TCOM max pain, gamma exposure (GEX) & options open interest
As of close · rank #617 by open interest · 1,394 sessions of history since Dec 1, 2020
TCOM's nearest-expiration max pain is 40.00 for 2026-10-16, its GEX flip is 42.64, net GEX is -2,737,215, its put/call open-interest ratio is 0.71. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: 105d expected move +21.9% · 25Δ risk reversal 193.7 pp · OI change 0.04σ
TCOM closed 29.2% below its gamma max of 49.20. It is 11.6% below the delta neutral price of 42.52. Total open interest is 104,555, +0.5% versus the previous session. Its options catalyst-intensity score is 67.7 out of 100, led by 105d expected move +21.9%, 25Δ risk reversal 193.7 pp, OI change 0.04σ. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | +263 contracts · +0.4% |
| Put OI change, 1 session | +217 contracts · +0.5% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | +2,008 contracts · +3.4% |
| Put OI change, 5 sessions | +342 contracts · +0.8% |
| Call minus put OI growth, 5 sessions | +2.6 pp |
| Daily call OI change surprise | +0.04σ (252 prior changes) |
| Daily put OI change surprise | +0.04σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.02σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 19 completed Day +10 paths · latest Sep 18, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | -0.5% | -1.5% to +0.6% | 42% | -1.2% to +0.5% | 0.0% |
| Day +2 | 19 | +0.3% | -2.2% to +1.9% | 53% | -1.5% to +1.9% | 0.0% |
| Day +3 | 19 | +1.2% | -2.8% to +3.3% | 53% | -1.8% to +2.9% | 0.0% |
| Day +4 | 19 | +1.3% | -2.3% to +3.5% | 58% | -2.0% to +2.4% | 0.0% |
| Day +5 | 19 | +1.1% | -2.4% to +4.6% | 53% | -1.7% to +4.4% | 0.0% |
| Day +6 | 19 | +1.3% | -1.4% to +3.6% | 68% | -0.7% to +3.4% | 0.0% |
| Day +7 | 19 | +2.5% | -2.4% to +3.7% | 58% | -2.3% to +3.7% | 0.0% |
| Day +8 | 19 | +1.5% | -1.4% to +3.9% | 68% | -1.2% to +3.6% | 0.0% |
| Day +9 | 19 | +0.6% | -2.0% to +4.4% | 53% | -0.8% to +4.2% | 0.0% |
| Day +10 | 19 | +1.2% | -2.3% to +4.6% | 63% | -1.9% to +4.3% | 0.0% |
Crosses above gamma max 20 completed Day +10 paths · latest Sep 16, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 20 | +0.3% | -2.0% to +1.3% | 55% | -1.8% to +1.2% | 0.0% |
| Day +2 | 20 | -1.3% | -3.1% to +1.3% | 35% | -3.0% to +1.2% | 0.0% |
| Day +3 | 20 | -1.8% | -3.4% to +0.5% | 30% | -3.2% to +0.4% | 0.0% |
| Day +4 | 20 | -0.3% | -3.3% to +1.9% | 40% | -3.1% to +1.6% | 0.0% |
| Day +5 | 20 | -0.7% | -4.3% to +0.8% | 45% | -3.7% to +0.6% | 0.0% |
| Day +6 | 20 | -0.6% | -4.6% to +2.2% | 40% | -4.2% to +2.0% | 0.0% |
| Day +7 | 20 | -0.4% | -4.0% to +2.1% | 45% | -3.8% to +2.0% | 0.0% |
| Day +8 | 20 | -0.5% | -4.3% to +2.3% | 45% | -4.0% to +2.2% | 0.0% |
| Day +9 | 20 | -0.1% | -3.3% to +3.0% | 50% | -3.3% to +2.9% | 0.0% |
| Day +10 | 20 | -1.1% | -3.3% to +3.4% | 45% | -3.2% to +3.2% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 9 |
| Prior-year sessions closer to gamma max | 64.3% of 252 |
| Prior-year sessions closer to delta neutral | 90.1% of 252 |
| Open interest percentile (1y) | 65th |
| Daily open interest change versus prior year | +0.04σ (480 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +2.3% |
| Open interest change, 21 sessions | -11.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 46.20 vs 47.45 (-2.7%)
- closed above delta neutral at 47.12 vs 47.02 (+0.2%)
- closed below delta neutral at 47.30 vs 47.49 (-0.4%)
- closed above delta neutral at 47.01 vs 46.93 (+0.2%)
- closed below delta neutral at 53.95 vs 54.75 (-1.5%)
- closed above delta neutral at 54.12 vs 54.02 (+0.2%)
- closed below delta neutral at 62.44 vs 62.78 (-0.5%)
- closed above delta neutral at 63.97 vs 63.17 (+1.2%)
- closed below delta neutral at 62.78 vs 67.44 (-7.4%)
- closed below gamma max at 78.15 vs 80.23 (-2.7%)
In today's screens
Neighbours by open interest
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Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/TCOM
Questions people ask about TCOM
Where is TCOM's gamma max today?
As of Oct 2, 2026, the gamma max for TCOM is 49.20, +29.2% from the 38.09 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is TCOM above or below its delta neutral price?
TCOM closed below delta neutral: 38.09 against a delta neutral price of 42.52. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TCOM have?
104,555 contracts of open interest across 138 listed contracts on Oct 2, 2026, +0.5% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.