TMF max pain, gamma exposure (GEX) & options open interest
As of close · rank #357 by open interest · 1,393 sessions of history since Dec 1, 2020
TMF's nearest-expiration max pain is 27.00 for 2026-10-09, its GEX flip is 31.97, net GEX is -1,874,419, its put/call open-interest ratio is 0.73. 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: volume/OI 0.16
TMF closed 49.9% below its gamma max of 38.35. It is 14.3% below the delta neutral price of 29.23. Total open interest is 237,084, -7.1% versus the previous session. Its options catalyst-intensity score is 57.7 out of 100, led by volume/OI 0.16. 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 | -10,663 contracts · -7.2% |
| Put OI change, 1 session | -7,331 contracts · -6.8% |
| Call minus put OI growth, 1 session | -0.4 pp |
| Call OI change, 5 sessions | +12,597 contracts · +10.1% |
| Put OI change, 5 sessions | +4,130 contracts · +4.3% |
| Call minus put OI growth, 5 sessions | +5.8 pp |
| Daily call OI change surprise | -1.07σ (252 prior changes) |
| Daily put OI change surprise | -0.80σ (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 18 completed Day +10 paths · latest Jun 18, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 18 | +0.7% | -2.0% to +3.3% | 67% | -2.0% to +2.7% | 0.0% |
| Day +2 | 18 | +0.9% | -0.4% to +3.7% | 67% | 0.0% to +3.6% | 0.0% |
| Day +3 | 18 | +0.6% | -1.9% to +1.1% | 56% | -0.3% to +1.1% | 0.0% |
| Day +4 | 18 | -0.1% | -2.3% to +3.1% | 50% | -1.3% to +3.1% | 0.0% |
| Day +5 | 18 | +0.8% | -3.0% to +3.0% | 61% | -2.4% to +2.8% | 0.0% |
| Day +6 | 18 | +0.7% | -3.7% to +4.4% | 56% | -3.4% to +2.8% | 0.0% |
| Day +7 | 18 | -0.2% | -2.9% to +2.9% | 44% | -2.3% to +2.8% | 0.0% |
| Day +8 | 18 | -0.3% | -4.5% to +5.1% | 50% | -4.1% to +4.2% | 0.0% |
| Day +9 | 18 | -1.9% | -4.5% to +5.1% | 44% | -4.4% to +3.3% | 0.0% |
| Day +10 | 18 | -0.2% | -4.6% to +6.1% | 50% | -4.6% to +5.4% | 0.0% |
Crosses above gamma max 21 completed Day +10 paths · latest Jun 17, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 21 | -0.4% | -2.2% to +1.4% | 38% | -1.7% to +1.2% | 0.0% |
| Day +2 | 21 | -0.3% | -4.7% to +1.3% | 48% | -2.5% to +1.0% | 0.0% |
| Day +3 | 21 | -0.7% | -2.4% to +3.2% | 43% | -1.7% to +1.9% | 0.0% |
| Day +4 | 21 | +0.4% | -5.5% to +4.7% | 52% | -2.1% to +2.3% | 0.0% |
| Day +5 | 21 | +0.4% | -6.6% to +2.4% | 52% | -3.8% to +2.1% | 0.0% |
| Day +6 | 21 | -1.6% | -4.4% to +3.0% | 48% | -3.7% to +2.0% | 0.0% |
| Day +7 | 21 | -0.5% | -5.5% to +2.6% | 48% | -5.4% to +2.3% | 0.0% |
| Day +8 | 21 | -2.0% | -8.5% to +4.0% | 38% | -5.7% to +1.9% | 0.0% |
| Day +9 | 21 | -2.6% | -8.5% to +6.9% | 43% | -5.7% to +3.2% | 0.0% |
| Day +10 | 21 | -2.9% | -8.9% to +8.6% | 38% | -5.7% to +5.4% | 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 | 1% |
| Gamma max crosses | 4 |
| Delta neutral crosses | 19 |
| Prior-year sessions closer to gamma max | 99.2% of 252 |
| Prior-year sessions closer to delta neutral | 98.8% of 252 |
| Open interest percentile (1y) | 49th |
| Daily open interest change versus prior year | -0.98σ (-17,994 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +7.6% |
| Open interest change, 21 sessions | +3.8% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below delta neutral at 35.55 vs 35.74 (-0.5%)
- closed above delta neutral at 36.74 vs 35.83 (+2.5%)
- closed below delta neutral at 35.33 vs 35.83 (-1.4%)
- closed below gamma max at 36.33 vs 36.72 (-1.1%)
- closed above gamma max at 35.92 vs 35.65 (+0.8%)
- closed above delta neutral at 35.49 vs 34.88 (+1.7%)
- closed below delta neutral at 34.44 vs 34.88 (-1.3%)
- closed above delta neutral at 35.03 vs 34.97 (+0.2%)
- closed below delta neutral at 34.81 vs 34.88 (-0.2%)
- closed above delta neutral at 34.98 vs 34.96 (+0.1%)
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/TMF
Questions people ask about TMF
Where is TMF's gamma max today?
As of Oct 2, 2026, the gamma max for TMF is 38.35, +49.9% from the 25.58 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 TMF above or below its delta neutral price?
TMF closed below delta neutral: 25.58 against a delta neutral price of 29.23. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TMF have?
237,084 contracts of open interest across 523 listed contracts on Oct 2, 2026, -7.1% 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.