# Z: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 29.80 |
| Delta neutral (USD/share) | 30.54 |
| Gamma neutral (USD/share) | 31.88 |
| Gamma max (USD/share) | 39.64 |
| Open interest (contracts) | 103,111 |
| Nearest-expiration max pain (USD/share) | 32.50 (2026-11-20) |
| All-expiration max pain (USD/share) | 32.50 |
| Net gamma exposure | -2,384,586 |
| Confirmed GEX flip (USD/share) | 31.88 |
| Call wall (USD/share) | 40.00 |
| Put wall (USD/share) | 30.00 |
| Put/call open-interest ratio | 0.61 |
| Net GEX sign history | negative for the last 7 sessions; negative on 72 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 3 of 14 expirations (21%); median distance 5.80% vs 0.93% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 40.5 |
| Options directional score (-100 to +100) | 8.8 |
| IV rank | 11.9 |
| Front-minus-back IV | 18.1 pp |
| Front 25-delta risk reversal | -0.6 pp |
| Call OI change, 1 session | +347 contracts · +0.5% |
| Put OI change, 1 session | -1,707 contracts · -4.2% |
| Call minus put OI growth, 1 session | +4.7 pp |
| Call OI change, 5 sessions | +1,037 contracts · +1.6% |
| Put OI change, 5 sessions | -616 contracts · -1.6% |
| Call minus put OI growth, 5 sessions | +3.2 pp |
| Daily call OI change surprise | +0.07σ (252 prior changes) |
| Daily put OI change surprise | -0.44σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.05σ (252 prior changes) |
| Daily open interest change (contracts) | -1,360 |
| Daily open interest change z-score (prior 252) | -0.10σ (252 prior changes) |
| Gamma max distance from close | +33.0% |
| Delta neutral distance from close | +2.5% |
| Prior-year sessions closer to gamma max | 54.8% of 252 |
| Prior-year sessions closer to delta neutral | 24.6% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 30.00 | 31.46 | 30.82 | +2.61% | Prior close |
| 2026-09-18 | 35.00 | 30.10 | 29.81 | -17.24% | Prior close |
| 2026-08-21 | 35.00 | 35.72 | 35.88 | +2.46% | Prior close |
| 2026-07-17 | 35.00 | 34.08 | 33.90 | -3.21% | Prior close |
| 2026-06-18 | 42.50 | 32.08 | 32.06 | -32.55% | Prior close |
| 2026-05-15 | 42.50 | 37.37 | 37.66 | -12.95% | Prior close |
| 2026-04-17 | 42.50 | 44.08 | 46.86 | +9.89% | Prior close |
| 2026-03-20 | 45.00 | 45.54 | 43.95 | -2.31% | Max pain |
| 2026-02-20 | 55.00 | 45.55 | 45.46 | -20.94% | Prior close |
| 2026-01-16 | 70.00 | 67.92 | 68.53 | -2.16% | 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 | 23 | -0.2% | -1.3% to +2.1% | 48% | -1.1% to +2.0% | 0.0% |
| above | Day +3 | 23 | +0.1% | -3.0% to +3.3% | 52% | -1.8% to +2.5% | 0.0% |
| above | Day +5 | 23 | -2.6% | -3.9% to +2.1% | 30% | -3.6% to -0.2% | -0.2% |
| above | Day +10 | 23 | +2.4% | -5.2% to +3.4% | 61% | -4.9% to +3.3% | 0.0% |
| below | Day +1 | 22 | -0.2% | -1.3% to +0.7% | 41% | -1.1% to +0.7% | 0.0% |
| below | Day +3 | 22 | -1.8% | -3.8% to -0.7% | 23% | -3.7% to -1.2% | -1.2% |
| below | Day +5 | 22 | -3.0% | -5.7% to +1.7% | 32% | -5.7% to +0.1% | 0.0% |
| below | Day +10 | 22 | -0.8% | -7.2% to +3.0% | 45% | -6.5% to +2.3% | 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/Z.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/Z.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/Z.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).