# XLB: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 48.86 |
| Delta neutral (USD/share) | 49.57 |
| Gamma neutral (USD/share) | 50.03 |
| Gamma max (USD/share) | 57.82 |
| Open interest (contracts) | 216,434 |
| Nearest-expiration max pain (USD/share) | 49.50 (2026-10-09) |
| All-expiration max pain (USD/share) | 50.00 |
| Net gamma exposure | -5,396,795 |
| Confirmed GEX flip (USD/share) | 50.03 |
| Call wall (USD/share) | 50.00 |
| Put wall (USD/share) | 50.00 |
| Put/call open-interest ratio | 0.90 |
| Options catalyst-intensity score (0–100) | 48.6 |
| Options directional score (-100 to +100) | -5.0 |
| IV rank | 96.9 |
| Front ATM IV | +31.6% |
| Front-minus-back IV | 11.0 pp |
| Front expected move | +4.4% |
| Front ATM straddle / spot | +2.3% |
| Front 25-delta risk reversal | -19.3 pp |
| Call OI change, 1 session | +704 contracts · +0.6% |
| Put OI change, 1 session | -84,640 contracts · -45.3% |
| Call minus put OI growth, 1 session | +45.9 pp |
| Call OI change, 5 sessions | -7,304 contracts · -6.0% |
| Put OI change, 5 sessions | -79,656 contracts · -43.8% |
| Call minus put OI growth, 5 sessions | +37.8 pp |
| Daily call OI change surprise | +0.02σ (252 prior changes) |
| Daily put OI change surprise | -1.48σ (252 prior changes) |
| Daily call-minus-put growth surprise | +2.57σ (252 prior changes) |
| Daily open interest change (contracts) | -83,936 |
| Daily open interest change z-score (prior 252) | -0.89σ (252 prior changes) |
| Gamma max distance from close | +18.3% |
| Delta neutral distance from close | +1.5% |
| Prior-year sessions closer to gamma max | 91.3% of 252 |
| Prior-year sessions closer to delta neutral | 28.2% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 12 | +0.0% | -0.6% to +0.5% | 50% | -1.2% to +0.5% | 0.0% |
| above | Day +3 | 12 | +0.5% | -0.5% to +0.9% | 58% | -1.2% to +1.0% | 0.0% |
| above | Day +5 | 12 | +0.7% | -0.0% to +1.0% | 67% | -0.1% to +1.1% | 0.0% |
| above | Day +10 | 12 | +2.6% | +0.4% to +3.7% | 75% | -0.3% to +3.7% | 0.0% |
| below | Day +1 | 10 | -0.0% | -0.9% to +0.8% | 50% | -1.0% to +1.5% | 0.0% |
| below | Day +3 | 10 | +0.3% | -0.8% to +0.8% | 60% | -1.4% to +2.0% | 0.0% |
| below | Day +5 | 10 | +0.1% | -0.5% to +1.6% | 50% | -1.3% to +2.9% | 0.0% |
| below | Day +10 | 10 | +1.6% | -0.4% to +2.9% | 70% | -1.3% to +5.9% | 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/XLB.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/XLB.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/XLB.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).