Direxion Daily Small Cap Bear 3X ETF (TZA) Put/Call Volume History

Put/call volume ratio compares the number of put options traded to call options traded. Extreme readings can signal shifts in market sentiment relative to recent norms.

Direxion Daily Small Cap Bear 3X ETF (TZA) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $263.9M, listed on AMEX, carrying a beta of -3.73 to the broader market. The Direxion Daily Small Cap Bull and Bear 3X Shares seek the daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the Russell 2000 Index. public since 2008-11-19.

Snapshot as of May 29, 2026.

Spot Price

$4.33

Call Volume

31.3K

Put Volume

792

Total Volume

32.1K

Put/Call Ratio

0.03

As of May 29, 2026, Direxion Daily Small Cap Bear 3X ETF (TZA) traded 32.1K total options contracts. Volume split was 31.3K calls and 792 puts. Put/call volume ratio is 0.03. Elevated flow relative to the ticker's recent average can signal institutional positioning, pending news, earnings expectations, or hedging activity. Daily volume is the most responsive short-term gauge of changing demand.

How TZA put/call volume history Data Feeds Strategy Selection

Strategy selection on Direxion Daily Small Cap Bear 3X ETF options does not derive from any single metric in isolation. The put/call volume history view above sits inside a broader read: ATM IV currently sits at 74.2% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the put/call volume history 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 TZA volume data

The volume time-series above tracks Direxion Daily Small Cap Bear 3X ETF options trading activity day by day. Volume is a flow measure - contracts traded per day across all strikes and expirations - so spikes flag activity, not positioning. Current put/call ratio is 0.03, call-heavy - speculative or bullish positioning dominates. Total call OI of 143.7K versus put OI of 44.1K gives a put/call OI ratio of 0.31 - structurally a slower-moving signal than the volume-based ratio.

TZA 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. Combined with the current positive dealer-gamma regime, large OI clusters tend to act as price magnets through expiration cycles.

Using TZA 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 TZA sits at 28 days, so near-dated volume currently dominates the flow reading.

Learn how options volume is reported and how to read the data →

Daily options volume for TZA over the last ~41 trading days. Volume measures contracts traded per day across all strikes and expirations; combined with put/call ratio it tracks directional positioning flow.

Most recent 15 trading days (descending). Older history appears in the chart above.

TZA most-active contracts

Top 1 contracts from the institutional-grade nightly options scan; ranked by volume within the broader S&P 500/400/600 + ETF universe.

Frequently asked TZA put/call volume history questions

How much TZA options volume traded today?

As of May 29, 2026, Direxion Daily Small Cap Bear 3X ETF (TZA) traded 32.1K total options contracts, split as 31.3K calls and 792 puts. Volume measures today's flow only; standing inventory is captured by open interest, which reconciles after the close.

What is the TZA put/call volume ratio?

As of May 29, 2026, the put/call volume ratio is 0.03. Equity-only PCR has three competing interpretations - sentiment-contrarian (extremes signal turning points), hedging-flow (high PCR can be portfolio insurance demand rather than bearish bets), and informed-flow (the volume signal carries short-horizon predictive content per Pan and Poteshman 2006). Resolving which frame applies requires context on whether the flow is opening or closing and which strikes carry the activity.

Is TZA options volume elevated?

Elevated flow relative to the TZA recent average is one of the strongest signals of institutional positioning, pending news, earnings expectations, or hedging activity. The most informative reads combine elevated volume with directional structure (single-leg or vertical), aggressive execution (at the ask or sweep), and an upcoming catalyst on the calendar.