{"schema_version":1,"publisher":"Half on a Double","data_through":"2026-10-16","frequency":"end-of-day","methodology":"market-implied-carry-v1","generation":"market-implied-carry-analytics-20260917T000000Z","canonical_url":"https://halfonadouble.com/stock/LQD","markdown_url":"https://halfonadouble.com/stock/LQD.md","history_url":"https://halfonadouble.com/api/v1/history/LQD.csv","advanced_analysis_url":"https://halfonadouble.com/api/v1/analysis/LQD.json?date=2026-10-16&public_schema=4","definitions_url":"https://halfonadouble.com/methodology.md","license_url":"https://halfonadouble.com/terms.md","disclaimer_url":"https://halfonadouble.com/disclaimer.md","symbol":"LQD","page_tier":"A","units":{"prices":"USD per share","open_interest":"option contracts","gamma_exposure":"modeled dollar-delta change per USD 1 underlying move","gamma_exposure_normalized":"modeled gamma exposure per 100,000 open option contracts","distances":"percent of close","forward_outcomes":"close-to-close percent return"},"snapshot":{"close":103.4000015258789,"previous_close":103.5,"delta_neutral":104.56708948345917,"gamma_neutral":249.43500736441138,"gamma_max":107.9173142776284,"total_open_interest":2564565,"previous_open_interest":3171003,"listed_contracts":581,"listed_calls":269,"listed_puts":321,"gamma_max_distance_pct":4.368774356950961,"delta_neutral_distance_pct":1.1287117411581142,"gamma_neutral_distance_pct":141.23307899756935,"open_interest_change_1d_pct":-19.124485218083993,"call_open_interest":1083182,"put_open_interest":1481383,"put_call_open_interest_ratio":1.3676215077429277,"nearest_expiration_max_pain":101,"nearest_expiration_max_pain_expiry":"2026-10-19","nearest_expiration_max_pain_distance_pct":-2.32108461359958,"all_expiration_max_pain":104,"net_gamma_exposure":-21386614.00155655,"net_gamma_exposure_per_100k_open_interest":-833927.5472275629,"gamma_exposure_flip":249.43500736441138,"gamma_exposure_flip_distance_pct":141.23307899756935,"call_wall":105,"call_wall_distance_pct":1.5473872828915258,"put_wall":102,"put_wall_distance_pct":-1.3539666394768037,"gamma_max_cross_direction":null,"delta_neutral_cross_direction":null,"open_interest_rank":37},"history_summary":{"first_date":"2020-12-01","last_date":"2026-10-16","session_count":1404,"trailing_window_sessions":252,"sessions_above_gamma_max_pct":0,"gamma_max_cross_count":0,"delta_neutral_cross_count":11,"gamma_max_prior_sessions_closer_pct":80.95238095238095,"gamma_max_prior_comparison_sessions":252,"delta_neutral_prior_sessions_closer_pct":62.698412698412696,"delta_neutral_prior_comparison_sessions":252,"open_interest_percentile_1y":94.84126984126983,"open_interest_change_1d_contracts":-606438,"open_interest_change_z_252":-5.382575706088708,"open_interest_change_z_comparison_sessions":252,"open_interest_change_5_sessions_pct":-11.434609006400583,"open_interest_change_21_sessions_pct":-2.913872837621747,"call_put_open_interest_changes":{"one_session":{"call_change_contracts":-376048,"put_change_contracts":-230390,"call_growth_pct":-25.770303516238013,"put_growth_pct":-13.45914440758208,"call_minus_put_growth_pp":-12.311159108655932},"five_sessions":{"call_change_contracts":-178967,"put_change_contracts":-152142,"call_growth_pct":-14.179546155010225,"put_growth_pct":-9.313723389602242,"call_minus_put_growth_pp":-4.865822765407984},"call_change_surprise":{"z_score":-9.248673786283259,"comparison_sessions":252},"put_change_surprise":{"z_score":-2.909429267638615,"comparison_sessions":252},"call_minus_put_growth_surprise":{"z_score":-2.422504844783089,"comparison_sessions":252}}},"advanced_options":{"data_through":"2026-10-16","analysis_coverage":0.9444,"catalyst_score":33.46758581038202,"directional_score":-20.21632100024148,"catalyst_reasons":[],"features":{"price":103.4,"totalOi":3229547,"analysisCoverage":0.9444,"avgIvPct":30.8,"ivRank":66.7,"iv52wHighPct":40.3,"iv52wLowPct":11.8,"frontDte":3,"termPremiumPp":0.8386,"riskReversalFrontPp":3.29,"riskReversal30dPp":4.43,"butterflyFrontPp":null,"butterfly30dPp":null,"putCallOiRatio":1.172,"putCallOiFrontRatio":0.579,"putCallVolumeFrontRatio":5.222,"optionVolume":138392,"volumeOiRatio":0.042852,"netDeltaNormalized":-0.039495,"dealerDeltaNormalized":0.038808,"gexPer100kOi":5103890.557406,"vannaPer100kOi":2433.437259,"charmPer100kOi":-3332.727469,"weekendDeltaShiftPer100kOi":-9998.182408,"ivSurfaceRangePp":36.5,"gammaFlipDistancePct":4.003868,"maxPainDistancePct":0.580271,"peakCallDistancePct":5.415861,"peakPutDistancePct":-3.288201},"complete_analysis_url":"https://halfonadouble.com/api/v1/analysis/LQD.json?date=2026-10-16&public_schema=4","interpretation":"Catalyst intensity ranks unusual option pricing and activity; it does not identify the event, predict direction or recommend a trade. Directional score summarizes relative positioning under documented model conventions."},"gamma_max_cross_outcomes":[{"direction":"above","event_count":7,"completed_path_count":7,"latest_cross_date":"2023-12-14","horizons":[{"sessions":1,"sample_size":7,"median_return_pct":-0.14057593685868897,"p25_return_pct":-0.21494215194571842,"p75_return_pct":0.3030767181078642,"above_zero_pct":42.857142857142854,"median_interval_low_pct":-0.5203323587194775,"median_interval_high_pct":0.8531629008478925,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":3,"sample_size":7,"median_return_pct":0.3033460055971382,"p25_return_pct":-0.05244204889398585,"p75_return_pct":0.5121497001683184,"above_zero_pct":71.42857142857143,"median_interval_low_pct":-0.434306679441232,"median_interval_high_pct":0.7953163027477395,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":5,"sample_size":7,"median_return_pct":0.3751500634599836,"p25_return_pct":0.10103718737923817,"p75_return_pct":0.7400505178558281,"above_zero_pct":85.71428571428571,"median_interval_low_pct":-0.20810327047136035,"median_interval_high_pct":1.0427514422188588,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":10,"sample_size":7,"median_return_pct":0.5474920200689848,"p25_return_pct":0.2320308703008367,"p75_return_pct":1.4135661821250922,"above_zero_pct":100,"median_interval_low_pct":0.12668025994890808,"median_interval_high_pct":2.9581805077421697,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0.12668025994890808}]},{"direction":"below","event_count":7,"completed_path_count":7,"latest_cross_date":"2023-12-15","horizons":[{"sessions":1,"sample_size":7,"median_return_pct":0.07509093633837338,"p25_return_pct":-0.28401377535284267,"p75_return_pct":0.47957471355969394,"above_zero_pct":57.14285714285714,"median_interval_low_pct":-0.5806154537439712,"median_interval_high_pct":0.7186791227163036,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":3,"sample_size":7,"median_return_pct":0.3454022669809209,"p25_return_pct":0.09754560949793989,"p75_return_pct":0.6650162859805797,"above_zero_pct":71.42857142857143,"median_interval_low_pct":-0.5731643848904122,"median_interval_high_pct":1.7484227825363519,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":5,"sample_size":7,"median_return_pct":0.504148576753316,"p25_return_pct":0.02486863447874188,"p75_return_pct":0.8539666905900356,"above_zero_pct":71.42857142857143,"median_interval_low_pct":-0.6476069234059634,"median_interval_high_pct":1.1303767717933288,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0},{"sessions":10,"sample_size":7,"median_return_pct":0.7705366205281505,"p25_return_pct":0.3265322831160766,"p75_return_pct":1.646136530008846,"above_zero_pct":85.71428571428571,"median_interval_low_pct":-0.40775366595999785,"median_interval_high_pct":2.5328422332602907,"median_interval_nominal_coverage_pct":98.4375,"confidence_floor_pct":0}]}],"missing_value_semantics":"null means unavailable; it never means zero","interpretation":"These are descriptive end-of-day model outputs. Signed GEX uses the published call-positive, put-negative convention and is not observed dealer inventory. None of the fields are live prices, predictions or investment advice."}