Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
IREZ options intelligence
Tradr 2X Short IREN Daily ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 15 Sep 2026
Checked 16 Sep 2026 13:16 · complete available chain
Volatility expansion watch
Volatility pressure
IREZ currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 18.6%, with volume/open-interest participation at 0.25.
Expected move
18.6%
Wider near-term move priced
Activity / OI
0.25
Current volume is quieter versus prior open interest
Put-call
3.02
Put-side skew
Trend fit
60
Options are not fully confirming trend
Weekly backdrop
+2.4%
Sharemaestro weekly context
Expected move
18.6%
Put-call volume
3.02
Volume / OI
0.25
Reference IV
1.76
Max pain
9.00
Underlying
8.89
Nearest expiry
18 Sep 2026
Contracts
390
Research Brief
IREZ has a volatility chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 7.24–10.54; The largest call open-interest concentration is 12.00; the largest put concentration is 9.00. The most active strike by current volume is 10.00.
Priced range7.24–10.54
Call concentration12.00
Put concentration9.00
Max pain reference9.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 7.24 to 10.54. Max pain at 9.00 sits inside that range, 1.2% above spot.
Spot
Max pain
7.248.89 ± 1.6510.54
Confirmation level
A close beyond 10.54 or below 7.24 at the 18 Sep 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 52/100
Pressure is 40/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure40 × 42%
+16.9
How strongly activity leans toward calls or puts.
Participation46 × 22%
+10.1
Volume relative to existing open interest and contract-level activity.
Trend agreement60 × 26%
+15.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 12.00; the largest put concentration is 9.00. The most active strike by current volume is 10.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
6.00-32.5%
0
4
7.00-21.3%
0
11
8.00-10.0%
59
31
9.001.2%
43
18
10.0012.5%
18
1
11.0023.7%
20
0
12.0035.0%
255
13
13.0046.2%
0
1
14.0057.5%
17
0
15.0068.7%
20
0
16.0080.0%
1
0
17.0091.2%
21
1
18.00102.5%
4
0
19.00113.7%
1
1
20.00125.0%
20
0
25.00181.2%
1
0
40.00349.9%
13
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+$2,757Delta change / 1% move
Positive peak12.00+$1,352
Negative peak13.00-$75
Nearest balance7.02Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-88.8%
-$0
6.00-32.5%
+$175
7.00-21.3%
-$8
8.00-10.0%
+$466
9.001.2%
+$228
10.0012.5%
+$164
11.0023.7%
+$280
12.0035.0%
+$1,352
13.0046.2%
-$75
14.0057.5%
+$33
15.0068.7%
+$62
16.0080.0%
+$1
17.0091.2%
-$20
18.00102.5%
+$4
19.00113.7%
+$1
20.00125.0%
+$32
22.00147.5%
+$7
25.00181.2%
+$1
28.00215.0%
+$0
30.00237.5%
+$1
35.00293.7%
+$1
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.
1.76
18 Sep
3d
1.46
16 Oct
31d
1.73
18 Dec
94d
1.72
15 Jan
122d
1.72
19 Mar
185d
1.67
21 Jan
493d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
8
9
10
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
7 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing86%
Average expiry move31.5%
7 Aug
Volatility · 53
-8.4% through expiry
26.5% priced · v2.0
6 Aug
Volatility · 48
-31.0% through expiry
32.3% priced · v2.0
5 Aug
Volatility · 48
-31.0% through expiry
39.8% priced · v2.0
4 Aug
Volatility · 61
-31.0% through expiry
41.8% priced · v2.0
3 Aug
Volatility · 62
-31.0% through expiry
41.4% priced · v2.0
31 Jul
Volatility · 55
-31.0% through expiry
47.1% priced · v2.0
30 Jul
Volatility · 48
-57.3% through expiry
37.3% priced · v2.0
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 15 Sep 2026
- Calculation
- v2.0
- Contracts
- 390 / 390
- 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: $16,390 of estimated gross traded notional, puts · 0-7 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-40
1W price+2.4%
Call premium33%
Put premium67%
Notional split
C 33% / P 67%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.25
Volume divided by open interest across the visible chain.
Trend fit
60/100
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.
Puts · 0-7 days · ITM
puts cluster with 125 contracts traded, $10,000 estimated gross traded notional, and 61% of visible notional.
$10,000
Calls · 22-45 days · OTM
calls cluster with 15 contracts traded, $2,410 estimated gross traded notional, and 15% of visible notional.
$2,410
Calls · 91+ days · OTM
calls cluster with 5 contracts traded, $1,062 estimated gross traded notional, and 6% of visible notional.
$1,062
Calls · 0-7 days · OTM
calls cluster with 21 contracts traded, $1,030 estimated gross traded notional, and 6% of visible notional.
$1,030
Puts · 0-7 days · ATM
puts cluster with 20 contracts traded, $1,000 estimated gross traded notional, and 6% of visible notional.
$1,000
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 14 completed sessions
Volume rank79th
Volume/OI rank64th
IV rank43th
Market Context
Underlying confirmation
Close8.89
1W+2.4%
RS-
Fair value-78.9%
Options pressure-40
Speculation46
Volatility96
Trend fit60
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:36
Volatility
Pressure 94
Move 60.1%
30 Jul 12:13
Volatility
Pressure 100
Move 74.8%
30 Jul 14:51
Volatility
Pressure 11
Move 38.6%
30 Jul 15:12
Volatility
Pressure 11
Move 38.6%
30 Jul 19:29
Volatility
Pressure 15
Move 37.3%
3 Aug 10:04
Volatility
Pressure 99
Move 47.1%
4 Aug 11:16
Volatility
Pressure 100
Move 41.4%
5 Aug 11:45
Volatility
Pressure 100
Move 41.8%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike3.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike8.00
Calls · V 1 · OI 59
Puts · V 0 · OI 11
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts74
Avg IV1.76
Put-call5.18
Expiry16 Oct 2026
Contracts42
Avg IV1.46
Put-call-
Expiry18 Dec 2026
Contracts68
Avg IV1.73
Put-call-
Expiry15 Jan 2027
Contracts74
Avg IV1.72
Put-call-
Expiry19 Mar 2027
Contracts74
Avg IV1.72
Put-call-
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV2.51
Put IV1.20
Skew-1.32
16 Oct 2026Balanced skew
Call IV1.62
Put IV1.67
Skew0.05
18 Dec 2026Balanced skew
Call IV1.78
Put IV1.75
Skew-0.03
15 Jan 2027Balanced skew
Call IV1.72
Put IV1.77
Skew0.05
19 Mar 2027Balanced skew
Call IV1.75
Put IV1.79
Skew0.04
Contract Tape
Most active contracts
ContractIREZ260918P00010000
SidePut
Expiry18 Sep 2026
Strike10.00
Volume125
OI18
IV2.02
ContractIREZ260918P00009000
SidePut
Expiry18 Sep 2026
Strike9.00
Volume20
OI31
IV0.60
ContractIREZ261016C00010000
SideCall
Expiry16 Oct 2026
Strike10.00
Volume13
OI14
IV1.54
ContractIREZ260918C00011000
SideCall
Expiry18 Sep 2026
Strike11.00
Volume10
OI20
IV2.51
ContractIREZ260918C00010000
SideCall
Expiry18 Sep 2026
Strike10.00
Volume10
OI18
IV1.73
ContractIREZ260918C00009000
SideCall
Expiry18 Sep 2026
Strike9.00
Volume6
OI43
IV1.87
ContractIREZ261218C00015000
SideCall
Expiry18 Dec 2026
Strike15.00
Volume5
OI7
IV1.74
ContractIREZ261016C00012000
SideCall
Expiry16 Oct 2026
Strike12.00
Volume2
OI6
IV1.49
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
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.