Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
SGDJ options intelligence
SPROTT ETF TR JUNIOR GOLD MINERS ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 3 Aug 2026
Checked 3 Aug 2026 19:15 · complete available chain
Call-side pressure
Bullish pressure
SGDJ currently carries bullish options pressure with a 42/100 conviction score. The nearest-chain expected move is 11.0%, with volume/open-interest participation at 0.87.
Expected move
11.0%
Wider near-term move priced
Activity / OI
0.87
Current volume is elevated versus prior open interest
Put-call
0.54
Call-side skew
Trend fit
22
Options are not fully confirming trend
Weekly backdrop
-2.8%
RS -15.7
Expected move
11.0%
Put-call volume
0.54
Volume / OI
0.87
Reference IV
0.56
Max pain
81.00
Underlying
73.06
Nearest expiry
21 Aug 2026
Contracts
42
Research Brief
SGDJ has a bullish chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 65.01–81.11; The largest call open-interest concentration is 90.00; the largest put concentration is 71.00. The most active strike by current volume is 81.00.
Priced range65.01–81.11
Call concentration90.00
Put concentration71.00
Max pain reference81.00
- 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.
- 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 65.01 to 81.11. Max pain at 81.00 sits inside that range, 10.9% above spot.
Spot
Max pain
65.0173.06 ± 8.0581.11
Confirmation level
A close beyond 81.11 or below 65.01 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 42/100
Pressure is 36/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure36 × 42%
+15.0
How strongly activity leans toward calls or puts.
Participation60 × 22%
+13.2
Volume relative to existing open interest and contract-level activity.
Trend agreement22 × 26%
+5.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility79 × 10%
+7.9
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 90.00; the largest put concentration is 71.00. The most active strike by current volume is 81.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
10
71.00-2.8%
0
0
72.00-1.5%
0
4
75.002.7%
0
0
78.006.8%
2
0
80.009.5%
1
8
81.0010.9%
2
0
84.0015.0%
1
0
90.0023.2%
4
0
100.0036.9%
4
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$243Delta change / 1% move
Positive peak88.00+$1,504
Negative peak71.00-$2,357
Nearest balance73.59Interpolated sign change
StrikeNegativePositiveNet / 1% move
60.00-17.9%
+$79
70.00-4.2%
-$112
71.00-2.8%
-$2,357
73.00-0.1%
-$213
74.001.3%
+$146
75.002.7%
-$754
78.006.8%
+$1,222
80.009.5%
+$189
81.0010.9%
-$939
83.0013.6%
+$109
84.0015.0%
-$104
85.0016.3%
+$359
88.0020.4%
+$1,504
89.0021.8%
-$91
90.0023.2%
+$752
94.0028.7%
+$144
100.0036.9%
+$191
102.0039.6%
+$62
107.0046.5%
+$54
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.56
21 Aug
18d
0.55
18 Sep
46d
0.50
16 Oct
74d
0.39
15 Jan
165d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
71
72
75
78
80
81
84
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 42 / 42
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $52,260 of estimated gross traded notional, calls · 46-90 days · otm, 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+36
1W price-2.8%
Call premium49%
Put premium51%
Notional split
C 49% / P 51%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.87
Volume divided by open interest across the visible chain.
Trend fit
22/100
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.
Calls · 46-90 days · OTM
calls cluster with 32 contracts traded, $20,000 estimated gross traded notional, and 38% of visible notional.
$20,000
Puts · 46-90 days · ITM
puts cluster with 14 contracts traded, $18,740 estimated gross traded notional, and 36% of visible notional.
$18,740
Puts · 8-21 days · ITM
puts cluster with 8 contracts traded, $6,170 estimated gross traded notional, and 12% of visible notional.
$6,170
Calls · 91+ days · OTM
calls cluster with 3 contracts traded, $2,515 estimated gross traded notional, and 5% of visible notional.
$2,515
Calls · 46-90 days · ITM
calls cluster with 1 contracts traded, $1,665 estimated gross traded notional, and 3% of visible notional.
$1,665
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close73.06
1W-2.8%
RS-15.7
Fair value+54.0%
Options pressure36
Speculation60
Volatility79
Trend fit22
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:06
Bearish
Pressure -25
Move 9.6%
30 Jul 12:58
Bullish
Pressure 29
Move 9.9%
31 Jul 12:32
Bullish
Pressure 100
Move 9.0%
2 Aug 06:12
Bearish
Pressure -24
Move 9.1%
3 Aug 18:15
Bullish
Pressure 36
Move 11.0%
Strike Map
Where activity is clustering
Strike71.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike72.00
Calls · V 0 · OI 0
Puts · V 2 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike78.00
Calls · V 2 · OI 2
Puts · V 0 · OI 0
Strike80.00
Calls · V 2 · OI 1
Puts · V 0 · OI 0
Strike81.00
Calls · V 1 · OI 2
Puts · V 6 · OI 8
Strike84.00
Calls · V 0 · OI 1
Puts · V 2 · OI 0
Strike90.00
Calls · V 4 · OI 4
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts12
Avg IV0.56
Put-call0.91
Expiry18 Sep 2026
Contracts5
Avg IV0.55
Put-call0.33
Expiry16 Oct 2026
Contracts21
Avg IV0.50
Put-call0.50
Expiry15 Jan 2027
Contracts4
Avg IV0.39
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.52
Put IV0.53
Skew0.01
18 Sep 2026Incomplete skew
Call IV0.56
Put IV-
Skew-
16 Oct 2026Call IV premium
Call IV0.82
Put IV0.56
Skew-0.26
15 Jan 2027Call IV premium
Call IV0.50
Put IV0.02
Skew-0.48
Contract Tape
Most active contracts
ContractSGDJ260821P00071000
SidePut
Expiry21 Aug 2026
Strike71.00
Volume-
OI10
IV0.53
ContractSGDJ260821P00075000
SidePut
Expiry21 Aug 2026
Strike75.00
Volume-
OI4
IV0.63
ContractSGDJ261016C00094000
SideCall
Expiry16 Oct 2026
Strike94.00
Volume-
OI2
IV0.77
ContractSGDJ261016P00070000
SidePut
Expiry16 Oct 2026
Strike70.00
Volume-
OI1
IV0.56
ContractSGDJ260821C00084000
SideCall
Expiry21 Aug 2026
Strike84.00
Volume-
OI1
IV0.62
ContractSGDJ260918C00081000
SideCall
Expiry18 Sep 2026
Strike81.00
Volume-
OI1
IV0.51
ContractSGDJ261016C00083000
SideCall
Expiry16 Oct 2026
Strike83.00
Volume-
OI1
IV0.55
ContractSGDJ270115C00107000
SideCall
Expiry15 Jan 2027
Strike107.00
Volume-
OI1
IV0.50
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.