Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
QQQA options intelligence
PROSHARES NASDAQ-100 DORSEY WRIGHT MOMENTUM ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 4 Aug 2026
Checked 5 Aug 2026 12:36 · complete available chain
Put-side pressure
Bearish pressure
QQQA currently carries bearish options pressure with a 49/100 conviction score. The nearest-chain expected move is 8.2%, with volume/open-interest participation at 0.00.
Expected move
8.2%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
6
Options are not fully confirming trend
Weekly backdrop
+2.2%
RS 16.0
Expected move
8.2%
Put-call volume
-
Volume / OI
0.00
Reference IV
0.35
Max pain
75.00
Underlying
71.28
Nearest expiry
21 Aug 2026
Contracts
262
Research Brief
QQQA has a bearish chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 65.46–77.11; The largest call open-interest concentration is 75.00; the largest put concentration is 75.00. The most active strike by current volume is 67.00.
Priced range65.46–77.11
Call concentration75.00
Put concentration75.00
Max pain reference75.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 65.46 to 77.11. Max pain at 75.00 sits inside that range, 5.2% above spot.
Spot
Max pain
65.4671.28 ± 5.8377.11
Confirmation level
A close beyond 77.11 or below 65.46 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 49/100
Pressure is 96/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure96 × 42%
+40.4
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement6 × 26%
+1.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility57 × 10%
+5.7
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 75.00; the largest put concentration is 75.00. The most active strike by current volume is 67.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
65.00-8.8%
0
0
66.00-7.4%
0
1
67.00-6.0%
0
0
68.00-4.6%
0
1
69.00-3.2%
0
0
70.00-1.8%
0
0
71.00-0.4%
81
1
72.001.0%
0
0
73.002.4%
0
0
74.003.8%
0
123
75.005.2%
127
40
76.006.6%
0
0
77.008.0%
15
0
78.009.4%
0
0
80.0012.2%
1
0
82.0015.0%
1
0
88.0023.5%
1
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+$22,532Delta change / 1% move
Positive peak71.00+$21,310
Negative peak76.00-$13,591
Nearest balance71.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
50.00-29.9%
+$266
64.00-10.2%
-$21
65.00-8.8%
+$523
67.00-6.0%
-$161
69.00-3.2%
-$56
70.00-1.8%
+$117
71.00-0.4%
+$21,310
72.001.0%
-$268
73.002.4%
+$126
74.003.8%
-$63
75.005.2%
+$6,607
76.006.6%
-$13,591
77.008.0%
+$5,160
78.009.4%
-$575
80.0012.2%
-$1,379
81.0013.6%
+$1,901
82.0015.0%
+$52
85.0019.2%
+$1,116
88.0023.5%
+$20
90.0026.3%
+$1,438
95.0033.3%
+$10
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.
0.35
21 Aug
17d
0.37
18 Sep
45d
0.37
18 Dec
136d
0.38
19 Mar
227d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 4 Aug 2026
- Calculation
- v2.0
- Contracts
- 262 / 262
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $196 of estimated gross traded notional, puts · 22-45 days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-96
1W price+2.2%
Call premium0%
Put premium100%
Notional split
C 0% / P 100%
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
6/100
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.
Puts · 22-45 days · OTM
puts cluster with 1 contracts traded, $122 estimated gross traded notional, and 62% of visible notional.
$122
Puts · 8-21 days · OTM
puts cluster with 1 contracts traded, $74 estimated gross traded notional, and 38% of visible notional.
$74
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
5 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 5 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close71.28
1W+2.2%
RS16.0
Fair value+51.6%
Options pressure-96
Speculation8
Volatility57
Trend fit6
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:00
Bullish
Pressure 19
Move 8.2%
30 Jul 12:53
Bearish
Pressure -96
Move 9.1%
31 Jul 12:22
Bullish
Pressure 100
Move 8.0%
31 Jul 23:05
Mixed
Pressure 16
Move 7.8%
4 Aug 11:12
Bullish
Pressure 100
Move 6.9%
5 Aug 11:36
Bearish
Pressure -96
Move 8.2%
Strike Map
Where activity is clustering
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike66.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike67.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike68.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike69.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike71.00
Calls · V 0 · OI 81
Puts · V 0 · OI 0
Strike72.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.35
Put-call-
Expiry18 Sep 2026
Contracts86
Avg IV0.37
Put-call-
Expiry18 Dec 2026
Contracts78
Avg IV0.37
Put-call-
Expiry19 Mar 2027
Contracts38
Avg IV0.38
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.35
Put IV0.41
Skew0.06
18 Sep 2026Put IV premium
Call IV0.30
Put IV0.40
Skew0.10
18 Dec 2026Put IV premium
Call IV0.32
Put IV0.42
Skew0.11
19 Mar 2027Put IV premium
Call IV0.33
Put IV0.42
Skew0.10
Contract Tape
Most active contracts
ContractQQQA260918P00067000
SidePut
Expiry18 Sep 2026
Strike67.00
Volume1
OI1
IV0.41
ContractQQQA260821P00067000
SidePut
Expiry21 Aug 2026
Strike67.00
Volume1
OI1
IV0.22
ContractQQQA260821C00075000
SideCall
Expiry21 Aug 2026
Strike75.00
Volume-
OI127
IV0.35
ContractQQQA260821P00075000
SidePut
Expiry21 Aug 2026
Strike75.00
Volume-
OI123
IV0.40
ContractQQQA260821C00071000
SideCall
Expiry21 Aug 2026
Strike71.00
Volume-
OI81
IV0.37
ContractQQQA260821P00076000
SidePut
Expiry21 Aug 2026
Strike76.00
Volume-
OI40
IV0.37
ContractQQQA261218P00080000
SidePut
Expiry18 Dec 2026
Strike80.00
Volume-
OI15
IV0.40
ContractQQQA260821C00077000
SideCall
Expiry21 Aug 2026
Strike77.00
Volume-
OI15
IV0.35
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.