Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
CNC options intelligence
Centene Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
51
Market data through 31 Jul 2026
Checked 31 Jul 2026 15:48 · complete available chain
Volatility expansion watch
Volatility pressure
CNC currently carries volatility options pressure with a 51/100 conviction score. The nearest-chain expected move is 4.0%, with volume/open-interest participation at 0.04.
Expected move
4.0%
Near-term move context
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
0.54
Call-side skew
Trend fit
73
Options agree with trend context
Weekly backdrop
-4.6%
RS 37.5
Expected move
4.0%
Put-call volume
0.54
Volume / OI
0.04
Reference IV
0.85
Max pain
63.00
Underlying
63.41
Nearest expiry
31 Jul 2026
Contracts
595
Research Brief
CNC has a volatility chain read with 51/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 60.87–65.95; The largest call open-interest concentration is 66.00; the largest put concentration is 59.00. The most active strike by current volume is 71.00.
Priced range60.87–65.95
Call concentration66.00
Put concentration59.00
Max pain reference63.00
- 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 60.87 to 65.95. Max pain at 63.00 sits inside that range, 0.6% below spot.
Spot
Max pain
60.8763.41 ± 2.5465.95
Confirmation level
A close beyond 65.95 or below 60.87 at the 31 Jul 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 51/100
Pressure is 37/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure37 × 42%
+15.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement73 × 26%
+19.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility72 × 10%
+7.2
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 66.00; the largest put concentration is 59.00. The most active strike by current volume is 71.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
441
50.00-21.1%
10
284
54.00-14.8%
40
335
55.00-13.3%
13
212
58.00-8.5%
10
2816
59.00-7.0%
0
2002
60.00-5.4%
116
1187
61.00-3.8%
70
55
62.00-2.2%
326
211
63.00-0.6%
115
414
64.000.9%
713
31
65.002.5%
1237
29
66.004.1%
1309
0
67.005.7%
163
11
68.007.2%
186
0
71.0012.0%
1127
0
72.0013.5%
385
5
75.0018.3%
466
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.
0.85
31 Jul
0d
0.47
7 Aug
7d
0.46
14 Aug
14d
0.45
21 Aug
21d
0.45
28 Aug
28d
0.54
4 Sep
35d
0.43
18 Sep
49d
0.43
16 Oct
77d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
51
52
53
55
56
57
59
60
61
62
63
65
66
67
69
70
71
72
73
75
76
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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
- 595 / 595
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $7.2M 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+37
1W price-4.6%
Call premium72%
Put premium28%
Notional split
C 72% / P 28%
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
73/100
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 · ITM
calls cluster with 878 contracts traded, $2.8M estimated gross traded notional, and 38% of visible notional.
$2.8M
Calls · 91+ days · OTM
calls cluster with 1325 contracts traded, $808820 estimated gross traded notional, and 11% of visible notional.
$808820
Calls · 46-90 days · ITM
calls cluster with 289 contracts traded, $658280 estimated gross traded notional, and 9% of visible notional.
$658280
Puts · 0-7 days · ITM
puts cluster with 751 contracts traded, $524710 estimated gross traded notional, and 7% of visible notional.
$524710
Puts · 91+ days · ITM
puts cluster with 350 contracts traded, $516830 estimated gross traded notional, and 7% of visible notional.
$516830
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Underlying price is close to the max-pain zone.
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
Close63.41
1W-4.6%
RS37.5
Fair value+8.0%
Options pressure37
Speculation41
Volatility72
Trend fit73
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 10:14
Bullish
Pressure 25
Move 4.9%
30 Jul 10:10
Bullish
Pressure 41
Move 3.9%
31 Jul 12:38
Bullish
Pressure 21
Move 3.6%
31 Jul 13:42
Bullish
Pressure 35
Move 3.7%
31 Jul 14:48
Volatility
Pressure 37
Move 4.0%
Strike Map
Where activity is clustering
Strike45.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike50.00
Calls · V 6 · OI 10
Puts · V 21 · OI 441
Strike51.00
Calls · V 4 · OI 55
Puts · V 1 · OI 5
Strike52.00
Calls · V 0 · OI 0
Puts · V 42 · OI 156
Strike53.00
Calls · V 2 · OI 46
Puts · V 15 · OI 22
Strike54.00
Calls · V 1 · OI 40
Puts · V 8 · OI 284
Strike55.00
Calls · V 2 · OI 13
Puts · V 1 · OI 335
Strike56.00
Calls · V 5 · OI 15
Puts · V 1 · OI 44
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts64
Avg IV0.85
Put-call0.54
Expiry7 Aug 2026
Contracts46
Avg IV0.47
Put-call0.57
Expiry14 Aug 2026
Contracts31
Avg IV0.46
Put-call0.53
Expiry21 Aug 2026
Contracts66
Avg IV0.45
Put-call0.18
Expiry28 Aug 2026
Contracts32
Avg IV0.45
Put-call0.15
Skew
Call/put IV balance
31 Jul 2026Call IV premium
Call IV1.12
Put IV0.65
Skew-0.47
7 Aug 2026Call IV premium
Call IV0.59
Put IV0.45
Skew-0.13
14 Aug 2026Balanced skew
Call IV0.46
Put IV0.49
Skew0.04
21 Aug 2026Balanced skew
Call IV0.43
Put IV0.45
Skew0.02
28 Aug 2026Balanced skew
Call IV0.46
Put IV0.44
Skew-0.02
Contract Tape
Most active contracts
ContractCNC260821C00057000
SideCall
Expiry21 Aug 2026
Strike57.00
Volume-
OI-
IV0.50
ContractCNC260828C00085000
SideCall
Expiry28 Aug 2026
Strike85.00
Volume-
OI-
IV0.86
ContractCNC260731C00088000
SideCall
Expiry31 Jul 2026
Strike88.00
Volume-
OI118
IV2.75
ContractCNC260828C00079000
SideCall
Expiry28 Aug 2026
Strike79.00
Volume-
OI100
IV0.62
ContractCNC260814C00057000
SideCall
Expiry14 Aug 2026
Strike57.00
Volume-
OI77
IV0.47
ContractCNC260828C00080000
SideCall
Expiry28 Aug 2026
Strike80.00
Volume-
OI61
IV0.64
ContractCNC270319P00072500
SidePut
Expiry19 Mar 2027
Strike72.50
Volume-
OI43
IV0.44
ContractCNC260828C00071000
SideCall
Expiry28 Aug 2026
Strike71.00
Volume-
OI28
IV0.62
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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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.