Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
FUTU options intelligence
Futu Holdings Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 31 Jul 2026
Checked 2 Aug 2026 00:02 · complete available chain
Options-market disagreement
Mixed pressure
FUTU currently carries mixed options pressure with a 33/100 conviction score. The nearest-chain expected move is 7.0%, with volume/open-interest participation at 0.04.
Expected move
7.0%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
1.02
Balanced tape
Trend fit
58
Options are not fully confirming trend
Weekly backdrop
+5.8%
RS -35.9
Expected move
7.0%
Put-call volume
1.02
Volume / OI
0.04
Reference IV
0.52
Max pain
101.00
Underlying
105.12
Nearest expiry
7 Aug 2026
Contracts
1186
Research Brief
FUTU has a mixed chain read with 33/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 97.80–112.44; The largest call open-interest concentration is 111.00; the largest put concentration is 97.00. The most active strike by current volume is 105.00.
Priced range97.80–112.44
Call concentration111.00
Put concentration97.00
Max pain reference101.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 97.80 to 112.44. Max pain at 101.00 sits inside that range, 3.9% below spot.
Spot
Max pain
97.80105.12 ± 7.32112.44
Confirmation level
A close beyond 112.44 or below 97.80 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 33/100
Pressure is 6/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure6 × 42%
+2.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement58 × 26%
+15.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility64 × 10%
+6.4
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 111.00; the largest put concentration is 97.00. The most active strike by current volume is 105.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
203
86.00-18.2%
0
692
90.00-14.4%
0
216
94.00-10.6%
1
938
95.00-9.6%
1
64
96.00-8.7%
1
2011
97.00-7.7%
3
28
98.00-6.8%
42
12
99.00-5.8%
16
18
100.00-4.9%
28
9
101.00-3.9%
12
4
104.00-1.1%
42
11
105.00-0.1%
101
4
106.000.8%
85
2
110.004.6%
302
0
111.005.6%
366
2
115.009.4%
177
25
120.0014.2%
104
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.52
7 Aug
7d
0.50
14 Aug
14d
0.49
21 Aug
21d
0.54
28 Aug
28d
0.53
4 Sep
35d
0.55
11 Sep
42d
0.55
18 Sep
49d
0.54
16 Oct
77d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
85
87
89
91
93
94
95
97
98
100
102
103
105
107
109
111
113
115
117
119
125
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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
- 1186 / 1186
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $1.6M of estimated gross traded notional, calls · 91+ days · itm, 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-6
1W price+5.8%
Call premium79%
Put premium21%
Notional split
C 79% / P 21%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
58/100
Agreement between options pressure and Sharemaestro market context.
Event window
19 Aug
Matched earnings event is 17 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 · ITM
calls cluster with 108 contracts traded, $473505 estimated gross traded notional, and 30% of visible notional.
$473505
Calls · 91+ days · OTM
calls cluster with 118 contracts traded, $138847 estimated gross traded notional, and 9% of visible notional.
$138847
Calls · 0-7 days · ATM
calls cluster with 440 contracts traded, $124982 estimated gross traded notional, and 8% of visible notional.
$124982
Calls · 46-90 days · ATM
calls cluster with 156 contracts traded, $118950 estimated gross traded notional, and 8% of visible notional.
$118950
Calls · 46-90 days · ITM
calls cluster with 68 contracts traded, $91105 estimated gross traded notional, and 6% of visible notional.
$91105
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.
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
Close105.12
1W+5.8%
RS-35.9
Fair value+4.9%
Options pressure-6
Speculation41
Volatility64
Trend fit58
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 10:22
Volatility
Pressure -35
Move 5.9%
30 Jul 10:19
Volatility
Pressure -29
Move 6.5%
31 Jul 13:10
Mixed
Pressure -11
Move 5.6%
31 Jul 18:17
Mixed
Pressure -10
Move 5.6%
1 Aug 23:02
Mixed
Pressure -6
Move 7.0%
Strike Map
Where activity is clustering
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 24
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike82.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts106
Avg IV0.52
Put-call1.03
Expiry14 Aug 2026
Contracts100
Avg IV0.50
Put-call0.83
Expiry21 Aug 2026
Contracts164
Avg IV0.49
Put-call4.12
Expiry28 Aug 2026
Contracts96
Avg IV0.54
Put-call1.59
Expiry4 Sep 2026
Contracts90
Avg IV0.53
Put-call0.38
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.45
Put IV0.49
Skew0.04
14 Aug 2026Balanced skew
Call IV0.50
Put IV0.46
Skew-0.04
21 Aug 2026Balanced skew
Call IV0.52
Put IV0.53
Skew0.01
28 Aug 2026Balanced skew
Call IV0.59
Put IV0.59
Skew-
4 Sep 2026Balanced skew
Call IV0.55
Put IV0.57
Skew0.02
Contract Tape
Most active contracts
ContractFUTU260807C00105000
SideCall
Expiry7 Aug 2026
Strike105.00
Volume289
OI101
IV0.48
ContractFUTU260807C00110000
SideCall
Expiry7 Aug 2026
Strike110.00
Volume220
OI302
IV0.45
ContractFUTU260828P00088000
SidePut
Expiry28 Aug 2026
Strike88.00
Volume200
OI2
IV0.25
ContractFUTU260821P00085000
SidePut
Expiry21 Aug 2026
Strike85.00
Volume183
OI92
IV0.58
ContractFUTU260918C00107450
SideCall
Expiry18 Sep 2026
Strike107.45
Volume156
OI478
IV0.55
ContractFUTU260918P00080000
SidePut
Expiry18 Sep 2026
Strike80.00
Volume100
OI897
IV0.61
ContractFUTU260828C00125000
SideCall
Expiry28 Aug 2026
Strike125.00
Volume100
OI203
IV0.57
ContractFUTU260807P00095000
SidePut
Expiry7 Aug 2026
Strike95.00
Volume97
OI938
IV0.58
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.