Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
GLXY options intelligence
Galaxy Digital Holdings Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 31 Jul 2026
Checked 2 Aug 2026 02:11 · complete available chain
Options-market disagreement
Mixed pressure
GLXY currently carries mixed options pressure with a 38/100 conviction score. The nearest-chain expected move is 14.1%, with volume/open-interest participation at 0.05.
Expected move
14.1%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.81
Balanced tape
Trend fit
47
Options are not fully confirming trend
Weekly backdrop
-7.4%
RS -28.5
Expected move
14.1%
Put-call volume
0.81
Volume / OI
0.05
Reference IV
1.28
Max pain
23.50
Underlying
21.01
Nearest expiry
7 Aug 2026
Contracts
672
Research Brief
GLXY has a mixed chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 18.05–23.97; The largest call open-interest concentration is 21.00; the largest put concentration is 22.00. The most active strike by current volume is 23.00.
Priced range18.05–23.97
Call concentration21.00
Put concentration22.00
Max pain reference23.50
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- 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 18.05 to 23.97. Max pain at 23.50 sits inside that range, 11.9% above spot.
Spot
Max pain
18.0521.01 ± 2.9623.97
Confirmation level
A close beyond 23.97 or below 18.05 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 38/100
Pressure is 17/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure17 × 42%
+7.3
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement47 × 26%
+12.3
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 21.00; the largest put concentration is 22.00. The most active strike by current volume is 23.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
217
18.00-14.3%
12
1714
20.00-4.8%
132
167
21.000.0%
2672
7918
22.004.7%
1194
50
22.507.1%
1798
34
23.009.5%
438
7503
23.5011.9%
80
122
24.0014.2%
666
19
25.0019.0%
303
122
25.5021.4%
2570
132
26.0023.8%
185
10
26.5026.1%
345
1
29.0038.0%
300
93
30.0042.8%
575
1
32.0052.3%
559
0
33.0057.1%
353
0
40.0090.4%
422
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.28
7 Aug
7d
1.14
14 Aug
14d
1.06
21 Aug
21d
1.04
28 Aug
28d
1.02
4 Sep
35d
1.02
11 Sep
42d
1.00
18 Sep
49d
0.98
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
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
- 672 / 672
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $3.5M of estimated gross traded notional, puts · 46-90 days · itm, 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+17
1W price-7.4%
Call premium42%
Put premium58%
Notional split
C 42% / P 58%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
47/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 46-90 days · ITM
puts cluster with 1047 contracts traded, $657462 estimated gross traded notional, and 19% of visible notional.
$657462
Calls · 8-21 days · OTM
calls cluster with 4784 contracts traded, $511911 estimated gross traded notional, and 15% of visible notional.
$511911
Puts · 8-21 days · ITM
puts cluster with 607 contracts traded, $488052 estimated gross traded notional, and 14% of visible notional.
$488052
Puts · 91+ days · OTM
puts cluster with 683 contracts traded, $297992 estimated gross traded notional, and 9% of visible notional.
$297992
Calls · 46-90 days · OTM
calls cluster with 1507 contracts traded, $268548 estimated gross traded notional, and 8% of visible notional.
$268548
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
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
Close21.01
1W-7.4%
RS-28.5
Fair value-19.3%
Options pressure17
Speculation41
Volatility96
Trend fit47
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 10:26
Volatility
Pressure 60
Move 9.0%
30 Jul 10:22
Volatility
Pressure 90
Move 14.8%
31 Jul 10:11
Bullish
Pressure 52
Move 7.3%
31 Jul 13:41
Bullish
Pressure 46
Move 8.2%
31 Jul 15:52
Bullish
Pressure 43
Move 7.8%
2 Aug 01:11
Mixed
Pressure 17
Move 14.1%
Strike Map
Where activity is clustering
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike12.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike13.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike13.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike14.00
Calls · V 1 · OI 10
Puts · V 0 · OI 0
Strike14.50
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 11
Puts · V 10 · OI 31
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts102
Avg IV1.28
Put-call0.61
Expiry14 Aug 2026
Contracts112
Avg IV1.14
Put-call0.90
Expiry21 Aug 2026
Contracts94
Avg IV1.06
Put-call0.78
Expiry28 Aug 2026
Contracts52
Avg IV1.04
Put-call0.17
Expiry4 Sep 2026
Contracts52
Avg IV1.02
Put-call0.11
Skew
Call/put IV balance
7 Aug 2026Put IV premium
Call IV1.20
Put IV1.34
Skew0.15
14 Aug 2026Call IV premium
Call IV1.30
Put IV1.05
Skew-0.25
21 Aug 2026Balanced skew
Call IV1.07
Put IV1.09
Skew0.02
28 Aug 2026Put IV premium
Call IV0.99
Put IV1.06
Skew0.07
4 Sep 2026Balanced skew
Call IV1.06
Put IV1.06
Skew-
Contract Tape
Most active contracts
ContractGLXY260814P00016500
SidePut
Expiry14 Aug 2026
Strike16.50
Volume3510
OI-
IV1.25
ContractGLXY260814C00023000
SideCall
Expiry14 Aug 2026
Strike23.00
Volume3394
OI63
IV1.17
ContractGLXY261218P00020000
SidePut
Expiry18 Dec 2026
Strike20.00
Volume602
OI6290
IV0.95
ContractGLXY260807C00023000
SideCall
Expiry7 Aug 2026
Strike23.00
Volume404
OI438
IV1.30
ContractGLXY260918C00022500
SideCall
Expiry18 Sep 2026
Strike22.50
Volume373
OI2505
IV1.00
ContractGLXY260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume326
OI880
IV0.98
ContractGLXY260814C00024000
SideCall
Expiry14 Aug 2026
Strike24.00
Volume325
OI93
IV1.19
ContractGLXY260918P00022500
SidePut
Expiry18 Sep 2026
Strike22.50
Volume324
OI2338
IV0.99
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
Galaxy Digital Holdings Ltd (GLXY) keeps weekly uptrend intact after 90.0% twelve-week climb25 Jun 2026 23:39
Galaxy Digital Holdings Ltd (GLXY) extends weekly rise while volume trails24 Jun 2026 22:01
Galaxy Digital Holdings Ltd (GLXY) surges 32.7% in heavy weekly trade18 Jun 2026 17:22
Galaxy Digital Holdings Ltd (GLXY) extends 12-week advance to 61.0%17 Jun 2026 19:22
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.