Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BNO options intelligence
United States Brent Crude Oil Fund options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
58
Market data through 31 Jul 2026
Checked 2 Aug 2026 16:08 · complete available chain
Call-side pressure
Bullish pressure
BNO currently carries bullish options pressure with a 58/100 conviction score. The nearest-chain expected move is 6.1%, with volume/open-interest participation at 0.03.
Expected move
6.1%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.06
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-4.2%
RS 21.9
Expected move
6.1%
Put-call volume
0.06
Volume / OI
0.03
Reference IV
0.64
Max pain
47.00
Underlying
50.38
Nearest expiry
7 Aug 2026
Contracts
798
Research Brief
BNO has a bullish chain read with 58/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 47.31–53.45; The largest call open-interest concentration is 43.50; the largest put concentration is 50.00. The most active strike by current volume is 55.00.
Priced range47.31–53.45
Call concentration43.50
Put concentration50.00
Max pain reference47.00
- 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 47.31 to 53.45. Max pain at 47.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
47.3150.38 ± 3.0753.45
Confirmation level
A close beyond 53.45 or below 47.31 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 58/100
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.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility69 × 10%
+6.9
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 43.50; the largest put concentration is 50.00. The most active strike by current volume is 55.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
62
40.00-20.6%
17
0
42.50-15.6%
315
0
43.50-13.7%
752
102
44.00-12.7%
28
52
45.00-10.7%
50
52
46.00-8.7%
63
123
47.00-6.7%
87
13
48.00-4.7%
221
18
49.00-2.7%
60
1012
50.00-0.8%
389
0
50.500.2%
206
15
51.001.2%
137
5
52.003.2%
723
0
52.504.2%
141
71
53.005.2%
31
2
55.009.2%
495
0
60.0019.1%
408
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+$15.9MDelta change / 1% move
Positive peak60.00+$3.9M
Negative peak44.00-$18,760
Nearest balance46.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
45.50-9.7%
-$226
46.00-8.7%
+$103,300
46.50-7.7%
-$1,819
47.00-6.7%
+$290,224
47.50-5.7%
+$2,964
48.00-4.7%
+$136,486
48.50-3.7%
+$10,384
49.00-2.7%
+$134,104
49.50-1.7%
+$43,189
50.00-0.8%
+$2.7M
50.500.2%
+$56,471
51.001.2%
+$177,510
51.502.2%
+$20,689
52.003.2%
+$255,008
52.504.2%
+$66,456
53.005.2%
+$14,244
53.506.2%
+$39,101
54.007.2%
+$74,522
54.508.2%
+$1,250
55.009.2%
+$3.2M
55.5010.2%
+$85
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
7 Aug
7d
0.68
14 Aug
14d
0.68
21 Aug
21d
0.66
28 Aug
28d
0.64
4 Sep
35d
0.66
11 Sep
42d
0.64
18 Sep
49d
0.60
16 Oct
77d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
41
42
42
43
44
45
46
47
47
48
49
50
51
51
52
53
54
55
57
58
60
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing100%
Average expiry move4.2%
30 Jul
Volatility · 59
-4.2% through expiry
6.5% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 798 / 798
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $2.8M of estimated gross traded notional, calls · 8-21 days · otm, 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-4.2%
Call premium97%
Put premium3%
Notional split
C 97% / P 3%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
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.
Calls · 8-21 days · OTM
calls cluster with 3196 contracts traded, $454,900 estimated gross traded notional, and 16% of visible notional.
$454,900
Calls · 91+ days · OTM
calls cluster with 1324 contracts traded, $447,852 estimated gross traded notional, and 16% of visible notional.
$447,852
Calls · 46-90 days · ATM
calls cluster with 726 contracts traded, $414,545 estimated gross traded notional, and 15% of visible notional.
$414,545
Calls · 46-90 days · OTM
calls cluster with 1327 contracts traded, $302,035 estimated gross traded notional, and 11% of visible notional.
$302,035
Calls · 22-45 days · ATM
calls cluster with 721 contracts traded, $293,590 estimated gross traded notional, and 10% of visible notional.
$293,590
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.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close50.38
1W-4.2%
RS21.9
Fair value+54.1%
Options pressure100
Speculation41
Volatility69
Trend fit0
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 12:04
Volatility
Pressure 98
Move 10.8%
30 Jul 11:42
Volatility
Pressure 96
Move 5.7%
31 Jul 05:28
Volatility
Pressure 97
Move 6.5%
2 Aug 15:08
Bullish
Pressure 100
Move 6.1%
Strike Map
Where activity is clustering
Strike31.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike32.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike34.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike36.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike37.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike38.00
Calls · V 0 · OI 15
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts104
Avg IV0.64
Put-call0.47
Expiry14 Aug 2026
Contracts120
Avg IV0.68
Put-call0.05
Expiry21 Aug 2026
Contracts88
Avg IV0.68
Put-call0.01
Expiry28 Aug 2026
Contracts90
Avg IV0.66
Put-call0.07
Expiry4 Sep 2026
Contracts64
Avg IV0.64
Put-call0.30
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.70
Put IV0.75
Skew0.05
14 Aug 2026Call IV premium
Call IV0.82
Put IV0.67
Skew-0.16
21 Aug 2026Call IV premium
Call IV0.74
Put IV0.63
Skew-0.11
28 Aug 2026Call IV premium
Call IV0.77
Put IV0.65
Skew-0.12
4 Sep 2026Call IV premium
Call IV0.73
Put IV0.59
Skew-0.14
Contract Tape
Most active contracts
ContractBNO260821C00055000
SideCall
Expiry21 Aug 2026
Strike55.00
Volume1348
OI10681
IV0.71
ContractBNO260821C00060000
SideCall
Expiry21 Aug 2026
Strike60.00
Volume1114
OI13244
IV0.77
ContractBNO261016C00050000
SideCall
Expiry16 Oct 2026
Strike50.00
Volume619
OI15294
IV0.60
ContractBNO260828C00050000
SideCall
Expiry28 Aug 2026
Strike50.00
Volume570
OI756
IV0.72
ContractBNO260821C00050000
SideCall
Expiry21 Aug 2026
Strike50.00
Volume482
OI8787
IV0.66
ContractBNO261016C00070000
SideCall
Expiry16 Oct 2026
Strike70.00
Volume481
OI8669
IV0.73
ContractBNO270115C00080000
SideCall
Expiry15 Jan 2027
Strike80.00
Volume473
OI2510
IV0.64
ContractBNO270115C00050000
SideCall
Expiry15 Jan 2027
Strike50.00
Volume378
OI9600
IV0.52
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.