Primary read
Bullish
Speculative participation surge
Ticker Options Intelligence
QRFT options intelligence
EXCHANGE LISTED FUNDS TRUST QRAFT AI ENHANCED US LARGE CAP ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
51
Market data through 3 Aug 2026
Checked 4 Aug 2026 10:07 · complete available chain
Speculative participation surge
Bullish pressure
QRFT currently carries bullish options pressure with a 51/100 conviction score. The nearest-chain expected move is 11.6%, with volume/open-interest participation at 2.60.
Expected move
11.6%
Wider near-term move priced
Activity / OI
2.60
Current volume is elevated versus prior open interest
Put-call
0.30
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.0%
RS -46.2
Expected move
11.6%
Put-call volume
0.30
Volume / OI
2.60
Reference IV
0.33
Max pain
70.00
Underlying
34.83
Nearest expiry
18 Sep 2026
Contracts
13
Research Brief
QRFT has a bullish chain read with 51/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 30.78–38.88; The largest call open-interest concentration is 70.00; the largest put concentration is 70.00. The most active strike by current volume is 70.00.
Priced range30.78–38.88
Call concentration70.00
Put concentration70.00
Max pain reference70.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 30.78 to 38.88. Max pain at 70.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
30.7834.83 ± 4.0538.88
Confirmation level
A close beyond 38.88 or below 30.78 at the 18 Sep 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 51/100
Pressure is 66/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure66 × 42%
+27.7
How strongly activity leans toward calls or puts.
Participation79 × 22%
+17.5
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility63 × 10%
+6.3
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 70.00; the largest put concentration is 70.00. The most active strike by current volume is 70.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
70.00101.0%
3
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$2Delta change / 1% move
Positive peak67.00+$1
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
67.0092.4%
+$1
68.0095.2%
+$1
70.00101.0%
+$0
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.33
18 Sep
46d
0.17
18 Dec
137d
0.01
19 Mar
228d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
Comparable strike volatility is unavailable.
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 18 Sep 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes92%
Open interest92%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 13 / 13
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Call-side pressure is building before a meaningful weekly price response.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $2,115 of estimated gross traded notional, calls · 22-45 days · otm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+66
1W price-0.0%
Call premium84%
Put premium16%
Notional split
C 84% / P 16%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
2.60
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · OTM
calls cluster with 8 contracts traded, $1,500 estimated gross traded notional, and 71% of visible notional.
$1,500
Puts · 91+ days · ITM
puts cluster with 3 contracts traded, $330 estimated gross traded notional, and 16% of visible notional.
$330
Calls · 91+ days · OTM
calls cluster with 2 contracts traded, $285 estimated gross traded notional, and 13% of visible notional.
$285
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close34.83
1W-0.0%
RS-46.2
Fair value-33.7%
Options pressure66
Speculation79
Volatility63
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:00
Bullish
Pressure 66
Move 11.5%
30 Jul 12:53
Bullish
Pressure 66
Move 11.5%
31 Jul 11:08
Bullish
Pressure 66
Move 11.6%
1 Aug 18:46
Bullish
Pressure 66
Move 11.6%
3 Aug 00:48
Bullish
Pressure 66
Move 11.9%
4 Aug 09:07
Bullish
Pressure 66
Move 11.6%
Strike Map
Where activity is clustering
Strike70.00
Calls · V 8 · OI 3
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts1
Avg IV0.33
Put-call-
Expiry18 Dec 2026
Contracts7
Avg IV0.17
Put-call-
Expiry19 Mar 2027
Contracts5
Avg IV0.01
Put-call1.00
Skew
Call/put IV balance
18 Sep 2026Incomplete skew
Call IV0.33
Put IV-
Skew-
18 Dec 2026Incomplete skew
Call IV0.00
Put IV-
Skew-
19 Mar 2027Incomplete skew
Call IV0.00
Put IV-
Skew-
Contract Tape
Most active contracts
ContractQRFT270319P00068000
SidePut
Expiry19 Mar 2027
Strike68.00
Volume-
OI-
IV-
ContractQRFT261218C00068000
SideCall
Expiry18 Dec 2026
Strike68.00
Volume-
OI1
IV0.34
ContractQRFT261218C00067000
SideCall
Expiry18 Dec 2026
Strike67.00
Volume-
OI1
IV0.36
ContractQRFT261218P00070000
SidePut
Expiry18 Dec 2026
Strike70.00
Volume-
OI-
IV0.18
ContractQRFT261218C00065000
SideCall
Expiry18 Dec 2026
Strike65.00
Volume-
OI-
IV0.00
ContractQRFT261218C00075000
SideCall
Expiry18 Dec 2026
Strike75.00
Volume-
OI-
IV0.03
ContractQRFT261218P00075000
SidePut
Expiry18 Dec 2026
Strike75.00
Volume-
OI-
IV0.23
ContractQRFT260918C00070000
SideCall
Expiry18 Sep 2026
Strike70.00
Volume8
OI3
IV0.33
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.