Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
Z options intelligence
Zillow Group Inc Class C options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:21 · complete available chain
Call-side pressure
Bullish pressure
Z currently carries bullish options pressure with a 36/100 conviction score. The nearest-chain expected move is 18.2%, with volume/open-interest participation at 0.01.
Expected move
18.2%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.46
Call-side skew
Trend fit
12
Options are not fully confirming trend
Weekly backdrop
+10.7%
RS -46.8
Expected move
18.2%
Put-call volume
0.46
Volume / OI
0.01
Reference IV
0.68
Max pain
35.00
Underlying
30.76
Nearest expiry
21 Aug 2026
Contracts
490
Research Brief
Z has a bullish chain read with 36/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 25.16–36.36; The largest call open-interest concentration is 50.00; the largest put concentration is 30.00. The most active strike by current volume is 45.00.
Priced range25.16–36.36
Call concentration50.00
Put concentration30.00
Max pain reference35.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 25.16 to 36.36. Max pain at 35.00 sits inside that range, 13.8% above spot.
Spot
Max pain
25.1630.76 ± 5.6036.36
Confirmation level
A close beyond 36.36 or below 25.16 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 36/100
Pressure is 41/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure41 × 42%
+17.4
How strongly activity leans toward calls or puts.
Participation32 × 22%
+7.1
Volume relative to existing open interest and contract-level activity.
Trend agreement12 × 26%
+3.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility88 × 10%
+8.8
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 50.00; the largest put concentration is 30.00. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
245
20.00-35.0%
14
1537
22.50-26.9%
0
1369
25.00-18.7%
23
1282
27.50-10.6%
114
4323
30.00-2.5%
210
2468
32.505.7%
1151
687
35.0013.8%
977
1301
37.5021.9%
1131
421
40.0030.0%
999
71
42.5038.2%
499
161
45.0046.3%
2064
46
47.5054.4%
795
105
50.0062.5%
4288
0
52.5070.7%
759
0
55.0078.8%
410
0
60.0095.1%
360
0
65.00111.3%
429
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.68
21 Aug
22d
0.71
18 Sep
50d
0.68
20 Nov
113d
0.64
18 Dec
141d
0.66
15 Jan
169d
0.65
19 Feb
204d
0.65
19 Mar
232d
0.63
17 Jun
322d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
25
28
30
33
35
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
- 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 490 / 490
- 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: $151617 of estimated gross traded notional, puts · 46-90 days · itm, 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+41
1W price+10.7%
Call premium55%
Put premium45%
Notional split
C 55% / P 45%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
12/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 4 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 46-90 days · ITM
puts cluster with 40 contracts traded, $39928 estimated gross traded notional, and 26% of visible notional.
$39928
Calls · 91+ days · OTM
calls cluster with 148 contracts traded, $39188 estimated gross traded notional, and 26% of visible notional.
$39188
Calls · 46-90 days · OTM
calls cluster with 152 contracts traded, $16520 estimated gross traded notional, and 11% of visible notional.
$16520
Calls · 91+ days · ATM
calls cluster with 11 contracts traded, $13530 estimated gross traded notional, and 9% of visible notional.
$13530
Puts · 8-21 days · ITM
puts cluster with 51 contracts traded, $11340 estimated gross traded notional, and 7% of visible notional.
$11340
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.
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
Close34.06
1W+10.7%
RS-46.8
Fair value-41.8%
Options pressure41
Speculation32
Volatility88
Trend fit12
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:31
Bullish
Pressure 45
Move 19.2%
30 Jul 10:30
Mixed
Pressure 5
Move 19.3%
31 Jul 10:21
Bullish
Pressure 41
Move 18.2%
Strike Map
Where activity is clustering
Strike20.00
Calls · V 0 · OI 14
Puts · V 0 · OI 245
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1537
Strike25.00
Calls · V 2 · OI 23
Puts · V 59 · OI 1369
Strike27.50
Calls · V 1 · OI 114
Puts · V 12 · OI 1282
Strike30.00
Calls · V 0 · OI 210
Puts · V 31 · OI 4323
Strike32.50
Calls · V 10 · OI 1151
Puts · V 46 · OI 2468
Strike35.00
Calls · V 16 · OI 977
Puts · V 2 · OI 687
Strike37.50
Calls · V 4 · OI 1131
Puts · V 3 · OI 1301
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.68
Put-call0.67
Expiry18 Sep 2026
Contracts78
Avg IV0.71
Put-call0.36
Expiry20 Nov 2026
Contracts36
Avg IV0.68
Put-call0.09
Expiry18 Dec 2026
Contracts68
Avg IV0.64
Put-call0.69
Expiry15 Jan 2027
Contracts78
Avg IV0.66
Put-call1.75
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.74
Put IV0.81
Skew0.07
18 Sep 2026Call IV premium
Call IV0.82
Put IV0.71
Skew-0.12
20 Nov 2026Put IV premium
Call IV0.63
Put IV0.69
Skew0.06
18 Dec 2026Balanced skew
Call IV0.62
Put IV0.63
Skew0.01
15 Jan 2027Put IV premium
Call IV0.60
Put IV0.68
Skew0.08
Contract Tape
Most active contracts
ContractZ260821C00045000
SideCall
Expiry21 Aug 2026
Strike45.00
Volume145
OI2064
IV0.77
ContractZ260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume100
OI238
IV0.65
ContractZ260821P00025000
SidePut
Expiry21 Aug 2026
Strike25.00
Volume59
OI1369
IV0.81
ContractZ260821P00032500
SidePut
Expiry21 Aug 2026
Strike32.50
Volume46
OI2468
IV0.80
ContractZ260821P00030000
SidePut
Expiry21 Aug 2026
Strike30.00
Volume31
OI4323
IV0.81
ContractZ260918P00032500
SidePut
Expiry18 Sep 2026
Strike32.50
Volume29
OI435
IV0.70
ContractZ260918C00032500
SideCall
Expiry18 Sep 2026
Strike32.50
Volume25
OI734
IV0.65
ContractZ261120C00052500
SideCall
Expiry20 Nov 2026
Strike52.50
Volume25
OI426
IV0.64
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.