Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BJRI options intelligence
BJs Restaurants Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 31 Jul 2026 23:48 · complete available chain
Volatility expansion watch
Volatility pressure
BJRI currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 9.9%, with volume/open-interest participation at 0.22.
Expected move
9.9%
Wider near-term move priced
Activity / OI
0.22
Current volume is quieter versus prior open interest
Put-call
0.40
Call-side skew
Trend fit
63
Options agree with trend context
Weekly backdrop
+1.1%
RS 52.1
Expected move
9.9%
Put-call volume
0.40
Volume / OI
0.22
Reference IV
0.59
Max pain
65.00
Underlying
66.86
Nearest expiry
21 Aug 2026
Contracts
78
Research Brief
BJRI has a volatility chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 60.24–73.48; The largest call open-interest concentration is 77.50; the largest put concentration is 47.50. The most active strike by current volume is 65.00.
Priced range60.24–73.48
Call concentration77.50
Put concentration47.50
Max pain reference65.00
- 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 60.24 to 73.48. Max pain at 65.00 sits inside that range, 2.8% below spot.
Spot
Max pain
60.2466.86 ± 6.6273.48
Confirmation level
A close beyond 73.48 or below 60.24 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 50/100
Pressure is 51/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure51 × 42%
+21.6
How strongly activity leans toward calls or puts.
Participation16 × 22%
+3.5
Volume relative to existing open interest and contract-level activity.
Trend agreement63 × 26%
+16.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility81 × 10%
+8.1
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 77.50; the largest put concentration is 47.50. The most active strike by current volume is 65.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
11
40.00-40.2%
0
0
42.50-36.4%
1
5
45.00-32.7%
0
82
47.50-29.0%
0
82
50.00-25.2%
0
4
52.50-21.5%
0
3
55.00-17.7%
3
1
57.50-14.0%
4
3
60.00-10.3%
9
1
62.50-6.5%
0
14
65.00-2.8%
12
0
67.501.0%
2
0
70.004.7%
156
0
72.508.4%
7
10
75.0012.2%
13
0
77.5015.9%
512
0
80.0019.7%
2
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.
0.59
21 Aug
21d
0.51
16 Oct
77d
0.57
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.
55
58
60
63
65
68
70
73
75
78
80
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
- 78 / 78
- 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: $163468 of estimated gross traded notional, calls · 91+ 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+51
1W price+1.1%
Call premium86%
Put premium14%
Notional split
C 86% / P 14%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.22
Volume divided by open interest across the visible chain.
Trend fit
63/100
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 · 91+ days · ITM
calls cluster with 25 contracts traded, $43505 estimated gross traded notional, and 27% of visible notional.
$43505
Calls · 91+ days · OTM
calls cluster with 155 contracts traded, $41985 estimated gross traded notional, and 26% of visible notional.
$41985
Calls · 8-21 days · ITM
calls cluster with 23 contracts traded, $23255 estimated gross traded notional, and 14% of visible notional.
$23255
Calls · 46-90 days · ITM
calls cluster with 14 contracts traded, $21664 estimated gross traded notional, and 13% of visible notional.
$21664
Puts · 91+ days · OTM
puts cluster with 56 contracts traded, $11238 estimated gross traded notional, and 7% of visible notional.
$11238
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.
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
Close67.61
1W+1.1%
RS52.1
Fair value+85.1%
Options pressure51
Speculation16
Volatility81
Trend fit63
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 11:14
Volatility
Pressure 100
Move 13.9%
30 Jul 11:00
Bullish
Pressure 26
Move 13.9%
30 Jul 15:22
Volatility
Pressure 50
Move 14.1%
30 Jul 15:38
Volatility
Pressure 50
Move 14.1%
30 Jul 19:39
Volatility
Pressure 48
Move 17.8%
31 Jul 11:07
Volatility
Pressure 93
Move 16.6%
31 Jul 22:48
Volatility
Pressure 51
Move 9.9%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 0 · OI 0
Puts · V 11 · OI 11
Strike42.50
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike45.00
Calls · V 3 · OI 0
Puts · V 1 · OI 5
Strike47.50
Calls · V 0 · OI 0
Puts · V 2 · OI 82
Strike50.00
Calls · V 0 · OI 0
Puts · V 2 · OI 82
Strike52.50
Calls · V 0 · OI 0
Puts · V 3 · OI 4
Strike55.00
Calls · V 3 · OI 3
Puts · V 1 · OI 3
Strike57.50
Calls · V 1 · OI 4
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts23
Avg IV0.59
Put-call0.60
Expiry16 Oct 2026
Contracts30
Avg IV0.51
Put-call0.69
Expiry15 Jan 2027
Contracts25
Avg IV0.57
Put-call0.31
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.52
Put IV0.56
Skew0.04
16 Oct 2026Balanced skew
Call IV0.61
Put IV0.58
Skew-0.04
15 Jan 2027Balanced skew
Call IV0.53
Put IV0.57
Skew0.05
Contract Tape
Most active contracts
ContractBJRI270115C00055000
SideCall
Expiry15 Jan 2027
Strike55.00
Volume-
OI10
IV0.59
ContractBJRI260821P00060000
SidePut
Expiry21 Aug 2026
Strike60.00
Volume-
OI3
IV0.56
ContractBJRI260821C00067500
SideCall
Expiry21 Aug 2026
Strike67.50
Volume-
OI2
IV0.51
ContractBJRI260821C00080000
SideCall
Expiry21 Aug 2026
Strike80.00
Volume-
OI2
IV0.70
ContractBJRI270115P00042500
SidePut
Expiry15 Jan 2027
Strike42.50
Volume-
OI2
IV0.59
ContractBJRI261016C00027500
SideCall
Expiry16 Oct 2026
Strike27.50
Volume-
OI2
IV0.00
ContractBJRI260821P00057500
SidePut
Expiry21 Aug 2026
Strike57.50
Volume-
OI1
IV0.58
ContractBJRI270115C00047500
SideCall
Expiry15 Jan 2027
Strike47.50
Volume-
OI1
IV0.63
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.