Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
HQY options intelligence
HealthEquity Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 29 Jul 2026
Checked 30 Jul 2026 11:31 · complete available chain
Call-side pressure
Bullish pressure
HQY currently carries bullish options pressure with a 54/100 conviction score. The nearest-chain expected move is 7.7%, with volume/open-interest participation at 0.03.
Expected move
7.7%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.08
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-3.1%
RS -2.9
Expected move
7.7%
Put-call volume
0.08
Volume / OI
0.03
Reference IV
0.31
Max pain
90.00
Underlying
94.64
Nearest expiry
21 Aug 2026
Contracts
200
Research Brief
HQY has a bullish chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 87.35–101.92; The largest call open-interest concentration is 105.00; the largest put concentration is 75.00. The most active strike by current volume is 110.00.
Priced range87.35–101.92
Call concentration105.00
Put concentration75.00
Max pain reference90.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 87.35 to 101.92. Max pain at 90.00 sits inside that range, 4.9% below spot.
Spot
Max pain
87.3594.64 ± 7.29101.92
Confirmation level
A close beyond 101.92 or below 87.35 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 54/100
Pressure is 95/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure95 × 42%
+40.0
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility53 × 10%
+5.3
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 105.00; the largest put concentration is 75.00. The most active strike by current volume is 110.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
45.00-52.4%
0
0
50.00-47.2%
0
0
55.00-41.9%
0
0
60.00-36.6%
0
0
65.00-31.3%
0
10
70.00-26.0%
0
24
75.00-20.7%
0
7
80.00-15.5%
0
7
85.00-10.2%
1
3
90.00-4.9%
13
11
95.000.4%
35
0
100.005.7%
16
1
105.0011.0%
197
0
110.0016.2%
8
0
115.0021.5%
3
0
120.0026.8%
9
0
125.0032.1%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.31
21 Aug
22d
0.42
18 Sep
50d
0.43
20 Nov
113d
0.43
18 Dec
141d
0.41
19 Mar
232d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
80
85
90
95
100
105
110
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
No independently verifiable option-expiry outcomes have matured yet. Legacy snapshots without a point-in-time market reference and repeated same-session snapshots are deliberately excluded.
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 29 Jul 2026
- Calculation
- v1.x legacy
- Contracts
- 200 / 200
- 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.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $13305 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+95
1W price-3.1%
Call premium89%
Put premium11%
Notional split
C 89% / P 11%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · 46-90 days · OTM
calls cluster with 30 contracts traded, $7695 estimated gross traded notional, and 58% of visible notional.
$7695
Calls · 46-90 days · ITM
calls cluster with 2 contracts traded, $3230 estimated gross traded notional, and 24% of visible notional.
$3230
Puts · 46-90 days · ITM
puts cluster with 1 contracts traded, $990 estimated gross traded notional, and 7% of visible notional.
$990
Calls · 22-45 days · OTM
calls cluster with 6 contracts traded, $960 estimated gross traded notional, and 7% of visible notional.
$960
Puts · 46-90 days · OTM
puts cluster with 2 contracts traded, $430 estimated gross traded notional, and 3% of visible notional.
$430
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
1 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 1 completed session
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close94.64
1W-3.1%
RS-2.9
Fair value+10.3%
Options pressure95
Speculation41
Volatility53
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:33
Bullish
Pressure 88
Move 10.3%
30 Jul 10:31
Bullish
Pressure 95
Move 7.7%
Strike Map
Where activity is clustering
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
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 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 24
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts36
Avg IV0.31
Put-call-
Expiry18 Sep 2026
Contracts40
Avg IV0.42
Put-call0.09
Expiry20 Nov 2026
Contracts40
Avg IV0.43
Put-call-
Expiry18 Dec 2026
Contracts44
Avg IV0.43
Put-call-
Expiry19 Mar 2027
Contracts40
Avg IV0.41
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.35
Put IV0.23
Skew-0.12
18 Sep 2026Balanced skew
Call IV0.45
Put IV0.50
Skew0.05
20 Nov 2026Put IV premium
Call IV0.39
Put IV0.44
Skew0.06
18 Dec 2026Balanced skew
Call IV0.40
Put IV0.44
Skew0.05
19 Mar 2027Balanced skew
Call IV0.39
Put IV0.41
Skew0.03
Contract Tape
Most active contracts
ContractHQY260918C00120000
SideCall
Expiry18 Sep 2026
Strike120.00
Volume27
OI3
IV0.45
ContractHQY260821C00110000
SideCall
Expiry21 Aug 2026
Strike110.00
Volume6
OI8
IV0.35
ContractHQY260918C00090000
SideCall
Expiry18 Sep 2026
Strike90.00
Volume2
OI166
IV0.44
ContractHQY260918C00110000
SideCall
Expiry18 Sep 2026
Strike110.00
Volume2
OI144
IV0.41
ContractHQY260918P00090000
SidePut
Expiry18 Sep 2026
Strike90.00
Volume2
OI6
IV0.50
ContractHQY260918C00105000
SideCall
Expiry18 Sep 2026
Strike105.00
Volume1
OI9
IV0.42
ContractHQY260918P00110000
SidePut
Expiry18 Sep 2026
Strike110.00
Volume1
OI-
IV0.43
ContractHQY260918C00095000
SideCall
Expiry18 Sep 2026
Strike95.00
Volume-
OI287
IV0.43
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.