# SMH: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 539.79 |
| Delta neutral (USD/share) | 590.94 |
| Gamma neutral (USD/share) | 620.28 |
| Gamma max (USD/share) | 698.40 |
| Open interest (contracts) | 1,492,950 |
| Nearest-expiration max pain (USD/share) | 562.50 (2026-10-19) |
| All-expiration max pain (USD/share) | 580.00 |
| Net gamma exposure | -164,148,020 |
| Confirmed GEX flip (USD/share) | 620.28 |
| Call wall (USD/share) | 600.00 |
| Put wall (USD/share) | 530.00 |
| Put/call open-interest ratio | 1.84 |
| Options catalyst-intensity score (0–100) | 50.2 |
| Options directional score (-100 to +100) | -31.7 |
| IV rank | 67.4 |
| Front-minus-back IV | 1.7 pp |
| Front 25-delta risk reversal | 4.9 pp |
| Call OI change, 1 session | -158,865 contracts · -23.2% |
| Put OI change, 1 session | -279,569 contracts · -22.4% |
| Call minus put OI growth, 1 session | -0.8 pp |
| Call OI change, 5 sessions | -104,573 contracts · -16.6% |
| Put OI change, 5 sessions | -83,454 contracts · -7.9% |
| Call minus put OI growth, 5 sessions | -8.6 pp |
| Daily call OI change surprise | -4.47σ (252 prior changes) |
| Daily put OI change surprise | -2.11σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.04σ (252 prior changes) |
| Daily open interest change (contracts) | -438,434 |
| Daily open interest change z-score (prior 252) | -2.68σ (252 prior changes) |
| Gamma max distance from close | +29.4% |
| Delta neutral distance from close | +9.5% |
| Prior-year sessions closer to gamma max | 96.8% of 252 |
| Prior-year sessions closer to delta neutral | 98.8% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 9 | +0.6% | -0.6% to +0.8% | 56% | -1.0% to +1.0% | 0.0% |
| above | Day +3 | 9 | -0.2% | -1.6% to +2.5% | 44% | -2.4% to +2.7% | 0.0% |
| above | Day +5 | 9 | +0.2% | -2.4% to +1.3% | 56% | -3.1% to +3.6% | 0.0% |
| above | Day +10 | 9 | -0.3% | -2.9% to +4.2% | 44% | -4.3% to +4.5% | 0.0% |
| below | Day +1 | 11 | -0.0% | -1.0% to +1.1% | 45% | -1.1% to +1.8% | 0.0% |
| below | Day +3 | 11 | -1.2% | -2.1% to +1.3% | 36% | -2.6% to +1.6% | 0.0% |
| below | Day +5 | 11 | -0.4% | -1.3% to +1.0% | 36% | -2.1% to +1.5% | 0.0% |
| below | Day +10 | 11 | -2.2% | -3.3% to +1.4% | 45% | -3.9% 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/SMH.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/SMH.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/SMH.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).