Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
ECPG options intelligence
Encore Capital Group Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 31 Jul 2026
Checked 3 Aug 2026 05:19 · complete available chain
Options-market disagreement
Mixed pressure
ECPG currently carries mixed options pressure with a 34/100 conviction score. The nearest-chain expected move is 12.8%, with volume/open-interest participation at 0.00.
Expected move
12.8%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
84
Options agree with trend context
Weekly backdrop
+4.4%
RS 38.7
Expected move
12.8%
Put-call volume
-
Volume / OI
-
Reference IV
0.66
Max pain
90.00
Underlying
94.08
Nearest expiry
21 Aug 2026
Contracts
242
Research Brief
ECPG has a mixed chain read with 34/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 82.03–106.13; The largest call open-interest concentration is 90.00; the largest put concentration is 87.50. The most active strike by current volume is 55.00.
Priced range82.03–106.13
Call concentration90.00
Put concentration87.50
Max pain reference90.00
- 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.
- 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 82.03 to 106.13. Max pain at 90.00 sits inside that range, 4.3% below spot.
Spot
Max pain
82.0394.08 ± 12.05106.13
Confirmation level
A close beyond 106.13 or below 82.03 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 34/100
Pressure is 9/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.6
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement84 × 26%
+21.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility86 × 10%
+8.6
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 87.50. The most active strike by current volume is 55.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
55.00-41.5%
0
0
60.00-36.2%
0
0
65.00-30.9%
0
2
70.00-25.6%
0
4
75.00-20.3%
0
1
77.50-17.6%
0
4
80.00-15.0%
0
3
82.50-12.3%
0
1
85.00-9.7%
0
9
87.50-7.0%
0
8
90.00-4.3%
27
0
92.50-1.7%
2
1
95.001.0%
3
0
97.503.6%
5
0
100.006.3%
5
0
105.0011.6%
2
0
110.0016.9%
0
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+$90,545Delta change / 1% move
Positive peak100.00+$71,056
Negative peak55.00-$2,475
Nearest balance82.93Interpolated sign change
StrikeNegativePositiveNet / 1% move
60.00-36.2%
+$128
62.50-33.6%
+$42
65.00-30.9%
+$721
67.50-28.3%
-$10
70.00-25.6%
+$1,028
72.50-22.9%
+$148
75.00-20.3%
+$1,180
77.50-17.6%
+$1,786
80.00-15.0%
+$1,358
82.50-12.3%
-$438
85.00-9.7%
+$2,099
87.50-7.0%
+$2,410
90.00-4.3%
+$5,538
92.50-1.7%
+$452
95.001.0%
+$1,228
97.503.6%
+$1,194
100.006.3%
+$71,056
105.0011.6%
+$1,299
110.0016.9%
+$158
120.0027.6%
+$228
125.0032.9%
+$96
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.
0.66
21 Aug
21d
0.46
18 Sep
49d
0.44
18 Dec
140d
0.44
19 Mar
231d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
78
80
83
85
88
90
93
95
98
100
105
110
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 242 / 242
- 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-9
1W price+4.4%
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
84/100
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.
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.
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
Close94.08
1W+4.4%
RS38.7
Fair value+85.3%
Options pressure-9
Speculation0
Volatility86
Trend fit84
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 11:04
Volatility
Pressure 91
Move 14.7%
30 Jul 10:52
Volatility
Pressure 76
Move 14.0%
31 Jul 10:34
Bearish
Pressure -42
Move 13.7%
31 Jul 17:16
Volatility
Pressure 77
Move 13.7%
3 Aug 04:19
Mixed
Pressure -9
Move 12.8%
Strike Map
Where activity is clustering
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike77.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike82.50
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts42
Avg IV0.66
Put-call-
Expiry18 Sep 2026
Contracts72
Avg IV0.46
Put-call-
Expiry18 Dec 2026
Contracts80
Avg IV0.44
Put-call-
Expiry19 Mar 2027
Contracts48
Avg IV0.44
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.73
Put IV0.68
Skew-0.05
18 Sep 2026Balanced skew
Call IV0.48
Put IV0.50
Skew0.02
18 Dec 2026Balanced skew
Call IV0.43
Put IV0.45
Skew0.02
19 Mar 2027Balanced skew
Call IV0.41
Put IV0.45
Skew0.04
Contract Tape
Most active contracts
ContractECPG261218P00055000
SidePut
Expiry18 Dec 2026
Strike55.00
Volume-
OI1020
IV0.32
ContractECPG260918C00100000
SideCall
Expiry18 Sep 2026
Strike100.00
Volume-
OI319
IV0.46
ContractECPG261218C00075000
SideCall
Expiry18 Dec 2026
Strike75.00
Volume-
OI28
IV0.50
ContractECPG260821C00090000
SideCall
Expiry21 Aug 2026
Strike90.00
Volume-
OI27
IV0.69
ContractECPG261218C00047500
SideCall
Expiry18 Dec 2026
Strike47.50
Volume-
OI26
IV0.74
ContractECPG260918C00087500
SideCall
Expiry18 Sep 2026
Strike87.50
Volume-
OI21
IV0.51
ContractECPG261218C00065000
SideCall
Expiry18 Dec 2026
Strike65.00
Volume-
OI16
IV0.59
ContractECPG261218C00070000
SideCall
Expiry18 Dec 2026
Strike70.00
Volume-
OI16
IV0.53
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.