Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
PENG options intelligence
Penguin Solutions, Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 31 Jul 2026
Checked 31 Jul 2026 20:41 · complete available chain
Options-market disagreement
Mixed pressure
PENG currently carries mixed options pressure with a 45/100 conviction score. The nearest-chain expected move is 22.6%, with volume/open-interest participation at 0.06.
Expected move
22.6%
Wider near-term move priced
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.78
Balanced tape
Trend fit
93
Options agree with trend context
Weekly backdrop
-2.3%
RS 60.4
Expected move
22.6%
Put-call volume
0.78
Volume / OI
0.06
Reference IV
1.16
Max pain
60.00
Underlying
53.85
Nearest expiry
21 Aug 2026
Contracts
379
Research Brief
PENG has a mixed chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 41.70–66.00; The largest call open-interest concentration is 70.00; the largest put concentration is 55.00. The most active strike by current volume is 45.00.
Priced range41.70–66.00
Call concentration70.00
Put concentration55.00
Max pain reference60.00
- 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 41.70 to 66.00. Max pain at 60.00 sits inside that range, 11.4% above spot.
Spot
Max pain
41.7053.85 ± 12.1566.00
Confirmation level
A close beyond 66.00 or below 41.70 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 45/100
Pressure is 13/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure13 × 42%
+5.6
How strongly activity leans toward calls or puts.
Participation25 × 22%
+5.6
Volume relative to existing open interest and contract-level activity.
Trend agreement93 × 26%
+24.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 70.00; the largest put concentration is 55.00. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
251
30.00-44.3%
0
1693
35.00-35.0%
9
1988
40.00-25.7%
154
2497
45.00-16.4%
83
1669
50.00-7.1%
508
2746
55.002.1%
981
1099
60.0011.4%
995
832
65.0020.7%
489
589
70.0030.0%
1568
781
75.0039.3%
1325
146
80.0048.6%
1130
26
85.0057.8%
535
35
90.0067.1%
1219
2
95.0076.4%
221
0
100.0085.7%
508
0
110.00104.3%
166
0
115.00113.6%
478
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.
1.16
21 Aug
21d
1.15
18 Sep
49d
1.21
16 Oct
77d
1.17
18 Dec
140d
1.17
15 Jan
168d
1.14
19 Mar
231d
1.15
16 Apr
259d
1.15
21 May
294d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
45
50
55
60
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
- 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
- 379 / 379
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $6.2M of estimated gross traded notional, calls · 91+ days · otm, 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+13
1W price-2.3%
Call premium48%
Put premium52%
Notional split
C 48% / P 52%
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
93/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 1592 contracts traded, $2.1M estimated gross traded notional, and 34% of visible notional.
$2.1M
Puts · 46-90 days · ITM
puts cluster with 330 contracts traded, $1.3M estimated gross traded notional, and 21% of visible notional.
$1.3M
Puts · 91+ days · ITM
puts cluster with 321 contracts traded, $1.2M estimated gross traded notional, and 19% of visible notional.
$1.2M
Calls · 91+ days · ITM
calls cluster with 131 contracts traded, $386030 estimated gross traded notional, and 6% of visible notional.
$386030
Puts · 91+ days · OTM
puts cluster with 701 contracts traded, $380300 estimated gross traded notional, and 6% of visible notional.
$380300
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
Close52.63
1W-2.3%
RS60.4
Fair value+121.5%
Options pressure13
Speculation25
Volatility96
Trend fit93
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 10:54
Volatility
Pressure 31
Move 26.1%
30 Jul 12:21
Volatility
Pressure 63
Move 28.5%
31 Jul 11:40
Volatility
Pressure 32
Move 24.0%
31 Jul 13:35
Bullish
Pressure 26
Move 23.6%
31 Jul 14:45
Mixed
Pressure 12
Move 22.9%
31 Jul 16:12
Mixed
Pressure 11
Move 22.6%
31 Jul 17:34
Mixed
Pressure 12
Move 22.7%
31 Jul 18:44
Mixed
Pressure 12
Move 22.7%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 13 · OI 251
Strike35.00
Calls · V 7 · OI 9
Puts · V 17 · OI 1693
Strike40.00
Calls · V 1 · OI 154
Puts · V 64 · OI 1988
Strike45.00
Calls · V 1 · OI 83
Puts · V 560 · OI 2497
Strike50.00
Calls · V 45 · OI 508
Puts · V 49 · OI 1669
Strike55.00
Calls · V 19 · OI 981
Puts · V 8 · OI 2746
Strike60.00
Calls · V 83 · OI 995
Puts · V 3 · OI 1099
Strike65.00
Calls · V 119 · OI 489
Puts · V 4 · OI 832
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts37
Avg IV1.16
Put-call1.17
Expiry18 Sep 2026
Contracts53
Avg IV1.15
Put-call0.31
Expiry16 Oct 2026
Contracts45
Avg IV1.21
Put-call5.31
Expiry18 Dec 2026
Contracts47
Avg IV1.17
Put-call0.68
Expiry15 Jan 2027
Contracts55
Avg IV1.17
Put-call4.50
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV1.19
Put IV1.15
Skew-0.04
18 Sep 2026Balanced skew
Call IV1.16
Put IV1.14
Skew-0.02
16 Oct 2026Balanced skew
Call IV1.24
Put IV1.21
Skew-0.03
18 Dec 2026Call IV premium
Call IV1.18
Put IV1.13
Skew-0.05
15 Jan 2027Balanced skew
Call IV1.18
Put IV1.14
Skew-0.04
Contract Tape
Most active contracts
ContractPENG270115P00095000
SidePut
Expiry15 Jan 2027
Strike95.00
Volume-
OI20
IV0.00
ContractPENG260918P00090000
SidePut
Expiry18 Sep 2026
Strike90.00
Volume-
OI13
IV1.13
ContractPENG261218P00090000
SidePut
Expiry18 Dec 2026
Strike90.00
Volume-
OI11
IV1.10
ContractPENG270416C00130000
SideCall
Expiry16 Apr 2027
Strike130.00
Volume-
OI10
IV1.20
ContractPENG280121P00120000
SidePut
Expiry21 Jan 2028
Strike120.00
Volume-
OI10
IV0.93
ContractPENG270416P00030000
SidePut
Expiry16 Apr 2027
Strike30.00
Volume-
OI7
IV1.13
ContractPENG260918C00007500
SideCall
Expiry18 Sep 2026
Strike7.50
Volume-
OI6
IV9.19
ContractPENG261218P00105000
SidePut
Expiry18 Dec 2026
Strike105.00
Volume-
OI6
IV1.06
Research Graph
Related research and context
Sharemaestro research
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Options context
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Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.