HBM max pain today, GEX levels and option walls
Hudbay Minerals · close 21.39 (−1.11% on the day, +2.35% over 5 sessions)
Net dealer gamma was close to zero: the price sat at the gamma flip, where the stance changes sides. The call wall — the strike with the most call open interest in reach — stands at 25, 16.9% above the close, unchanged for 21 sessions — too far away to have much pull day to day. The put wall stands at 20, 6.5% below the close, unchanged for 20 sessions. Max pain for the front expiry is 25 (16.9% above the close). Implied volatility over 30 days is 61.8%, an IV rank of 57 on a scale where 0 is the lowest day of its own year and 100 the highest; realised volatility over 20 days is 67.0%. The options price a move of about ±17.7% over the next 30 days.
HBM GEX levels: call wall, put wall and gamma flip
| Level | Price | From the close | Note |
|---|---|---|---|
| Call wall | 25 | +16.9% | 21 sessions |
| Put wall | 20 | −6.5% | 20 sessions |
| Gamma flip | 21.32 | −0.3% | below it dealers are short gamma |
| Max pain, front expiry | 25 | +16.9% |
HBM max pain this week and by expiration
For the nearest expiry, Nov 20, 2026 (7 days out), max pain is 25, 16.9% above the close. Max pain is the strike where the options of that expiry would be worth the least in total at expiry — the price at which option holders, all together, would lose the most. Open interest is as of the close of Nov 13, 2026.
| Expiry | Days | Max pain | From the close | Call OI | Put OI | Put / call | ATM IV | Priced move |
|---|---|---|---|---|---|---|---|---|
| Nov 20, 2026 | 7 | 25 | +16.9% | 10,706 | 6,490 | 0.61 | 94.2% | ±2.79 (13.0%) |
| Dec 18, 2026 | 35 | 20 | −6.5% | 997 | 978 | 0.98 | 60.0% | ±3.97 (18.6%) |
| Jan 15, 2027 | 63 | 22.5 | +5.2% | 8,480 | 2,458 | 0.29 | 59.5% | ±5.29 (24.7%) |
| Apr 16, 2027 | 154 | 25 | +16.9% | 3,090 | 938 | 0.30 | 56.1% | ±7.79 (36.5%) |
| Jan 21, 2028 | 434 | 17.5 | −18.2% | 213 | 108 | 0.51 | 57.3% | ±13.37 (62.5%) |
| Jan 19, 2029 | 798 | 12.5 | −41.6% | 243 | 64 | 0.26 | 54.1% | ±17.11 (80.0%) |
HBM max pain history
Max pain of the front expiry and of the monthly expiry at each close, next to the close itself — the last 10 sessions. Every session since Jan 2025 is in the daily option series below (columns max_pain_front, max_pain_monthly, max_pain_all).
| Session | Close | Max pain, front | Max pain, monthly | Put / call OI | Net GEX |
|---|---|---|---|---|---|
| Nov 13, 2026 | 21.39 | 25 | 25 | 0.47 | $7K |
| Nov 12, 2026 | 21.63 | 25 | 25 | 0.47 | $11K |
| Nov 11, 2026 | 21.95 | 25 | 25 | 0.47 | $59K |
| Nov 10, 2026 | 21.94 | 25 | 25 | 0.47 | $69K |
| Nov 9, 2026 | 22.79 | 25 | 25 | 0.46 | $126K |
| Nov 6, 2026 | 20.9 | 25 | 25 | 0.46 | $11K |
| Nov 5, 2026 | 20.57 | 25 | 25 | 0.44 | −$15K |
| Nov 4, 2026 | 22.21 | 25 | 25 | 0.48 | $21K |
| Nov 3, 2026 | 21.45 | 25 | 25 | 0.48 | −$11K |
| Nov 2, 2026 | 21.7 | 25 | 25 | 0.48 | $6K |
HBM and its option levels over the last year
The close, with the call wall and the put wall (the strikes the option book is heaviest at) and the gamma flip (the price where dealers’ net gamma changes sign). Each line is that day’s reading, not a level looked back on.
Implied against realised volatility
What the options charge for the next 30 days, against how much HBM actually moved over the last 20. A gap between the two is the market’s price for uncertainty.
Download HBM options history (CSV)
Every session we hold for HBM — 466 sessions, Jan 2025 → Nov 13, 2026 — as plain CSV files you can open in Excel, Python or any AI assistant. No account, no payment: press the button. A new row is added after each close.
one row per session: dealer gamma, vanna, charm, call and put walls, max pain, IV by tenor, skew, open interest, volume, flow — every column explained in the zip
the last session, expiry by expiry: open interest, volume, gamma, max pain, ATM IV, priced move
the last session, strike by strike: call and put open interest, gamma, volume
the last session by horizon (0–14, 15–45, 46–180 days): walls, max pain, gamma
The option series carries the daily close; the full price bars (open, high, low, volume) are not included. Every column, the limits and loading it in Python: historical options data. Data for research and education, not investment advice — see the terms.
How to read these figures
Gamma exposure (GEX)
How much dealers must buy or sell to stay hedged for each 1% move in the price. Long gamma means they trade against moves and dampen them; short gamma means they trade with moves and can amplify them. It is estimated from open interest and an assumption about which side dealers are on.
Call wall and put wall
The strikes where call and put open interest is heaviest within reach of the price. Prices often slow, or get pinned, near them into expiry; they are where a lot of hedging sits, not a guarantee.
Gamma flip
The price at which net dealer gamma changes sign. The same book acts as a brake above it and as an accelerator below it.
Max pain, IV rank and the priced move
Max pain is the strike where an expiry’s options are worth the least in total. IV rank places today’s implied volatility between the lowest (0) and the highest (100) of the last year. The priced move is what the options charge for the period, as a share of the price.
Every figure is end-of-day and describes how the option market is positioned. It is not a forecast of where HBM goes, and not advice. New to options? Start with Learn.
HBM options: questions and answers
What is HBM max pain today?
For the expiry of Nov 20, 2026, HBM max pain is 25, 16.9% above the close of 21.39 on Nov 13, 2026.
What is the HBM put/call ratio today?
The put/call open interest ratio was 0.47 at the close of Nov 13, 2026: more calls than puts are open (2.13 calls per put). Its daily history is in the option series on this page.
Where are the HBM call wall and put wall?
The call wall is 25 (16.9% above the close) and the put wall is 20 (6.5% below the close), as of the close of Nov 13, 2026.
Is HBM gamma exposure positive or negative?
Close to zero: the price sat at the gamma flip.
What is the HBM expected move?
The options price a move of about ±17.7% over the next 30 days, and ±2.79 to the expiry of Nov 20, 2026.
Can I download HBM historical options data?
Yes. HBM’s daily option series from Jan 2025 and its strike, expiry and event tables are CSV files on this page — no account and no payment.
HBM on the chart
Every session of HBM on one chart: the price with its walls and gamma flip, the market-maker view, the strike ladder and the expiries — open to everyone.
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