Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
WEED options intelligence
ROUNDHILL CANNABIS ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 14 Sep 2026
Checked 15 Sep 2026 11:09 · complete available chain
Options-market disagreement
Mixed pressure
WEED currently carries mixed options pressure with a 36/100 conviction score. The nearest-chain expected move is 6.8%, with volume/open-interest participation at 0.00.
Expected move
6.8%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
94
Options agree with trend context
Weekly backdrop
-5.3%
RS 2.4
Expected move
6.8%
Put-call volume
-
Volume / OI
-
Reference IV
0.65
Max pain
22.00
Underlying
21.48
Nearest expiry
18 Sep 2026
Contracts
212
Research Brief
WEED has a mixed chain read with 36/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 20.01–22.95; The largest call open-interest concentration is 25.00; the largest put concentration is 21.00. The most active strike by current volume is 5.00.
Priced range20.01–22.95
Call concentration25.00
Put concentration21.00
Max pain reference22.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 20.01 to 22.95. Max pain at 22.00 sits inside that range, 2.4% above spot.
Spot
Max pain
20.0121.48 ± 1.4722.95
Confirmation level
A close beyond 22.95 or below 20.01 at the 18 Sep 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 36/100
Pressure is 10/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure10 × 42%
+4.3
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement94 × 26%
+24.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility73 × 10%
+7.3
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 25.00; the largest put concentration is 21.00. The most active strike by current volume is 5.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
5.00-76.7%
0
0
6.00-72.1%
0
0
7.00-67.4%
0
0
8.00-62.8%
0
0
9.00-58.1%
0
0
10.00-53.4%
0
0
11.00-48.8%
0
0
12.00-44.1%
0
0
13.00-39.5%
0
0
14.00-34.8%
0
0
15.00-30.2%
0
0
16.00-25.5%
0
0
17.00-20.9%
0
0
18.00-16.2%
0
1
21.00-2.2%
0
1
22.002.4%
1
0
25.0016.4%
8
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+$366Delta change / 1% move
Positive peak26.00+$154
Negative peak21.00-$65
Nearest balance21.81Interpolated sign change
StrikeNegativePositiveNet / 1% move
18.00-16.2%
+$20
20.00-6.9%
+$25
21.00-2.2%
-$65
22.002.4%
+$16
23.007.1%
+$67
25.0016.4%
+$150
26.0021.0%
+$154
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.
0.65
18 Sep
4d
0.60
16 Oct
32d
0.66
18 Dec
95d
0.65
19 Mar
186d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
18
19
20
21
22
23
24
25
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
6 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing50%
Average expiry move13.5%
21 Aug
Volatility · 50
8.0% through expiry
57.2% priced · v2.0
17 Aug
Volatility · 50
8.0% through expiry
28.0% priced · v2.0
4 Aug
Mixed · 35
16.3% through expiry
15.8% priced · v2.0
3 Aug
Mixed · 37
16.3% through expiry
17.0% priced · v2.0
31 Jul
Mixed · 31
16.3% through expiry
5.0% priced · v2.0
30 Jul
Mixed · 32
16.3% through expiry
3.9% 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
- 14 Sep 2026
- Calculation
- v2.0
- Contracts
- 212 / 212
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+10
1W price-5.3%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
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
94/100
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.
No high-conviction option cluster is visible in this snapshot.
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 15 completed sessions
Volume rank47th
Volume/OI rank47th
IV rank47th
Market Context
Underlying confirmation
Close21.48
1W-5.3%
RS2.4
Fair value-7.3%
Options pressure10
Speculation0
Volatility73
Trend fit94
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:26
Mixed
Pressure 7
Move 18.0%
30 Jul 13:13
Mixed
Pressure 7
Move 17.8%
31 Jul 12:52
Mixed
Pressure 7
Move 3.9%
3 Aug 11:42
Mixed
Pressure 8
Move 5.0%
4 Aug 12:52
Mixed
Pressure 8
Move 17.0%
5 Aug 13:15
Mixed
Pressure 8
Move 15.8%
17 Aug 14:00
Volatility
Pressure 53
Move 28.0%
21 Aug 21:03
Volatility
Pressure 53
Move 57.2%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike12.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts52
Avg IV0.65
Put-call-
Expiry16 Oct 2026
Contracts38
Avg IV0.60
Put-call-
Expiry18 Dec 2026
Contracts60
Avg IV0.66
Put-call-
Expiry19 Mar 2027
Contracts62
Avg IV0.65
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.20
Put IV0.30
Skew0.10
16 Oct 2026Balanced skew
Call IV0.75
Put IV0.75
Skew-
18 Dec 2026Balanced skew
Call IV0.91
Put IV0.93
Skew0.02
19 Mar 2027Put IV premium
Call IV0.76
Put IV0.93
Skew0.18
Contract Tape
Most active contracts
ContractWEED260918C00025000
SideCall
Expiry18 Sep 2026
Strike25.00
Volume-
OI8
IV0.55
ContractWEED261218C00026000
SideCall
Expiry18 Dec 2026
Strike26.00
Volume-
OI6
IV0.60
ContractWEED270319C00023000
SideCall
Expiry19 Mar 2027
Strike23.00
Volume-
OI1
IV0.59
ContractWEED261218C00018000
SideCall
Expiry18 Dec 2026
Strike18.00
Volume-
OI1
IV0.51
ContractWEED261218C00021000
SideCall
Expiry18 Dec 2026
Strike21.00
Volume-
OI1
IV0.57
ContractWEED260918P00021000
SidePut
Expiry18 Sep 2026
Strike21.00
Volume-
OI1
IV0.30
ContractWEED260918C00022000
SideCall
Expiry18 Sep 2026
Strike22.00
Volume-
OI1
IV0.89
ContractWEED260918P00022000
SidePut
Expiry18 Sep 2026
Strike22.00
Volume-
OI1
IV1.09
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.