Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
EGO options intelligence
Eldorado Gold Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 31 Jul 2026
Checked 1 Aug 2026 14:01 · complete available chain
Volatility expansion watch
Volatility pressure
EGO currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 10.5%, with volume/open-interest participation at 0.09.
Expected move
10.5%
Wider near-term move priced
Activity / OI
0.09
Current volume is quieter versus prior open interest
Put-call
1.75
Put-side skew
Trend fit
82
Options agree with trend context
Weekly backdrop
-5.3%
RS -14.5
Expected move
10.5%
Put-call volume
1.75
Volume / OI
0.09
Reference IV
0.55
Max pain
32.00
Underlying
30.19
Nearest expiry
21 Aug 2026
Contracts
562
Research Brief
EGO has a volatility chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 27.02–33.36; The largest call open-interest concentration is 34.00; the largest put concentration is 31.00. The most active strike by current volume is 31.00.
Priced range27.02–33.36
Call concentration34.00
Put concentration31.00
Max pain reference32.00
- 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 27.02 to 33.36. Max pain at 32.00 sits inside that range, 6.0% above spot.
Spot
Max pain
27.0230.19 ± 3.1733.36
Confirmation level
A close beyond 33.36 or below 27.02 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 49/100
Pressure is 24/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure24 × 42%
+10.2
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement82 × 26%
+21.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility78 × 10%
+7.8
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 34.00; the largest put concentration is 31.00. The most active strike by current volume is 31.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
232
25.00-17.2%
18
335
26.00-13.9%
16
198
27.00-10.6%
30
485
28.00-7.3%
310
221
29.00-3.9%
32
1386
30.00-0.6%
328
9963
31.002.7%
617
302
32.006.0%
296
198
33.009.3%
325
252
34.0012.6%
1360
424
35.0015.9%
838
72
36.0019.2%
573
92
37.0022.6%
417
82
38.0025.9%
159
72
40.0032.5%
522
5
50.0065.6%
582
0
65.00115.3%
303
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.
0.55
21 Aug
21d
0.54
18 Sep
49d
0.54
16 Oct
77d
0.56
20 Nov
112d
0.55
18 Dec
140d
0.54
15 Jan
168d
0.55
19 Mar
231d
0.55
21 May
294d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
25
26
27
28
29
30
31
32
33
34
35
36
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
- 562 / 562
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $1.3M of estimated gross traded notional, puts · 8-21 days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-24
1W price-5.3%
Call premium38%
Put premium62%
Notional split
C 38% / P 62%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.09
Volume divided by open interest across the visible chain.
Trend fit
82/100
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 · 8-21 days · ITM
puts cluster with 3178 contracts traded, $625925 estimated gross traded notional, and 49% of visible notional.
$625925
Calls · 91+ days · OTM
calls cluster with 1247 contracts traded, $274982 estimated gross traded notional, and 21% of visible notional.
$274982
Puts · 8-21 days · ATM
puts cluster with 794 contracts traded, $113145 estimated gross traded notional, and 9% of visible notional.
$113145
Calls · 46-90 days · OTM
calls cluster with 523 contracts traded, $98382 estimated gross traded notional, and 8% of visible notional.
$98382
Calls · 91+ days · ITM
calls cluster with 83 contracts traded, $57145 estimated gross traded notional, and 4% of visible notional.
$57145
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
Close30.19
1W-5.3%
RS-14.5
Fair value+45.1%
Options pressure-24
Speculation42
Volatility78
Trend fit82
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 10:30
Mixed
Pressure 9
Move 14.0%
30 Jul 10:25
Volatility
Pressure -28
Move 12.7%
30 Jul 14:25
Bullish
Pressure 36
Move 12.8%
30 Jul 18:37
Mixed
Pressure 2
Move 12.9%
31 Jul 13:16
Volatility
Pressure -60
Move 13.1%
31 Jul 22:39
Mixed
Pressure -4
Move 11.0%
1 Aug 03:52
Volatility
Pressure -24
Move 11.0%
1 Aug 13:01
Volatility
Pressure -24
Move 10.5%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 9
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike20.00
Calls · V 0 · OI 21
Puts · V 0 · OI 20
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike22.00
Calls · V 0 · OI 3
Puts · V 0 · OI 16
Strike23.00
Calls · V 0 · OI 8
Puts · V 0 · OI 10
Strike24.00
Calls · V 0 · OI 6
Puts · V 5 · OI 26
Strike25.00
Calls · V 0 · OI 18
Puts · V 11 · OI 232
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts76
Avg IV0.55
Put-call7.41
Expiry18 Sep 2026
Contracts52
Avg IV0.54
Put-call0.91
Expiry16 Oct 2026
Contracts70
Avg IV0.54
Put-call0.22
Expiry20 Nov 2026
Contracts76
Avg IV0.56
Put-call-
Expiry18 Dec 2026
Contracts82
Avg IV0.55
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.57
Put IV0.54
Skew-0.03
18 Sep 2026Balanced skew
Call IV0.55
Put IV0.54
Skew-0.01
16 Oct 2026Balanced skew
Call IV0.56
Put IV0.58
Skew0.02
20 Nov 2026Balanced skew
Call IV0.56
Put IV0.56
Skew-
18 Dec 2026Balanced skew
Call IV0.55
Put IV0.56
Skew0.01
Contract Tape
Most active contracts
ContractEGO260821P00031000
SidePut
Expiry21 Aug 2026
Strike31.00
Volume3104
OI9963
IV0.53
ContractEGO270115C00038000
SideCall
Expiry15 Jan 2027
Strike38.00
Volume1044
OI74
IV0.55
ContractEGO260821P00030000
SidePut
Expiry21 Aug 2026
Strike30.00
Volume794
OI1386
IV0.54
ContractEGO261016C00035000
SideCall
Expiry16 Oct 2026
Strike35.00
Volume300
OI312
IV0.58
ContractEGO260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume239
OI838
IV0.58
ContractEGO261016C00031000
SideCall
Expiry16 Oct 2026
Strike31.00
Volume151
OI127
IV0.54
ContractEGO260821C00031000
SideCall
Expiry21 Aug 2026
Strike31.00
Volume101
OI617
IV0.55
ContractEGO261016P00027000
SidePut
Expiry16 Oct 2026
Strike27.00
Volume100
OI137
IV0.58
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.