MIAX · saved analysis through 24 Sep 2026

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Ticker Options Intelligence

MIAX options intelligence

Miami International Holdings, Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 44 Market data through 24 Sep 2026 Checked 25 Sep 2026 11:00 · complete available chain

The reading · 2026-09-24

Call activity leads

Use with limits

Options balance does not yet confirm the saved weekly stock trend. Stock context: 2026-09-18.

What changed?

Changed from mixed to bullish pressure.

Compared with 23 Sep 2026.
Options balance
+74.5 pointsMixed → Bullish
Stock reference
-0.7%Between the two saved price references
Priced move
-1.9 ppSame expiry; time remaining has also changed

Price references

±10.0% through 2026-10-16

USD 32.06 – 39.21

Near-money call and put quotes support this range.

This describes the size of a priced move, not its direction or a guaranteed trading range.
Call concentration
45.00
Put concentration
45.00
Concentrations are reference levels, not proven support or resistance.

What to watch

Supports this reading

  • Price holds or improves while call-side concentration remains elevated.

Would weaken it

  • Price weakens while call pressure fades or reverses toward puts.
  • Options and the weekly trend are not yet giving the same message.
Completed-session reading · 2026-09-24
  • Older session: use this as a saved reading.
  • Activity totals cannot identify buyers, sellers or newly opened positions.
Primary read Bullish

Call-side pressure

Expected move 10.0%

Wider near-term move priced

Activity / OI 0.01

Current volume is quieter versus prior open interest

Put-call 0.12

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop -6.5%

RS -17.5

Expected move 10.0%
Put-call volume 0.12
Volume / OI 0.01
Reference IV 0.43
Max pain 45.00
Underlying 35.64
Nearest expiry 16 Oct 2026
Contracts 170

The outcome record

What followed the dated readings?

Stock-price direction through expiry, using the first available weekly close on or just after expiry. These are not option-trade returns.

Recorded in advance

New readings are saved before their outcomes. A calculation change starts a separate record.

0 / 0

Non-overlapping directional readings followed through.

1 waiting for an outcome · 0 excluded by data or timing checks.

Too few independent outcomes to establish an edge.

Earlier saved readings

1 / 2

Non-overlapping directional readings followed through. 11 overlapping readings left out.

Always-up baseline: 0% · Always-down: 100%.

95% interval: 9–91%.

This is a retrospective audit of saved versions, separate from the record collected in advance.

How to read this

The baselines use the same stocks and observation windows. They ask whether a simple up or down call did as well.

Removing overlapping windows reduces repeated counting. It does not make market observations fully independent.

The interval shows sampling uncertainty. Costs, execution and option selection are not tested here.

Priced Move

The priced move through expiry

Size, not direction · through 16 Oct

Options imply 32.06 to 39.21. Max pain at 45.00 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
32.0635.64 ± 3.5839.21
Confirmation level

A close beyond 39.21 or below 32.06 at the 16 Oct 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

Evidence behind the reading

Evidence alignment, not probability

Pressure is 83/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure83 / 100
83

How strongly activity leans toward calls or puts.

Participation9 / 100
9

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

Trend agreement0 / 100
0

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

Volatility70 / 100
70

The intensity of implied volatility and the priced move.

Evidence alignment44/100A research score, not a probability

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 45.00; the largest put concentration is 45.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
16
20.00-43.9%
0
1
22.50-36.9%
1
0
25.00-29.9%
0
19
30.00-15.8%
5
206
35.00-1.8%
13
545
40.0012.2%
173
1292
45.0026.3%
2100
0
50.0040.3%
550
0
55.0054.3%
1358
0
60.0068.4%
377
0
65.0082.4%
40
0
70.0096.4%
120
0
75.00110.4%
0
0
80.00124.5%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Negative gamma proxy

Reported Greeks · 100% coverage

Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.

Net profile-$106,917Delta change / 1% move
Positive peak50.00+$57,696
Negative peak35.00-$176,705
Nearest balance30.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
20.00-43.9%
-$126
22.50-36.9%
-$12
25.00-29.9%
-$297
30.00-15.8%
+$82
35.00-1.8%
-$176,705
40.0012.2%
-$57,835
45.0026.3%
+$23,302
50.0040.3%
+$57,696
55.0054.3%
+$26,323
60.0068.4%
+$19,051
65.0082.4%
+$413
70.0096.4%
+$1,182
75.00110.4%
+$8
80.00124.5%
+$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

0.90× front/back

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

0.43 16 Oct 22d
0.49 20 Nov 57d
0.52 18 Dec 85d
0.50 15 Jan 113d
0.50 16 Apr 204d
0.50 17 Jun 266d
0.47 17 Dec 449d

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.

30
35
40
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

22 matured · 13 directional

Across 13 stored directional transitions, the next stored price moved in the labelled direction 23% of the time.

All saved readings · may overlap23%
Moves contained by pricing59%
Average absolute expiry move6.9%
17 Sep Volatility · 50 -6.5% through expiry 5.4% priced · v2.0
15 Sep Bullish · 40 -6.5% through expiry 4.0% priced · v2.0
11 Sep Bullish · 30 -6.5% through expiry 5.9% priced · v2.0
9 Sep Volatility · 46 -8.5% through expiry 9.8% priced · v2.0
4 Sep Bullish · 58 -8.5% through expiry 8.4% priced · v2.0
2 Sep Bullish · 43 -9.8% through expiry 11.5% priced · v2.0
1 Sep Volatility · 47 -9.8% through expiry 9.7% priced · v2.0
31 Aug Bearish · 46 -9.8% through expiry 8.6% priced · v2.0
28 Aug Bearish · 51 -9.8% through expiry 7.9% priced · v2.0
21 Aug Bearish · 41 -10.9% through expiry 11.0% priced · v2.0
18 Aug Mixed · 34 -2.1% through expiry 6.0% priced · v2.0
17 Aug Bullish · 35 -2.1% through expiry 6.3% 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

Usable with limits

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes56%
Open interest100%
Chain status
Complete available chain
Market date
24 Sep 2026
Calculation
v3.0
Contracts
170 / 170
  • This saved reading predates the latest completed session.

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

67/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow against weak price

Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $17,427 of estimated gross traded notional, puts · 91+ 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+83
1W price-6.5%
Call premium51%
Put premium49%
Notional split C 51% / P 49% 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.
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.
Conviction clusters Puts · 91+ days · ITM
Puts · 91+ days · ITM puts cluster with 11 contracts traded, $8,525 estimated gross traded notional, and 49% of visible notional.
$8,525
Calls · 91+ days · OTM calls cluster with 51 contracts traded, $3,662 estimated gross traded notional, and 21% of visible notional.
$3,662
Calls · 91+ days · ITM calls cluster with 2 contracts traded, $3,030 estimated gross traded notional, and 17% of visible notional.
$3,030
Calls · 46-90 days · OTM calls cluster with 11 contracts traded, $1,528 estimated gross traded notional, and 9% of visible notional.
$1,528
Calls · 8-21 days · OTM calls cluster with 27 contracts traded, $682 estimated gross traded notional, and 4% of visible notional.
$682

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

Quiet tape

13

Activity is muted versus this ticker's stored history.

Baseline: 26 completed sessions

Volume rank15th
Volume/OI rank15th
IV rank8th

Market Context

Underlying confirmation

Sharemaestro weekly
Close38.79
1W-6.5%
RS-17.5
Fair value-8.8%
Options pressure83
Speculation9
Volatility70
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 10.0% near normal
30d avg 8.6% · 11 sessions 73th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -
IV 0.43 muted
30d avg 0.59 · 11 sessions 9th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -
Put-call 0.12 near normal
30d avg 0.77 · 10 sessions 30th
90d avg - · 25/30 sessions -
180d avg - · 25/60 sessions -
Volume/OI 0.01 muted
30d avg 0.03 · 11 sessions 18th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
2 Aug 12:24 Bullish
Pressure 26
Move 10.0%
3 Aug 00:17 Volatility
Pressure 95
Move 10.0%
3 Aug 22:00 Bullish
Pressure 30
Move 9.7%
5 Aug 10:30 Mixed
Pressure 3
Move 8.5%
6 Aug 10:42 Mixed
Pressure -2
Move 9.6%
7 Aug 12:20 Volatility
Pressure 73
Move 8.3%
10 Aug 12:41 Bullish
Pressure 42
Move 7.7%
12 Aug 12:00 Bullish
Pressure 96
Move 8.4%

Strike Map

Where activity is clustering

Full strike map
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 16
Strike22.50
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 5
Puts · V 0 · OI 19
Strike35.00
Calls · V 0 · OI 13
Puts · V 0 · OI 206
Strike40.00
Calls · V 14 · OI 173
Puts · V 0 · OI 545
Strike45.00
Calls · V 3 · OI 2100
Puts · V 0 · OI 1292
Strike50.00
Calls · V 10 · OI 550
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry16 Oct 2026
Contracts28
Avg IV0.43
Put-call0.00
Expiry20 Nov 2026
Contracts20
Avg IV0.49
Put-call0.00
Expiry18 Dec 2026
Contracts28
Avg IV0.52
Put-call0.00
Expiry15 Jan 2027
Contracts28
Avg IV0.50
Put-call0.00
Expiry16 Apr 2027
Contracts22
Avg IV0.50
Put-call0.00

Skew

Call/put IV balance

OTM demand
16 Oct 2026Put IV premium
Call IV0.21
Put IV0.46
Skew0.25
20 Nov 2026Balanced skew
Call IV0.55
Put IV0.52
Skew-0.03
18 Dec 2026Balanced skew
Call IV0.50
Put IV0.55
Skew0.05
15 Jan 2027Put IV premium
Call IV0.41
Put IV0.53
Skew0.13
16 Apr 2027Balanced skew
Call IV0.49
Put IV0.47
Skew-0.02

Contract Tape

Most active contracts

Full contract tape
ContractMIAX270115C00045000
SideCall
Expiry15 Jan 2027
Strike45.00
Volume40
OI37
IV0.41
ContractMIAX261016C00040000
SideCall
Expiry16 Oct 2026
Strike40.00
Volume14
OI173
IV0.21
ContractMIAX270617P00040000
SidePut
Expiry17 Jun 2027
Strike40.00
Volume11
OI18
IV0.47
ContractMIAX261016C00050000
SideCall
Expiry16 Oct 2026
Strike50.00
Volume10
OI550
IV0.54
ContractMIAX270115C00055000
SideCall
Expiry15 Jan 2027
Strike55.00
Volume5
OI65
IV0.51
ContractMIAX261120C00040000
SideCall
Expiry20 Nov 2026
Strike40.00
Volume5
OI45
IV0.50
ContractMIAX270416C00060000
SideCall
Expiry16 Apr 2027
Strike60.00
Volume5
OI10
IV0.48
ContractMIAX261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume4
OI37
IV0.49

Evidence context