Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
PCG options intelligence
PG&E Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 6 Aug 2026
Checked 7 Aug 2026 10:24 · complete available chain
Call-side pressure
Bullish pressure
PCG currently carries bullish options pressure with a 48/100 conviction score. The nearest-chain expected move is 3.3%, with volume/open-interest participation at 0.02.
Expected move
3.3%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.27
Call-side skew
Trend fit
27
Options are not fully confirming trend
Weekly backdrop
-2.6%
RS -2.6
Expected move
3.3%
Put-call volume
0.27
Volume / OI
0.02
Reference IV
0.37
Max pain
17.00
Underlying
17.38
Nearest expiry
7 Aug 2026
Contracts
752
Research Brief
PCG has a bullish chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 16.81–17.95; The largest call open-interest concentration is 17.00; the largest put concentration is 17.00. The most active strike by current volume is 16.50.
Priced range16.81–17.95
Call concentration17.00
Put concentration17.00
Max pain reference17.00
- 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 16.81 to 17.95. Max pain at 17.00 sits inside that range, 2.2% below spot.
Spot
Max pain
16.8117.38 ± 0.5717.95
Confirmation level
A close beyond 17.95 or below 16.81 at the 7 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 48/100
Pressure is 67/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure67 × 42%
+28.2
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement27 × 26%
+6.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility39 × 10%
+3.9
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 17.00; the largest put concentration is 17.00. The most active strike by current volume is 16.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
9.00-48.2%
142
0
10.00-42.5%
141
0
11.00-36.7%
15
0
11.50-33.8%
12
6
12.00-31.0%
11
0
12.50-28.1%
6
102
14.50-16.6%
4
710
15.00-13.7%
7
110
15.50-10.8%
6
346
16.00-7.9%
6
368
16.50-5.1%
5
1493
17.00-2.2%
697
359
17.500.7%
697
237
18.003.6%
502
12
18.506.4%
618
0
19.009.3%
160
3
19.5012.2%
177
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$30.0MDelta change / 1% move
Positive peak20.00+$9.5M
Negative peak16.00-$946,221
Nearest balance17.48Interpolated sign change
StrikeNegativePositiveNet / 1% move
12.00-31.0%
-$7,858
12.50-28.1%
+$27
13.00-25.2%
-$705,184
13.50-22.3%
-$99
14.00-19.4%
-$114,804
14.50-16.6%
-$33,061
15.00-13.7%
-$321,672
15.50-10.8%
-$34,748
16.00-7.9%
-$946,221
16.50-5.1%
-$217,770
17.00-2.2%
+$4.2M
17.500.7%
-$188,662
18.003.6%
+$3.2M
18.506.4%
+$1.9M
19.009.3%
+$5.0M
19.5012.2%
+$241,978
20.0015.1%
+$9.5M
20.5018.0%
+$307
21.0020.8%
+$2.0M
21.5023.7%
-$73
22.0026.6%
+$692,649
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.37
7 Aug
1d
0.31
14 Aug
8d
0.39
21 Aug
15d
0.45
28 Aug
22d
0.48
4 Sep
29d
0.49
11 Sep
36d
0.47
18 Sep
43d
0.48
25 Sep
50d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
14
15
15
16
16
17
17
18
18
19
19
20
20
21
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.
Directional follow-through0%
Moves contained by pricing100%
Average expiry move2.6%
30 Jul
Bullish · 51
-2.6% through expiry
3.1% 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
- 6 Aug 2026
- Calculation
- v2.0
- Contracts
- 752 / 752
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2.4M of estimated gross traded notional, calls · 91+ days · atm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+67
1W price-2.6%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
27/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ATM
calls cluster with 4390 contracts traded, $767,613 estimated gross traded notional, and 31% of visible notional.
$767,613
Calls · 22-45 days · OTM
calls cluster with 9545 contracts traded, $376,687 estimated gross traded notional, and 15% of visible notional.
$376,687
Calls · 22-45 days · ATM
calls cluster with 3373 contracts traded, $364,106 estimated gross traded notional, and 15% of visible notional.
$364,106
Calls · 46-90 days · OTM
calls cluster with 4606 contracts traded, $286,136 estimated gross traded notional, and 12% of visible notional.
$286,136
Puts · 22-45 days · OTM
puts cluster with 2943 contracts traded, $106,737 estimated gross traded notional, and 4% of visible notional.
$106,737
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
7 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 7 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close17.38
1W-2.6%
RS-2.6
Fair value+2.7%
Options pressure67
Speculation40
Volatility39
Trend fit27
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:12
Bullish
Pressure 67
Move 3.5%
30 Jul 10:07
Bullish
Pressure 94
Move 2.9%
31 Jul 10:04
Bullish
Pressure 79
Move 3.1%
31 Jul 15:37
Bullish
Pressure 83
Move 2.9%
31 Jul 16:36
Bullish
Pressure 69
Move 3.0%
31 Jul 16:56
Bullish
Pressure 69
Move 3.0%
31 Jul 18:01
Bullish
Pressure 69
Move 3.0%
31 Jul 19:02
Bullish
Pressure 67
Move 3.0%
Strike Map
Where activity is clustering
Strike9.00
Calls · V 5 · OI 142
Puts · V 0 · OI 2
Strike10.00
Calls · V 0 · OI 141
Puts · V 0 · OI 0
Strike11.00
Calls · V 2 · OI 15
Puts · V 0 · OI 0
Strike11.50
Calls · V 0 · OI 12
Puts · V 0 · OI 0
Strike12.00
Calls · V 2 · OI 11
Puts · V 5 · OI 6
Strike12.50
Calls · V 3 · OI 6
Puts · V 3 · OI 0
Strike13.00
Calls · V 1 · OI 10
Puts · V 0 · OI 0
Strike13.50
Calls · V 1 · OI 7
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts62
Avg IV0.37
Put-call1.54
Expiry14 Aug 2026
Contracts84
Avg IV0.31
Put-call0.94
Expiry21 Aug 2026
Contracts80
Avg IV0.39
Put-call0.15
Expiry28 Aug 2026
Contracts58
Avg IV0.45
Put-call4.00
Expiry4 Sep 2026
Contracts58
Avg IV0.48
Put-call0.68
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV0.49
Put IV0.39
Skew-0.11
14 Aug 2026Call IV premium
Call IV0.35
Put IV0.29
Skew-0.06
21 Aug 2026Call IV premium
Call IV0.51
Put IV0.39
Skew-0.13
28 Aug 2026Call IV premium
Call IV0.52
Put IV0.42
Skew-0.10
4 Sep 2026Balanced skew
Call IV0.50
Put IV0.55
Skew0.05
Contract Tape
Most active contracts
ContractPCG261016C00019000
SideCall
Expiry16 Oct 2026
Strike19.00
Volume4500
OI-
IV0.43
ContractPCG270115C00017000
SideCall
Expiry15 Jan 2027
Strike17.00
Volume4251
OI12711
IV0.36
ContractPCG260918C00017000
SideCall
Expiry18 Sep 2026
Strike17.00
Volume3107
OI18898
IV0.46
ContractPCG260918C00019000
SideCall
Expiry18 Sep 2026
Strike19.00
Volume2525
OI96563
IV0.50
ContractPCG260918C00018000
SideCall
Expiry18 Sep 2026
Strike18.00
Volume2394
OI44267
IV0.47
ContractPCG260918C00025000
SideCall
Expiry18 Sep 2026
Strike25.00
Volume1930
OI144965
IV0.68
ContractPCG260918C00020000
SideCall
Expiry18 Sep 2026
Strike20.00
Volume1546
OI294192
IV0.50
ContractPCG260918P00014000
SidePut
Expiry18 Sep 2026
Strike14.00
Volume1258
OI3278
IV0.51
Research Graph
Related research and context
Sharemaestro research
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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.