Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
FN options intelligence
Fabrinet options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 11 Aug 2026
Checked 12 Aug 2026 11:44 · complete available chain
Volatility expansion watch
Volatility pressure
FN currently carries volatility options pressure with a 60/100 conviction score. The nearest-chain expected move is 15.3%, with volume/open-interest participation at 0.02.
Expected move
15.3%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
2.50
Put-side skew
Trend fit
94
Options agree with trend context
Weekly backdrop
+29.2%
RS 1.4
Expected move
15.3%
Put-call volume
2.50
Volume / OI
0.02
Reference IV
1.13
Max pain
530.00
Underlying
562.38
Nearest expiry
21 Aug 2026
Contracts
1132
Research Brief
FN has a volatility chain read with 60/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 476.28–648.48; The largest call open-interest concentration is 570.00; the largest put concentration is 450.00. The most active strike by current volume is 400.00.
Priced range476.28–648.48
Call concentration570.00
Put concentration450.00
Max pain reference530.00
- 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.
- 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 476.28 to 648.48. Max pain at 530.00 sits inside that range, 5.8% below spot.
Spot
Max pain
476.28562.38 ± 86.10648.48
Confirmation level
A close beyond 648.48 or below 476.28 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 60/100
Pressure is 41/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure41 × 42%
+17.1
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement94 × 26%
+24.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 570.00; the largest put concentration is 450.00. The most active strike by current volume is 400.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
140
350.00-37.8%
0
209
400.00-28.9%
5
126
420.00-25.3%
14
114
440.00-21.8%
3
239
450.00-20.0%
7
106
470.00-16.4%
52
158
480.00-14.6%
26
122
490.00-12.9%
24
58
500.00-11.1%
120
68
530.00-5.8%
106
46
550.00-2.2%
73
140
560.00-0.4%
222
23
570.001.4%
413
20
580.003.1%
120
11
600.006.7%
124
0
770.0036.9%
352
0
800.0042.3%
124
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+$1.1MDelta change / 1% move
Positive peak570.00+$508,722
Negative peak480.00-$315,958
Nearest balance587.63Interpolated sign change
StrikeNegativePositiveNet / 1% move
460.00-18.2%
-$77,452
470.00-16.4%
-$67,385
480.00-14.6%
-$315,958
490.00-12.9%
-$255,680
500.00-11.1%
+$116,555
510.00-9.3%
-$52,125
520.00-7.5%
+$48,978
530.00-5.8%
+$39,708
540.00-4.0%
+$61,524
550.00-2.2%
+$163,022
560.00-0.4%
+$104,319
570.001.4%
+$508,722
580.003.1%
+$310,246
590.004.9%
-$96,362
600.006.7%
+$328,432
610.008.5%
-$100,641
620.0010.2%
+$43,560
630.0012.0%
+$91,836
640.0013.8%
+$138,410
650.0015.6%
+$53,874
660.0017.4%
+$23,828
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.
1.13
21 Aug
10d
0.87
18 Sep
38d
0.82
16 Oct
66d
0.86
20 Nov
101d
0.84
18 Dec
129d
0.81
15 Jan
157d
0.81
16 Apr
248d
0.80
16 Jul
339d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
450
460
470
480
490
510
520
530
540
550
560
570
580
590
600
610
630
640
650
660
670
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
- 1132 / 1132
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $1.3M of estimated gross traded notional, calls · 91+ 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-41
1W price+29.2%
Call premium47%
Put premium53%
Notional split
C 47% / P 53%
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
94/100
Agreement between options pressure and Sharemaestro market context.
Event window
17 Aug
Matched earnings event is 5 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 91+ days · ITM
calls cluster with 21 contracts traded, $379,970 estimated gross traded notional, and 28% of visible notional.
$379,970
Puts · 91+ days · ITM
puts cluster with 21 contracts traded, $296,815 estimated gross traded notional, and 22% of visible notional.
$296,815
Puts · 91+ days · OTM
puts cluster with 20 contracts traded, $144,522 estimated gross traded notional, and 11% of visible notional.
$144,522
Puts · 46-90 days · OTM
puts cluster with 77 contracts traded, $91,242 estimated gross traded notional, and 7% of visible notional.
$91,242
Puts · 8-21 days · OTM
puts cluster with 59 contracts traded, $67,278 estimated gross traded notional, and 5% of visible notional.
$67,278
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
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank0th
Volume/OI rank0th
IV rank70th
Market Context
Underlying confirmation
Close562.38
1W+29.2%
RS1.4
Fair value+81.5%
Options pressure-41
Speculation40
Volatility96
Trend fit94
Today Versus Normal
Stored-options context
30d avg 22.3% · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 1.10 · 10 sessions
70th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.95 · 10 sessions
90th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.11 · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:15
Mixed
Pressure 8
Move 20.9%
30 Jul 10:12
Bullish
Pressure 34
Move 22.0%
31 Jul 10:05
Mixed
Pressure 10
Move 20.3%
2 Aug 12:33
Volatility
Pressure -21
Move 20.2%
3 Aug 16:33
Mixed
Pressure 10
Move 20.1%
3 Aug 22:46
Mixed
Pressure 17
Move 21.3%
4 Aug 16:38
Bullish
Pressure 26
Move 28.4%
4 Aug 21:48
Bullish
Pressure 36
Move 28.4%
Strike Map
Where activity is clustering
Strike250.00
Calls · V 0 · OI 0
Puts · V 0 · OI 30
Strike260.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike270.00
Calls · V 0 · OI 6
Puts · V 0 · OI 17
Strike280.00
Calls · V 0 · OI 0
Puts · V 0 · OI 25
Strike290.00
Calls · V 0 · OI 0
Puts · V 0 · OI 18
Strike300.00
Calls · V 0 · OI 0
Puts · V 0 · OI 60
Strike310.00
Calls · V 0 · OI 0
Puts · V 9 · OI 30
Strike320.00
Calls · V 0 · OI 3
Puts · V 0 · OI 37
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts128
Avg IV1.13
Put-call1.44
Expiry18 Sep 2026
Contracts124
Avg IV0.87
Put-call5.75
Expiry16 Oct 2026
Contracts130
Avg IV0.82
Put-call11.14
Expiry20 Nov 2026
Contracts142
Avg IV0.86
Put-call10.00
Expiry18 Dec 2026
Contracts128
Avg IV0.84
Put-call12.00
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV1.12
Put IV1.11
Skew-0.01
18 Sep 2026Balanced skew
Call IV0.86
Put IV0.86
Skew-
16 Oct 2026Balanced skew
Call IV0.84
Put IV0.82
Skew-0.02
20 Nov 2026Balanced skew
Call IV0.88
Put IV0.85
Skew-0.03
18 Dec 2026Balanced skew
Call IV0.84
Put IV0.83
Skew-0.01
Contract Tape
Most active contracts
ContractFN261016P00300000
SidePut
Expiry16 Oct 2026
Strike300.00
Volume37
OI35
IV0.90
ContractFN260918P00330000
SidePut
Expiry18 Sep 2026
Strike330.00
Volume20
OI3
IV0.90
ContractFN260821P00400000
SidePut
Expiry21 Aug 2026
Strike400.00
Volume12
OI209
IV1.22
ContractFN260821P00490000
SidePut
Expiry21 Aug 2026
Strike490.00
Volume11
OI122
IV1.13
ContractFN260821C00620000
SideCall
Expiry21 Aug 2026
Strike620.00
Volume11
OI34
IV1.14
ContractFN261218P00600000
SidePut
Expiry18 Dec 2026
Strike600.00
Volume11
OI14
IV0.83
ContractFN260821P00500000
SidePut
Expiry21 Aug 2026
Strike500.00
Volume10
OI58
IV1.11
ContractFN260821P00390000
SidePut
Expiry21 Aug 2026
Strike390.00
Volume10
OI40
IV1.38
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
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.