# IBM: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 232.14 |
| Delta neutral (USD/share) | 231.77 |
| Gamma neutral (USD/share) | 222.63 |
| Gamma max (USD/share) | 274.89 |
| Open interest (contracts) | 517,777 |
| Nearest-expiration max pain (USD/share) | 230.00 (2026-10-23) |
| All-expiration max pain (USD/share) | 240.00 |
| Net gamma exposure | 6,658,573 |
| Confirmed GEX flip (USD/share) | 222.63 |
| Call wall (USD/share) | 250.00 |
| Put wall (USD/share) | 220.00 |
| Put/call open-interest ratio | 0.82 |
| Options catalyst-intensity score (0–100) | 67.5 |
| Options directional score (-100 to +100) | 1.8 |
| IV rank | 100.0 |
| Front-minus-back IV | 36.1 pp |
| Front 25-delta risk reversal | -0.3 pp |
| Call OI change, 1 session | -67,994 contracts · -19.3% |
| Put OI change, 1 session | -43,870 contracts · -15.8% |
| Call minus put OI growth, 1 session | -3.5 pp |
| Call OI change, 5 sessions | -54,584 contracts · -16.1% |
| Put OI change, 5 sessions | -33,731 contracts · -12.6% |
| Call minus put OI growth, 5 sessions | -3.5 pp |
| Daily call OI change surprise | -3.20σ (252 prior changes) |
| Daily put OI change surprise | -3.31σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.08σ (252 prior changes) |
| Daily open interest change (contracts) | -111,864 |
| Daily open interest change z-score (prior 252) | -3.33σ (252 prior changes) |
| Gamma max distance from close | +18.4% |
| Delta neutral distance from close | -0.2% |
| Prior-year sessions closer to gamma max | 84.1% of 252 |
| Prior-year sessions closer to delta neutral | 1.6% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 26 | +0.4% | -0.4% to +0.9% | 65% | -0.1% to +0.7% | 0.0% |
| above | Day +3 | 26 | +0.5% | -1.4% to +1.8% | 65% | -0.2% to +1.3% | 0.0% |
| above | Day +5 | 26 | +0.2% | -1.8% to +1.8% | 54% | -0.4% to +1.6% | 0.0% |
| above | Day +10 | 26 | +0.2% | -2.7% to +2.7% | 54% | -1.3% to +1.6% | 0.0% |
| below | Day +1 | 27 | +0.1% | -1.0% to +0.5% | 52% | -0.7% to +0.5% | 0.0% |
| below | Day +3 | 27 | -0.1% | -1.7% to +0.9% | 44% | -1.3% to +0.8% | 0.0% |
| below | Day +5 | 27 | -0.7% | -2.1% to +2.2% | 41% | -1.6% to +2.1% | 0.0% |
| below | Day +10 | 27 | -1.3% | -3.4% to +3.2% | 41% | -3.2% to +2.2% | 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/IBM.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/IBM.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/IBM.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).