TEVA max pain, gamma exposure (GEX) & options open interest
As of close · rank #308 by open interest · 1,394 sessions of history since Dec 1, 2020
TEVA's nearest-expiration max pain is 40.00 for 2026-10-09, its GEX flip is 30.05, net GEX is 23,117,431, its put/call open-interest ratio is 0.55. 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: smile convexity 21.6 pp · IV rank 100 · front IV premium 2.8 pp
TEVA closed 3.7% below its gamma max of 41.00. It is 14.8% above the delta neutral price of 33.68. Total open interest is 289,040, -2.5% versus the previous session. Its options catalyst-intensity score is 57.3 out of 100, led by smile convexity 21.6 pp, IV rank 100, front IV premium 2.8 pp. 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 | -5,374 contracts · -2.8% |
| Put OI change, 1 session | -2,162 contracts · -2.1% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | +5,561 contracts · +3.1% |
| Put OI change, 5 sessions | -416 contracts · -0.4% |
| Call minus put OI growth, 5 sessions | +3.5 pp |
| Daily call OI change surprise | -0.21σ (252 prior changes) |
| Daily put OI change surprise | -0.10σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.22σ (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 32 completed Day +10 paths · latest Aug 20, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 32 | +0.2% | -1.1% to +1.3% | 50% | -0.7% to +0.9% | 0.0% |
| Day +2 | 32 | +0.1% | -0.7% to +2.7% | 50% | -0.4% to +1.3% | 0.0% |
| Day +3 | 32 | +0.2% | -1.1% to +2.7% | 56% | -0.7% to +1.8% | 0.0% |
| Day +4 | 32 | +0.4% | -2.5% to +2.7% | 56% | -1.1% to +2.4% | 0.0% |
| Day +5 | 32 | +0.3% | -2.4% to +3.5% | 53% | -0.8% to +2.9% | 0.0% |
| Day +6 | 32 | -0.4% | -2.4% to +4.7% | 50% | -1.8% to +3.5% | 0.0% |
| Day +7 | 32 | -0.4% | -3.3% to +3.1% | 47% | -2.4% to +2.5% | 0.0% |
| Day +8 | 32 | -0.8% | -3.4% to +4.0% | 44% | -1.9% to +3.5% | 0.0% |
| Day +9 | 32 | +0.3% | -2.7% to +4.0% | 53% | -2.6% to +3.7% | 0.0% |
| Day +10 | 32 | +0.9% | -3.5% to +3.7% | 53% | -2.2% to +3.0% | 0.0% |
Crosses above gamma max 33 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 33 | 0.0% | -1.2% to +1.4% | 48% | -0.6% to +0.9% | 0.0% |
| Day +2 | 33 | +0.3% | -1.8% to +2.2% | 55% | -1.1% to +1.6% | 0.0% |
| Day +3 | 33 | +0.1% | -1.2% to +2.6% | 55% | -0.5% to +2.0% | 0.0% |
| Day +4 | 33 | +1.1% | -1.3% to +2.3% | 64% | -0.4% to +2.1% | 0.0% |
| Day +5 | 33 | +1.0% | -1.5% to +3.4% | 61% | 0.0% to +2.0% | 0.0% |
| Day +6 | 33 | +0.9% | -1.1% to +3.6% | 67% | +0.2% to +2.4% | +0.2% |
| Day +7 | 33 | +1.6% | -1.9% to +4.6% | 58% | -0.7% to +3.5% | 0.0% |
| Day +8 | 33 | +0.9% | -1.8% to +5.3% | 58% | -0.4% to +3.0% | 0.0% |
| Day +9 | 33 | -0.5% | -3.0% to +5.5% | 45% | -1.8% to +3.7% | 0.0% |
| Day +10 | 33 | +0.1% | -3.7% to +4.9% | 52% | -2.5% to +2.6% | 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 | 30% |
| Gamma max crosses | 32 |
| Delta neutral crosses | 0 |
| Prior-year sessions closer to gamma max | 38.5% of 252 |
| Prior-year sessions closer to delta neutral | 42.5% of 252 |
| Open interest percentile (1y) | 2th |
| Daily open interest change versus prior year | -0.17σ (-7,536 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.8% |
| Open interest change, 21 sessions | -26.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 36.81 vs 37.19 (-1.0%)
- closed above gamma max at 37.47 vs 37.34 (+0.4%)
- closed below gamma max at 36.52 vs 37.29 (-2.1%)
- closed above gamma max at 36.74 vs 36.52 (+0.6%)
- closed below gamma max at 34.67 vs 34.95 (-0.8%)
- closed above gamma max at 35.31 vs 34.69 (+1.7%)
- closed below gamma max at 33.56 vs 34.26 (-2.1%)
- closed above gamma max at 33.88 vs 33.42 (+1.4%)
- closed below gamma max at 33.67 vs 34.07 (-1.2%)
- closed above gamma max at 34.06 vs 33.73 (+1.0%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/TEVA
Questions people ask about TEVA
Where is TEVA's gamma max today?
As of Oct 2, 2026, the gamma max for TEVA is 41.00, +3.7% from the 39.53 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 TEVA above or below its delta neutral price?
TEVA closed above delta neutral: 39.53 against a delta neutral price of 33.68. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TEVA have?
289,040 contracts of open interest across 318 listed contracts on Oct 2, 2026, -2.5% 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.