Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FTNT options intelligence
Fortinet Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 31 Jul 2026
Checked 2 Aug 2026 11:13 · complete available chain
Call-side pressure
Bullish pressure
FTNT currently carries bullish options pressure with a 49/100 conviction score. The nearest-chain expected move is 5.8%, with volume/open-interest participation at 0.06.
Expected move
5.8%
Near-term move context
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.54
Call-side skew
Trend fit
87
Options agree with trend context
Weekly backdrop
+6.3%
RS 54.7
Expected move
5.8%
Put-call volume
0.54
Volume / OI
0.06
Reference IV
0.52
Max pain
152.50
Underlying
161.95
Nearest expiry
7 Aug 2026
Contracts
1222
Research Brief
FTNT has a bullish 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 152.55–171.35; The largest call open-interest concentration is 160.00; the largest put concentration is 130.00. The most active strike by current volume is 165.00.
Priced range152.55–171.35
Call concentration160.00
Put concentration130.00
Max pain reference152.50
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 152.55 to 171.35. Max pain at 152.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
152.55161.95 ± 9.40171.35
Confirmation level
A close beyond 171.35 or below 152.55 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 49/100
Pressure is 28/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement87 × 26%
+22.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility59 × 10%
+5.9
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 160.00; the largest put concentration is 130.00. The most active strike by current volume is 165.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
319
130.00-19.7%
3
98
140.00-13.6%
19
97
145.00-10.5%
4
206
147.00-9.2%
2
76
148.00-8.6%
11
87
150.00-7.4%
10
63
152.50-5.8%
354
36
155.00-4.3%
677
22
157.50-2.7%
341
60
160.00-1.2%
810
2
162.500.3%
150
277
165.001.9%
542
21
167.503.4%
153
0
170.005.0%
303
1
175.008.1%
223
0
190.0017.3%
297
0
230.0042.0%
152
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
0.51
14 Aug
14d
0.50
21 Aug
21d
0.53
28 Aug
28d
0.52
4 Sep
35d
0.51
11 Sep
42d
0.51
18 Sep
49d
0.51
16 Oct
77d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
130
132
134
136
137
139
141
143
145
147
148
150
155
160
165
170
175
178
183
188
193
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
- 1222 / 1222
- 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 pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $6.8M of estimated gross traded notional, calls · 46-90 days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+28
1W price+6.3%
Call premium72%
Put premium28%
Notional split
C 72% / P 28%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
87/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 2 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 · 46-90 days · OTM
calls cluster with 1064 contracts traded, $769320 estimated gross traded notional, and 11% of visible notional.
$769320
Calls · 46-90 days · ATM
calls cluster with 515 contracts traded, $679252 estimated gross traded notional, and 10% of visible notional.
$679252
Calls · 91+ days · ATM
calls cluster with 165 contracts traded, $527652 estimated gross traded notional, and 8% of visible notional.
$527652
Calls · 8-21 days · ITM
calls cluster with 320 contracts traded, $515120 estimated gross traded notional, and 8% of visible notional.
$515120
Calls · 0-7 days · ATM
calls cluster with 1265 contracts traded, $491825 estimated gross traded notional, and 7% of visible notional.
$491825
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close161.95
1W+6.3%
RS54.7
Fair value+92.6%
Options pressure28
Speculation41
Volatility59
Trend fit87
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 10:03
Mixed
Pressure 2
Move 12.7%
30 Jul 10:02
Mixed
Pressure 1
Move 13.9%
31 Jul 12:16
Bullish
Pressure 28
Move 3.9%
2 Aug 10:13
Bullish
Pressure 28
Move 5.8%
Strike Map
Where activity is clustering
Strike75.00
Calls · V 0 · OI 2
Puts · V 0 · OI 5
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike95.00
Calls · V 1 · OI 2
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 10
Puts · V 0 · OI 5
Strike105.00
Calls · V 0 · OI 23
Puts · V 0 · OI 14
Strike107.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts158
Avg IV0.52
Put-call0.53
Expiry14 Aug 2026
Contracts158
Avg IV0.51
Put-call0.59
Expiry21 Aug 2026
Contracts102
Avg IV0.50
Put-call0.63
Expiry28 Aug 2026
Contracts64
Avg IV0.53
Put-call0.76
Expiry4 Sep 2026
Contracts64
Avg IV0.52
Put-call0.63
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.50
Put IV0.52
Skew0.02
14 Aug 2026Balanced skew
Call IV0.50
Put IV0.54
Skew0.04
21 Aug 2026Balanced skew
Call IV0.49
Put IV0.52
Skew0.03
28 Aug 2026Balanced skew
Call IV0.52
Put IV0.53
Skew0.01
4 Sep 2026Balanced skew
Call IV0.49
Put IV0.53
Skew0.04
Contract Tape
Most active contracts
ContractFTNT260807C00165000
SideCall
Expiry7 Aug 2026
Strike165.00
Volume905
OI542
IV0.52
ContractFTNT260807C00170000
SideCall
Expiry7 Aug 2026
Strike170.00
Volume878
OI303
IV0.50
ContractFTNT260807P00155000
SidePut
Expiry7 Aug 2026
Strike155.00
Volume517
OI36
IV0.52
ContractFTNT260918C00175000
SideCall
Expiry18 Sep 2026
Strike175.00
Volume508
OI664
IV0.50
ContractFTNT260918C00160000
SideCall
Expiry18 Sep 2026
Strike160.00
Volume292
OI1682
IV0.50
ContractFTNT260807C00160000
SideCall
Expiry7 Aug 2026
Strike160.00
Volume260
OI810
IV0.49
ContractFTNT261016P00160000
SidePut
Expiry16 Oct 2026
Strike160.00
Volume253
OI23
IV0.50
ContractFTNT260821C00160000
SideCall
Expiry21 Aug 2026
Strike160.00
Volume230
OI1019
IV0.48
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Fortinet Inc (FTNT) volume expands as weekly gain reaches 6.3%3 Aug 2026 07:14
Fortinet Inc (FTNT) holds active weekly setup as strength reading trails14 Jul 2026 22:54
Fortinet Inc (FTNT) posts 92.5% 12-week rise as volume signals split14 Jul 2026 04:10
Fortinet Inc (FTNT) extends three-month surge with volume below average10 Jul 2026 01:54
Fortinet Inc (FTNT) keeps weekly advance intact after 19.2% four-week run19 Jun 2026 17:07
Fortinet Inc (FTNT) keeps active weekly trend after 79.7% 12-week climb17 Jun 2026 16:22
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.