TZA Options Key Levels — 2026-10-16 Expiration
As of 2026-10-11 23:35 ET, Direxion Small Cap Bear 3X ETF (TZA) max pain for the 2026-10-16 expiration is $8 with the stock at $47.12; the gamma flip is $41.51; dealers are in positive gamma (net GEX 383.7K); options imply a ±6.38% move by expiration.
| Spot price | $47.12 |
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| Max pain | $8 |
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| Gamma flip | $41.51 |
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| Call Wall | $50 (1,401 open interest) |
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| Put Wall | $50 (297 open interest) |
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| Net gamma exposure (GEX) | 383.7K — positive gamma |
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| Implied move | ±6.38% (±$3) |
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| At-the-money implied volatility | 47.6% |
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| Put/call open interest ratio | 0.38 |
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| Call / put open interest | 8,702 / 3,318 |
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| Call / put volume | 1,590 / 167 |
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What is TZA max pain today?
$8 for the 2026-10-16 expiration, 83.0% below the current price of $47.12.
What is TZA gamma exposure (GEX)?
Net GEX is 383.7K (positive gamma), with the gamma flip at $41.51.
Where are the TZA call wall and put wall?
Call wall $50 (resistance), put wall $50 (support).
TZA Dealer Positioning Insights
- Positive Gamma Environment — Dealers are long gamma — they buy dips and sell rips, dampening moves. Expect mean-reversion and range-bound trading.
- Low Put/Call OI Ratio (0.38) — Call open interest dominates, indicating bullish positioning. Market makers may be short calls, creating upside fuel.
- Max Pain @ $8.0 — Spot is 83.0% above Max Pain. Gravitational pull may increase as expiry approaches.
- Support $50.0 / Resistance $50.0 — Put Wall at $50.0 acts as support. Call Wall at $50.0 acts as resistance. Net gamma concentration creates dealer hedging flows at these levels.
- Expected Move (Straddle-mid): ±6.38% ($3.00) — ATM straddle-mid implies a ±6.38% move by expiry. Range: $44.11 — $50.12
Largest TZA Open Interest Strikes
Calls: $4 (2,161), $50 (1,401), $44 (905), $45 (757), $60 (664). Puts: $8 (632), $43 (359), $37 (327), $3 (316), $42 (297).
Later TZA expirations: 2026-11-20, 2027-01-15, 2027-04-16, 2028-01-21, 2029-01-19.
Max pain is the strike at which option holders lose the most at expiration. Gamma exposure (GEX) estimates how much options dealers must hedge as the stock moves: positive gamma tends to dampen moves, negative gamma amplifies them, and the gamma flip is the price where net GEX changes sign. Call and put walls are the strikes where call and put gamma exposure is most concentrated, often read as resistance and support. Methodology
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