Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
HRB options intelligence
H&R Block Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 31 Jul 2026
Checked 31 Jul 2026 18:44 · complete available chain
Options-market disagreement
Mixed pressure
HRB currently carries mixed options pressure with a 43/100 conviction score. The nearest-chain expected move is 13.1%, with volume/open-interest participation at 0.05.
Expected move
13.1%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.98
Balanced tape
Trend fit
98
Options agree with trend context
Weekly backdrop
+7.8%
RS 0.0
Expected move
13.1%
Put-call volume
0.98
Volume / OI
0.05
Reference IV
0.67
Max pain
35.00
Underlying
40.83
Nearest expiry
21 Aug 2026
Contracts
92
Research Brief
HRB has a mixed chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 35.48–46.18; The largest call open-interest concentration is 40.00; the largest put concentration is 35.00. The most active strike by current volume is 22.50.
Priced range35.48–46.18
Call concentration40.00
Put concentration35.00
Max pain reference35.00
- 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.
- 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 35.48 to 46.18. Max pain at 35.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
35.4840.83 ± 5.3546.18
Confirmation level
A close beyond 46.18 or below 35.48 at the 21 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 43/100
Pressure is 3/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure3 × 42%
+1.1
How strongly activity leans toward calls or puts.
Participation34 × 22%
+7.6
Volume relative to existing open interest and contract-level activity.
Trend agreement98 × 26%
+25.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility87 × 10%
+8.7
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 40.00; the largest put concentration is 35.00. 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
0
15.00-63.3%
0
0
17.50-57.1%
0
0
20.00-51.0%
0
8
22.50-44.9%
57
197
25.00-38.8%
1
601
30.00-26.5%
193
774
35.00-14.3%
490
233
40.00-2.0%
2052
39
45.0010.2%
1128
0
50.0022.5%
464
0
55.0034.7%
17
0
60.0047.0%
260
0
65.0059.2%
1
0
75.0083.7%
1
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.
0.67
21 Aug
21d
0.51
18 Sep
49d
0.52
16 Oct
77d
0.50
20 Nov
112d
0.47
15 Jan
168d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
35
40
45
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 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
- 92 / 92
- 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: $293908 of estimated gross traded notional, calls · 91+ 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+3
1W price+7.8%
Call premium66%
Put premium34%
Notional split
C 66% / P 34%
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
98/100
Agreement between options pressure and Sharemaestro market context.
Event window
11 Aug
Matched earnings event is 10 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 · 91+ days · ITM
calls cluster with 43 contracts traded, $71305 estimated gross traded notional, and 24% of visible notional.
$71305
Puts · 91+ days · ITM
puts cluster with 59 contracts traded, $54790 estimated gross traded notional, and 19% of visible notional.
$54790
Calls · 91+ days · OTM
calls cluster with 232 contracts traded, $52220 estimated gross traded notional, and 18% of visible notional.
$52220
Calls · 8-21 days · ITM
calls cluster with 25 contracts traded, $42155 estimated gross traded notional, and 14% of visible notional.
$42155
Calls · 46-90 days · ITM
calls cluster with 13 contracts traded, $18079 estimated gross traded notional, and 6% of visible notional.
$18079
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close44.03
1W+7.8%
RS0.0
Fair value-4.4%
Options pressure3
Speculation34
Volatility87
Trend fit98
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 10:40
Volatility
Pressure 70
Move 15.2%
30 Jul 10:36
Volatility
Pressure 54
Move 19.3%
31 Jul 10:24
Volatility
Pressure -67
Move 14.6%
31 Jul 13:44
Bearish
Pressure -19
Move 20.1%
31 Jul 17:44
Mixed
Pressure 3
Move 13.1%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.50
Calls · V 0 · OI 0
Puts · V 3 · OI 0
Strike20.00
Calls · V 2 · OI 0
Puts · V 1 · OI 0
Strike22.50
Calls · V 20 · OI 57
Puts · V 3 · OI 8
Strike25.00
Calls · V 1 · OI 1
Puts · V 1 · OI 197
Strike30.00
Calls · V 1 · OI 193
Puts · V 10 · OI 601
Strike35.00
Calls · V 1 · OI 490
Puts · V 7 · OI 774
Strike40.00
Calls · V 1 · OI 2052
Puts · V 7 · OI 233
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.67
Put-call0.55
Expiry18 Sep 2026
Contracts7
Avg IV0.51
Put-call12.50
Expiry16 Oct 2026
Contracts17
Avg IV0.52
Put-call0.97
Expiry20 Nov 2026
Contracts26
Avg IV0.50
Put-call2.68
Expiry15 Jan 2027
Contracts16
Avg IV0.47
Put-call0.25
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.53
Put IV0.54
Skew0.01
18 Sep 2026Put IV premium
Call IV0.45
Put IV0.50
Skew0.06
16 Oct 2026Put IV premium
Call IV0.44
Put IV0.56
Skew0.12
20 Nov 2026Put IV premium
Call IV0.46
Put IV0.53
Skew0.07
15 Jan 2027Balanced skew
Call IV0.44
Put IV0.49
Skew0.04
Contract Tape
Most active contracts
ContractHRB260918C00035000
SideCall
Expiry18 Sep 2026
Strike35.00
Volume-
OI1
IV0.63
ContractHRB260821C00075000
SideCall
Expiry21 Aug 2026
Strike75.00
Volume-
OI1
IV1.20
ContractHRB260821C00065000
SideCall
Expiry21 Aug 2026
Strike65.00
Volume-
OI1
IV1.01
ContractHRB261120P00070000
SidePut
Expiry20 Nov 2026
Strike70.00
Volume-
OI1
IV2.06
ContractHRB260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume-
OI-
IV0.00
ContractHRB261016C00022500
SideCall
Expiry16 Oct 2026
Strike22.50
Volume-
OI-
IV0.00
ContractHRB270115C00020000
SideCall
Expiry15 Jan 2027
Strike20.00
Volume-
OI-
IV0.00
ContractHRB270115P00020000
SidePut
Expiry15 Jan 2027
Strike20.00
Volume-
OI-
IV0.25
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.