Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
GAP options intelligence
The Gap, Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 10 Aug 2026
Checked 11 Aug 2026 14:29 · complete available chain
Call-side pressure
Bullish pressure
GAP currently carries bullish options pressure with a 40/100 conviction score. The nearest-chain expected move is 6.4%, with volume/open-interest participation at 0.05.
Expected move
6.4%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.45
Call-side skew
Trend fit
28
Options are not fully confirming trend
Weekly backdrop
+1.9%
RS -22.7
Expected move
6.4%
Put-call volume
0.45
Volume / OI
0.05
Reference IV
0.66
Max pain
20.00
Underlying
20.47
Nearest expiry
14 Aug 2026
Contracts
600
Research Brief
GAP has a bullish 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 19.16–21.78; The largest call open-interest concentration is 20.50; the largest put concentration is 20.00. The most active strike by current volume is 21.00.
Priced range19.16–21.78
Call concentration20.50
Put concentration20.00
Max pain reference20.00
- 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 19.16 to 21.78. Max pain at 20.00 sits inside that range, 2.3% below spot.
Spot
Max pain
19.1620.47 ± 1.3121.78
Confirmation level
A close beyond 21.78 or below 19.16 at the 14 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 39/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure39 × 42%
+16.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement28 × 26%
+7.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility72 × 10%
+7.2
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 20.50; the largest put concentration is 20.00. The most active strike by current volume is 21.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
87
16.00-21.8%
4
81
17.00-17.0%
7
111
17.50-14.5%
1
57
18.00-12.1%
6
88
18.50-9.6%
17
425
19.00-7.2%
10
118
19.50-4.7%
18
491
20.00-2.3%
318
56
20.500.1%
438
1
21.002.6%
271
7
21.505.0%
318
1
22.007.5%
40
5
22.509.9%
75
3
23.0012.4%
91
2
23.5014.8%
89
0
24.0017.2%
60
1
24.5019.7%
105
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+$551,771Delta change / 1% move
Positive peak21.00+$252,106
Negative peak20.00-$415,493
Nearest balance20.45Interpolated sign change
StrikeNegativePositiveNet / 1% move
15.50-24.3%
-$410
16.00-21.8%
-$14,900
16.50-19.4%
-$3,978
17.00-17.0%
-$39,566
17.50-14.5%
-$2,079
18.00-12.1%
-$52,819
18.50-9.6%
-$5,392
19.00-7.2%
-$61,474
19.50-4.7%
-$11,211
20.00-2.3%
-$415,493
20.500.1%
+$47,040
21.002.6%
+$252,106
21.505.0%
+$78,549
22.007.5%
+$10,425
22.509.9%
+$19,682
23.0012.4%
+$137,339
23.5014.8%
+$13,301
24.0017.2%
+$69,980
24.5019.7%
+$2,909
25.0022.1%
+$187,251
25.5024.6%
+$97
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.
0.66
14 Aug
4d
0.49
21 Aug
11d
0.73
28 Aug
18d
0.61
4 Sep
25d
0.64
11 Sep
32d
0.57
18 Sep
39d
0.62
25 Sep
46d
0.51
18 Dec
130d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing100%
Average expiry move2.5%
6 Aug
Bullish · 40
1.9% through expiry
4.1% priced · v2.0
5 Aug
Mixed · 34
1.9% through expiry
4.0% priced · v2.0
4 Aug
Bullish · 37
1.9% through expiry
4.8% priced · v2.0
3 Aug
Bullish · 40
1.9% through expiry
4.6% priced · v2.0
31 Jul
Mixed · 43
1.9% through expiry
4.9% priced · v2.0
30 Jul
Bullish · 38
5.7% through expiry
7.2% priced · v2.0
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
- 10 Aug 2026
- Calculation
- v2.0
- Contracts
- 600 / 600
- 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 pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $738,881 of estimated gross traded notional, calls · 0-7 days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+39
1W price+1.9%
Call premium75%
Put premium25%
Notional split
C 75% / P 25%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
28/100
Agreement between options pressure and Sharemaestro market context.
Event window
27 Aug
Matched earnings event is 14 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 · 0-7 days · OTM
calls cluster with 2519 contracts traded, $127,742 estimated gross traded notional, and 17% of visible notional.
$127,742
Calls · 22-45 days · OTM
calls cluster with 739 contracts traded, $76,928 estimated gross traded notional, and 10% of visible notional.
$76,928
Calls · 91+ days · OTM
calls cluster with 401 contracts traded, $68,634 estimated gross traded notional, and 9% of visible notional.
$68,634
Calls · 91+ days · ITM
calls cluster with 79 contracts traded, $57,918 estimated gross traded notional, and 8% of visible notional.
$57,918
Puts · 22-45 days · ITM
puts cluster with 282 contracts traded, $46,727 estimated gross traded notional, and 6% of visible notional.
$46,727
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.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close20.47
1W+1.9%
RS-22.7
Fair value-3.0%
Options pressure39
Speculation41
Volatility72
Trend fit28
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:32
Mixed
Pressure -7
Move 7.0%
30 Jul 10:30
Volatility
Pressure -25
Move 8.2%
31 Jul 10:21
Bullish
Pressure 34
Move 7.2%
3 Aug 03:00
Mixed
Pressure -18
Move 4.9%
4 Aug 01:18
Bullish
Pressure 49
Move 4.6%
4 Aug 16:09
Bullish
Pressure 32
Move 4.8%
4 Aug 20:53
Bullish
Pressure 27
Move 4.8%
5 Aug 09:38
Bullish
Pressure 33
Move 4.8%
Strike Map
Where activity is clustering
Strike14.00
Calls · V 17 · OI 11
Puts · V 0 · OI 0
Strike14.50
Calls · V 15 · OI 8
Puts · V 1 · OI 0
Strike15.00
Calls · V 2 · OI 9
Puts · V 0 · OI 33
Strike15.50
Calls · V 0 · OI 4
Puts · V 1 · OI 34
Strike16.00
Calls · V 2 · OI 4
Puts · V 0 · OI 87
Strike16.50
Calls · V 2 · OI 1
Puts · V 0 · OI 15
Strike17.00
Calls · V 2 · OI 7
Puts · V 0 · OI 81
Strike17.50
Calls · V 0 · OI 1
Puts · V 0 · OI 111
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts56
Avg IV0.66
Put-call0.11
Expiry21 Aug 2026
Contracts60
Avg IV0.49
Put-call0.42
Expiry28 Aug 2026
Contracts58
Avg IV0.73
Put-call1.42
Expiry4 Sep 2026
Contracts58
Avg IV0.61
Put-call0.75
Expiry11 Sep 2026
Contracts56
Avg IV0.64
Put-call0.58
Skew
Call/put IV balance
14 Aug 2026Balanced skew
Call IV0.49
Put IV0.50
Skew0.01
21 Aug 2026Put IV premium
Call IV0.41
Put IV0.47
Skew0.06
28 Aug 2026Call IV premium
Call IV0.76
Put IV0.69
Skew-0.07
4 Sep 2026Balanced skew
Call IV0.65
Put IV0.61
Skew-0.04
11 Sep 2026Put IV premium
Call IV0.50
Put IV0.63
Skew0.13
Contract Tape
Most active contracts
ContractGAP260814C00021000
SideCall
Expiry14 Aug 2026
Strike21.00
Volume1372
OI271
IV0.44
ContractGAP260814C00021500
SideCall
Expiry14 Aug 2026
Strike21.50
Volume561
OI318
IV0.44
ContractGAP260814C00022000
SideCall
Expiry14 Aug 2026
Strike22.00
Volume305
OI40
IV0.44
ContractGAP260814C00020500
SideCall
Expiry14 Aug 2026
Strike20.50
Volume295
OI438
IV0.59
ContractGAP260918C00022000
SideCall
Expiry18 Sep 2026
Strike22.00
Volume178
OI1234
IV0.58
ContractGAP260814P00021000
SidePut
Expiry14 Aug 2026
Strike21.00
Volume162
OI1
IV0.47
ContractGAP260828P00019000
SidePut
Expiry28 Aug 2026
Strike19.00
Volume159
OI417
IV0.73
ContractGAP261218P00014000
SidePut
Expiry18 Dec 2026
Strike14.00
Volume150
OI667
IV0.54
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.