Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
DLO options intelligence
Dlocal Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 31 Jul 2026
Checked 1 Aug 2026 10:23 · complete available chain
Volatility expansion watch
Volatility pressure
DLO currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 13.8%, with volume/open-interest participation at 0.00.
Expected move
13.8%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.19
Call-side skew
Trend fit
14
Options are not fully confirming trend
Weekly backdrop
+4.1%
RS 3.4
Expected move
13.8%
Put-call volume
0.19
Volume / OI
0.00
Reference IV
0.74
Max pain
13.00
Underlying
15.08
Nearest expiry
21 Aug 2026
Contracts
344
Research Brief
DLO has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.00–17.16; The largest call open-interest concentration is 16.00; the largest put concentration is 12.00. The most active strike by current volume is 14.00.
Priced range13.00–17.16
Call concentration16.00
Put concentration12.00
Max pain reference13.00
- 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.
- 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 13.00 to 17.16. Max pain at 13.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
13.0015.08 ± 2.0817.16
Confirmation level
A close beyond 17.16 or below 13.00 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 54/100
Pressure is 78/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure78 × 42%
+32.8
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.8
Volume relative to existing open interest and contract-level activity.
Trend agreement14 × 26%
+3.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility92 × 10%
+9.2
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 16.00; the largest put concentration is 12.00. The most active strike by current volume is 14.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
40
5.00-66.8%
0
8
7.00-53.6%
4
16
8.00-46.9%
16
54
9.00-40.3%
6
2088
10.00-33.7%
190
4273
11.00-27.1%
592
7236
12.00-20.4%
617
4927
13.00-13.8%
1591
508
14.00-7.2%
10035
362
15.00-0.5%
7376
124
16.006.1%
14889
1
17.0012.7%
5132
3
18.0019.4%
981
6
19.0026.0%
153
0
20.0032.6%
7026
0
21.0039.3%
50
0
22.0045.9%
186
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.
0.74
21 Aug
21d
0.61
18 Sep
49d
0.56
16 Oct
77d
0.57
20 Nov
112d
0.56
18 Dec
140d
0.58
15 Jan
168d
0.54
19 Feb
203d
0.51
17 Dec
504d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
13
14
15
16
17
18
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
- 344 / 344
- 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 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: $152238 of estimated gross traded notional, calls · 91+ 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+78
1W price+4.1%
Call premium89%
Put premium11%
Notional split
C 89% / P 11%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
14/100
Agreement between options pressure and Sharemaestro market context.
Event window
12 Aug
Matched earnings event is 10 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 · 91+ days · OTM
calls cluster with 357 contracts traded, $50865 estimated gross traded notional, and 33% of visible notional.
$50865
Calls · 91+ days · ITM
calls cluster with 81 contracts traded, $46845 estimated gross traded notional, and 31% of visible notional.
$46845
Calls · 46-90 days · OTM
calls cluster with 254 contracts traded, $16498 estimated gross traded notional, and 11% of visible notional.
$16498
Puts · 91+ days · OTM
puts cluster with 107 contracts traded, $14130 estimated gross traded notional, and 9% of visible notional.
$14130
Calls · 8-21 days · ITM
calls cluster with 46 contracts traded, $8030 estimated gross traded notional, and 5% of visible notional.
$8030
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
Close15.08
1W+4.1%
RS3.4
Fair value+21.9%
Options pressure78
Speculation40
Volatility92
Trend fit14
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 10:51
Mixed
Pressure -13
Move 16.6%
30 Jul 10:42
Bullish
Pressure 19
Move 15.7%
30 Jul 15:12
Volatility
Pressure 43
Move 15.4%
30 Jul 15:33
Volatility
Pressure 40
Move 15.4%
30 Jul 19:54
Mixed
Pressure 4
Move 15.2%
1 Aug 08:41
Volatility
Pressure 78
Move 15.4%
1 Aug 09:23
Volatility
Pressure 78
Move 13.8%
Strike Map
Where activity is clustering
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike3.00
Calls · V 0 · OI 2
Puts · V 0 · OI 4
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike5.00
Calls · V 0 · OI 0
Puts · V 2 · OI 40
Strike6.00
Calls · V 0 · OI 1
Puts · V 0 · OI 9
Strike7.00
Calls · V 0 · OI 4
Puts · V 1 · OI 8
Strike8.00
Calls · V 0 · OI 16
Puts · V 2 · OI 16
Strike9.00
Calls · V 0 · OI 6
Puts · V 0 · OI 54
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.74
Put-call0.35
Expiry18 Sep 2026
Contracts44
Avg IV0.61
Put-call0.04
Expiry16 Oct 2026
Contracts38
Avg IV0.56
Put-call-
Expiry20 Nov 2026
Contracts48
Avg IV0.57
Put-call2.63
Expiry18 Dec 2026
Contracts50
Avg IV0.56
Put-call0.01
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.72
Put IV0.73
Skew0.01
18 Sep 2026Balanced skew
Call IV0.58
Put IV0.62
Skew0.04
16 Oct 2026Balanced skew
Call IV0.56
Put IV0.57
Skew0.01
20 Nov 2026Balanced skew
Call IV0.61
Put IV0.60
Skew-0.01
18 Dec 2026Balanced skew
Call IV0.57
Put IV0.58
Skew0.01
Contract Tape
Most active contracts
ContractDLO261218C00017000
SideCall
Expiry18 Dec 2026
Strike17.00
Volume210
OI74507
IV0.53
ContractDLO261016C00018000
SideCall
Expiry16 Oct 2026
Strike18.00
Volume200
OI216
IV0.55
ContractDLO261120P00014000
SidePut
Expiry20 Nov 2026
Strike14.00
Volume103
OI19
IV0.59
ContractDLO261218C00016000
SideCall
Expiry18 Dec 2026
Strike16.00
Volume100
OI214
IV0.56
ContractDLO280121C00010000
SideCall
Expiry21 Jan 2028
Strike10.00
Volume50
OI299
IV0.64
ContractDLO260821C00014000
SideCall
Expiry21 Aug 2026
Strike14.00
Volume44
OI10035
IV0.75
ContractDLO260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume41
OI7376
IV0.73
ContractDLO260821C00016000
SideCall
Expiry21 Aug 2026
Strike16.00
Volume34
OI14889
IV0.77
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.