TXN max pain, gamma exposure (GEX) & options open interest
As of close · rank #410 by open interest · 1,394 sessions of history since Dec 1, 2020
TXN's nearest-expiration max pain is 267.50 for 2026-10-09, its GEX flip is 265.44, net GEX is 8,642,907, its put/call open-interest ratio is 0.81. 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 0.12 · smile convexity 9.3 pp
TXN closed 4.6% below its gamma max of 307.29. It is 9.2% above the delta neutral price of 266.70. Total open interest is 198,063, -3.7% versus the previous session. Its options catalyst-intensity score is 46.4 out of 100, led by volume/OI 0.12, smile convexity 9.3 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 | -5,062 contracts · -4.4% |
| Put OI change, 1 session | -2,623 contracts · -2.9% |
| Call minus put OI growth, 1 session | -1.5 pp |
| Call OI change, 5 sessions | +420 contracts · +0.4% |
| Put OI change, 5 sessions | +2,529 contracts · +2.9% |
| Call minus put OI growth, 5 sessions | -2.6 pp |
| Daily call OI change surprise | -0.48σ (252 prior changes) |
| Daily put OI change surprise | -0.29σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.56σ (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 16 completed Day +10 paths · latest May 27, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.0% | -0.9% to +1.5% | 50% | -0.9% to +1.5% | 0.0% |
| Day +2 | 16 | +0.1% | -1.1% to +1.6% | 50% | -1.0% to +1.4% | 0.0% |
| Day +3 | 16 | -0.0% | -2.0% to +1.0% | 50% | -1.9% to +0.7% | 0.0% |
| Day +4 | 16 | +0.3% | -1.9% to +1.7% | 50% | -1.6% to +1.6% | 0.0% |
| Day +5 | 16 | +1.5% | -2.0% to +2.5% | 63% | -1.7% to +2.4% | 0.0% |
| Day +6 | 16 | +0.8% | -2.6% to +2.2% | 63% | -2.2% to +1.9% | 0.0% |
| Day +7 | 16 | +1.1% | -3.1% to +2.7% | 56% | -2.9% to +2.5% | 0.0% |
| Day +8 | 16 | +0.8% | -1.8% to +4.4% | 56% | -1.4% to +4.3% | 0.0% |
| Day +9 | 16 | +0.2% | -4.5% to +3.8% | 56% | -3.9% to +3.5% | 0.0% |
| Day +10 | 16 | -1.1% | -5.0% to +4.9% | 44% | -4.8% to +4.9% | 0.0% |
Crosses above gamma max 16 completed Day +10 paths · latest May 26, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | -0.6% | -1.6% to +0.8% | 44% | -1.5% to +0.7% | 0.0% |
| Day +2 | 16 | -1.0% | -1.9% to +0.5% | 25% | -1.9% to -0.0% | -0.0% |
| Day +3 | 16 | -0.9% | -2.4% to +2.4% | 38% | -2.0% to +2.0% | 0.0% |
| Day +4 | 16 | -1.5% | -2.8% to +2.4% | 38% | -2.8% to +1.8% | 0.0% |
| Day +5 | 16 | -0.5% | -2.8% to +2.2% | 38% | -2.8% to +1.9% | 0.0% |
| Day +6 | 16 | -0.5% | -3.1% to +2.9% | 44% | -2.9% to +2.6% | 0.0% |
| Day +7 | 16 | +0.1% | -3.7% to +2.4% | 50% | -3.4% to +2.3% | 0.0% |
| Day +8 | 16 | -0.3% | -3.0% to +2.3% | 44% | -2.5% to +1.3% | 0.0% |
| Day +9 | 16 | +0.5% | -3.1% to +3.6% | 56% | -2.8% to +3.5% | 0.0% |
| Day +10 | 16 | +0.8% | -5.4% to +5.1% | 63% | -5.0% to +4.8% | 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 | 6% |
| Gamma max crosses | 22 |
| Delta neutral crosses | 11 |
| Prior-year sessions closer to gamma max | 33.7% of 252 |
| Prior-year sessions closer to delta neutral | 67.9% of 252 |
| Open interest percentile (1y) | 13th |
| Daily open interest change versus prior year | -0.40σ (-7,685 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.5% |
| Open interest change, 21 sessions | -19.2% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 258.44 vs 254.64 (+1.5%)
- closed below delta neutral at 253.34 vs 256.85 (-1.4%)
- closed below gamma max at 317.45 vs 323.04 (-1.8%)
- closed above gamma max at 324.89 vs 321.87 (+0.9%)
- closed below gamma max at 303.26 vs 309.80 (-2.2%)
- closed above gamma max at 306.57 vs 298.46 (+2.6%)
- closed below gamma max at 295.28 vs 297.30 (-0.7%)
- closed above gamma max at 297.92 vs 296.29 (+0.5%)
- closed below gamma max at 277.17 vs 287.33 (-3.7%)
- closed above gamma max at 282.23 vs 258.02 (+8.6%)
In today's screens
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Neighbours by open interest
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Canonical source: https://halfonadouble.com/stock/TXN
Questions people ask about TXN
Where is TXN's gamma max today?
As of Oct 2, 2026, the gamma max for TXN is 307.29, +4.6% from the 293.80 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 TXN above or below its delta neutral price?
TXN closed above delta neutral: 293.80 against a delta neutral price of 266.70. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does TXN have?
198,063 contracts of open interest across 996 listed contracts on Oct 2, 2026, -3.7% 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.