{"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/SMH","markdown_url":"https://halfonadouble.com/stock/SMH.md","history_url":"https://halfonadouble.com/api/v1/history/SMH.csv","advanced_analysis_url":"https://halfonadouble.com/api/v1/analysis/SMH.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":"SMH","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":539.7899780273438,"previous_close":558.8400268554688,"delta_neutral":590.9421804172259,"gamma_neutral":620.2786459944517,"gamma_max":698.4036438610347,"total_open_interest":1492950,"previous_open_interest":1931384,"listed_contracts":4045,"listed_calls":2570,"listed_puts":2097,"gamma_max_distance_pct":29.384329515220475,"delta_neutral_distance_pct":9.47631569167277,"gamma_neutral_distance_pct":14.911108253853264,"open_interest_change_1d_pct":-22.70050906500209,"call_open_interest":526357,"put_open_interest":966593,"put_call_open_interest_ratio":1.8363829112180516,"nearest_expiration_max_pain":562.5,"nearest_expiration_max_pain_expiry":"2026-10-19","nearest_expiration_max_pain_distance_pct":4.207195927506799,"all_expiration_max_pain":580,"net_gamma_exposure":-164148020.0117995,"net_gamma_exposure_per_100k_open_interest":-10994877.257228944,"gamma_exposure_flip":620.2786459944517,"gamma_exposure_flip_distance_pct":14.911108253853264,"call_wall":600,"call_wall_distance_pct":11.15434232267392,"put_wall":530,"put_wall_distance_pct":-1.8136642816380384,"gamma_max_cross_direction":null,"delta_neutral_cross_direction":null,"open_interest_rank":71},"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":31,"gamma_max_prior_sessions_closer_pct":96.82539682539682,"gamma_max_prior_comparison_sessions":252,"delta_neutral_prior_sessions_closer_pct":98.80952380952381,"delta_neutral_prior_comparison_sessions":252,"open_interest_percentile_1y":55.158730158730165,"open_interest_change_1d_contracts":-438434,"open_interest_change_z_252":-2.6822665763872404,"open_interest_change_z_comparison_sessions":252,"open_interest_change_5_sessions_pct":-11.185578386854788,"open_interest_change_21_sessions_pct":-28.90389274938283,"call_put_open_interest_changes":{"one_session":{"call_change_contracts":-158865,"put_change_contracts":-279569,"call_growth_pct":-23.18445700809373,"put_growth_pct":-22.43440258971145,"call_minus_put_growth_pp":-0.7500544183822804},"five_sessions":{"call_change_contracts":-104573,"put_change_contracts":-83454,"call_growth_pct":-16.57442188515366,"put_growth_pct":-7.947644248305076,"call_minus_put_growth_pp":-8.626777636848585},"call_change_surprise":{"z_score":-4.467515939878737,"comparison_sessions":252},"put_change_surprise":{"z_score":-2.105609736005752,"comparison_sessions":252},"call_minus_put_growth_surprise":{"z_score":-0.04383362688156827,"comparison_sessions":252}}},"advanced_options":{"data_through":"2026-10-16","analysis_coverage":1,"catalyst_score":50.246980632907416,"directional_score":-31.68368168280969,"catalyst_reasons":["volume/OI 0.24"],"features":{"price":539.79,"totalOi":2100275,"analysisCoverage":1,"avgIvPct":136,"ivRank":67.4,"iv52wHighPct":179.5,"iv52wLowPct":46.13,"frontDte":3,"termPremiumPp":1.7005,"riskReversalFrontPp":4.91,"riskReversal30dPp":5.94,"butterflyFrontPp":2.58,"butterfly30dPp":0.73,"putCallOiRatio":1.801,"putCallOiFrontRatio":0.327,"putCallVolumeFrontRatio":2.689,"optionVolume":507459,"volumeOiRatio":0.241616,"netDeltaNormalized":-0.129462,"dealerDeltaNormalized":0.129349,"gexPer100kOi":-95587287.385699,"vannaPer100kOi":1800.859411,"charmPer100kOi":16568415.326564,"weekendDeltaShiftPer100kOi":49705245.93208,"ivSurfaceRangePp":208.8,"gammaFlipDistancePct":null,"maxPainDistancePct":6.522907,"peakCallDistancePct":18.564627,"peakPutDistancePct":0.038904},"complete_analysis_url":"https://halfonadouble.com/api/v1/analysis/SMH.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":9,"completed_path_count":9,"latest_cross_date":"2023-07-18","horizons":[{"sessions":1,"sample_size":9,"median_return_pct":0.5697616133267358,"p25_return_pct":-0.5942211169814082,"p75_return_pct":0.7815217145591191,"above_zero_pct":55.55555555555556,"median_interval_low_pct":-1.0482919838797233,"median_interval_high_pct":1.027898688472062,"median_interval_nominal_coverage_pct":96.09375,"confidence_floor_pct":0},{"sessions":3,"sample_size":9,"median_return_pct":-0.1827731798011767,"p25_return_pct":-1.6052026255505614,"p75_return_pct":2.495077462648787,"above_zero_pct":44.44444444444444,"median_interval_low_pct":-2.41579063152495,"median_interval_high_pct":2.7319092349326946,"median_interval_nominal_coverage_pct":96.09375,"confidence_floor_pct":0},{"sessions":5,"sample_size":9,"median_return_pct":0.2166788079068782,"p25_return_pct":-2.4148229438647695,"p75_return_pct":1.2810124660630695,"above_zero_pct":55.55555555555556,"median_interval_low_pct":-3.135970145381728,"median_interval_high_pct":3.568802208481525,"median_interval_nominal_coverage_pct":96.09375,"confidence_floor_pct":0},{"sessions":10,"sample_size":9,"median_return_pct":-0.25607313318036784,"p25_return_pct":-2.929988597222255,"p75_return_pct":4.221998781910741,"above_zero_pct":44.44444444444444,"median_interval_low_pct":-4.273766476852048,"median_interval_high_pct":4.542210820920856,"median_interval_nominal_coverage_pct":96.09375,"confidence_floor_pct":0}]},{"direction":"below","event_count":11,"completed_path_count":11,"latest_cross_date":"2023-07-19","horizons":[{"sessions":1,"sample_size":11,"median_return_pct":-0.03751551280407606,"p25_return_pct":-1.0048114611217296,"p75_return_pct":1.1411105570644509,"above_zero_pct":45.45454545454545,"median_interval_low_pct":-1.0630666228756969,"median_interval_high_pct":1.8004033135545328,"median_interval_nominal_coverage_pct":93.45703125,"confidence_floor_pct":0},{"sessions":3,"sample_size":11,"median_return_pct":-1.2363919661159128,"p25_return_pct":-2.0617355498915915,"p75_return_pct":1.2590958233726246,"above_zero_pct":36.36363636363637,"median_interval_low_pct":-2.619844615031486,"median_interval_high_pct":1.5522248280381623,"median_interval_nominal_coverage_pct":93.45703125,"confidence_floor_pct":0},{"sessions":5,"sample_size":11,"median_return_pct":-0.4021623044687561,"p25_return_pct":-1.3247363878245433,"p75_return_pct":0.9555484977228801,"above_zero_pct":36.36363636363637,"median_interval_low_pct":-2.069763191588614,"median_interval_high_pct":1.5171948440316108,"median_interval_nominal_coverage_pct":93.45703125,"confidence_floor_pct":0},{"sessions":10,"sample_size":11,"median_return_pct":-2.160327992089206,"p25_return_pct":-3.329419677392742,"p75_return_pct":1.4048736945355023,"above_zero_pct":45.45454545454545,"median_interval_low_pct":-3.907755198593965,"median_interval_high_pct":2.208678412129972,"median_interval_nominal_coverage_pct":93.45703125,"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."}