Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BKKT options intelligence
Bakkt Holdings Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 1 Aug 2026 09:03 · complete available chain
Call-side pressure
Bullish pressure
BKKT currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 12.8%, with volume/open-interest participation at 0.02.
Expected move
12.8%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.33
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-3.6%
RS -50.0
Expected move
12.8%
Put-call volume
0.33
Volume / OI
0.02
Reference IV
0.88
Max pain
1.00
Underlying
7.44
Nearest expiry
7 Aug 2026
Contracts
544
Research Brief
BKKT has a bullish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 6.49–8.39; The largest call open-interest concentration is 1.00; the largest put concentration is 7.00. The most active strike by current volume is 7.00.
Priced range6.49–8.39
Call concentration1.00
Put concentration7.00
Max pain reference1.00
- 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 6.49 to 8.39. Max pain at 1.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
6.497.44 ± 0.958.39
Confirmation level
A close beyond 8.39 or below 6.49 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 44/100
Pressure is 61/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure61 × 42%
+25.5
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
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.
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 1.00; the largest put concentration is 7.00. The most active strike by current volume is 7.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
1.00-86.6%
239
17
2.00-73.1%
230
3
3.00-59.7%
20
0
3.50-53.0%
0
13
4.00-46.2%
11
0
4.50-39.5%
0
2
5.00-32.8%
0
1
5.50-26.1%
0
3
6.00-19.4%
0
30
7.00-5.9%
6
1
7.500.8%
0
21
8.007.5%
165
0
8.5014.2%
36
2
9.0021.0%
39
0
9.5027.7%
5
1
10.0034.4%
136
0
11.0047.8%
43
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.88
7 Aug
7d
1.41
14 Aug
14d
1.14
21 Aug
21d
1.23
28 Aug
28d
1.19
4 Sep
35d
1.85
11 Sep
42d
1.14
18 Sep
49d
1.16
18 Dec
140d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
6
7
7
8
8
9
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
- 544 / 544
- 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
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $136195 of estimated gross traded notional, calls · 22-45 days · itm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+61
1W price-3.6%
Call premium88%
Put premium12%
Notional split
C 88% / P 12%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
10 Aug
Matched earnings event is 9 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 22-45 days · ITM
calls cluster with 201 contracts traded, $114292 estimated gross traded notional, and 84% of visible notional.
$114292
Puts · 91+ days · ITM
puts cluster with 61 contracts traded, $14335 estimated gross traded notional, and 11% of visible notional.
$14335
Calls · 91+ days · OTM
calls cluster with 59 contracts traded, $1500 estimated gross traded notional, and 1% of visible notional.
$1500
Puts · 91+ days · OTM
puts cluster with 10 contracts traded, $1150 estimated gross traded notional, and 1% of visible notional.
$1150
Calls · 0-7 days · ITM
calls cluster with 30 contracts traded, $1125 estimated gross traded notional, and 1% of visible notional.
$1125
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.
Options positioning is not confirming the underlying trend context.
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
Close7.17
1W-3.6%
RS-50.0
Fair value-60.2%
Options pressure61
Speculation40
Volatility96
Trend fit0
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 11:26
Bullish
Pressure 24
Move 8.4%
29 Jul 23:14
Bullish
Pressure 38
Move 9.3%
30 Jul 13:39
Bullish
Pressure 38
Move 9.9%
31 Jul 13:19
Bullish
Pressure 29
Move 4.0%
1 Aug 03:44
Bullish
Pressure 39
Move 9.0%
1 Aug 08:03
Bullish
Pressure 61
Move 12.8%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 0 · OI 239
Puts · V 0 · OI 1
Strike2.00
Calls · V 0 · OI 230
Puts · V 0 · OI 17
Strike3.00
Calls · V 0 · OI 20
Puts · V 0 · OI 3
Strike3.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 11
Puts · V 0 · OI 13
Strike4.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike5.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts58
Avg IV0.88
Put-call0.33
Expiry14 Aug 2026
Contracts54
Avg IV1.41
Put-call-
Expiry21 Aug 2026
Contracts54
Avg IV1.14
Put-call0.04
Expiry28 Aug 2026
Contracts34
Avg IV1.23
Put-call-
Expiry4 Sep 2026
Contracts32
Avg IV1.19
Put-call-
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV0.90
Put IV0.80
Skew-0.11
14 Aug 2026Balanced skew
Call IV1.28
Put IV1.29
Skew0.01
21 Aug 2026Call IV premium
Call IV1.66
Put IV1.09
Skew-0.58
28 Aug 2026Call IV premium
Call IV1.19
Put IV1.12
Skew-0.07
4 Sep 2026Call IV premium
Call IV1.35
Put IV1.18
Skew-0.18
Contract Tape
Most active contracts
ContractBKKT260904C00001000
SideCall
Expiry4 Sep 2026
Strike1.00
Volume74
OI10
IV5.98
ContractBKKT261218P00008000
SidePut
Expiry18 Dec 2026
Strike8.00
Volume61
OI108
IV1.08
ContractBKKT270115C00055000
SideCall
Expiry15 Jan 2027
Strike55.00
Volume50
OI81
IV1.06
ContractBKKT260911C00002000
SideCall
Expiry11 Sep 2026
Strike2.00
Volume46
OI-
IV2.98
ContractBKKT260911C00001000
SideCall
Expiry11 Sep 2026
Strike1.00
Volume38
OI-
IV4.68
ContractBKKT260807C00007000
SideCall
Expiry7 Aug 2026
Strike7.00
Volume30
OI6
IV0.73
ContractBKKT260911C00003000
SideCall
Expiry11 Sep 2026
Strike3.00
Volume22
OI-
IV2.28
ContractBKKT260807C00008000
SideCall
Expiry7 Aug 2026
Strike8.00
Volume19
OI165
IV0.90
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
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.