Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
VIV options intelligence
Telefonica Brasil SA ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 6 Aug 2026
Checked 6 Aug 2026 16:39 · complete available chain
Call-side pressure
Bullish pressure
VIV currently carries bullish options pressure with a 36/100 conviction score. The nearest-chain expected move is 11.6%, with volume/open-interest participation at 0.64.
Expected move
11.6%
Wider near-term move priced
Activity / OI
0.64
Current volume is elevated versus prior open interest
Put-call
0.50
Call-side skew
Trend fit
27
Options are not fully confirming trend
Weekly backdrop
-7.6%
RS -9.2
Expected move
11.6%
Put-call volume
0.50
Volume / OI
0.64
Reference IV
1.20
Max pain
17.50
Underlying
12.92
Nearest expiry
21 Aug 2026
Contracts
20
Research Brief
VIV has a bullish chain read with 36/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 11.42–14.42; The largest call open-interest concentration is 10.00; the largest put concentration is 17.50. The most active strike by current volume is 17.50.
Priced range11.42–14.42
Call concentration10.00
Put concentration17.50
Max pain reference17.50
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 11.42 to 14.42. Max pain at 17.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
11.4212.92 ± 1.5014.42
Confirmation level
A close beyond 14.42 or below 11.42 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 36/100
Pressure is 33/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure33 × 42%
+13.9
How strongly activity leans toward calls or puts.
Participation23 × 22%
+5.0
Volume relative to existing open interest and contract-level activity.
Trend agreement27 × 26%
+7.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 10.00; the largest put concentration is 17.50. The most active strike by current volume is 17.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
2.50-80.7%
0
0
10.00-22.6%
2
0
12.50-3.3%
0
0
15.0016.1%
0
15
17.5035.4%
0
0
20.0054.8%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$131Delta change / 1% move
Positive peak10.00+$13
Negative peak17.50-$151
Nearest balance10.58Interpolated sign change
StrikeNegativePositiveNet / 1% move
10.00-22.6%
+$13
17.5035.4%
-$151
20.0054.8%
+$8
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
1.20
21 Aug
15d
0.00
18 Sep
43d
0.57
20 Nov
106d
3.29
19 Feb
197d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
13
15
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 6 Aug 2026
- Calculation
- v2.0
- Contracts
- 20 / 20
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $17,724 of estimated gross traded notional, puts · 8-21 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+33
1W price-7.6%
Call premium62%
Put premium38%
Notional split
C 62% / P 38%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.64
Volume divided by open interest across the visible chain.
Trend fit
27/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Puts · 8-21 days · ITM
puts cluster with 16 contracts traded, $6,145 estimated gross traded notional, and 35% of visible notional.
$6,145
Calls · 8-21 days · ITM
calls cluster with 7 contracts traded, $5,237 estimated gross traded notional, and 30% of visible notional.
$5,237
Calls · 91+ days · OTM
calls cluster with 38 contracts traded, $3,000 estimated gross traded notional, and 17% of visible notional.
$3,000
Calls · 91+ days · ITM
calls cluster with 11 contracts traded, $2,700 estimated gross traded notional, and 15% of visible notional.
$2,700
Puts · 22-45 days · OTM
puts cluster with 8 contracts traded, $520 estimated gross traded notional, and 3% of visible notional.
$520
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
7 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 7 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close12.92
1W-7.6%
RS-9.2
Fair value+30.4%
Options pressure33
Speculation23
Volatility96
Trend fit27
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:18
Bullish
Pressure 71
Move 13.7%
30 Jul 10:13
Mixed
Pressure -7
Move 16.4%
30 Jul 15:00
Bullish
Pressure 35
Move 15.1%
30 Jul 15:17
Bullish
Pressure 41
Move 15.3%
31 Jul 17:17
Bullish
Pressure 49
Move 14.9%
31 Jul 22:23
Bullish
Pressure 49
Move 15.3%
2 Aug 09:24
Volatility
Pressure 96
Move 11.8%
4 Aug 10:04
Bullish
Pressure 96
Move 5.0%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 4 · OI 0
Puts · V 0 · OI 0
Strike10.00
Calls · V 1 · OI 2
Puts · V 0 · OI 0
Strike12.50
Calls · V 2 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 10 · OI 0
Puts · V 1 · OI 0
Strike17.50
Calls · V 1 · OI 0
Puts · V 15 · OI 15
Strike20.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts9
Avg IV1.20
Put-call0.84
Expiry18 Sep 2026
Contracts1
Avg IV0.00
Put-call-
Expiry20 Nov 2026
Contracts9
Avg IV0.57
Put-call0.20
Expiry19 Feb 2027
Contracts1
Avg IV3.29
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.25
Put IV0.50
Skew0.25
18 Sep 2026Incomplete skew
Call IV-
Put IV0.00
Skew-
20 Nov 2026Call IV premium
Call IV0.13
Put IV0.00
Skew-0.12
19 Feb 2027Incomplete skew
Call IV-
Put IV-
Skew-
Contract Tape
Most active contracts
ContractVIV261120P00017500
SidePut
Expiry20 Nov 2026
Strike17.50
Volume-
OI65
IV1.01
ContractVIV270219C00002500
SideCall
Expiry19 Feb 2027
Strike2.50
Volume-
OI-
IV3.29
ContractVIV260821P00002500
SidePut
Expiry21 Aug 2026
Strike2.50
Volume-
OI-
IV0.50
ContractVIV261120C00002500
SideCall
Expiry20 Nov 2026
Strike2.50
Volume-
OI-
IV0.00
ContractVIV261120C00007500
SideCall
Expiry20 Nov 2026
Strike7.50
Volume-
OI-
IV1.87
ContractVIV261120P00012500
SidePut
Expiry20 Nov 2026
Strike12.50
Volume-
OI-
IV0.00
ContractVIV261120C00017500
SideCall
Expiry20 Nov 2026
Strike17.50
Volume30
OI76
IV1.25
ContractVIV260821P00017500
SidePut
Expiry21 Aug 2026
Strike17.50
Volume15
OI15
IV2.62
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.