | Prior close |
| 2026-03-20 | 12.50 | 9.22 | 8.64 | -41.87% | Prior close |
| 2026-02-20 | 15.00 | 11.16 | 11.11 | -34.86% | Prior close |
| 2026-01-16 | 5.50 | 16.32 | 16.59 | +67.94% | 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 | 63 | -1.0% | -3.9% to +1.5% | 37% | -2.3% to 0.0% | 0.0% |
| above | Day +3 | 63 | -0.2% | -4.6% to +5.6% | 48% | -2.3% to +2.0% | 0.0% |
| above | Day +5 | 62 | +1.3% | -6.0% to +7.7% | 56% | -1.8% to +4.3% | 0.0% |
| above | Day +10 | 60 | -2.7% | -10.8% to +14.4% | 47% | -6.7% to +6.9% | 0.0% |
| below | Day +1 | 55 | +0.1% | -2.3% to +4.0% | 51% | -0.8% to +2.1% | 0.0% |
| below | Day +3 | 55 | +1.3% | -4.2% to +7.9% | 55% | -1.2% to +4.0% | 0.0% |
| below | Day +5 | 55 | -0.4% | -8.3% to +7.9% | 47% | -4.2% to +5.2% | 0.0% |
| below | Day +10 | 53 | +2.2% | -7.9% to +17.3% | 60% | -0.4% to +7.4% | 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/REAL.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/REAL.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/REAL.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).