TLRY max pain, gamma exposure (GEX) & options open interest
As of close · rank #455 by open interest · 1,336 sessions of history since Dec 1, 2020
TLRY's nearest-expiration max pain is 4.00 for 2026-10-09, net GEX is 3,588,507, its put/call open-interest ratio is 0.26. 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: front IV premium 46.2 pp · 7d expected move +14.7%
TLRY closed 23.3% below its gamma max of 4.45. It is 16.7% above the delta neutral price of 3.01. Total open interest is 167,539, -3.2% versus the previous session. Its options catalyst-intensity score is 67.6 out of 100, led by front IV premium 46.2 pp, 7d expected move +14.7%. 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 | -3,112 contracts · -2.3% |
| Put OI change, 1 session | -2,396 contracts · -6.5% |
| Call minus put OI growth, 1 session | +4.3 pp |
| Call OI change, 5 sessions | +12,891 contracts · +10.7% |
| Put OI change, 5 sessions | +2,755 contracts · +8.8% |
| Call minus put OI growth, 5 sessions | +2.0 pp |
| Daily call OI change surprise | +0.01σ (246 prior changes) |
| Daily put OI change surprise | -0.14σ (246 prior changes) |
| Daily call-minus-put growth surprise | +0.26σ (246 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 above gamma max 46 completed Day +10 paths · latest Apr 22, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 46 | -2.2% | -5.1% to +2.6% | 37% | -3.5% to +0.2% | 0.0% |
| Day +2 | 46 | -1.5% | -8.0% to +8.5% | 41% | -5.5% to +1.7% | 0.0% |
| Day +3 | 46 | -3.9% | -10.1% to +7.8% | 37% | -7.1% to +1.7% | 0.0% |
| Day +4 | 46 | -3.5% | -12.4% to +10.3% | 35% | -6.8% to -0.9% | -0.9% |
| Day +5 | 46 | -4.2% | -15.1% to +11.4% | 37% | -10.2% to +1.7% | 0.0% |
| Day +6 | 46 | -6.0% | -13.9% to +7.4% | 37% | -8.8% to +0.9% | 0.0% |
| Day +7 | 46 | -7.5% | -14.6% to +8.9% | 33% | -10.3% to -1.0% | -1.0% |
| Day +8 | 46 | -6.2% | -14.8% to +8.9% | 33% | -12.0% to -1.4% | -1.4% |
| Day +9 | 46 | -6.4% | -18.0% to +10.5% | 39% | -13.0% to +2.7% | 0.0% |
| Day +10 | 46 | -6.4% | -17.8% to +11.9% | 35% | -11.5% to -1.2% | -1.2% |
Crosses below gamma max 44 completed Day +10 paths · latest Dec 15, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 44 | -0.8% | -4.3% to +1.7% | 41% | -2.7% to +1.0% | 0.0% |
| Day +2 | 44 | -2.0% | -4.4% to +1.4% | 34% | -3.4% to -0.3% | -0.3% |
| Day +3 | 44 | -1.1% | -5.9% to +2.2% | 36% | -4.0% to -0.3% | -0.3% |
| Day +4 | 44 | -4.6% | -9.9% to +1.6% | 27% | -5.8% to -2.3% | -2.3% |
| Day +5 | 44 | -4.4% | -11.1% to +4.1% | 32% | -8.1% to -2.1% | -2.1% |
| Day +6 | 44 | -3.9% | -12.1% to +2.6% | 34% | -9.4% to 0.0% | 0.0% |
| Day +7 | 44 | -4.7% | -13.7% to +4.6% | 34% | -8.8% to -0.7% | -0.7% |
| Day +8 | 44 | -7.2% | -14.0% to +5.1% | 39% | -12.2% to +0.1% | 0.0% |
| Day +9 | 44 | -7.6% | -15.0% to +3.5% | 32% | -11.7% to -3.3% | -3.3% |
| Day +10 | 44 | -8.9% | -16.6% to +4.5% | 36% | -12.8% to -1.8% | -1.8% |
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 | 9% |
| Gamma max crosses | 12 |
| Delta neutral crosses | 16 |
| Prior-year sessions closer to gamma max | 82.9% of 252 |
| Prior-year sessions closer to delta neutral | 78.6% of 252 |
| Open interest percentile (1y) | 52th |
| Daily open interest change versus prior year | -0.02σ (-5,508 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +10.3% |
| Open interest change, 21 sessions | -5.7% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 5.41 vs 5.40 (+0.2%)
- closed below delta neutral at 5.46 vs 5.46 (-0.1%)
- closed above delta neutral at 5.41 vs 5.39 (+0.3%)
- closed below delta neutral at 5.52 vs 5.55 (-0.5%)
- closed above delta neutral at 5.76 vs 5.69 (+1.4%)
- closed below delta neutral at 5.71 vs 5.74 (-0.6%)
- closed below gamma max at 6.94 vs 7.64 (-10.0%)
- closed above gamma max at 7.87 vs 7.67 (+2.6%)
- closed above delta neutral at 6.21 vs 5.74 (+7.6%)
- closed below delta neutral at 7.36 vs 7.56 (-2.7%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/TLRY
Questions people ask about TLRY
Where is TLRY's gamma max today?
As of Oct 2, 2026, the gamma max for TLRY is 4.45, +23.3% from the 3.61 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 TLRY above or below its delta neutral price?
TLRY closed above delta neutral: 3.61 against a delta neutral price of 3.01. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TLRY have?
167,539 contracts of open interest across 229 listed contracts on Oct 2, 2026, -3.2% 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.