Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
VIK options intelligence
Viking Holdings Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
56
Market data through 31 Jul 2026
Checked 2 Aug 2026 09:26 · complete available chain
Put-side pressure
Bearish pressure
VIK currently carries bearish options pressure with a 56/100 conviction score. The nearest-chain expected move is 8.8%, with volume/open-interest participation at 0.04.
Expected move
8.8%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
13.66
Put-side skew
Trend fit
3
Options are not fully confirming trend
Weekly backdrop
+3.6%
RS 29.2
Expected move
8.8%
Put-call volume
13.66
Volume / OI
0.04
Reference IV
0.47
Max pain
90.00
Underlying
104.35
Nearest expiry
21 Aug 2026
Contracts
286
Research Brief
VIK has a bearish chain read with 56/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 95.20–113.50; The largest call open-interest concentration is 100.00; the largest put concentration is 90.00. The most active strike by current volume is 100.00.
Priced range95.20–113.50
Call concentration100.00
Put concentration90.00
Max pain reference90.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- 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 95.20 to 113.50. Max pain at 90.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
95.20104.35 ± 9.15113.50
Confirmation level
A close beyond 113.50 or below 95.20 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 56/100
Pressure is 93/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure93 × 42%
+39.0
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement3 × 26%
+0.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility68 × 10%
+6.8
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 100.00; the largest put concentration is 90.00. The most active strike by current volume is 100.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
17
40.00-61.7%
0
15
50.00-52.1%
54
384
55.00-47.3%
34
269
60.00-42.5%
11
1638
65.00-37.7%
30
484
70.00-32.9%
143
146
75.00-28.1%
206
1577
80.00-23.3%
260
547
85.00-18.5%
480
3674
90.00-13.8%
165
136
95.00-9.0%
204
1029
100.00-4.2%
2187
15
105.000.6%
390
14
110.005.4%
563
22
115.0010.2%
485
4
120.0015.0%
77
0
125.0019.8%
25
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.
0.47
21 Aug
21d
0.42
18 Sep
49d
0.42
20 Nov
112d
0.40
15 Jan
168d
0.40
19 Feb
203d
0.42
21 Jan
539d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
85
90
95
100
105
110
115
120
125
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
- 286 / 286
- 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: $357020 of estimated gross traded notional, puts · 8-21 days · otm, 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-93
1W price+3.6%
Call premium12%
Put premium88%
Notional split
C 12% / P 88%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
3/100
Agreement between options pressure and Sharemaestro market context.
Event window
18 Aug
Matched earnings event is 16 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 8-21 days · OTM
puts cluster with 745 contracts traded, $197625 estimated gross traded notional, and 55% of visible notional.
$197625
Puts · 91+ days · OTM
puts cluster with 234 contracts traded, $110882 estimated gross traded notional, and 31% of visible notional.
$110882
Calls · 91+ days · OTM
calls cluster with 21 contracts traded, $13685 estimated gross traded notional, and 4% of visible notional.
$13685
Calls · 91+ days · ITM
calls cluster with 4 contracts traded, $8145 estimated gross traded notional, and 2% of visible notional.
$8145
Calls · 8-21 days · ATM
calls cluster with 19 contracts traded, $8075 estimated gross traded notional, and 2% of visible notional.
$8075
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
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
Close104.35
1W+3.6%
RS29.2
Fair value+85.9%
Options pressure-93
Speculation41
Volatility68
Trend fit3
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 10:11
Bullish
Pressure 57
Move 10.3%
30 Jul 10:06
Bearish
Pressure -93
Move 9.5%
31 Jul 09:35
Mixed
Pressure -13
Move 9.9%
1 Aug 14:02
Bearish
Pressure -93
Move 9.7%
2 Aug 08:26
Bearish
Pressure -93
Move 8.8%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 17
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike50.00
Calls · V 0 · OI 54
Puts · V 0 · OI 15
Strike55.00
Calls · V 0 · OI 34
Puts · V 0 · OI 384
Strike60.00
Calls · V 0 · OI 11
Puts · V 0 · OI 269
Strike65.00
Calls · V 1 · OI 30
Puts · V 1 · OI 1638
Strike70.00
Calls · V 0 · OI 143
Puts · V 0 · OI 484
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts42
Avg IV0.47
Put-call16.95
Expiry18 Sep 2026
Contracts38
Avg IV0.42
Put-call-
Expiry20 Nov 2026
Contracts50
Avg IV0.42
Put-call11.79
Expiry15 Jan 2027
Contracts60
Avg IV0.40
Put-call1.10
Expiry19 Feb 2027
Contracts44
Avg IV0.40
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.42
Put IV0.56
Skew0.14
18 Sep 2026Balanced skew
Call IV0.40
Put IV0.43
Skew0.04
20 Nov 2026Balanced skew
Call IV0.39
Put IV0.43
Skew0.05
15 Jan 2027Balanced skew
Call IV0.39
Put IV0.42
Skew0.04
19 Feb 2027Put IV premium
Call IV0.36
Put IV0.41
Skew0.06
Contract Tape
Most active contracts
ContractVIK260821P00100000
SidePut
Expiry21 Aug 2026
Strike100.00
Volume566
OI1029
IV0.49
ContractVIK261120P00095000
SidePut
Expiry20 Nov 2026
Strike95.00
Volume221
OI3
IV0.42
ContractVIK260821P00095000
SidePut
Expiry21 Aug 2026
Strike95.00
Volume175
OI136
IV0.56
ContractVIK260821C00105000
SideCall
Expiry21 Aug 2026
Strike105.00
Volume19
OI390
IV0.44
ContractVIK260821C00110000
SideCall
Expiry21 Aug 2026
Strike110.00
Volume18
OI563
IV0.42
ContractVIK261120C00110000
SideCall
Expiry20 Nov 2026
Strike110.00
Volume12
OI46
IV0.41
ContractVIK260918P00090000
SidePut
Expiry18 Sep 2026
Strike90.00
Volume12
OI40
IV0.45
ContractVIK270115P00070000
SidePut
Expiry15 Jan 2027
Strike70.00
Volume10
OI121
IV0.50
Research Graph
Related research and context
Sharemaestro research
Related News
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.