Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
JMKE options intelligence
Jersey Mike's Subs Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 25 Aug 2026
Checked 25 Aug 2026 15:33 · partial chain
Call-side pressure
Bullish pressure
JMKE currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 12.2%, with volume/open-interest participation at 0.11.
Expected move
12.2%
Wider near-term move priced
Activity / OI
0.11
Current volume is quieter versus prior open interest
Put-call
0.42
Call-side skew
Trend fit
45
Options are not fully confirming trend
Weekly backdrop
+7.7%
Sharemaestro weekly context
Expected move
12.2%
Put-call volume
0.42
Volume / OI
0.11
Reference IV
0.64
Max pain
22.50
Underlying
23.86
Nearest expiry
18 Sep 2026
Contracts
46
Research Brief
JMKE 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 20.96–26.76; The largest call open-interest concentration is 25.00; the largest put concentration is 20.00. The most active strike by current volume is 22.50.
Priced range20.96–26.76
Call concentration25.00
Put concentration20.00
Max pain reference22.50
- 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.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 20.96 to 26.76. Max pain at 22.50 sits inside that range, 5.7% below spot.
Spot
Max pain
20.9623.86 ± 2.9026.76
Confirmation level
A close beyond 26.76 or below 20.96 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 44/100
Pressure is 46/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure46 × 42%
+19.3
How strongly activity leans toward calls or puts.
Participation19 × 22%
+4.1
Volume relative to existing open interest and contract-level activity.
Trend agreement45 × 26%
+11.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility85 × 10%
+8.5
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 25.00; the largest put concentration is 20.00. The most active strike by current volume is 22.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
6
15.00-37.1%
4
15
17.50-26.7%
6
628
20.00-16.2%
31
324
22.50-5.7%
546
37
25.004.8%
1777
2
30.0025.7%
306
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+$133,822Delta change / 1% move
Positive peak25.00+$130,951
Negative peak20.00-$20,908
Nearest balance21.36Interpolated sign change
StrikeNegativePositiveNet / 1% move
12.50-47.6%
-$1,106
15.00-37.1%
-$251
17.50-26.7%
-$5,794
20.00-16.2%
-$20,908
22.50-5.7%
+$17,521
25.004.8%
+$130,951
30.0025.7%
+$10,677
35.0046.7%
+$2,732
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.64
18 Sep
24d
0.58
16 Oct
52d
0.59
20 Nov
87d
0.57
19 Feb
178d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
20
23
25
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 18 Sep 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 25 Aug 2026
- Calculation
- v2.0
- Contracts
- 46 / 46
- 100% of provider contracts were retained for this snapshot.
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
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $159,401 of estimated gross traded notional, calls · 91+ days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+46
1W price+7.7%
Call premium67%
Put premium33%
Notional split
C 67% / P 33%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.11
Volume divided by open interest across the visible chain.
Trend fit
45/100
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.
Calls · 91+ days · ITM
calls cluster with 93 contracts traded, $47,045 estimated gross traded notional, and 30% of visible notional.
$47,045
Calls · 91+ days · OTM
calls cluster with 141 contracts traded, $33,588 estimated gross traded notional, and 21% of visible notional.
$33,588
Puts · 91+ days · ITM
puts cluster with 24 contracts traded, $28,000 estimated gross traded notional, and 18% of visible notional.
$28,000
Calls · 46-90 days · OTM
calls cluster with 237 contracts traded, $14,342 estimated gross traded notional, and 9% of visible notional.
$14,342
Puts · 46-90 days · OTM
puts cluster with 62 contracts traded, $6,755 estimated gross traded notional, and 4% of visible notional.
$6,755
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.
Activity Anomaly
Warming up
0 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 0 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close23.86
1W+7.7%
RS-
Fair value+3.8%
Options pressure46
Speculation19
Volatility85
Trend fit45
Today Versus Normal
Stored-options context
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
Pressure Trail
Recent pressure and volatility
25 Aug 14:33
Bullish
Pressure 46
Move 12.2%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 2 · OI 4
Puts · V 1 · OI 6
Strike17.50
Calls · V 1 · OI 6
Puts · V 3 · OI 15
Strike20.00
Calls · V 5 · OI 31
Puts · V 1 · OI 628
Strike22.50
Calls · V 4 · OI 546
Puts · V 73 · OI 324
Strike25.00
Calls · V 21 · OI 1777
Puts · V 7 · OI 37
Strike30.00
Calls · V 1 · OI 306
Puts · V 4 · OI 2
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts12
Avg IV0.64
Put-call2.62
Expiry16 Oct 2026
Contracts6
Avg IV0.58
Put-call0.67
Expiry20 Nov 2026
Contracts13
Avg IV0.59
Put-call0.07
Expiry19 Feb 2027
Contracts15
Avg IV0.57
Put-call0.28
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.54
Put IV0.52
Skew-0.02
16 Oct 2026Balanced skew
Call IV0.56
Put IV0.60
Skew0.04
20 Nov 2026Balanced skew
Call IV0.58
Put IV0.53
Skew-0.05
19 Feb 2027Balanced skew
Call IV0.54
Put IV0.55
Skew0.01
Contract Tape
Most active contracts
ContractJMKE261120C00035000
SideCall
Expiry20 Nov 2026
Strike35.00
Volume152
OI163
IV0.60
ContractJMKE270219C00025000
SideCall
Expiry19 Feb 2027
Strike25.00
Volume98
OI197
IV0.54
ContractJMKE270219C00022500
SideCall
Expiry19 Feb 2027
Strike22.50
Volume73
OI463
IV0.60
ContractJMKE260918P00022500
SidePut
Expiry18 Sep 2026
Strike22.50
Volume73
OI324
IV0.52
ContractJMKE261016C00025000
SideCall
Expiry16 Oct 2026
Strike25.00
Volume61
OI74
IV0.56
ContractJMKE261016P00022500
SidePut
Expiry16 Oct 2026
Strike22.50
Volume38
OI43
IV0.60
ContractJMKE270219C00030000
SideCall
Expiry19 Feb 2027
Strike30.00
Volume36
OI112
IV0.53
ContractJMKE270219P00035000
SidePut
Expiry19 Feb 2027
Strike35.00
Volume23
OI12
IV0.67
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.