# SBSW: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 10.11 |
| Delta neutral (USD/share) | 7.92 |
| Gamma neutral (USD/share) | 5.09 |
| Gamma max (USD/share) | 11.41 |
| Open interest (contracts) | 180,639 |
| Nearest-expiration max pain (USD/share) | 11.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 10.00 |
| Net gamma exposure | 8,037,077 |
| Confirmed GEX flip (USD/share) | 5.09 |
| Call wall (USD/share) | 10.00 |
| Put wall (USD/share) | 10.00 |
| Put/call open-interest ratio | 0.24 |
| Options catalyst-intensity score (0–100) | 32.8 |
| Options directional score (-100 to +100) | 28.4 |
| IV rank | 81.3 |
| Front-minus-back IV | 0.0 pp |
| Front 25-delta risk reversal | -4.8 pp |
| Call OI change, 1 session | -27,653 contracts · -15.9% |
| Put OI change, 1 session | -21,730 contracts · -38.7% |
| Call minus put OI growth, 1 session | +22.8 pp |
| Call OI change, 5 sessions | -24,305 contracts · -14.3% |
| Put OI change, 5 sessions | -25,315 contracts · -42.4% |
| Call minus put OI growth, 5 sessions | +28.1 pp |
| Daily call OI change surprise | -2.42σ (252 prior changes) |
| Daily put OI change surprise | -4.17σ (252 prior changes) |
| Daily call-minus-put growth surprise | +6.60σ (252 prior changes) |
| Daily open interest change (contracts) | -49,383 |
| Daily open interest change z-score (prior 252) | -3.04σ (252 prior changes) |
| Gamma max distance from close | +12.9% |
| Delta neutral distance from close | -21.7% |
| Prior-year sessions closer to gamma max | 50.8% of 252 |
| Prior-year sessions closer to delta neutral | 36.5% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 34 | +0.7% | -1.5% to +2.0% | 62% | -1.0% to +1.5% | 0.0% |
| above | Day +3 | 34 | -0.6% | -4.6% to +3.1% | 50% | -3.2% to +1.9% | 0.0% |
| above | Day +5 | 34 | -0.2% | -7.9% to +4.0% | 50% | -7.1% to +1.8% | 0.0% |
| above | Day +10 | 34 | +4.4% | -6.8% to +11.1% | 59% | -4.9% to +8.4% | 0.0% |
| below | Day +1 | 36 | -0.3% | -2.4% to +1.7% | 42% | -1.4% to +1.1% | 0.0% |
| below | Day +3 | 36 | +0.7% | -3.3% to +5.0% | 53% | -2.4% to +2.6% | 0.0% |
| below | Day +5 | 36 | -0.6% | -3.2% to +5.9% | 44% | -2.2% to +2.8% | 0.0% |
| below | Day +10 | 36 | +1.9% | -3.1% to +11.9% | 61% | -1.1% to +8.2% | 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/SBSW.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/SBSW.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/SBSW.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).