{"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/NVO","markdown_url":"https://halfonadouble.com/stock/NVO.md","history_url":"https://halfonadouble.com/api/v1/history/NVO.csv","advanced_analysis_url":"https://halfonadouble.com/api/v1/analysis/NVO.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":"NVO","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":38.83000183105469,"previous_close":39.220001220703125,"delta_neutral":40.77990598037404,"gamma_neutral":40.25941292860141,"gamma_max":54.92025976010062,"total_open_interest":1369531,"previous_open_interest":1547006,"listed_contracts":590,"listed_calls":356,"listed_puts":291,"gamma_max_distance_pct":41.437695519698856,"delta_neutral_distance_pct":5.021643207237492,"gamma_neutral_distance_pct":3.6812027559667357,"open_interest_change_1d_pct":-11.47215977184316,"call_open_interest":834989,"put_open_interest":534542,"put_call_open_interest_ratio":0.6401784933693737,"nearest_expiration_max_pain":39,"nearest_expiration_max_pain_expiry":"2026-10-23","nearest_expiration_max_pain_distance_pct":0.4378010840302221,"all_expiration_max_pain":40,"net_gamma_exposure":-16294377.803268597,"net_gamma_exposure_per_100k_open_interest":-1189777.9461194086,"gamma_exposure_flip":40.25941292860141,"gamma_exposure_flip_distance_pct":3.6812027559667357,"call_wall":40,"call_wall_distance_pct":3.013129316954074,"put_wall":40,"put_wall_distance_pct":3.013129316954074,"gamma_max_cross_direction":null,"delta_neutral_cross_direction":null,"open_interest_rank":75},"history_summary":{"first_date":"2020-12-01","last_date":"2026-10-16","session_count":1404,"trailing_window_sessions":252,"sessions_above_gamma_max_pct":1.1904761904761905,"gamma_max_cross_count":6,"delta_neutral_cross_count":23,"gamma_max_prior_sessions_closer_pct":88.88888888888889,"gamma_max_prior_comparison_sessions":252,"delta_neutral_prior_sessions_closer_pct":50.79365079365079,"delta_neutral_prior_comparison_sessions":252,"open_interest_percentile_1y":24.206349206349206,"open_interest_change_1d_contracts":-177475,"open_interest_change_z_252":-2.7249088136564303,"open_interest_change_z_comparison_sessions":252,"open_interest_change_5_sessions_pct":-9.805580929136253,"open_interest_change_21_sessions_pct":-6.14694472217863,"call_put_open_interest_changes":{"one_session":{"call_change_contracts":-113115,"put_change_contracts":-64360,"call_growth_pct":-11.930653177288567,"put_growth_pct":-10.746332455059425,"call_minus_put_growth_pp":-1.1843207222291419},"five_sessions":{"call_change_contracts":-97131,"put_change_contracts":-51759,"call_growth_pct":-10.420439428399776,"put_growth_pct":-8.828059307420592,"call_minus_put_growth_pp":-1.5923801209791844},"call_change_surprise":{"z_score":-2.9489436545551806,"comparison_sessions":252},"put_change_surprise":{"z_score":-2.2806368871909486,"comparison_sessions":252},"call_minus_put_growth_surprise":{"z_score":-0.6799207784183762,"comparison_sessions":252}}},"advanced_options":{"data_through":"2026-10-16","analysis_coverage":1,"catalyst_score":36.51081473443396,"directional_score":24.753427597864295,"catalyst_reasons":["25Δ risk reversal -170.9 pp"],"features":{"price":38.83,"totalOi":1550654,"analysisCoverage":1,"avgIvPct":153.9,"ivRank":62.1,"iv52wHighPct":221,"iv52wLowPct":44,"frontDte":7,"termPremiumPp":-5.3916,"riskReversalFrontPp":-170.9,"riskReversal30dPp":7.29,"butterflyFrontPp":-5.25,"butterfly30dPp":2.16,"putCallOiRatio":0.626,"putCallOiFrontRatio":0.651,"putCallVolumeFrontRatio":0.5,"optionVolume":40479,"volumeOiRatio":0.026104,"netDeltaNormalized":-0.021414,"dealerDeltaNormalized":0.021268,"gexPer100kOi":-726092.026332,"vannaPer100kOi":2866.467955,"charmPer100kOi":13043.980153,"weekendDeltaShiftPer100kOi":39131.940459,"ivSurfaceRangePp":178.1,"gammaFlipDistancePct":null,"maxPainDistancePct":3.013134,"peakCallDistancePct":3.013134,"peakPutDistancePct":-9.863508},"complete_analysis_url":"https://halfonadouble.com/api/v1/analysis/NVO.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":32,"completed_path_count":32,"latest_cross_date":"2026-07-16","horizons":[{"sessions":1,"sample_size":32,"median_return_pct":-0.7408220092214535,"p25_return_pct":-1.3539801792259247,"p75_return_pct":0.22679254470239774,"above_zero_pct":31.25,"median_interval_low_pct":-1.026188346649226,"median_interval_high_pct":-0.13115654168682767,"median_interval_nominal_coverage_pct":94.98975402675569,"confidence_floor_pct":-0.13115654168682767},{"sessions":3,"sample_size":32,"median_return_pct":-0.7094633568380027,"p25_return_pct":-3.334654116139757,"p75_return_pct":1.6205638911644782,"above_zero_pct":34.375,"median_interval_low_pct":-2.134903592450066,"median_interval_high_pct":0.10992495439683392,"median_interval_nominal_coverage_pct":94.98975402675569,"confidence_floor_pct":0},{"sessions":5,"sample_size":32,"median_return_pct":-0.9296145050096016,"p25_return_pct":-3.0243425362742715,"p75_return_pct":2.0947593544683674,"above_zero_pct":43.75,"median_interval_low_pct":-2.146216417979674,"median_interval_high_pct":1.2872334108339434,"median_interval_nominal_coverage_pct":94.98975402675569,"confidence_floor_pct":0},{"sessions":10,"sample_size":32,"median_return_pct":-0.7596472887699379,"p25_return_pct":-4.077804328543796,"p75_return_pct":2.698504381588107,"above_zero_pct":40.625,"median_interval_low_pct":-3.025277841005025,"median_interval_high_pct":1.8894397468551594,"median_interval_nominal_coverage_pct":94.98975402675569,"confidence_floor_pct":0}]},{"direction":"below","event_count":31,"completed_path_count":31,"latest_cross_date":"2025-12-24","horizons":[{"sessions":1,"sample_size":31,"median_return_pct":0.37529177368889055,"p25_return_pct":-0.8945484000806692,"p75_return_pct":1.0147204268229792,"above_zero_pct":58.06451612903226,"median_interval_low_pct":-0.4480220036475413,"median_interval_high_pct":0.6794593029827212,"median_interval_nominal_coverage_pct":92.92444540187716,"confidence_floor_pct":0},{"sessions":3,"sample_size":31,"median_return_pct":0.4622157634009749,"p25_return_pct":-0.8855705472111453,"p75_return_pct":2.121929699579994,"above_zero_pct":61.29032258064516,"median_interval_low_pct":-0.124533689653894,"median_interval_high_pct":1.855591063874673,"median_interval_nominal_coverage_pct":92.92444540187716,"confidence_floor_pct":0},{"sessions":5,"sample_size":31,"median_return_pct":0.7632939336786437,"p25_return_pct":-0.44570112200036927,"p75_return_pct":2.0224596820202723,"above_zero_pct":58.06451612903226,"median_interval_low_pct":-0.2909299393166198,"median_interval_high_pct":1.4443434212235262,"median_interval_nominal_coverage_pct":92.92444540187716,"confidence_floor_pct":0},{"sessions":10,"sample_size":31,"median_return_pct":0.21651490837457654,"p25_return_pct":-3.123712362634279,"p75_return_pct":2.3066089007350854,"above_zero_pct":51.61290322580645,"median_interval_low_pct":-2.2490561497178985,"median_interval_high_pct":1.4104410477507878,"median_interval_nominal_coverage_pct":92.92444540187716,"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."}