# USAS: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 2.48 |
| Delta neutral (USD/share) | 2.28 |
| Gamma neutral (USD/share) | 2.48 |
| Gamma max (USD/share) | 3.47 |
| Open interest (contracts) | 147,927 |
| Nearest-expiration max pain (USD/share) | 4.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 3.50 |
| Net gamma exposure | 1,441,629 |
| Call wall (USD/share) | 3.50 |
| Put wall (USD/share) | 2.50 |
| Put/call open-interest ratio | 0.30 |
| Net GEX sign history | positive for the last 275 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 23.66% vs 2.52% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 55.8 |
| Options directional score (-100 to +100) | 35.1 |
| IV rank | 5.0 |
| Front-minus-back IV | 34.7 pp |
| Front 25-delta risk reversal | -50.8 pp |
| Call OI change, 1 session | +995 contracts · +0.9% |
| Put OI change, 1 session | -780 contracts · -2.2% |
| Call minus put OI growth, 1 session | +3.1 pp |
| Call OI change, 5 sessions | +3,229 contracts · +2.9% |
| Put OI change, 5 sessions | -749 contracts · -2.1% |
| Call minus put OI growth, 5 sessions | +5.1 pp |
| Daily call OI change surprise | +0.07σ (252 prior changes) |
| Daily put OI change surprise | -0.49σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.23σ (220 prior changes) |
| Daily open interest change (contracts) | 215 |
| Daily open interest change z-score (prior 252) | -0.04σ (252 prior changes) |
| Gamma max distance from close | +39.6% |
| Delta neutral distance from close | -8.3% |
| Prior-year sessions closer to gamma max | 100.0% of 252 |
| Prior-year sessions closer to delta neutral | 1.2% 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 | 3.86 | 3.78 | -31.61% | Prior close |
| 2026-09-18 | 4.00 | 5.06 | 5.18 | +23.32% | Prior close |
| 2026-08-21 | 5.00 | 5.25 | 5.39 | +7.43% | Prior close |
| 2026-07-17 | 5.00 | 3.74 | 3.78 | -32.62% | Prior close |
| 2026-06-18 | 6.00 | 5.76 | 5.41 | -10.32% | Prior close |
| 2026-05-15 | 5.00 | 7.15 | 6.45 | +20.28% | Prior close |
| 2026-04-17 | 6.00 | 6.44 | 6.55 | +8.54% | Prior close |
| 2026-03-20 | 8.00 | 5.89 | 5.38 | -44.44% | Prior close |
| 2026-02-20 | 6.00 | 7.75 | 7.86 | +24.00% | Prior close |
| 2026-01-16 | 5.00 | 5.98 | 6.47 | +24.58% | 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 | 12 | +0.8% | -4.8% to +3.5% | 50% | -5.7% to +3.8% | 0.0% |
| above | Day +3 | 12 | -0.6% | -5.9% to +8.3% | 50% | -9.3% to +8.4% | 0.0% |
| above | Day +5 | 12 | -2.5% | -11.4% to +14.4% | 50% | -12.2% to +18.1% | 0.0% |
| above | Day +10 | 12 | -7.5% | -15.3% to +9.0% | 42% | -17.7% to +18.6% | 0.0% |
| below | Day +1 | 13 | -0.3% | -3.1% to +4.0% | 38% | -3.1% to +4.0% | 0.0% |
| below | Day +3 | 13 | +4.5% | -4.1% to +10.3% | 54% | -4.1% to +10.3% | 0.0% |
| below | Day +5 | 13 | +6.4% | -4.0% to +10.6% | 62% | -4.0% to +10.6% | 0.0% |
| below | Day +10 | 13 | -3.0% | -6.6% to +4.3% | 38% | -6.6% to +4.3% | 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/USAS.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/USAS.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/USAS.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).