# SNY: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 48.37 |
| Delta neutral (USD/share) | 45.40 |
| Gamma neutral (USD/share) | 42.63 |
| Gamma max (USD/share) | 47.43 |
| Open interest (contracts) | 107,178 |
| Nearest-expiration max pain (USD/share) | 42.50 (2026-11-20) |
| All-expiration max pain (USD/share) | 45.00 |
| Net gamma exposure | 4,882,464 |
| Confirmed GEX flip (USD/share) | 42.63 |
| Call wall (USD/share) | 47.50 |
| Put wall (USD/share) | 47.50 |
| Put/call open-interest ratio | 0.75 |
| Net GEX sign history | positive for the last 15 sessions; negative on 169 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 2 of 12 expirations (17%); median distance 4.34% vs 1.16% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 37.8 |
| Options directional score (-100 to +100) | 3.8 |
| IV rank | 14.9 |
| Front-minus-back IV | 4.8 pp |
| Front 25-delta risk reversal | -0.6 pp |
| Call OI change, 1 session | +83 contracts · +0.1% |
| Put OI change, 1 session | +1,795 contracts · +4.1% |
| Call minus put OI growth, 1 session | -3.9 pp |
| Call OI change, 5 sessions | +3,886 contracts · +6.8% |
| Put OI change, 5 sessions | +1,270 contracts · +2.8% |
| Call minus put OI growth, 5 sessions | +3.9 pp |
| Daily call OI change surprise | -0.02σ (252 prior changes) |
| Daily put OI change surprise | +0.74σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.08σ (252 prior changes) |
| Daily open interest change (contracts) | 1,878 |
| Daily open interest change z-score (prior 252) | +0.40σ (252 prior changes) |
| Gamma max distance from close | -1.9% |
| Delta neutral distance from close | -6.1% |
| Prior-year sessions closer to gamma max | 4.0% of 252 |
| Prior-year sessions closer to delta neutral | 58.3% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 40.00 | 40.29 | 40.61 | +1.51% | Prior close |
| 2026-09-18 | 42.50 | 43.14 | 42.48 | -0.05% | Max pain |
| 2026-08-21 | 45.00 | 45.15 | 45.85 | +1.88% | Prior close |
| 2026-07-17 | 42.50 | 44.21 | 44.66 | +4.89% | Prior close |
| 2026-06-18 | 45.00 | 42.50 | 42.38 | -6.16% | Prior close |
| 2026-05-15 | 45.00 | 42.84 | 42.71 | -5.36% | Prior close |
| 2026-04-17 | 45.00 | 47.72 | 48.06 | +6.41% | Prior close |
| 2026-03-20 | 47.50 | 45.34 | 44.60 | -6.40% | Prior close |
| 2026-02-20 | 47.50 | 47.38 | 46.76 | -1.56% | Prior close |
| 2026-01-16 | 50.00 | 47.47 | 46.59 | -7.18% | 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 | 32 | -0.3% | -0.8% to +0.4% | 41% | -0.7% to +0.2% | 0.0% |
| above | Day +3 | 32 | +0.4% | -1.3% to +1.5% | 53% | -1.0% to +1.2% | 0.0% |
| above | Day +5 | 31 | -0.3% | -2.1% to +1.7% | 48% | -1.5% to +1.3% | 0.0% |
| above | Day +10 | 30 | -0.5% | -3.6% to +2.9% | 37% | -2.6% to +0.7% | 0.0% |
| below | Day +1 | 26 | 0.0% | -0.8% to +0.4% | 46% | -0.4% to +0.3% | 0.0% |
| below | Day +3 | 26 | -0.6% | -1.2% to +1.4% | 42% | -0.9% to +0.6% | 0.0% |
| below | Day +5 | 26 | -0.1% | -2.4% to +1.2% | 42% | -1.4% to +0.3% | 0.0% |
| below | Day +10 | 25 | -1.6% | -4.9% to +3.0% | 48% | -4.3% to +2.7% | 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/SNY.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/SNY.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/SNY.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).