Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
VYM options intelligence
VANGUARD WHITEHALL FUNDS VANGUARD HIGH DIVIDEND YIELD ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
56
Market data through 17 Sep 2026
Checked 18 Sep 2026 11:24 · complete available chain
Call-side pressure
Bullish pressure
VYM currently carries bullish options pressure with a 56/100 conviction score. The nearest-chain expected move is 4.8%, with volume/open-interest participation at 0.21.
Expected move
4.8%
Near-term move context
Activity / OI
0.21
Current volume is quieter versus prior open interest
Put-call
0.01
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.8%
RS -0.6
Expected move
4.8%
Put-call volume
0.01
Volume / OI
0.21
Reference IV
0.30
Max pain
165.00
Underlying
162.92
Nearest expiry
18 Sep 2026
Contracts
370
Research Brief
VYM has a bullish chain read with 56/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 155.10–170.74; The largest call open-interest concentration is 166.00; the largest put concentration is 163.00. The most active strike by current volume is 160.00.
Priced range155.10–170.74
Call concentration166.00
Put concentration163.00
Max pain reference165.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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 155.10 to 170.74. Max pain at 165.00 sits inside that range, 1.3% above spot.
Spot
Max pain
155.10162.92 ± 7.82170.74
Confirmation level
A close beyond 170.74 or below 155.10 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 56/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation45 × 22%
+9.9
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.
Volatility40 × 10%
+4.0
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 166.00; the largest put concentration is 163.00. The most active strike by current volume is 160.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4
151.00-7.3%
3
62
155.00-4.9%
0
11
157.00-3.6%
0
4
158.00-3.0%
3
7
159.00-2.4%
0
24
160.00-1.8%
6
16
161.00-1.2%
4
62
162.00-0.6%
1
66
163.000.0%
5
36
164.000.7%
13
24
165.001.3%
10
11
166.001.9%
103
1
167.002.5%
30
4
168.003.1%
57
0
169.003.7%
44
3
170.004.3%
103
0
172.005.6%
7
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+$3.1MDelta change / 1% move
Positive peak175.00+$763,351
Negative peak155.00-$243,222
Nearest balance163.66Interpolated sign change
StrikeNegativePositiveNet / 1% move
152.00-6.7%
+$194,962
153.00-6.1%
-$207,542
154.00-5.5%
-$109,930
155.00-4.9%
-$243,222
156.00-4.2%
-$384
157.00-3.6%
+$96,488
158.00-3.0%
+$42,127
159.00-2.4%
-$47,969
160.00-1.8%
+$454,305
161.00-1.2%
+$58,194
162.00-0.6%
-$173,383
163.000.0%
-$35,765
164.000.7%
+$18,514
165.001.3%
+$735,563
166.001.9%
+$99,573
167.002.5%
+$99,749
168.003.1%
+$145,229
169.003.7%
+$42,851
170.004.3%
+$197,929
172.005.6%
+$834
173.006.2%
+$104
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.
0.30
18 Sep
1d
0.11
16 Oct
29d
0.13
20 Nov
64d
0.12
15 Jan
120d
0.13
16 Apr
211d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
145
147
148
149
151
153
154
155
157
159
160
161
163
165
166
167
169
171
172
173
175
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 75% of the time.
Directional follow-through75%
Moves contained by pricing67%
Average expiry move1.5%
17 Aug
Bullish · 45
-0.9% through expiry
0.9% priced · v2.0
14 Aug
Mixed · 28
-0.9% through expiry
0.9% priced · v2.0
4 Aug
Bullish · 48
1.9% through expiry
3.0% priced · v2.0
3 Aug
Bullish · 37
1.9% through expiry
2.0% priced · v2.0
31 Jul
Bullish · 30
1.9% through expiry
2.2% priced · v2.0
30 Jul
Mixed · 34
1.7% through expiry
2.2% 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 17 Sep 2026
- Calculation
- v2.0
- Contracts
- 370 / 370
- 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
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 are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $12.6M 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+100
1W price-0.8%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.21
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.
Calls · 22-45 days · ITM
calls cluster with 3970 contracts traded, $10.9M estimated gross traded notional, and 87% of visible notional.
$10.9M
Calls · 91+ days · ITM
calls cluster with 688 contracts traded, $1.6M estimated gross traded notional, and 13% of visible notional.
$1.6M
Calls · 91+ days · ATM
calls cluster with 26 contracts traded, $14,028 estimated gross traded notional, and 0% of visible notional.
$14,028
Calls · 46-90 days · ITM
calls cluster with 12 contracts traded, $11,220 estimated gross traded notional, and 0% of visible notional.
$11,220
Calls · 0-7 days · ITM
calls cluster with 10 contracts traded, $6,425 estimated gross traded notional, and 0% of visible notional.
$6,425
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 16 completed sessions
Volume rank94th
Volume/OI rank94th
IV rank100th
Market Context
Underlying confirmation
Close162.92
1W-0.8%
RS-0.6
Fair value+27.0%
Options pressure100
Speculation45
Volatility40
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:25
Bullish
Pressure 45
Move 2.9%
30 Jul 13:12
Bullish
Pressure 68
Move 2.4%
31 Jul 12:52
Mixed
Pressure -12
Move 2.2%
3 Aug 11:42
Bullish
Pressure 23
Move 2.2%
4 Aug 12:52
Bullish
Pressure 62
Move 2.0%
5 Aug 13:14
Bullish
Pressure 82
Move 3.0%
17 Aug 11:28
Mixed
Pressure 2
Move 0.9%
17 Aug 18:35
Bullish
Pressure 89
Move 0.9%
Strike Map
Where activity is clustering
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike146.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike147.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike148.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike149.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike150.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike151.00
Calls · V 5 · OI 3
Puts · V 0 · OI 4
Strike152.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts62
Avg IV0.30
Put-call0.94
Expiry16 Oct 2026
Contracts90
Avg IV0.11
Put-call0.00
Expiry20 Nov 2026
Contracts58
Avg IV0.13
Put-call0.08
Expiry15 Jan 2027
Contracts80
Avg IV0.12
Put-call-
Expiry16 Apr 2027
Contracts80
Avg IV0.13
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.14
Put IV0.27
Skew0.13
16 Oct 2026Put IV premium
Call IV0.07
Put IV0.14
Skew0.07
20 Nov 2026Put IV premium
Call IV0.12
Put IV0.18
Skew0.06
15 Jan 2027Balanced skew
Call IV0.11
Put IV0.15
Skew0.04
16 Apr 2027Put IV premium
Call IV0.10
Put IV0.16
Skew0.06
Contract Tape
Most active contracts
ContractVYM261016C00142000
SideCall
Expiry16 Oct 2026
Strike142.00
Volume1299
OI450
IV0.01
ContractVYM261016C00120000
SideCall
Expiry16 Oct 2026
Strike120.00
Volume805
OI3
IV0.01
ContractVYM270416C00145000
SideCall
Expiry16 Apr 2027
Strike145.00
Volume540
OI1266
IV0.10
ContractVYM261016C00140000
SideCall
Expiry16 Oct 2026
Strike140.00
Volume425
OI272
IV0.01
ContractVYM261016C00110000
SideCall
Expiry16 Oct 2026
Strike110.00
Volume294
OI76
IV0.01
ContractVYM261016C00145000
SideCall
Expiry16 Oct 2026
Strike145.00
Volume291
OI114
IV0.01
ContractVYM261016C00135000
SideCall
Expiry16 Oct 2026
Strike135.00
Volume260
OI113
IV0.01
ContractVYM261016C00105000
SideCall
Expiry16 Oct 2026
Strike105.00
Volume130
OI42
IV0.61
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.