Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
WING options intelligence
Wingstop Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 31 Jul 2026
Checked 2 Aug 2026 16:19 · complete available chain
Options-market disagreement
Mixed pressure
WING currently carries mixed options pressure with a 40/100 conviction score. The nearest-chain expected move is 12.5%, with volume/open-interest participation at 0.02.
Expected move
12.5%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
1.33
Put-side skew
Trend fit
72
Options agree with trend context
Weekly backdrop
-4.2%
RS -47.3
Expected move
12.5%
Put-call volume
1.33
Volume / OI
0.02
Reference IV
0.66
Max pain
155.00
Underlying
129.49
Nearest expiry
21 Aug 2026
Contracts
766
Research Brief
WING has a mixed chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 113.24–145.74; The largest call open-interest concentration is 250.00; the largest put concentration is 130.00. The most active strike by current volume is 140.00.
Priced range113.24–145.74
Call concentration250.00
Put concentration130.00
Max pain reference155.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 113.24 to 145.74. Max pain at 155.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
113.24129.49 ± 16.25145.74
Confirmation level
A close beyond 145.74 or below 113.24 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 40/100
Pressure is 15/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure15 × 42%
+6.5
How strongly activity leans toward calls or puts.
Participation28 × 22%
+6.3
Volume relative to existing open interest and contract-level activity.
Trend agreement72 × 26%
+18.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility86 × 10%
+8.6
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 250.00; the largest put concentration is 130.00. The most active strike by current volume is 140.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
325
110.00-15.1%
1
225
125.00-3.5%
0
1154
130.000.4%
4
79
135.004.3%
179
61
140.008.1%
83
127
145.0012.0%
86
1110
150.0015.8%
251
741
155.0019.7%
82
16
165.0027.4%
194
9
170.0031.3%
177
15
175.0035.1%
187
1
180.0039.0%
363
0
190.0046.7%
223
21
200.0054.5%
246
0
210.0062.2%
213
1
220.0069.9%
204
0
250.0093.1%
386
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$1.4MDelta change / 1% move
Positive peak180.00+$175,287
Negative peak130.00-$514,431
Nearest balance159.68Interpolated sign change
StrikeNegativePositiveNet / 1% move
80.00-38.2%
-$20,864
85.00-34.4%
-$16,841
90.00-30.5%
-$6,994
95.00-26.6%
-$28,722
100.00-22.8%
-$92,401
105.00-18.9%
-$51,094
110.00-15.1%
-$151,566
115.00-11.2%
-$94,884
120.00-7.3%
-$99,691
125.00-3.5%
-$101,507
130.000.4%
-$514,431
135.004.3%
-$1,691
140.008.1%
-$71,149
145.0012.0%
-$161,597
150.0015.8%
-$198,764
155.0019.7%
-$176,097
160.0023.6%
+$12,041
165.0027.4%
-$106,784
170.0031.3%
+$58,104
175.0035.1%
+$16,612
180.0039.0%
+$175,287
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.66
21 Aug
21d
0.67
18 Sep
49d
0.72
20 Nov
112d
0.72
18 Dec
140d
0.70
15 Jan
168d
0.73
19 Mar
231d
0.73
17 Jun
321d
0.74
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
105
110
115
120
125
130
135
140
145
150
155
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 766 / 766
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $575,502 of estimated gross traded notional, puts · 8-21 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-15
1W price-4.2%
Call premium22%
Put premium78%
Notional split
C 22% / P 78%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
72/100
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.
Puts · 8-21 days · ITM
puts cluster with 68 contracts traded, $175,680 estimated gross traded notional, and 31% of visible notional.
$175,680
Puts · 91+ days · ITM
puts cluster with 18 contracts traded, $133,135 estimated gross traded notional, and 23% of visible notional.
$133,135
Puts · 46-90 days · OTM
puts cluster with 239 contracts traded, $95,985 estimated gross traded notional, and 17% of visible notional.
$95,985
Calls · 46-90 days · OTM
calls cluster with 61 contracts traded, $45,175 estimated gross traded notional, and 8% of visible notional.
$45,175
Calls · 8-21 days · OTM
calls cluster with 157 contracts traded, $42,512 estimated gross traded notional, and 7% of visible notional.
$42,512
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close129.49
1W-4.2%
RS-47.3
Fair value-52.8%
Options pressure-15
Speculation28
Volatility86
Trend fit72
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:43
Bullish
Pressure 21
Move 19.0%
30 Jul 10:39
Bullish
Pressure 47
Move 13.6%
31 Jul 10:25
Volatility
Pressure -49
Move 12.9%
2 Aug 15:19
Mixed
Pressure -15
Move 12.5%
Strike Map
Where activity is clustering
Strike85.00
Calls · V 0 · OI 1
Puts · V 0 · OI 39
Strike90.00
Calls · V 0 · OI 7
Puts · V 0 · OI 12
Strike95.00
Calls · V 0 · OI 1
Puts · V 0 · OI 46
Strike100.00
Calls · V 0 · OI 12
Puts · V 0 · OI 100
Strike105.00
Calls · V 0 · OI 0
Puts · V 11 · OI 20
Strike110.00
Calls · V 0 · OI 1
Puts · V 6 · OI 325
Strike115.00
Calls · V 0 · OI 1
Puts · V 2 · OI 171
Strike120.00
Calls · V 0 · OI 3
Puts · V 3 · OI 114
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.66
Put-call0.65
Expiry18 Sep 2026
Contracts120
Avg IV0.67
Put-call3.68
Expiry20 Nov 2026
Contracts98
Avg IV0.72
Put-call0.25
Expiry18 Dec 2026
Contracts98
Avg IV0.72
Put-call1.25
Expiry15 Jan 2027
Contracts134
Avg IV0.70
Put-call0.54
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.66
Put IV0.69
Skew0.03
18 Sep 2026Balanced skew
Call IV0.66
Put IV0.68
Skew0.02
20 Nov 2026Balanced skew
Call IV0.69
Put IV0.72
Skew0.03
18 Dec 2026Balanced skew
Call IV0.70
Put IV0.72
Skew0.02
15 Jan 2027Balanced skew
Call IV0.68
Put IV0.73
Skew0.05
Contract Tape
Most active contracts
ContractWING260918P00105000
SidePut
Expiry18 Sep 2026
Strike105.00
Volume202
OI247
IV0.68
ContractWING260821P00140000
SidePut
Expiry21 Aug 2026
Strike140.00
Volume44
OI61
IV0.74
ContractWING260821C00145000
SideCall
Expiry21 Aug 2026
Strike145.00
Volume43
OI86
IV0.66
ContractWING260918P00125000
SidePut
Expiry18 Sep 2026
Strike125.00
Volume31
OI131
IV0.66
ContractWING260821C00135000
SideCall
Expiry21 Aug 2026
Strike135.00
Volume29
OI179
IV0.66
ContractWING260821C00210000
SideCall
Expiry21 Aug 2026
Strike210.00
Volume25
OI213
IV0.67
ContractWING260918C00135000
SideCall
Expiry18 Sep 2026
Strike135.00
Volume25
OI8
IV0.67
ContractWING261120C00320000
SideCall
Expiry20 Nov 2026
Strike320.00
Volume21
OI6
IV0.50
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.