# TSM: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/TSM
Data through: 2026-10-16 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 412.61 |
| Delta neutral (USD/share) | 414.85 |
| Gamma neutral (USD/share) | 422.52 |
| Gamma max (USD/share) | 498.13 |
| Open interest (contracts) | 1,718,110 |
| Nearest-expiration max pain (USD/share) | 435.00 (2026-10-23) |
| All-expiration max pain (USD/share) | 410.00 |
| Net gamma exposure | -17,620,884 |
| Confirmed GEX flip (USD/share) | 422.52 |
| Call wall (USD/share) | 450.00 |
| Put wall (USD/share) | 400.00 |
| Put/call open-interest ratio | 1.06 |
| Options catalyst-intensity score (0–100) | 51.4 |
| Options directional score (-100 to +100) | -12.6 |
| IV rank | 83.2 |
| Front-minus-back IV | 4.8 pp |
| Front 25-delta risk reversal | 1.2 pp |
| Call OI change, 1 session | -89,268 contracts · -9.7% |
| Put OI change, 1 session | -124,851 contracts · -12.4% |
| Call minus put OI growth, 1 session | +2.7 pp |
| Call OI change, 5 sessions | -23,222 contracts · -2.7% |
| Put OI change, 5 sessions | -51,233 contracts · -5.5% |
| Call minus put OI growth, 5 sessions | +2.8 pp |
| Daily call OI change surprise | -2.34σ (252 prior changes) |
| Daily put OI change surprise | -2.05σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.86σ (252 prior changes) |
| Daily open interest change (contracts) | -214,119 |
| Daily open interest change z-score (prior 252) | -2.25σ (252 prior changes) |
| Gamma max distance from close | +20.7% |
| Delta neutral distance from close | +0.5% |
| Prior-year sessions closer to gamma max | 98.0% of 252 |
| Prior-year sessions closer to delta neutral | 2.0% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 15 | -0.5% | -0.7% to +1.6% | 47% | -0.7% to +2.2% | 0.0% |
| above | Day +3 | 15 | -2.0% | -3.0% to +0.7% | 33% | -3.3% to +1.0% | 0.0% |
| above | Day +5 | 15 | -1.6% | -4.3% to +0.7% | 40% | -4.8% to +0.9% | 0.0% |
| above | Day +10 | 15 | +0.3% | -2.4% to +3.6% | 53% | -3.3% to +4.0% | 0.0% |
| below | Day +1 | 15 | -1.0% | -1.5% to +1.0% | 47% | -1.6% to +1.3% | 0.0% |
| below | Day +3 | 15 | -1.3% | -2.9% to +0.4% | 40% | -2.9% to +0.5% | 0.0% |
| below | Day +5 | 15 | -1.0% | -2.0% to +2.7% | 40% | -2.2% to +2.8% | 0.0% |
| below | Day +10 | 15 | +1.0% | -0.9% to +5.0% | 60% | -1.6% to +6.2% | 0.0% |

Returns are close-to-close after the labelled number of subsequent trading sessions. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/TSM.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/TSM.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/TSM.json?date=2026-10-16&public_schema=4)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).