Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
TW options intelligence
Tradeweb Markets Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
28
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:22 · complete available chain
Call-side pressure
Bullish pressure
TW currently carries bullish options pressure with a 28/100 conviction score. The nearest-chain expected move is 3.6%, with volume/open-interest participation at 0.01.
Expected move
3.6%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
40
Options are not fully confirming trend
Weekly backdrop
+2.1%
RS -19.0
Expected move
3.6%
Put-call volume
0.67
Volume / OI
0.01
Reference IV
0.31
Max pain
105.00
Underlying
102.62
Nearest expiry
21 Aug 2026
Contracts
178
Research Brief
TW has a bullish chain read with 28/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 98.89–106.35; The largest call open-interest concentration is 110.00; the largest put concentration is 95.00. The most active strike by current volume is 100.00.
Priced range98.89–106.35
Call concentration110.00
Put concentration95.00
Max pain reference105.00
- 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 98.89 to 106.35. Max pain at 105.00 sits inside that range, 2.3% above spot.
Spot
Max pain
98.89102.62 ± 3.73106.35
Confirmation level
A close beyond 106.35 or below 98.89 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 28/100
Pressure is 29/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure29 × 42%
+12.2
How strongly activity leans toward calls or puts.
Participation7 × 22%
+1.5
Volume relative to existing open interest and contract-level activity.
Trend agreement40 × 26%
+10.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility36 × 10%
+3.6
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 110.00; the largest put concentration is 95.00. 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
0
50.00-51.3%
0
0
55.00-46.4%
0
0
60.00-41.5%
0
2
65.00-36.7%
0
0
70.00-31.8%
0
0
75.00-26.9%
0
22
80.00-22.0%
0
15
85.00-17.2%
0
4
90.00-12.3%
0
60
95.00-7.4%
11
56
100.00-2.6%
13
42
105.002.3%
47
10
110.007.2%
69
0
115.0012.1%
4
0
120.0016.9%
3
0
125.0021.8%
0
0
135.0031.6%
10
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+$334,004Delta change / 1% move
Positive peak110.00+$338,846
Negative peak100.00-$16,331
Nearest balance103.69Interpolated sign change
StrikeNegativePositiveNet / 1% move
60.00-41.5%
+$11
65.00-36.7%
-$11
70.00-31.8%
+$7
75.00-26.9%
+$217
80.00-22.0%
-$620
85.00-17.2%
-$3,162
90.00-12.3%
+$4,060
95.00-7.4%
+$77
100.00-2.6%
-$16,331
105.002.3%
+$5,786
110.007.2%
+$338,846
115.0012.1%
-$4,436
120.0016.9%
+$4,429
125.0021.8%
+$1,798
130.0026.7%
+$1,697
135.0031.6%
+$1,267
140.0036.4%
+$9
145.0041.3%
+$177
150.0046.2%
+$178
160.0055.9%
+$5
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.
0.31
21 Aug
9d
0.31
18 Sep
37d
0.30
16 Oct
65d
0.31
15 Jan
156d
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
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 178 / 178
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2,290 of estimated gross traded notional, calls · 22-45 days · atm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+29
1W price+2.1%
Call premium61%
Put premium39%
Notional split
C 61% / P 39%
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
40/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 22-45 days · ATM
calls cluster with 4 contracts traded, $1,220 estimated gross traded notional, and 53% of visible notional.
$1,220
Puts · 22-45 days · OTM
puts cluster with 4 contracts traded, $755 estimated gross traded notional, and 33% of visible notional.
$755
Calls · 46-90 days · OTM
calls cluster with 5 contracts traded, $175 estimated gross traded notional, and 8% of visible notional.
$175
Puts · 8-21 days · OTM
puts cluster with 2 contracts traded, $140 estimated gross traded notional, and 6% of visible notional.
$140
Setup Classification
Opportunity and risk frame
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank18th
Volume/OI rank18th
IV rank64th
Market Context
Underlying confirmation
Close102.62
1W+2.1%
RS-19.0
Fair value-9.3%
Options pressure29
Speculation7
Volatility36
Trend fit40
Today Versus Normal
Stored-options context
30d avg 6.4% · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.31 · 11 sessions
64th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 1.32 · 11 sessions
64th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.04 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:18
Bullish
Pressure 49
Move 9.1%
30 Jul 10:13
Bullish
Pressure 47
Move 11.3%
31 Jul 10:06
Bearish
Pressure -25
Move 6.4%
1 Aug 08:45
Bullish
Pressure 37
Move 6.6%
3 Aug 12:40
Bullish
Pressure 37
Move 6.5%
4 Aug 06:49
Bullish
Pressure 67
Move 5.7%
5 Aug 01:20
Bullish
Pressure 25
Move 6.3%
6 Aug 01:37
Bullish
Pressure 100
Move 6.1%
Strike Map
Where activity is clustering
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 22
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts42
Avg IV0.31
Put-call-
Expiry18 Sep 2026
Contracts38
Avg IV0.31
Put-call1.00
Expiry16 Oct 2026
Contracts52
Avg IV0.30
Put-call-
Expiry15 Jan 2027
Contracts46
Avg IV0.31
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.36
Put IV0.34
Skew-0.02
18 Sep 2026Put IV premium
Call IV0.29
Put IV0.38
Skew0.09
16 Oct 2026Balanced skew
Call IV0.29
Put IV0.33
Skew0.04
15 Jan 2027Balanced skew
Call IV0.30
Put IV0.32
Skew0.02
Contract Tape
Most active contracts
ContractTW261016C00130000
SideCall
Expiry16 Oct 2026
Strike130.00
Volume5
OI16
IV0.32
ContractTW260918C00105000
SideCall
Expiry18 Sep 2026
Strike105.00
Volume4
OI5
IV0.26
ContractTW260821P00100000
SidePut
Expiry21 Aug 2026
Strike100.00
Volume2
OI56
IV0.34
ContractTW260918P00100000
SidePut
Expiry18 Sep 2026
Strike100.00
Volume2
OI6
IV0.32
ContractTW260918P00095000
SidePut
Expiry18 Sep 2026
Strike95.00
Volume2
OI3
IV0.38
ContractTW260918C00110000
SideCall
Expiry18 Sep 2026
Strike110.00
Volume-
OI797
IV0.29
ContractTW261016C00135000
SideCall
Expiry16 Oct 2026
Strike135.00
Volume-
OI103
IV0.22
ContractTW260821C00110000
SideCall
Expiry21 Aug 2026
Strike110.00
Volume-
OI69
IV0.36
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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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.