Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
CVSA options intelligence
Covista Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 31 Jul 2026
Checked 1 Aug 2026 21:01 · complete available chain
Put-side pressure
Bearish pressure
CVSA currently carries bearish options pressure with a 45/100 conviction score. The nearest-chain expected move is 12.9%, with volume/open-interest participation at 0.01.
Expected move
12.9%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
2.50
Put-side skew
Trend fit
72
Options agree with trend context
Weekly backdrop
+7.8%
RS -2.6
Expected move
12.9%
Put-call volume
2.50
Volume / OI
0.01
Reference IV
0.68
Max pain
120.00
Underlying
124.85
Nearest expiry
21 Aug 2026
Contracts
274
Research Brief
CVSA has a bearish 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 108.70–141.00; The largest call open-interest concentration is 150.00; the largest put concentration is 100.00. The most active strike by current volume is 120.00.
Priced range108.70–141.00
Call concentration150.00
Put concentration100.00
Max pain reference120.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
- 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 108.70 to 141.00. Max pain at 120.00 sits inside that range, 3.9% below spot.
Spot
Max pain
108.70124.85 ± 16.15141.00
Confirmation level
A close beyond 141.00 or below 108.70 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 38/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure38 × 42%
+16.1
How strongly activity leans toward calls or puts.
Participation4 × 22%
+0.9
Volume relative to existing open interest and contract-level activity.
Trend agreement72 × 26%
+18.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility88 × 10%
+8.8
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 150.00; the largest put concentration is 100.00. The most active strike by current volume is 120.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
6
70.00-43.9%
0
7
75.00-39.9%
2
6
90.00-27.9%
0
13
95.00-23.9%
2
33
100.00-19.9%
11
7
105.00-15.9%
2
5
110.00-11.9%
9
6
115.00-7.9%
0
10
120.00-3.9%
4
7
125.000.1%
8
14
130.004.1%
13
1
135.008.1%
16
0
140.0012.1%
10
0
145.0016.1%
62
0
150.0020.1%
83
0
155.0024.1%
50
0
160.0028.2%
34
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.
0.68
21 Aug
21d
0.55
18 Sep
49d
0.55
20 Nov
112d
0.51
18 Dec
140d
0.51
19 Feb
203d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
100
105
110
115
120
125
130
135
140
145
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
- 274 / 274
- 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.
Put-side pressure is building while price is rising, a cautionary divergence.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $4830 of estimated gross traded notional, calls · 91+ days · itm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-38
1W price+7.8%
Call premium43%
Put premium57%
Notional split
C 43% / P 57%
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
72/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 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 1 contracts traded, $1840 estimated gross traded notional, and 38% of visible notional.
$1840
Puts · 8-21 days · OTM
puts cluster with 3 contracts traded, $1575 estimated gross traded notional, and 33% of visible notional.
$1575
Puts · 91+ days · OTM
puts cluster with 2 contracts traded, $1185 estimated gross traded notional, and 25% of visible notional.
$1185
Calls · 8-21 days · OTM
calls cluster with 1 contracts traded, $230 estimated gross traded notional, and 5% of visible notional.
$230
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
Close124.85
1W+7.8%
RS-2.6
Fair value+38.0%
Options pressure-38
Speculation4
Volatility88
Trend fit72
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 10:43
Volatility
Pressure 51
Move 16.2%
30 Jul 10:40
Mixed
Pressure -7
Move 20.2%
31 Jul 10:13
Bullish
Pressure 71
Move 17.0%
1 Aug 11:19
Volatility
Pressure -38
Move 15.5%
1 Aug 20:01
Bearish
Pressure -38
Move 12.9%
Strike Map
Where activity is clustering
Strike50.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike65.00
Calls · V 0 · OI 3
Puts · V 0 · OI 2
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike75.00
Calls · V 0 · OI 2
Puts · V 0 · OI 7
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts54
Avg IV0.68
Put-call3.00
Expiry18 Sep 2026
Contracts46
Avg IV0.55
Put-call-
Expiry20 Nov 2026
Contracts58
Avg IV0.55
Put-call-
Expiry18 Dec 2026
Contracts60
Avg IV0.51
Put-call-
Expiry19 Feb 2027
Contracts56
Avg IV0.51
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.63
Put IV0.68
Skew0.05
18 Sep 2026Put IV premium
Call IV0.51
Put IV0.57
Skew0.06
20 Nov 2026Put IV premium
Call IV0.48
Put IV0.56
Skew0.08
18 Dec 2026Put IV premium
Call IV0.45
Put IV0.53
Skew0.08
19 Feb 2027Put IV premium
Call IV0.45
Put IV0.53
Skew0.08
Contract Tape
Most active contracts
ContractCVSA260821P00120000
SidePut
Expiry21 Aug 2026
Strike120.00
Volume2
OI10
IV0.71
ContractCVSA260821C00145000
SideCall
Expiry21 Aug 2026
Strike145.00
Volume1
OI62
IV0.70
ContractCVSA261218C00120000
SideCall
Expiry18 Dec 2026
Strike120.00
Volume1
OI27
IV0.50
ContractCVSA260821P00115000
SidePut
Expiry21 Aug 2026
Strike115.00
Volume1
OI6
IV0.68
ContractCVSA270219P00060000
SidePut
Expiry19 Feb 2027
Strike60.00
Volume1
OI2
IV0.35
ContractCVSA270219P00110000
SidePut
Expiry19 Feb 2027
Strike110.00
Volume1
OI-
IV0.52
ContractCVSA261120P00120000
SidePut
Expiry20 Nov 2026
Strike120.00
Volume-
OI114
IV0.56
ContractCVSA261120C00125000
SideCall
Expiry20 Nov 2026
Strike125.00
Volume-
OI87
IV0.55
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.