# TAN: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/TAN
Data through: 2026-11-13 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 41.65 |
| Delta neutral (USD/share) | 40.80 |
| Gamma neutral (USD/share) | 35.18 |
| Gamma max (USD/share) | 47.34 |
| Open interest (contracts) | 110,849 |
| Nearest-expiration max pain (USD/share) | 44.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 44.00 |
| Net gamma exposure | 6,189,141 |
| Confirmed GEX flip (USD/share) | 35.18 |
| Call wall (USD/share) | 45.00 |
| Put wall (USD/share) | 41.00 |
| Put/call open-interest ratio | 0.37 |
| Net GEX sign history | positive for the last 32 sessions; negative on 38 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 3 of 15 expirations (20%); median distance 6.08% vs 1.37% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 58.7 |
| Options directional score (-100 to +100) | 37.2 |
| IV rank | 11.3 |
| Front-minus-back IV | 7.3 pp |
| Front 25-delta risk reversal | -172.8 pp |
| Call OI change, 1 session | +2,038 contracts · +2.6% |
| Put OI change, 1 session | -80 contracts · -0.3% |
| Call minus put OI growth, 1 session | +2.9 pp |
| Call OI change, 5 sessions | +3,602 contracts · +4.7% |
| Put OI change, 5 sessions | +604 contracts · +2.1% |
| Call minus put OI growth, 5 sessions | +2.6 pp |
| Daily call OI change surprise | +0.59σ (252 prior changes) |
| Daily put OI change surprise | -0.02σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.30σ (252 prior changes) |
| Daily open interest change (contracts) | 1,958 |
| Daily open interest change z-score (prior 252) | +0.42σ (252 prior changes) |
| Gamma max distance from close | +13.7% |
| Delta neutral distance from close | -2.1% |
| Prior-year sessions closer to gamma max | 69.4% of 252 |
| Prior-year sessions closer to delta neutral | 17.9% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-10-16 | 45.00 | 42.75 | 41.85 | -7.37% | Prior close |
| 2026-09-18 | 55.00 | 46.36 | 45.66 | -20.15% | Prior close |
| 2026-08-21 | 51.00 | 49.73 | 49.32 | -3.38% | Prior close |
| 2026-07-17 | 57.00 | 54.18 | 53.90 | -5.72% | Prior close |
| 2026-06-18 | 55.00 | 58.45 | 60.65 | +9.67% | Prior close |
| 2026-05-15 | 56.00 | 64.95 | 64.96 | +13.80% | Prior close |
| 2026-04-17 | 55.00 | 54.49 | 55.13 | +0.24% | Max pain |
| 2026-03-20 | 54.00 | 56.95 | 55.15 | +2.02% | Max pain |
| 2026-02-20 | 55.00 | 58.52 | 59.77 | +8.15% | Prior close |
| 2026-01-16 | 47.00 | 51.97 | 51.88 | +9.39% | Prior close |

Each expiration compares the last session before it, when it was the nearest expiration, with the expiration-session close; distances are percentages of that prior close. Underlying closes are not option settlement values. Descriptive history, not a forecast.

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 23 | +0.1% | -0.9% to +2.0% | 57% | -0.8% to +1.6% | 0.0% |
| above | Day +3 | 23 | -0.6% | -2.7% to +1.8% | 43% | -1.4% to +1.2% | 0.0% |
| above | Day +5 | 23 | -0.7% | -3.3% to +1.5% | 39% | -2.1% to +0.8% | 0.0% |
| above | Day +10 | 23 | -3.3% | -8.9% to +1.6% | 43% | -7.9% to +0.5% | 0.0% |
| below | Day +1 | 21 | -0.1% | -1.8% to +1.4% | 48% | -1.6% to +1.3% | 0.0% |
| below | Day +3 | 21 | -1.5% | -3.6% to +0.8% | 29% | -3.3% to -0.3% | -0.3% |
| below | Day +5 | 21 | -1.6% | -9.1% to +2.0% | 38% | -7.4% to +1.6% | 0.0% |
| below | Day +10 | 21 | -0.5% | -8.3% to +0.9% | 48% | -8.1% to +0.6% | 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/TAN.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/TAN.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/TAN.json?date=2026-11-13&public_schema=5)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; the 60-session close-versus-max-pain chart, full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).