TAP Options Chain — Open Interest, Implied Volatility, Max Pain & Gamma Exposure
Analyze the complete TAP options chain including strike-level open interest, real-time implied volatility (IV), max pain levels, gamma exposure, dealer positioning, and options flow trends. This dashboard provides data-driven insights for traders building directional or hedging strategies around TAP.
Near-Term Options-Derived Market Structure
NEUTRAL OUTLOOK
Reflecting options positioning and volatility conditions over the coming sessions.
The options structure reflects a high-confidence neutral environment. Dealer positioning and volatility suppression suggest a stable range-bound setup rather than a directional move. Options Chian
Looking only at the put-side activity, there is a bearish directional push. This suggests some traders are actively betting on downside. Confidence: 67%
Current DPI is -0.56(neutral). Neutral consolidation, trend and momentum are indistinct. From the current DPI structure, dealers appear largely neutral, suggesting limited willingness to reinforce directional price moves..
Options Terrain Outlook (3-Month)
Options structure allows for directional movement, but with elevated volatility and less predictable follow-through. Volatility conditions are moderately choppy. Options constraints exert a moderate influence on price behavior. Directional continuation remains uncertain and selective. Structural sensitivity is elevated around the 2026-04-17 options expiry. 100% confidence
Short-Term Options-Implied Price Range & Flow Structure (DTE: 23)
Based on the latest options positioning (DTE 23), the ATM straddle implies a standardized 1.41% 1-day move.
The expected range for the next 23 days is 39.87 — 43.63 , corresponding to +5.71% / -3.39% .
Estimated using ATM implied volatility, OTM option flow, and dealer hedging conditions to capture the market-implied price range.
Bullish flow suggests upside interest toward 45.23 (9.58% above spot).
Bearish positioning points to downside pressure toward 39.02 (5.45% below spot).
Options flow strength: 0.67 (0–1 scale). ATM Strike: 42.50, Call: 0.88, Put: 1.92, Straddle Cost: 2.80.
Price moves may extend once a direction forms. The short-term gamma flip is near 41.95 , with intermediate positioning around 41.94 . The mid-term gamma flip remains near 42.16.