Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
EMXC options intelligence
ISHARES MSCI EMERGING MARKETS EX CHINA ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 3 Aug 2026
Checked 4 Aug 2026 12:42 · complete available chain
Call-side pressure
Bullish pressure
EMXC currently carries bullish options pressure with a 49/100 conviction score. The nearest-chain expected move is 6.1%, with volume/open-interest participation at 0.01.
Expected move
6.1%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.22
Call-side skew
Trend fit
24
Options are not fully confirming trend
Weekly backdrop
+0.3%
RS 7.0
Expected move
6.1%
Put-call volume
0.22
Volume / OI
0.01
Reference IV
0.37
Max pain
93.00
Underlying
92.12
Nearest expiry
21 Aug 2026
Contracts
280
Research Brief
EMXC 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 86.55–97.69; The largest call open-interest concentration is 100.00; the largest put concentration is 90.00. The most active strike by current volume is 97.00.
Priced range86.55–97.69
Call concentration100.00
Put concentration90.00
Max pain reference93.00
- 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 86.55 to 97.69. Max pain at 93.00 sits inside that range, 1.0% above spot.
Spot
Max pain
86.5592.12 ± 5.5797.69
Confirmation level
A close beyond 97.69 or below 86.55 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 49/100
Pressure is 69/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure69 × 42%
+29.1
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement24 × 26%
+6.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility50 × 10%
+5.0
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 100.00; the largest put concentration is 90.00. The most active strike by current volume is 97.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
75.00-18.6%
2
1
80.00-13.2%
0
9
85.00-7.7%
0
45
90.00-2.3%
9
2
92.00-0.1%
7
7
93.001.0%
14
6
94.002.0%
1
3
95.003.1%
2
1
96.004.2%
3
2
97.005.3%
1
9
98.006.4%
1
1
99.007.5%
0
2
100.008.6%
87
0
102.0010.7%
2
0
103.0011.8%
3
0
104.0012.9%
1
0
112.0021.6%
4
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+$51,250Delta change / 1% move
Positive peak96.00+$16,782
Negative peak90.00-$14,501
Nearest balance90.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
81.00-12.1%
+$1,147
82.00-11.0%
+$178
83.00-9.9%
-$2,211
84.00-8.8%
+$2,204
85.00-7.7%
-$9,542
86.00-6.6%
+$1,897
88.00-4.5%
+$138
90.00-2.3%
-$14,501
91.00-1.2%
+$177
92.00-0.1%
+$3,291
93.001.0%
+$3,692
94.002.0%
-$2,487
95.003.1%
+$13,903
96.004.2%
+$16,782
97.005.3%
+$2,572
98.006.4%
-$2,843
99.007.5%
-$336
100.008.6%
+$1,353
102.0010.7%
+$115
103.0011.8%
+$126
104.0012.9%
+$40
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.37
21 Aug
18d
0.35
18 Sep
46d
0.35
18 Dec
137d
0.33
19 Mar
228d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
75
80
85
90
92
94
95
96
97
98
99
100
101
102
103
104
106
107
108
109
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 280 / 280
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Call-side pressure is building before a meaningful weekly price response.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $6,828 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+69
1W price+0.3%
Call premium77%
Put premium23%
Notional split
C 77% / P 23%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
24/100
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.
Calls · 91+ days · OTM
calls cluster with 8 contracts traded, $3,043 estimated gross traded notional, and 45% of visible notional.
$3,043
Calls · 91+ days · ITM
calls cluster with 1 contracts traded, $1,395 estimated gross traded notional, and 20% of visible notional.
$1,395
Puts · 8-21 days · ATM
puts cluster with 3 contracts traded, $1,170 estimated gross traded notional, and 17% of visible notional.
$1,170
Calls · 8-21 days · OTM
calls cluster with 8 contracts traded, $770 estimated gross traded notional, and 11% of visible notional.
$770
Puts · 91+ days · OTM
puts cluster with 1 contracts traded, $370 estimated gross traded notional, and 5% of visible notional.
$370
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.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close92.12
1W+0.3%
RS7.0
Fair value+47.7%
Options pressure69
Speculation40
Volatility50
Trend fit24
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:15
Bullish
Pressure 34
Move 7.0%
30 Jul 11:51
Bearish
Pressure -18
Move 8.2%
31 Jul 11:32
Bullish
Pressure 60
Move 6.1%
3 Aug 10:25
Bullish
Pressure 56
Move 6.4%
4 Aug 11:42
Bullish
Pressure 69
Move 6.1%
Strike Map
Where activity is clustering
Strike75.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike90.00
Calls · V 0 · OI 9
Puts · V 0 · OI 45
Strike92.00
Calls · V 0 · OI 7
Puts · V 0 · OI 2
Strike93.00
Calls · V 0 · OI 14
Puts · V 0 · OI 7
Strike94.00
Calls · V 0 · OI 1
Puts · V 3 · OI 6
Strike95.00
Calls · V 0 · OI 2
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.37
Put-call0.38
Expiry18 Sep 2026
Contracts72
Avg IV0.35
Put-call-
Expiry18 Dec 2026
Contracts76
Avg IV0.35
Put-call0.13
Expiry19 Mar 2027
Contracts74
Avg IV0.33
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.32
Put IV0.50
Skew0.19
18 Sep 2026Put IV premium
Call IV0.31
Put IV0.37
Skew0.06
18 Dec 2026Put IV premium
Call IV0.33
Put IV0.39
Skew0.06
19 Mar 2027Put IV premium
Call IV0.28
Put IV0.38
Skew0.10
Contract Tape
Most active contracts
ContractEMXC260821C00097000
SideCall
Expiry21 Aug 2026
Strike97.00
Volume7
OI1
IV0.32
ContractEMXC261218C00110000
SideCall
Expiry18 Dec 2026
Strike110.00
Volume4
OI22
IV0.33
ContractEMXC260821P00094000
SidePut
Expiry21 Aug 2026
Strike94.00
Volume3
OI6
IV0.40
ContractEMXC261218C00096000
SideCall
Expiry18 Dec 2026
Strike96.00
Volume2
OI87
IV0.33
ContractEMXC261218C00095000
SideCall
Expiry18 Dec 2026
Strike95.00
Volume1
OI32
IV0.33
ContractEMXC260918C00105000
SideCall
Expiry18 Sep 2026
Strike105.00
Volume1
OI15
IV0.32
ContractEMXC261218C00120000
SideCall
Expiry18 Dec 2026
Strike120.00
Volume1
OI10
IV0.15
ContractEMXC261218P00080000
SidePut
Expiry18 Dec 2026
Strike80.00
Volume1
OI5
IV0.42
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
No upcoming matched earnings event.
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.