Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
DK options intelligence
Delek US Energy Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 31 Jul 2026
Checked 1 Aug 2026 11:51 · complete available chain
Volatility expansion watch
Volatility pressure
DK currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 15.3%, with volume/open-interest participation at 0.05.
Expected move
15.3%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.65
Call-side skew
Trend fit
88
Options agree with trend context
Weekly backdrop
+7.4%
RS 63.0
Expected move
15.3%
Put-call volume
0.65
Volume / OI
0.05
Reference IV
0.71
Max pain
42.50
Underlying
63.20
Nearest expiry
21 Aug 2026
Contracts
432
Research Brief
DK has a volatility 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 53.53–72.87; The largest call open-interest concentration is 65.00; the largest put concentration is 65.00. The most active strike by current volume is 70.00.
Priced range53.53–72.87
Call concentration65.00
Put concentration65.00
Max pain reference42.50
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- 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 53.53 to 72.87. Max pain at 42.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
53.5363.20 ± 9.6772.87
Confirmation level
A close beyond 72.87 or below 53.53 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 28/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.9
How strongly activity leans toward calls or puts.
Participation23 × 22%
+5.1
Volume relative to existing open interest and contract-level activity.
Trend agreement88 × 26%
+22.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility90 × 10%
+9.0
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 65.00; the largest put concentration is 65.00. The most active strike by current volume is 70.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
6
35.00-44.6%
0
4
40.00-36.7%
0
0
42.50-32.8%
157
1
45.00-28.8%
72
11
47.50-24.8%
179
8
50.00-20.9%
49
0
52.50-16.9%
12
13
55.00-13.0%
114
2
57.50-9.0%
2
27
60.00-5.1%
113
14
62.50-1.1%
14
29
65.002.8%
390
9
67.506.8%
16
0
70.0010.8%
325
0
72.5014.7%
16
0
85.0034.5%
4
0
90.0042.4%
50
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.
0.71
21 Aug
21d
0.65
18 Sep
49d
0.64
16 Oct
77d
0.62
15 Jan
168d
0.62
19 Mar
231d
0.61
21 May
294d
0.61
20 Aug
385d
0.60
19 Nov
476d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
53
55
58
60
63
65
68
70
73
75
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
- 432 / 432
- 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: $207622 of estimated gross traded notional, calls · 91+ days · otm, 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+28
1W price+7.4%
Call premium70%
Put premium30%
Notional split
C 70% / P 30%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
88/100
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 · OTM
calls cluster with 91 contracts traded, $63375 estimated gross traded notional, and 31% of visible notional.
$63375
Puts · 91+ days · OTM
puts cluster with 94 contracts traded, $49820 estimated gross traded notional, and 24% of visible notional.
$49820
Calls · 8-21 days · OTM
calls cluster with 107 contracts traded, $38685 estimated gross traded notional, and 19% of visible notional.
$38685
Calls · 91+ days · ITM
calls cluster with 10 contracts traded, $32900 estimated gross traded notional, and 16% of visible notional.
$32900
Puts · 8-21 days · ITM
puts cluster with 17 contracts traded, $6588 estimated gross traded notional, and 3% of visible notional.
$6588
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
Close67.87
1W+7.4%
RS63.0
Fair value+153.5%
Options pressure28
Speculation23
Volatility90
Trend fit88
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 10:56
Volatility
Pressure 59
Move 14.4%
30 Jul 10:46
Volatility
Pressure -54
Move 13.6%
31 Jul 12:15
Volatility
Pressure 61
Move 15.7%
31 Jul 13:38
Bullish
Pressure 20
Move 14.4%
31 Jul 14:48
Volatility
Pressure 29
Move 14.5%
31 Jul 15:45
Volatility
Pressure 29
Move 14.6%
31 Jul 16:37
Volatility
Pressure 29
Move 14.1%
31 Jul 16:55
Volatility
Pressure 29
Move 14.1%
Strike Map
Where activity is clustering
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike27.50
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike32.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike42.50
Calls · V 0 · OI 157
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts48
Avg IV0.71
Put-call0.26
Expiry18 Sep 2026
Contracts44
Avg IV0.65
Put-call2.20
Expiry16 Oct 2026
Contracts56
Avg IV0.64
Put-call10.00
Expiry15 Jan 2027
Contracts58
Avg IV0.62
Put-call1.09
Expiry19 Mar 2027
Contracts42
Avg IV0.62
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.73
Put IV0.69
Skew-0.04
18 Sep 2026Balanced skew
Call IV0.68
Put IV0.72
Skew0.04
16 Oct 2026Balanced skew
Call IV0.63
Put IV0.68
Skew0.05
15 Jan 2027Balanced skew
Call IV0.63
Put IV0.65
Skew0.02
19 Mar 2027Balanced skew
Call IV0.60
Put IV0.65
Skew0.05
Contract Tape
Most active contracts
ContractDK260821C00070000
SideCall
Expiry21 Aug 2026
Strike70.00
Volume96
OI325
IV0.67
ContractDK270115P00055000
SidePut
Expiry15 Jan 2027
Strike55.00
Volume94
OI171
IV0.67
ContractDK270115C00085000
SideCall
Expiry15 Jan 2027
Strike85.00
Volume86
OI170
IV0.62
ContractDK260821P00065000
SidePut
Expiry21 Aug 2026
Strike65.00
Volume17
OI29
IV0.82
ContractDK260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume11
OI4
IV0.72
ContractDK280121C00040000
SideCall
Expiry21 Jan 2028
Strike40.00
Volume10
OI131
IV0.51
ContractDK260821C00067500
SideCall
Expiry21 Aug 2026
Strike67.50
Volume10
OI16
IV0.74
ContractDK260821P00055000
SidePut
Expiry21 Aug 2026
Strike55.00
Volume10
OI13
IV0.83
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.