Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
CCJ options intelligence
Cameco Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 31 Jul 2026
Checked 31 Jul 2026 19:32 · complete available chain
Options-market disagreement
Mixed pressure
CCJ currently carries mixed options pressure with a 37/100 conviction score. The nearest-chain expected move is 1.9%, with volume/open-interest participation at 0.07.
Expected move
1.9%
Near-term move context
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
1.19
Balanced tape
Trend fit
69
Options agree with trend context
Weekly backdrop
-1.7%
RS -19.7
Expected move
1.9%
Put-call volume
1.19
Volume / OI
0.07
Reference IV
0.53
Max pain
88.00
Underlying
87.86
Nearest expiry
31 Jul 2026
Contracts
723
Research Brief
CCJ has a mixed chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 86.21–89.51; The largest call open-interest concentration is 100.00; the largest put concentration is 85.00. The most active strike by current volume is 85.00.
Priced range86.21–89.51
Call concentration100.00
Put concentration85.00
Max pain reference88.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 86.21 to 89.51. Max pain at 88.00 sits inside that range, 0.2% above spot.
Spot
Max pain
86.2187.86 ± 1.6589.51
Confirmation level
A close beyond 89.51 or below 86.21 at the 31 Jul 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 37/100
Pressure is 12/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure12 × 42%
+5.0
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement69 × 26%
+17.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility45 × 10%
+4.5
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 100.00; the largest put concentration is 85.00. The most active strike by current volume is 85.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
655
80.00-8.9%
11
348
81.00-7.8%
0
694
82.00-6.7%
18
527
84.00-4.4%
376
2961
85.00-3.3%
116
103
86.00-2.1%
33
113
87.00-1.0%
498
115
88.000.2%
572
137
89.001.3%
333
669
90.002.4%
1051
79
92.004.7%
356
68
93.005.9%
150
148
94.007.0%
198
103
95.008.1%
721
22
97.0010.4%
471
10
100.0013.8%
1365
0
106.0020.6%
545
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.53
31 Jul
0d
0.51
7 Aug
7d
0.51
14 Aug
14d
0.50
21 Aug
21d
0.52
28 Aug
28d
0.52
4 Sep
35d
0.50
18 Sep
49d
0.51
18 Dec
140d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
71
73
74
76
78
79
81
83
85
86
88
90
91
93
95
97
98
100
102
103
105
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
- 723 / 723
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $11.6M of estimated gross traded notional, puts · 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-12
1W price-1.7%
Call premium36%
Put premium64%
Notional split
C 36% / P 64%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
69/100
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.
Puts · 91+ days · ITM
puts cluster with 851 contracts traded, $4.2M estimated gross traded notional, and 37% of visible notional.
$4.2M
Calls · 91+ days · ITM
calls cluster with 440 contracts traded, $1.4M estimated gross traded notional, and 12% of visible notional.
$1.4M
Calls · 91+ days · OTM
calls cluster with 1572 contracts traded, $792234 estimated gross traded notional, and 7% of visible notional.
$792234
Calls · 46-90 days · OTM
calls cluster with 2874 contracts traded, $623012 estimated gross traded notional, and 5% of visible notional.
$623012
Puts · 8-21 days · OTM
puts cluster with 3673 contracts traded, $519885 estimated gross traded notional, and 4% of visible notional.
$519885
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
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
Close86.38
1W-1.7%
RS-19.7
Fair value+32.4%
Options pressure-12
Speculation42
Volatility45
Trend fit69
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 10:10
Mixed
Pressure -10
Move 6.4%
30 Jul 10:06
Volatility
Pressure -24
Move 6.8%
30 Jul 15:21
Volatility
Pressure -37
Move 5.0%
30 Jul 17:46
Bearish
Pressure -20
Move 5.4%
30 Jul 19:36
Mixed
Pressure -7
Move 4.7%
31 Jul 13:16
Bearish
Pressure -19
Move 4.4%
31 Jul 15:13
Bearish
Pressure -27
Move 3.7%
31 Jul 18:32
Mixed
Pressure -12
Move 1.9%
Strike Map
Where activity is clustering
Strike65.00
Calls · V 1 · OI 1
Puts · V 3 · OI 7
Strike70.00
Calls · V 2 · OI 8
Puts · V 163 · OI 63
Strike71.00
Calls · V 0 · OI 0
Puts · V 1 · OI 25
Strike72.00
Calls · V 0 · OI 0
Puts · V 2 · OI 3
Strike73.00
Calls · V 0 · OI 0
Puts · V 1 · OI 12
Strike74.00
Calls · V 0 · OI 0
Puts · V 1 · OI 13
Strike75.00
Calls · V 1 · OI 19
Puts · V 1 · OI 83
Strike76.00
Calls · V 8 · OI 9
Puts · V 1 · OI 25
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts100
Avg IV0.53
Put-call1.74
Expiry7 Aug 2026
Contracts85
Avg IV0.51
Put-call0.92
Expiry14 Aug 2026
Contracts72
Avg IV0.51
Put-call1.30
Expiry21 Aug 2026
Contracts71
Avg IV0.50
Put-call3.15
Expiry28 Aug 2026
Contracts60
Avg IV0.52
Put-call1.89
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.61
Put IV0.68
Skew0.06
7 Aug 2026Balanced skew
Call IV0.51
Put IV0.51
Skew0.00
14 Aug 2026Balanced skew
Call IV0.51
Put IV0.52
Skew0.01
21 Aug 2026Balanced skew
Call IV0.49
Put IV0.50
Skew0.00
28 Aug 2026Balanced skew
Call IV0.51
Put IV0.54
Skew0.03
Contract Tape
Most active contracts
ContractCCJ260828C00080000
SideCall
Expiry28 Aug 2026
Strike80.00
Volume-
OI20
IV0.59
ContractCCJ260904C00094000
SideCall
Expiry4 Sep 2026
Strike94.00
Volume-
OI18
IV0.51
ContractCCJ260918P00155000
SidePut
Expiry18 Sep 2026
Strike155.00
Volume-
OI10
IV0.00
ContractCCJ270319P00100000
SidePut
Expiry19 Mar 2027
Strike100.00
Volume-
OI10
IV0.48
ContractCCJ260807C00140000
SideCall
Expiry7 Aug 2026
Strike140.00
Volume-
OI10
IV2.17
ContractCCJ260807P00065000
SidePut
Expiry7 Aug 2026
Strike65.00
Volume-
OI6
IV1.27
ContractCCJ270617P00130000
SidePut
Expiry17 Jun 2027
Strike130.00
Volume-
OI5
IV0.48
ContractCCJ270319P00110000
SidePut
Expiry19 Mar 2027
Strike110.00
Volume-
OI4
IV0.47
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.