Ticker Options Intelligence

WTI options intelligence

W&T Offshore Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 62 Market data through 30 Jul 2026 Checked 31 Jul 2026 11:45 · complete available chain

Volatility expansion watch

Volatility pressure

WTI currently carries volatility options pressure with a 62/100 conviction score. The nearest-chain expected move is 17.8%, with volume/open-interest participation at 0.04.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 17.8%

Wider near-term move priced

Activity / OI 0.04

Current volume is quieter versus prior open interest

Put-call 0.03

Call-side skew

Trend fit 5

Options are not fully confirming trend

Weekly backdrop +4.9%

RS 33.3

Expected move 17.8%
Put-call volume 0.03
Volume / OI 0.04
Reference IV 0.97
Max pain 3.00
Underlying 3.66
Nearest expiry 21 Aug 2026
Contracts 124

Research Brief

WTI has a volatility chain read with 62/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 3.01–4.31; The largest call open-interest concentration is 3.50; the largest put concentration is 3.00. The most active strike by current volume is 3.50.

Priced range3.01–4.31
Call concentration3.50
Put concentration3.00
Max pain reference3.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • Volatility falls and the chain remains directionally mixed.
  • 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

Size, not direction · through 21 Aug

Options imply 3.01 to 4.31. Max pain at 3.00 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
3.013.66 ± 0.654.31
Confirmation level

A close beyond 4.31 or below 3.01 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 62/100

Evidence alignment, not probability

Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure100 × 42%
+42.0

How strongly activity leans toward calls or puts.

Participation41 × 22%
+9.0

Volume relative to existing open interest and contract-level activity.

Trend agreement5 × 26%
+1.4

How closely the chain read agrees with the underlying trend backdrop.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score62.0Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 3.50; the largest put concentration is 3.00. The most active strike by current volume is 3.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
0
0.50-86.3%
2
0
1.00-72.7%
0
0
1.50-59.0%
5
0
2.00-45.4%
105
51
2.50-31.7%
24
117
3.00-18.0%
315
30
3.50-4.4%
2532
18
4.009.3%
838
5
4.5023.0%
722
0
5.0036.6%
265
0
5.5050.3%
7
0
6.0063.9%
38
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.15× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.97 21 Aug 22d
0.99 18 Sep 50d
0.95 16 Oct 78d
0.87 15 Jan 169d
0.85 21 Jan 540d

Volatility by Strike

Balanced wings

Nearest expiry, within 20% of spot

Comparable upside calls and downside puts carry broadly similar implied volatility.

3
4
4
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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
  • Versioned calculationv2 observations only
  • Independent entryone read per market session
  • Point-in-time referencerequired at entry
  • Matched expiry closereported only after maturity

Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.

Evidence Quality

Usable with limits

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
30 Jul 2026
Calculation
v2.0
Contracts
124 / 124
  • 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

88/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $41385 of estimated gross traded notional, calls · 46-90 days · otm, 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+100
1W price+4.9%
Call premium98%
Put premium2%
Notional split C 98% / P 2% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.04 Volume divided by open interest across the visible chain.
Trend fit 5/100 Agreement between options pressure and Sharemaestro market context.
Event window 3 Aug Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 46-90 days · OTM
Calls · 46-90 days · OTM calls cluster with 1315 contracts traded, $27145 estimated gross traded notional, and 66% of visible notional.
$27145
Calls · 8-21 days · ITM calls cluster with 190 contracts traded, $5982 estimated gross traded notional, and 14% of visible notional.
$5982
Calls · 91+ days · ITM calls cluster with 48 contracts traded, $4330 estimated gross traded notional, and 10% of visible notional.
$4330
Calls · 91+ days · OTM calls cluster with 36 contracts traded, $1660 estimated gross traded notional, and 4% of visible notional.
$1660
Calls · 46-90 days · ITM calls cluster with 13 contracts traded, $918 estimated gross traded notional, and 2% of visible notional.
$918

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Activity Anomaly

Warming up

-

2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 2 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close3.66
1W+4.9%
RS33.3
Fair value+50.8%
Options pressure100
Speculation41
Volatility96
Trend fit5

Today Versus Normal

Stored-options context

View history
Expected move 17.8% history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
IV 0.97 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
Put-call 0.03 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
Volume/OI 0.04 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:25 Volatility
Pressure 100
Move 18.4%
30 Jul 11:10 Volatility
Pressure 65
Move 17.8%
31 Jul 10:45 Volatility
Pressure 100
Move 17.8%

Strike Map

Where activity is clustering

Full strike map
Strike0.50
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike1.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike1.50
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Strike2.00
Calls · V 1 · OI 105
Puts · V 0 · OI 0
Strike2.50
Calls · V 0 · OI 24
Puts · V 40 · OI 51
Strike3.00
Calls · V 7 · OI 315
Puts · V 1 · OI 117
Strike3.50
Calls · V 182 · OI 2532
Puts · V 1 · OI 30
Strike4.00
Calls · V 32 · OI 838
Puts · V 0 · OI 18

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts24
Avg IV0.97
Put-call0.19
Expiry18 Sep 2026
Contracts22
Avg IV0.99
Put-call0.13
Expiry16 Oct 2026
Contracts28
Avg IV0.95
Put-call0.01
Expiry15 Jan 2027
Contracts26
Avg IV0.87
Put-call-
Expiry21 Jan 2028
Contracts24
Avg IV0.85
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Call IV premium
Call IV1.04
Put IV0.94
Skew-0.10
18 Sep 2026Call IV premium
Call IV1.05
Put IV0.95
Skew-0.10
16 Oct 2026Balanced skew
Call IV0.93
Put IV0.95
Skew0.02
15 Jan 2027Balanced skew
Call IV0.85
Put IV0.84
Skew-0.01
21 Jan 2028Put IV premium
Call IV0.82
Put IV0.90
Skew0.08

Contract Tape

Most active contracts

Full contract tape
ContractWTI261016C00005000
SideCall
Expiry16 Oct 2026
Strike5.00
Volume1260
OI1904
IV0.93
ContractWTI260821C00003500
SideCall
Expiry21 Aug 2026
Strike3.50
Volume182
OI2532
IV0.93
ContractWTI270115C00003500
SideCall
Expiry15 Jan 2027
Strike3.50
Volume43
OI516
IV0.91
ContractWTI260821P00002500
SidePut
Expiry21 Aug 2026
Strike2.50
Volume40
OI51
IV0.78
ContractWTI260821C00004000
SideCall
Expiry21 Aug 2026
Strike4.00
Volume32
OI838
IV0.97
ContractWTI261016C00004500
SideCall
Expiry16 Oct 2026
Strike4.50
Volume28
OI319
IV1.01
ContractWTI270115C00005500
SideCall
Expiry15 Jan 2027
Strike5.50
Volume28
OI75
IV0.96
ContractWTI261016C00004000
SideCall
Expiry16 Oct 2026
Strike4.00
Volume22
OI1470
IV0.95