Ticker Options Intelligence

MUX options intelligence

McEwen Mining Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 49 Market data through 30 Jul 2026 Checked 31 Jul 2026 11:14 · complete available chain

Volatility expansion watch

Volatility pressure

MUX currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 17.5%, with volume/open-interest participation at 0.01.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 17.5%

Wider near-term move priced

Activity / OI 0.01

Current volume is quieter versus prior open interest

Put-call 0.07

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop +4.9%

RS -17.5

Expected move 17.5%
Put-call volume 0.07
Volume / OI 0.01
Reference IV 0.71
Max pain 18.00
Underlying 17.17
Nearest expiry 21 Aug 2026
Contracts 366

Research Brief

MUX 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 14.17–20.17; The largest call open-interest concentration is 18.00; the largest put concentration is 22.00. The most active strike by current volume is 17.00.

Priced range14.17–20.17
Call concentration18.00
Put concentration22.00
Max pain reference18.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • 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

Size, not direction · through 21 Aug

Options imply 14.17 to 20.17. Max pain at 18.00 sits inside that range, 4.8% above spot.

Spot Max pain
14.1717.17 ± 3.0020.17
Confirmation level

A close beyond 20.17 or below 14.17 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

Evidence alignment, not probability

Pressure is 93/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure93 × 42%
+38.9

How strongly activity leans toward calls or puts.

Participation4 × 22%
+0.9

Volume relative to existing open interest and contract-level activity.

Trend agreement0 × 26%
+0.0

How closely the chain read agrees with the underlying trend backdrop.

Volatility90 × 10%
+9.0

The intensity of implied volatility and the priced move.

Reconstructed score48.8Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 18.00; the largest put concentration is 22.00. The most active strike by current volume is 17.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
170
16.00-6.8%
17
217
17.00-1.0%
1804
315
18.004.8%
2089
97
19.0010.7%
108
405
20.0016.5%
348
46
21.0022.3%
100
582
22.0028.1%
377
144
23.0034.0%
263
17
24.0039.8%
278
51
25.0045.6%
375
272
26.0051.4%
139
7
27.0057.3%
171
0
30.0074.7%
263
0
31.0080.5%
125
0
32.0086.4%
144
0
35.00103.8%
1275
45
40.00133.0%
283
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Balanced volatility curve

1.00× front/back

Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.

0.71 21 Aug 22d
0.76 18 Sep 50d
0.72 20 Nov 113d
0.71 15 Jan 169d
0.73 19 Feb 204d
0.72 21 May 295d
0.72 20 Aug 386d
0.68 19 Nov 477d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

14
15
16
17
18
19
20
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
30 Jul 2026
Calculation
v2.0
Contracts
366 / 366
  • 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

86/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $43932 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+93
1W price+4.9%
Call premium90%
Put premium10%
Notional split C 90% / P 10% 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 0/100 Agreement between options pressure and Sharemaestro market context.
Event window 5 Aug Matched earnings event is 5 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 91+ days · OTM
Calls · 91+ days · OTM calls cluster with 181 contracts traded, $28748 estimated gross traded notional, and 65% of visible notional.
$28748
Calls · 8-21 days · ATM calls cluster with 34 contracts traded, $6290 estimated gross traded notional, and 14% of visible notional.
$6290
Calls · 8-21 days · OTM calls cluster with 65 contracts traded, $3214 estimated gross traded notional, and 7% of visible notional.
$3214
Puts · 91+ days · ITM puts cluster with 4 contracts traded, $2890 estimated gross traded notional, and 7% of visible notional.
$2890
Calls · 46-90 days · ATM calls cluster with 5 contracts traded, $1050 estimated gross traded notional, and 2% of visible notional.
$1050

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Activity Anomaly

Warming up

-

2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 2 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close17.17
1W+4.9%
RS-17.5
Fair value+41.6%
Options pressure93
Speculation4
Volatility90
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 17.5% history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
IV 0.71 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
Put-call 0.07 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -
Volume/OI 0.01 history building
30d avg - · 2/10 sessions -
90d avg - · 2/30 sessions -
180d avg - · 2/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:10 Volatility
Pressure 100
Move 15.7%
30 Jul 10:56 Bullish
Pressure 38
Move 17.9%
30 Jul 18:39 Volatility
Pressure -37
Move 15.9%
31 Jul 10:14 Volatility
Pressure 93
Move 17.5%

Strike Map

Where activity is clustering

Full strike map
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 3
Puts · V 0 · OI 4
Strike6.00
Calls · V 0 · OI 3
Puts · V 0 · OI 4
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 2
Puts · V 0 · OI 2
Strike10.00
Calls · V 0 · OI 1
Puts · V 0 · OI 15

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts70
Avg IV0.71
Put-call0.08
Expiry18 Sep 2026
Contracts34
Avg IV0.76
Put-call1.17
Expiry20 Nov 2026
Contracts64
Avg IV0.72
Put-call-
Expiry15 Jan 2027
Contracts56
Avg IV0.71
Put-call0.01
Expiry19 Feb 2027
Contracts44
Avg IV0.73
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.70
Put IV0.89
Skew0.20
18 Sep 2026Put IV premium
Call IV0.72
Put IV0.79
Skew0.07
20 Nov 2026Balanced skew
Call IV0.80
Put IV0.78
Skew-0.02
15 Jan 2027Balanced skew
Call IV0.70
Put IV0.68
Skew-0.02
19 Feb 2027Put IV premium
Call IV0.67
Put IV0.78
Skew0.11

Contract Tape

Most active contracts

Full contract tape
ContractMUX270115C00025000
SideCall
Expiry15 Jan 2027
Strike25.00
Volume80
OI4810
IV0.70
ContractMUX270115C00035000
SideCall
Expiry15 Jan 2027
Strike35.00
Volume66
OI941
IV0.73
ContractMUX260821C00017000
SideCall
Expiry21 Aug 2026
Strike17.00
Volume34
OI1804
IV0.86
ContractMUX260821C00022000
SideCall
Expiry21 Aug 2026
Strike22.00
Volume24
OI377
IV0.70
ContractMUX260821C00018000
SideCall
Expiry21 Aug 2026
Strike18.00
Volume22
OI2089
IV0.66
ContractMUX280121C00025000
SideCall
Expiry21 Jan 2028
Strike25.00
Volume20
OI4875
IV0.83
ContractMUX260821C00023000
SideCall
Expiry21 Aug 2026
Strike23.00
Volume10
OI263
IV0.71
ContractMUX280121C00040000
SideCall
Expiry21 Jan 2028
Strike40.00
Volume10
OI155
IV0.71