Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
TENB options intelligence
Tenable Holdings Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 11 Aug 2026
Checked 12 Aug 2026 14:20 · complete available chain
Volatility expansion watch
Volatility pressure
TENB currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 13.3%, with volume/open-interest participation at 0.01.
Expected move
13.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.25
Call-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
+11.5%
RS 21.7
Expected move
13.3%
Put-call volume
0.25
Volume / OI
0.01
Reference IV
0.55
Max pain
34.00
Underlying
36.38
Nearest expiry
21 Aug 2026
Contracts
312
Research Brief
TENB has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 31.53–41.23; The largest call open-interest concentration is 41.00; the largest put concentration is 33.00. The most active strike by current volume is 39.00.
Priced range31.53–41.23
Call concentration41.00
Put concentration33.00
Max pain reference34.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 31.53 to 41.23. Max pain at 34.00 sits inside that range, 6.5% below spot.
Spot
Max pain
31.5336.38 ± 4.8541.23
Confirmation level
A close beyond 41.23 or below 31.53 at the 21 Aug expiry would exceed the move currently priced by this chain.
Important limitation
The range is a pricing reference, not a forecast; volatility can reprice sharply after news or as expiry approaches.
Score Construction
Why conviction is 54/100
Pressure is 62/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure62 × 42%
+25.8
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility79 × 10%
+7.9
The intensity of implied volatility and the priced move.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 41.00; the largest put concentration is 33.00. The most active strike by current volume is 39.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
106
25.00-31.3%
3
502
27.00-25.8%
0
309
29.00-20.3%
0
102
30.00-17.5%
24
1533
31.00-14.8%
8
106
32.00-12.0%
75
3582
33.00-9.3%
49
854
34.00-6.5%
370
225
35.00-3.8%
253
36
38.004.5%
47
8
39.007.2%
113
104
40.0010.0%
324
87
41.0012.7%
2855
7
42.0015.4%
2247
16
45.0023.7%
122
0
46.0026.4%
512
0
50.0037.4%
343
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$12,724Delta change / 1% move
Positive peak41.00+$109,410
Negative peak33.00-$182,790
Nearest balance33.92Interpolated sign change
StrikeNegativePositiveNet / 1% move
26.00-28.5%
+$195
27.00-25.8%
-$1,122
28.00-23.0%
+$2,209
29.00-20.3%
-$2,656
30.00-17.5%
-$117,276
31.00-14.8%
-$50,971
32.00-12.0%
+$3,897
33.00-9.3%
-$182,790
34.00-6.5%
+$15,190
35.00-3.8%
+$10,546
36.00-1.0%
+$4,501
37.001.7%
+$5,468
38.004.5%
+$3,613
39.007.2%
+$11,789
40.0010.0%
+$72,539
41.0012.7%
+$109,410
42.0015.4%
+$58,833
43.0018.2%
+$653
44.0020.9%
+$1,994
45.0023.7%
+$8,459
46.0026.4%
+$6,689
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.55
21 Aug
10d
0.62
18 Sep
38d
0.66
18 Dec
129d
0.66
19 Mar
220d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. It is an evidence audit, not an executable strategy or evidence of future performance.
Evidence Quality
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 312 / 312
- No material coverage gap was detected in the retained chain.
Aggregate chain data supports concentration, participation and pricing analysis. It does not identify trade aggressor, opening versus closing activity, multi-leg intent or dealer inventory.
Options Intent Radar
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $111,312 of estimated gross traded notional, calls · 22-45 days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+62
1W price+11.5%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
43/100
Agreement between options pressure and Sharemaestro market context.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 22-45 days · ITM
calls cluster with 26 contracts traded, $33,340 estimated gross traded notional, and 30% of visible notional.
$33,340
Calls · 8-21 days · OTM
calls cluster with 189 contracts traded, $25,835 estimated gross traded notional, and 23% of visible notional.
$25,835
Calls · 91+ days · OTM
calls cluster with 26 contracts traded, $11,270 estimated gross traded notional, and 10% of visible notional.
$11,270
Calls · 22-45 days · OTM
calls cluster with 65 contracts traded, $9,490 estimated gross traded notional, and 9% of visible notional.
$9,490
Calls · 91+ days · ITM
calls cluster with 8 contracts traded, $8,235 estimated gross traded notional, and 7% of visible notional.
$8,235
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank10th
Volume/OI rank0th
IV rank0th
Market Context
Underlying confirmation
Close36.38
1W+11.5%
RS21.7
Fair value+1.1%
Options pressure62
Speculation40
Volatility79
Trend fit43
Today Versus Normal
Stored-options context
30d avg 14.2% · 10 sessions
30th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.75 · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 5.28 · 10 sessions
30th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.12 · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:53
Volatility
Pressure 48
Move 18.1%
30 Jul 10:43
Volatility
Pressure 32
Move 16.0%
31 Jul 10:30
Volatility
Pressure 72
Move 13.1%
2 Aug 08:35
Volatility
Pressure -62
Move 14.5%
3 Aug 05:29
Volatility
Pressure -84
Move 14.5%
4 Aug 08:20
Volatility
Pressure 70
Move 15.1%
5 Aug 07:58
Volatility
Pressure 61
Move 13.8%
6 Aug 10:33
Volatility
Pressure -91
Move 14.9%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike23.00
Calls · V 0 · OI 93
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike25.00
Calls · V 0 · OI 3
Puts · V 0 · OI 106
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts68
Avg IV0.55
Put-call0.24
Expiry18 Sep 2026
Contracts102
Avg IV0.62
Put-call0.18
Expiry18 Dec 2026
Contracts84
Avg IV0.66
Put-call0.14
Expiry19 Mar 2027
Contracts58
Avg IV0.66
Put-call2.33
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.64
Put IV0.85
Skew0.21
18 Sep 2026Balanced skew
Call IV0.69
Put IV0.69
Skew-
18 Dec 2026Balanced skew
Call IV0.61
Put IV0.62
Skew0.01
19 Mar 2027Balanced skew
Call IV0.68
Put IV0.70
Skew0.02
Contract Tape
Most active contracts
ContractTENB260821C00039000
SideCall
Expiry21 Aug 2026
Strike39.00
Volume118
OI113
IV0.66
ContractTENB260821C00038000
SideCall
Expiry21 Aug 2026
Strike38.00
Volume66
OI47
IV0.73
ContractTENB260821P00038000
SidePut
Expiry21 Aug 2026
Strike38.00
Volume35
OI36
IV0.78
ContractTENB260918C00050000
SideCall
Expiry18 Sep 2026
Strike50.00
Volume31
OI1052
IV0.35
ContractTENB260918C00024000
SideCall
Expiry18 Sep 2026
Strike24.00
Volume21
OI65
IV1.22
ContractTENB260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume18
OI90
IV0.62
ContractTENB261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume13
OI1159
IV0.66
ContractTENB260918P00039000
SidePut
Expiry18 Sep 2026
Strike39.00
Volume10
OI36
IV0.52
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
No recent market-watch posts yet.
Earnings
No upcoming matched earnings event.
Plain English Guide
Options context
What usually looks constructive
What usually looks cautious
Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.