Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
CAG options intelligence
Conagra Brands, Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 31 Jul 2026
Checked 1 Aug 2026 07:32 · complete available chain
Options-market disagreement
Mixed pressure
CAG currently carries mixed options pressure with a 32/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.03.
Expected move
4.7%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
1.09
Balanced tape
Trend fit
69
Options agree with trend context
Weekly backdrop
-0.6%
RS -17.8
Expected move
4.7%
Put-call volume
1.09
Volume / OI
0.03
Reference IV
0.33
Max pain
15.00
Underlying
14.77
Nearest expiry
7 Aug 2026
Contracts
504
Research Brief
CAG has a mixed chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 14.07–15.47; The largest call open-interest concentration is 15.50; the largest put concentration is 14.50. The most active strike by current volume is 14.50.
Priced range14.07–15.47
Call concentration15.50
Put concentration14.50
Max pain reference15.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 14.07 to 15.47. Max pain at 15.00 sits inside that range, 1.6% above spot.
Spot
Max pain
14.0714.77 ± 0.7015.47
Confirmation level
A close beyond 15.47 or below 14.07 at the 7 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 32/100
Pressure is 2/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure2 × 42%
+0.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement69 × 26%
+17.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility42 × 10%
+4.2
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 15.50; the largest put concentration is 14.50. The most active strike by current volume is 14.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
30
8.00-45.8%
0
11
8.50-42.5%
0
16
9.00-39.1%
0
5
11.00-25.5%
0
20
11.50-22.1%
0
76
12.00-18.8%
0
76
12.50-15.4%
0
72
13.00-12.0%
4
182
13.50-8.6%
0
189
14.00-5.2%
8
1026
14.50-1.8%
23
533
15.001.6%
510
11
15.504.9%
3647
17
16.008.3%
267
0
16.5011.7%
50
2
17.0015.1%
28
2
20.0035.4%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.33
7 Aug
7d
0.31
14 Aug
14d
0.33
21 Aug
21d
0.33
28 Aug
28d
0.35
4 Sep
35d
0.33
11 Sep
42d
0.35
18 Sep
49d
0.36
18 Dec
140d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
12
13
13
14
14
15
15
16
16
17
17
18
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
- 504 / 504
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $232081 of estimated gross traded notional, puts · 8-21 days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+2
1W price-0.6%
Call premium32%
Put premium68%
Notional split
C 32% / P 68%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
69/100
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 · 8-21 days · ATM
puts cluster with 1044 contracts traded, $46985 estimated gross traded notional, and 20% of visible notional.
$46985
Puts · 0-7 days · ATM
puts cluster with 1191 contracts traded, $33862 estimated gross traded notional, and 15% of visible notional.
$33862
Calls · 91+ days · ITM
calls cluster with 72 contracts traded, $16470 estimated gross traded notional, and 7% of visible notional.
$16470
Puts · 0-7 days · ITM
puts cluster with 39 contracts traded, $15682 estimated gross traded notional, and 7% of visible notional.
$15682
Calls · 0-7 days · ATM
calls cluster with 1007 contracts traded, $15108 estimated gross traded notional, and 7% of visible notional.
$15108
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close14.51
1W-0.6%
RS-17.8
Fair value-32.7%
Options pressure2
Speculation41
Volatility42
Trend fit69
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 10:35
Bullish
Pressure 57
Move 4.1%
30 Jul 10:32
Bullish
Pressure 99
Move 4.0%
31 Jul 10:22
Bearish
Pressure -23
Move 1.7%
31 Jul 17:06
Mixed
Pressure 9
Move 2.2%
1 Aug 00:29
Mixed
Pressure 1
Move 3.4%
1 Aug 06:32
Mixed
Pressure 2
Move 4.7%
Strike Map
Where activity is clustering
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 30
Strike8.50
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike9.00
Calls · V 0 · OI 0
Puts · V 0 · OI 16
Strike9.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike10.50
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike11.00
Calls · V 0 · OI 0
Puts · V 3 · OI 5
Strike11.50
Calls · V 0 · OI 0
Puts · V 0 · OI 20
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts56
Avg IV0.33
Put-call0.67
Expiry14 Aug 2026
Contracts56
Avg IV0.31
Put-call2.04
Expiry21 Aug 2026
Contracts58
Avg IV0.33
Put-call3.12
Expiry28 Aug 2026
Contracts48
Avg IV0.33
Put-call2.22
Expiry4 Sep 2026
Contracts48
Avg IV0.35
Put-call2.00
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.37
Put IV0.37
Skew-
14 Aug 2026Balanced skew
Call IV0.36
Put IV0.34
Skew-0.02
21 Aug 2026Balanced skew
Call IV0.34
Put IV0.35
Skew0.01
28 Aug 2026Balanced skew
Call IV0.35
Put IV0.35
Skew-
4 Sep 2026Balanced skew
Call IV0.35
Put IV0.36
Skew0.01
Contract Tape
Most active contracts
ContractCAG260807P00014500
SidePut
Expiry7 Aug 2026
Strike14.50
Volume1154
OI1026
IV0.37
ContractCAG260821P00014500
SidePut
Expiry21 Aug 2026
Strike14.50
Volume1028
OI267
IV0.34
ContractCAG260807C00015500
SideCall
Expiry7 Aug 2026
Strike15.50
Volume970
OI3647
IV0.28
ContractCAG260807C00015000
SideCall
Expiry7 Aug 2026
Strike15.00
Volume863
OI510
IV0.37
ContractCAG260828P00014000
SidePut
Expiry28 Aug 2026
Strike14.00
Volume405
OI54
IV0.34
ContractCAG260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume231
OI5695
IV0.36
ContractCAG260828C00016500
SideCall
Expiry28 Aug 2026
Strike16.50
Volume202
OI37
IV0.39
ContractCAG260828P00014500
SidePut
Expiry28 Aug 2026
Strike14.50
Volume168
OI647
IV0.33
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.