# VNET: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 2.98 |
| Delta neutral (USD/share) | 3.35 |
| Gamma neutral (USD/share) | 2.98 |
| Gamma max (USD/share) | 3.93 |
| Open interest (contracts) | 110,898 |
| Nearest-expiration max pain (USD/share) | 3.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 5.00 |
| Net gamma exposure | 1,186,693 |
| Call wall (USD/share) | 4.00 |
| Put wall (USD/share) | 3.00 |
| Put/call open-interest ratio | 0.39 |
| Net GEX sign history | positive for the last 31 sessions; negative on 6 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 11.51% vs 4.53% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 54.7 |
| Options directional score (-100 to +100) | 32.8 |
| IV rank | 27.2 |
| Front-minus-back IV | 23.1 pp |
| Front 25-delta risk reversal | -79.1 pp |
| Call OI change, 1 session | +64 contracts · +0.1% |
| Put OI change, 1 session | -129 contracts · -0.4% |
| Call minus put OI growth, 1 session | +0.5 pp |
| Call OI change, 5 sessions | +300 contracts · +0.4% |
| Put OI change, 5 sessions | +1,489 contracts · +5.0% |
| Call minus put OI growth, 5 sessions | -4.6 pp |
| Daily call OI change surprise | +0.01σ (252 prior changes) |
| Daily put OI change surprise | -0.03σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.06σ (252 prior changes) |
| Daily open interest change (contracts) | -65 |
| Daily open interest change z-score (prior 252) | +0.00σ (252 prior changes) |
| Gamma max distance from close | +31.9% |
| Delta neutral distance from close | +12.4% |
| Prior-year sessions closer to gamma max | 86.9% of 252 |
| Prior-year sessions closer to delta neutral | 57.1% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 6.00 | 4.40 | 3.92 | -47.27% | Prior close |
| 2026-09-18 | 6.00 | 6.09 | 6.52 | +8.54% | Prior close |
| 2026-08-21 | 7.00 | 6.65 | 6.72 | -4.21% | Prior close |
| 2026-07-17 | 9.00 | 7.72 | 7.39 | -20.85% | Prior close |
| 2026-06-18 | 10.00 | 9.23 | 8.75 | -13.54% | Prior close |
| 2026-05-15 | 9.00 | 10.48 | 10.09 | +10.41% | Prior close |
| 2026-04-17 | 9.00 | 9.27 | 9.39 | +4.21% | Prior close |
| 2026-03-20 | 10.00 | 9.36 | 8.82 | -12.61% | Prior close |
| 2026-02-20 | 10.00 | 12.44 | 11.85 | +14.87% | Prior close |
| 2026-01-16 | 9.00 | 11.49 | 10.56 | +13.53% | 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 | 42 | -1.2% | -4.3% to +1.6% | 38% | -3.1% to +0.2% | 0.0% |
| above | Day +3 | 42 | -2.0% | -4.2% to +4.8% | 43% | -3.2% to +1.6% | 0.0% |
| above | Day +5 | 42 | +0.5% | -8.2% to +7.0% | 52% | -2.1% to +4.8% | 0.0% |
| above | Day +10 | 42 | -0.3% | -13.4% to +10.2% | 50% | -7.4% to +3.9% | 0.0% |
| below | Day +1 | 41 | -0.8% | -3.3% to +0.9% | 32% | -2.2% to -0.3% | -0.3% |
| below | Day +3 | 41 | -0.5% | -4.0% to +6.4% | 44% | -2.0% to +1.9% | 0.0% |
| below | Day +5 | 41 | -0.3% | -7.0% to +4.5% | 49% | -3.6% to +1.7% | 0.0% |
| below | Day +10 | 41 | -5.6% | -16.9% to +7.1% | 41% | -10.6% to +1.3% | 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/VNET.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/VNET.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/VNET.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).