# TER: options-positioning snapshot

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

| Published field | Value |
| --- | --- |
| Close (USD/share) | 249.55 |
| Delta neutral (USD/share) | 292.12 |
| Gamma neutral (USD/share) | 337.84 |
| Gamma max (USD/share) | 416.65 |
| Open interest (contracts) | 111,799 |
| Nearest-expiration max pain (USD/share) | 300.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 290.00 |
| Net gamma exposure | -3,893,253 |
| Confirmed GEX flip (USD/share) | 337.84 |
| Call wall (USD/share) | 270.00 |
| Put wall (USD/share) | 260.00 |
| Put/call open-interest ratio | 1.56 |
| Net GEX sign history | negative for the last 27 sessions; negative on 67 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 12 of 50 expirations (24%); median distance 6.03% vs 2.66% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 65.2 |
| Options directional score (-100 to +100) | -7.7 |
| IV rank | 68.0 |
| Front-minus-back IV | 22.5 pp |
| Front 25-delta risk reversal | -5.8 pp |
| Call OI change, 1 session | -5,564 contracts · -11.3% |
| Put OI change, 1 session | -3,557 contracts · -5.0% |
| Call minus put OI growth, 1 session | -6.3 pp |
| Call OI change, 5 sessions | +2,372 contracts · +5.7% |
| Put OI change, 5 sessions | +1,328 contracts · +2.0% |
| Call minus put OI growth, 5 sessions | +3.8 pp |
| Daily call OI change surprise | -1.34σ (252 prior changes) |
| Daily put OI change surprise | -1.08σ (252 prior changes) |
| Daily call-minus-put growth surprise | -1.14σ (252 prior changes) |
| Daily open interest change (contracts) | -9,121 |
| Daily open interest change z-score (prior 252) | -1.28σ (252 prior changes) |
| Gamma max distance from close | +67.0% |
| Delta neutral distance from close | +17.1% |
| Prior-year sessions closer to gamma max | 96.8% of 252 |
| Prior-year sessions closer to delta neutral | 77.0% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-11-13 | 232.50 | 263.75 | 249.55 | +6.46% | Prior close |
| 2026-11-06 | 280.00 | 212.74 | 218.21 | -29.04% | Prior close |
| 2026-10-30 | 325.00 | 296.23 | 274.37 | -17.09% | Prior close |
| 2026-10-23 | 342.50 | 308.75 | 308.85 | -10.90% | Prior close |
| 2026-10-16 | 385.00 | 343.21 | 325.00 | -17.48% | Prior close |
| 2026-10-09 | 410.00 | 398.72 | 402.68 | -1.84% | Prior close |
| 2026-10-02 | 365.00 | 415.79 | 449.04 | +20.21% | Prior close |
| 2026-09-25 | 370.00 | 387.70 | 398.38 | +7.32% | Prior close |
| 2026-09-18 | 340.00 | 353.13 | 371.47 | +8.91% | Prior close |
| 2026-09-11 | 357.50 | 370.19 | 379.72 | +6.00% | 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 | 28 | +1.0% | -0.4% to +2.4% | 64% | -0.0% to +1.7% | 0.0% |
| above | Day +3 | 28 | +0.2% | -1.8% to +4.2% | 54% | -1.3% to +1.7% | 0.0% |
| above | Day +5 | 28 | +0.2% | -1.7% to +5.3% | 54% | -1.6% to +4.7% | 0.0% |
| above | Day +10 | 28 | +1.7% | -2.8% to +8.1% | 61% | -0.1% to +6.1% | 0.0% |
| below | Day +1 | 29 | -0.2% | -1.6% to +1.2% | 48% | -1.0% to +0.7% | 0.0% |
| below | Day +3 | 29 | -0.4% | -2.9% to +2.1% | 45% | -0.8% to +1.1% | 0.0% |
| below | Day +5 | 29 | -0.9% | -3.0% to +4.1% | 45% | -2.5% to +2.2% | 0.0% |
| below | Day +10 | 29 | +0.4% | -6.1% to +4.9% | 52% | -2.5% to +4.1% | 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/TER.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/TER.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/TER.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).