# BTU: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/BTU
Data through: 2026-10-16 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 23.89 |
| Delta neutral (USD/share) | 21.98 |
| Gamma neutral (USD/share) | 22.89 |
| Gamma max (USD/share) | 30.78 |
| Open interest (contracts) | 117,422 |
| Nearest-expiration max pain (USD/share) | 25.00 (2026-10-23) |
| All-expiration max pain (USD/share) | 22.00 |
| Net gamma exposure | 397,134 |
| Confirmed GEX flip (USD/share) | 22.89 |
| Call wall (USD/share) | 20.00 |
| Put wall (USD/share) | 25.00 |
| Put/call open-interest ratio | 0.99 |
| Options catalyst-intensity score (0–100) | 46.9 |
| Options directional score (-100 to +100) | -0.6 |
| IV rank | 100.0 |
| Front-minus-back IV | -2.5 pp |
| Front 25-delta risk reversal | -1.9 pp |
| Call OI change, 1 session | -10,617 contracts · -15.3% |
| Put OI change, 1 session | -5,157 contracts · -8.1% |
| Call minus put OI growth, 1 session | -7.2 pp |
| Call OI change, 5 sessions | -6,388 contracts · -9.8% |
| Put OI change, 5 sessions | -3,265 contracts · -5.3% |
| Call minus put OI growth, 5 sessions | -4.5 pp |
| Daily call OI change surprise | -1.05σ (252 prior changes) |
| Daily put OI change surprise | -0.93σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.40σ (252 prior changes) |
| Daily open interest change (contracts) | -15,774 |
| Daily open interest change z-score (prior 252) | -1.05σ (252 prior changes) |
| Gamma max distance from close | +28.9% |
| Delta neutral distance from close | -8.0% |
| Prior-year sessions closer to gamma max | 94.8% of 252 |
| Prior-year sessions closer to delta neutral | 34.5% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 49 | -0.8% | -2.5% to +0.8% | 37% | -1.5% to -0.0% | -0.0% |
| above | Day +3 | 49 | -1.2% | -4.3% to +2.2% | 33% | -3.1% to -0.2% | -0.2% |
| above | Day +5 | 49 | -1.2% | -7.2% to +4.6% | 43% | -4.3% to +1.3% | 0.0% |
| above | Day +10 | 49 | -5.0% | -10.4% to +4.2% | 37% | -7.1% to -0.7% | -0.7% |
| below | Day +1 | 53 | -0.0% | -2.8% to +1.9% | 45% | -1.1% to +0.5% | 0.0% |
| below | Day +3 | 53 | -1.3% | -5.6% to +7.2% | 45% | -3.3% to +2.5% | 0.0% |
| below | Day +5 | 53 | -0.7% | -7.9% to +5.6% | 45% | -3.4% to +3.8% | 0.0% |
| below | Day +10 | 53 | -5.2% | -10.2% to +8.2% | 40% | -6.5% to +1.0% | 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/BTU.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/BTU.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/BTU.json?date=2026-10-16&public_schema=4)

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).