Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
COHR options intelligence
Coherent Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:01 · partial chain
Volatility expansion watch
Volatility pressure
COHR currently carries volatility options pressure with a 46/100 conviction score. The nearest-chain expected move is 12.1%, with volume/open-interest participation at 0.10.
Expected move
12.1%
Wider near-term move priced
Activity / OI
0.10
Current volume is quieter versus prior open interest
Put-call
1.10
Balanced tape
Trend fit
92
Options agree with trend context
Weekly backdrop
-6.9%
RS 9.3
Expected move
12.1%
Put-call volume
1.10
Volume / OI
0.10
Reference IV
1.26
Max pain
257.50
Underlying
282.39
Nearest expiry
31 Jul 2026
Contracts
2000
Research Brief
COHR has a volatility chain read with 46/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 248.19–316.59; The largest call open-interest concentration is 237.50; the largest put concentration is 215.00. The most active strike by current volume is 300.00.
Priced range248.19–316.59
Call concentration237.50
Put concentration215.00
Max pain reference257.50
- 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 248.19 to 316.59. Max pain at 257.50 sits inside that range, 8.8% below spot.
Spot
Max pain
248.19282.39 ± 34.20316.59
Confirmation level
A close beyond 316.59 or below 248.19 at the 31 Jul 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 46/100
Pressure is 8/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure8 × 42%
+3.5
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement92 × 26%
+24.0
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 237.50; the largest put concentration is 215.00. The most active strike by current volume is 300.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
541
190.00-32.7%
0
912
195.00-30.9%
2
1207
215.00-23.9%
4
398
220.00-22.1%
16
715
225.00-20.3%
13
248
230.00-18.6%
958
183
235.00-16.8%
296
91
237.50-15.9%
1002
497
240.00-15.0%
649
965
257.50-8.8%
120
385
260.00-7.9%
139
421
270.00-4.4%
158
128
272.50-3.5%
497
614
275.00-2.6%
548
412
300.006.2%
289
76
302.507.1%
981
229
335.0018.6%
115
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.26
31 Jul
1d
1.03
7 Aug
8d
1.16
14 Aug
15d
1.10
21 Aug
22d
1.06
28 Aug
29d
1.02
4 Sep
36d
0.98
11 Sep
43d
1.00
18 Sep
50d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
228
233
238
245
250
255
260
265
273
278
283
288
293
300
305
310
315
320
328
333
338
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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 chain85%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 2000 / 2358
- 85% of provider contracts were retained for this snapshot.
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: $42.1M of estimated gross traded notional, puts · 0-7 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-8
1W price-6.9%
Call premium43%
Put premium57%
Notional split
C 43% / P 57%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.10
Volume divided by open interest across the visible chain.
Trend fit
92/100
Agreement between options pressure and Sharemaestro market context.
Event window
12 Aug
Matched earnings event is 11 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 · 0-7 days · ITM
puts cluster with 1539 contracts traded, $9.7M estimated gross traded notional, and 23% of visible notional.
$9.7M
Calls · 91+ days · ITM
calls cluster with 766 contracts traded, $5.6M estimated gross traded notional, and 13% of visible notional.
$5.6M
Puts · 91+ days · OTM
puts cluster with 1465 contracts traded, $5.4M estimated gross traded notional, and 13% of visible notional.
$5.4M
Calls · 91+ days · OTM
calls cluster with 1000 contracts traded, $4.0M estimated gross traded notional, and 10% of visible notional.
$4.0M
Calls · 0-7 days · ITM
calls cluster with 2824 contracts traded, $3.8M estimated gross traded notional, and 9% of visible notional.
$3.8M
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
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
Close262.89
1W-6.9%
RS9.3
Fair value+118.9%
Options pressure-8
Speculation42
Volatility96
Trend fit92
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 10:05
Volatility
Pressure -15
Move 14.7%
30 Jul 10:03
Volatility
Pressure 8
Move 22.0%
31 Jul 10:01
Volatility
Pressure -8
Move 12.1%
Strike Map
Where activity is clustering
Strike115.00
Calls · V 0 · OI 0
Puts · V 7 · OI 1
Strike120.00
Calls · V 0 · OI 0
Puts · V 3 · OI 2
Strike125.00
Calls · V 0 · OI 0
Puts · V 8 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 2 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 4 · OI 1
Strike140.00
Calls · V 0 · OI 0
Puts · V 6 · OI 1
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike150.00
Calls · V 0 · OI 0
Puts · V 2 · OI 2
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts278
Avg IV1.26
Put-call1.44
Expiry7 Aug 2026
Contracts264
Avg IV1.03
Put-call1.69
Expiry14 Aug 2026
Contracts272
Avg IV1.16
Put-call0.76
Expiry21 Aug 2026
Contracts186
Avg IV1.10
Put-call0.86
Expiry28 Aug 2026
Contracts156
Avg IV1.06
Put-call0.28
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV1.37
Put IV1.51
Skew0.14
7 Aug 2026Put IV premium
Call IV1.07
Put IV1.25
Skew0.19
14 Aug 2026Put IV premium
Call IV1.15
Put IV1.27
Skew0.13
21 Aug 2026Put IV premium
Call IV1.10
Put IV1.17
Skew0.07
28 Aug 2026Balanced skew
Call IV1.08
Put IV1.11
Skew0.03
Contract Tape
Most active contracts
ContractCOHR260807P00210000
SidePut
Expiry7 Aug 2026
Strike210.00
Volume1310
OI197
IV1.20
ContractCOHR260731P00300000
SidePut
Expiry31 Jul 2026
Strike300.00
Volume677
OI412
IV2.54
ContractCOHR260731C00230000
SideCall
Expiry31 Jul 2026
Strike230.00
Volume581
OI958
IV1.10
ContractCOHR260807P00242500
SidePut
Expiry7 Aug 2026
Strike242.50
Volume550
OI3
IV1.19
ContractCOHR270115C00250000
SideCall
Expiry15 Jan 2027
Strike250.00
Volume519
OI160
IV0.94
ContractCOHR270319C00300000
SideCall
Expiry19 Mar 2027
Strike300.00
Volume515
OI136
IV0.90
ContractCOHR261120P00200000
SidePut
Expiry20 Nov 2026
Strike200.00
Volume501
OI108
IV1.01
ContractCOHR260807C00270000
SideCall
Expiry7 Aug 2026
Strike270.00
Volume492
OI56
IV0.98
Research Graph
Related research and context
Sharemaestro research
Related News
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.