TSM max pain, gamma exposure (GEX) & options open interest
As of close · rank #58 by open interest · 1,394 sessions of history since Dec 1, 2020
TSM's nearest-expiration max pain is 447.50 for 2026-10-09, its GEX flip is 422.44, net GEX is 86,787,429, its put/call open-interest ratio is 1.02. 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 0.11 · smile convexity 9.5 pp · IV rank 87
TSM closed 4.3% below its gamma max of 492.95. It is 12.0% above the delta neutral price of 416.27. Total open interest is 1,773,528, -2.9% versus the previous session. Its options catalyst-intensity score is 47.4 out of 100, led by volume/OI 0.11, smile convexity 9.5 pp, IV rank 87. 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 | -21,471 contracts · -2.4% |
| Put OI change, 1 session | -31,742 contracts · -3.4% |
| Call minus put OI growth, 1 session | +1.0 pp |
| Call OI change, 5 sessions | +57,733 contracts · +7.0% |
| Put OI change, 5 sessions | +28,561 contracts · +3.3% |
| Call minus put OI growth, 5 sessions | +3.8 pp |
| Daily call OI change surprise | -0.58σ (252 prior changes) |
| Daily put OI change surprise | -0.52σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.32σ (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 15 completed Day +10 paths · latest Sep 24, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -1.0% | -1.5% to +1.0% | 47% | -1.6% to +1.3% | 0.0% |
| Day +2 | 15 | -1.3% | -2.5% to +1.1% | 33% | -2.6% to +1.2% | 0.0% |
| Day +3 | 15 | -1.3% | -2.9% to +0.4% | 40% | -2.9% to +0.5% | 0.0% |
| Day +4 | 15 | -1.7% | -4.2% to +0.5% | 27% | -4.3% to +1.5% | 0.0% |
| Day +5 | 15 | -1.0% | -2.0% to +2.7% | 40% | -2.2% to +2.8% | 0.0% |
| Day +6 | 15 | +1.1% | -2.8% to +2.4% | 53% | -3.0% to +2.4% | 0.0% |
| Day +7 | 15 | +0.9% | -1.6% to +3.8% | 60% | -1.6% to +4.1% | 0.0% |
| Day +8 | 15 | +1.2% | -1.7% to +3.0% | 60% | -2.1% to +3.4% | 0.0% |
| Day +9 | 15 | +0.8% | -0.7% to +4.7% | 60% | -0.8% to +4.7% | 0.0% |
| Day +10 | 15 | +1.0% | -0.9% to +5.0% | 60% | -1.6% to +6.2% | 0.0% |
Crosses above gamma max 15 completed Day +10 paths · latest Sep 23, 2025
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 15 | -0.5% | -0.7% to +1.6% | 47% | -0.7% to +2.2% | 0.0% |
| Day +2 | 15 | -0.4% | -2.0% to +1.7% | 40% | -2.1% to +2.4% | 0.0% |
| Day +3 | 15 | -2.0% | -3.0% to +0.7% | 33% | -3.3% to +1.0% | 0.0% |
| Day +4 | 15 | -2.1% | -2.9% to +2.0% | 40% | -3.4% to +2.1% | 0.0% |
| Day +5 | 15 | -1.6% | -4.3% to +0.7% | 40% | -4.8% to +0.9% | 0.0% |
| Day +6 | 15 | -1.2% | -2.2% to +3.2% | 40% | -2.8% to +3.2% | 0.0% |
| Day +7 | 15 | -1.0% | -2.2% to +1.8% | 47% | -2.4% to +1.9% | 0.0% |
| Day +8 | 15 | +0.3% | -2.3% to +3.0% | 53% | -2.3% to +3.4% | 0.0% |
| Day +9 | 15 | -0.6% | -1.7% to +1.8% | 40% | -2.0% to +2.0% | 0.0% |
| Day +10 | 15 | +0.3% | -2.4% to +3.6% | 53% | -3.3% to +4.0% | 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 | 8 |
| Prior-year sessions closer to gamma max | 12.7% of 252 |
| Prior-year sessions closer to delta neutral | 92.5% of 252 |
| Open interest percentile (1y) | 61th |
| Daily open interest change versus prior year | -0.56σ (-53,213 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +5.1% |
| Open interest change, 21 sessions | -6.3% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 403.31 vs 391.98 (+2.8%)
- closed below delta neutral at 392.31 vs 392.53 (-0.1%)
- closed above delta neutral at 337.95 vs 326.59 (+3.4%)
- closed below delta neutral at 326.11 vs 330.25 (-1.3%)
- closed above delta neutral at 338.45 vs 329.07 (+2.8%)
- closed below delta neutral at 329.24 vs 331.03 (-0.5%)
- closed above delta neutral at 284.68 vs 281.08 (+1.3%)
- closed below delta neutral at 276.96 vs 280.82 (-1.4%)
- closed below gamma max at 280.71 vs 287.51 (-2.4%)
- closed above gamma max at 282.71 vs 281.48 (+0.4%)
In today's screens
Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/TSM
Questions people ask about TSM
Where is TSM's gamma max today?
As of Oct 2, 2026, the gamma max for TSM is 492.95, +4.3% from the 472.78 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 TSM above or below its delta neutral price?
TSM closed above delta neutral: 472.78 against a delta neutral price of 416.27. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TSM have?
1,773,528 contracts of open interest across 1,611 listed contracts on Oct 2, 2026, -2.9% 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.