What is the TNA options turnover ratio?

As of Aug 28, 2026, TNA turnover ratio is 0.20 (24.7K contracts traded against 122.4K contracts outstanding). A turnover ratio below 0.5 is typical maintenance flow against existing positions.

Where is TNA open interest concentrated?

Gamma concentration is 0.38: open interest is more distributed across strikes, reducing any single-strike pinning force. The full per-strike open-interest distribution is visible in the chain view.

Why does volume-open-interest matter for TNA options?

Volume tells you what is being traded today; open interest tells you what was already there. The combination separates opening flow (today's volume building new positions) from closing flow (today's volume unwinding existing ones), and locates the strikes that carry hedging-driven support or resistance based on dealer-gamma concentration.

Direxion Daily Small Cap Bull 3X ETF (TNA) Volume & Open Interest

Volume and open interest by strike show where trading activity and outstanding positions are concentrated. Clusters of OI often act as support and resistance levels.

Direxion Daily Small Cap Bull 3X ETF (TNA) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $2.45B, listed on AMEX, carrying a beta of 3.84 to the broader market. These Direxion Daily Small Cap Bull and Bear 3X ETFs aim to generate daily investment outcomes that track either 300% of the Russell 2000 Index's performance or 300% of its inverse (opposite) movement, all prior to the deduction of fees and expenses. public since 2008-11-05.

Snapshot as of Aug 28, 2026.

Spot Price: $70.06
Total Volume: 24.7K
Total OI: 122.4K
Call OI: 55.0K
Put OI: 67.4K
Gamma Concentration: 0.38

As of Aug 28, 2026, Direxion Daily Small Cap Bull 3X ETF (TNA) has 24.7K contracts traded today against 122.4K contracts outstanding. Open interest breaks down as 55.0K calls and 67.4K puts. Turnover ratio is 0.20: typical maintenance flow relative to existing positions. Gamma concentration is 0.38: open interest is more distributed across strikes. Comparing today's volume to accumulated open interest reveals whether flow is opening new positions or closing existing ones, with heavy OI strikes often acting as support and resistance.

How TNA volume & open interest Data Feeds Strategy Selection

Strategy selection on Direxion Daily Small Cap Bull 3X ETF options does not derive from any single metric in isolation. The volume & open interest view above sits inside a broader read: ATM IV currently sits at 48.0% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the volume & open interest data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.

How to read the TNA volume and OI data

The two-panel chart above splits Direxion Daily Small Cap Bull 3X ETF contract activity into volume (daily flow) and open interest (cumulative inventory) per strike. The per-strike grid table beneath gives the precise numbers for the densest 30 strikes. Current put/call ratio is 0.98, roughly balanced. Total call OI of 55.0K versus put OI of 67.4K gives a put/call OI ratio of 1.23 - structurally a slower-moving signal than the volume-based ratio.

TNA flow vs positioning

Volume tells you what flows happened today; OI tells you what positions accumulated. Both can move in opposite directions: rising volume with falling OI means contracts are being closed (covering); rising volume with rising OI means new positions are being opened. The combination matters more than either alone for reading sentiment. The per-strike grid distinguishes the strikes attracting flow today from the strikes carrying accumulated inventory - high volume at strikes that also carry high OI typically means rolling activity (closing front-month, opening longer-dated), high volume at low-OI strikes typically means fresh directional positioning. Combined with the current negative dealer-gamma regime, large OI clusters tend to act as price repellents that accelerate moves through key strikes.

Using TNA OI/volume data alongside other surfaces

Per-strike OI is the input to dealer-gamma calculations: strikes with elevated call OI generate gamma walls that dealers must hedge into as spot approaches them. The gamma-exposure page combines this distribution with the dealers' assumed-long-gamma assumption to project hedge flow. Volume cross-checks recent positioning shifts in the chain that haven't yet shown up in cumulative OI. Pair both with the term-structure view on the volatility page to determine whether the activity is concentrated in near-dated event hedging or longer-dated structural positioning. Front-month expiration for TNA sits at 28 days, so near-dated volume currently dominates the flow reading.

Learn how volume and open interest is reported and how to read the data →

Frequently asked TNA volume & open interest questions

What is the TNA options turnover ratio?: As of Aug 28, 2026, TNA turnover ratio is 0.20 (24.7K contracts traded against 122.4K contracts outstanding). A turnover ratio below 0.5 is typical maintenance flow against existing positions.
Where is TNA open interest concentrated?: Gamma concentration is 0.38: open interest is more distributed across strikes, reducing any single-strike pinning force. The full per-strike open-interest distribution is visible in the chain view.
Why does volume-open-interest matter for TNA options?: Volume tells you what is being traded today; open interest tells you what was already there. The combination separates opening flow (today's volume building new positions) from closing flow (today's volume unwinding existing ones), and locates the strikes that carry hedging-driven support or resistance based on dealer-gamma concentration.