Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
VIAV options intelligence
Viavi Solutions Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
59
Market data through 30 Jul 2026
Checked 31 Jul 2026 08:40 · complete available chain
Volatility expansion watch
Volatility pressure
VIAV currently carries volatility options pressure with a 59/100 conviction score. The nearest-chain expected move is 23.5%, with volume/open-interest participation at 0.02.
Expected move
23.5%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.14
Call-side skew
Trend fit
26
Options are not fully confirming trend
Weekly backdrop
-6.5%
RS 24.4
Expected move
23.5%
Put-call volume
0.14
Volume / OI
0.02
Reference IV
1.17
Max pain
44.00
Underlying
39.52
Nearest expiry
21 Aug 2026
Contracts
676
Research Brief
VIAV has a volatility chain read with 59/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 30.22–48.82; The largest call open-interest concentration is 60.00; the largest put concentration is 35.00. The most active strike by current volume is 40.00.
Priced range30.22–48.82
Call concentration60.00
Put concentration35.00
Max pain reference44.00
- 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.
- 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 30.22 to 48.82. Max pain at 44.00 sits inside that range, 11.3% above spot.
Spot
Max pain
30.2239.52 ± 9.3048.82
Confirmation level
A close beyond 48.82 or below 30.22 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 59/100
Pressure is 81/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure81 × 42%
+33.9
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement26 × 26%
+6.7
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 60.00; the largest put concentration is 35.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1040
25.00-36.7%
3
1346
30.00-24.1%
3
640
31.00-21.6%
2
1455
35.00-11.4%
27
91
38.00-3.8%
49
94
39.00-1.3%
21
375
40.001.2%
426
46
41.003.7%
66
43
42.006.3%
39
39
43.008.8%
54
466
45.0013.9%
444
12
46.0016.4%
70
4
48.0021.5%
176
128
50.0026.5%
1064
92
55.0039.2%
811
4
60.0051.8%
1248
0
70.0077.1%
164
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.17
21 Aug
22d
1.04
18 Sep
50d
1.01
20 Nov
113d
1.00
18 Dec
141d
0.99
15 Jan
169d
0.99
19 Feb
204d
0.98
19 Mar
232d
0.97
16 Apr
260d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 676 / 676
- 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 are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $805002 of estimated gross traded notional, calls · 91+ days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+81
1W price-6.5%
Call premium87%
Put premium13%
Notional split
C 87% / P 13%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
26/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 4 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 191 contracts traded, $203415 estimated gross traded notional, and 25% of visible notional.
$203415
Calls · 91+ days · OTM
calls cluster with 586 contracts traded, $189178 estimated gross traded notional, and 24% of visible notional.
$189178
Calls · 46-90 days · ITM
calls cluster with 210 contracts traded, $103040 estimated gross traded notional, and 13% of visible notional.
$103040
Calls · 8-21 days · ATM
calls cluster with 281 contracts traded, $67910 estimated gross traded notional, and 8% of visible notional.
$67910
Calls · 91+ days · ATM
calls cluster with 43 contracts traded, $59325 estimated gross traded notional, and 7% of visible notional.
$59325
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.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close36.95
1W-6.5%
RS24.4
Fair value+137.8%
Options pressure81
Speculation40
Volatility96
Trend fit26
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:25
Volatility
Pressure 50
Move 24.3%
30 Jul 10:21
Volatility
Pressure 60
Move 26.1%
31 Jul 07:40
Volatility
Pressure 81
Move 23.5%
Strike Map
Where activity is clustering
Strike24.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 3
Puts · V 27 · OI 1040
Strike26.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike27.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike28.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 40 · OI 3
Puts · V 10 · OI 1346
Strike31.00
Calls · V 0 · OI 2
Puts · V 0 · OI 640
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts66
Avg IV1.17
Put-call0.27
Expiry18 Sep 2026
Contracts98
Avg IV1.04
Put-call0.30
Expiry20 Nov 2026
Contracts82
Avg IV1.01
Put-call0.01
Expiry18 Dec 2026
Contracts74
Avg IV1.00
Put-call0.01
Expiry15 Jan 2027
Contracts74
Avg IV0.99
Put-call0.10
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV1.17
Put IV1.21
Skew0.04
18 Sep 2026Balanced skew
Call IV1.03
Put IV1.05
Skew0.02
20 Nov 2026Put IV premium
Call IV0.99
Put IV1.05
Skew0.06
18 Dec 2026Balanced skew
Call IV0.99
Put IV1.01
Skew0.02
15 Jan 2027Balanced skew
Call IV0.96
Put IV0.96
Skew-
Contract Tape
Most active contracts
ContractVIAV261120C00060000
SideCall
Expiry20 Nov 2026
Strike60.00
Volume503
OI375
IV0.99
ContractVIAV260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume231
OI426
IV1.20
ContractVIAV260918C00037000
SideCall
Expiry18 Sep 2026
Strike37.00
Volume200
OI144
IV1.08
ContractVIAV261218C00035000
SideCall
Expiry18 Dec 2026
Strike35.00
Volume105
OI2938
IV1.03
ContractVIAV260821C00039000
SideCall
Expiry21 Aug 2026
Strike39.00
Volume50
OI21
IV1.21
ContractVIAV280121C00050000
SideCall
Expiry21 Jan 2028
Strike50.00
Volume44
OI506
IV0.95
ContractVIAV280121C00040000
SideCall
Expiry21 Jan 2028
Strike40.00
Volume41
OI29
IV0.92
ContractVIAV270115C00022000
SideCall
Expiry15 Jan 2027
Strike22.00
Volume40
OI195
IV0.98
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.