Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
SMX options intelligence
SMX (Security Matters) Public Limited Company Class A Ordinary Shares options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 31 Jul 2026
Checked 31 Jul 2026 20:47 · complete available chain
Volatility expansion watch
Volatility pressure
SMX currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 98.8%, with volume/open-interest participation at 0.36.
Expected move
98.8%
Wider near-term move priced
Activity / OI
0.36
Current volume is quieter versus prior open interest
Put-call
0.20
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-8.1%
RS -99.9
Expected move
98.8%
Put-call volume
0.20
Volume / OI
0.36
Reference IV
5.25
Max pain
20.00
Underlying
17.33
Nearest expiry
21 Aug 2026
Contracts
22
Research Brief
SMX has a volatility chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 0.20–34.45; The largest call open-interest concentration is 30.00; the largest put concentration is 20.00. The most active strike by current volume is 20.00.
Priced range0.20–34.45
Call concentration30.00
Put concentration20.00
Max pain reference20.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 0.20 to 34.45. Max pain at 20.00 sits inside that range, 15.4% above spot.
Spot
Max pain
0.2017.33 ± 17.1334.45
Confirmation level
A close beyond 34.45 or below 0.20 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 47/100
Pressure is 64/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure64 × 42%
+27.0
How strongly activity leans toward calls or puts.
Participation48 × 22%
+10.7
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
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 30.00; the largest put concentration is 20.00. The most active strike by current volume is 20.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
18
5.00-71.1%
10
0
7.50-56.7%
0
2
10.00-42.3%
14
0
12.50-27.8%
1
11
15.00-13.4%
5
10
17.501.0%
5
26
20.0015.4%
6
0
22.5029.9%
1
3
25.0044.3%
3
8
30.0073.2%
16
12
35.00102.0%
2
0
40.00130.9%
2
0
55.00217.5%
1
0
60.00246.3%
9
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Insufficient term structure
At least two expirations with usable near-the-money implied volatility are required.
5.25
21 Aug
21d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
15
18
20
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 22 / 22
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $37078 of estimated gross traded notional, calls · 8-21 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+64
1W price-8.1%
Call premium70%
Put premium30%
Notional split
C 70% / P 30%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.36
Volume divided by open interest across the visible chain.
Trend fit
0/100
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.
Calls · 8-21 days · OTM
calls cluster with 43 contracts traded, $21088 estimated gross traded notional, and 57% of visible notional.
$21088
Puts · 8-21 days · ITM
puts cluster with 3 contracts traded, $5415 estimated gross traded notional, and 15% of visible notional.
$5415
Puts · 8-21 days · ATM
puts cluster with 4 contracts traded, $4600 estimated gross traded notional, and 12% of visible notional.
$4600
Calls · 8-21 days · ITM
calls cluster with 5 contracts traded, $3760 estimated gross traded notional, and 10% of visible notional.
$3760
Calls · 8-21 days · ATM
calls cluster with 2 contracts traded, $1125 estimated gross traded notional, and 3% of visible notional.
$1125
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
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
Close15.93
1W-8.1%
RS-99.9
Fair value-100.0%
Options pressure64
Speculation48
Volatility96
Trend fit0
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 11:51
Volatility
Pressure 64
Move 98.8%
30 Jul 07:52
Volatility
Pressure 64
Move 98.8%
30 Jul 15:31
Volatility
Pressure 64
Move 98.8%
30 Jul 15:46
Volatility
Pressure 64
Move 98.8%
30 Jul 22:07
Volatility
Pressure 64
Move 98.8%
31 Jul 12:42
Volatility
Pressure 64
Move 98.8%
31 Jul 19:47
Volatility
Pressure 64
Move 98.8%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 2 · OI 10
Puts · V 2 · OI 18
Strike7.50
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike10.00
Calls · V 1 · OI 14
Puts · V 1 · OI 2
Strike12.50
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike15.00
Calls · V 1 · OI 5
Puts · V 0 · OI 11
Strike17.50
Calls · V 2 · OI 5
Puts · V 4 · OI 10
Strike20.00
Calls · V 30 · OI 6
Puts · V 0 · OI 26
Strike22.50
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts22
Avg IV5.25
Put-call0.20
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV4.03
Put IV7.43
Skew3.40
Contract Tape
Most active contracts
ContractSMX260821P00020000
SidePut
Expiry21 Aug 2026
Strike20.00
Volume-
OI26
IV7.65
ContractSMX260821P00035000
SidePut
Expiry21 Aug 2026
Strike35.00
Volume-
OI12
IV7.70
ContractSMX260821P00015000
SidePut
Expiry21 Aug 2026
Strike15.00
Volume-
OI11
IV7.43
ContractSMX260821P00030000
SidePut
Expiry21 Aug 2026
Strike30.00
Volume-
OI8
IV8.21
ContractSMX260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume-
OI2
IV5.98
ContractSMX260821C00055000
SideCall
Expiry21 Aug 2026
Strike55.00
Volume-
OI1
IV6.65
ContractSMX260821C00012500
SideCall
Expiry21 Aug 2026
Strike12.50
Volume-
OI1
IV2.96
ContractSMX260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume30
OI6
IV3.80
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.