Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
RRC options intelligence
Range Resources Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 12 Aug 2026
Checked 13 Aug 2026 12:05 · complete available chain
Options-market disagreement
Mixed pressure
RRC currently carries mixed options pressure with a 36/100 conviction score. The nearest-chain expected move is 7.6%, with volume/open-interest participation at 0.00.
Expected move
7.6%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
1.53
Put-side skew
Trend fit
77
Options agree with trend context
Weekly backdrop
-4.6%
RS -10.6
Expected move
7.6%
Put-call volume
1.53
Volume / OI
0.00
Reference IV
0.35
Max pain
37.00
Underlying
38.28
Nearest expiry
21 Aug 2026
Contracts
256
Research Brief
RRC has a mixed 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 35.36–41.20; The largest call open-interest concentration is 41.00; the largest put concentration is 36.00. The most active strike by current volume is 40.00.
Priced range35.36–41.20
Call concentration41.00
Put concentration36.00
Max pain reference37.00
- 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 35.36 to 41.20. Max pain at 37.00 sits inside that range, 3.3% below spot.
Spot
Max pain
35.3638.28 ± 2.9241.20
Confirmation level
A close beyond 41.20 or below 35.36 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 14/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure14 × 42%
+5.9
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.5
Volume relative to existing open interest and contract-level activity.
Trend agreement77 × 26%
+19.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility55 × 10%
+5.5
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 41.00; the largest put concentration is 36.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
28.00-26.9%
0
3
31.00-19.0%
4
9
32.00-16.4%
4
5
33.00-13.8%
0
220
34.00-11.2%
6
43
35.00-8.6%
72
595
36.00-6.0%
120
40
37.00-3.3%
134
96
38.00-0.7%
476
31
39.001.9%
701
38
40.004.5%
1465
18
41.007.1%
4174
25
42.009.7%
713
0
43.0012.3%
993
0
44.0014.9%
41
0
45.0017.6%
15
0
46.0020.2%
24
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+$2.3MDelta change / 1% move
Positive peak45.00+$973,049
Negative peak38.00-$1.0M
Nearest balance38.87Interpolated sign change
StrikeNegativePositiveNet / 1% move
28.00-26.9%
-$657
29.00-24.2%
-$4
30.00-21.6%
-$17,640
31.00-19.0%
+$83
32.00-16.4%
-$5,907
33.00-13.8%
-$5,745
34.00-11.2%
-$4,719
35.00-8.6%
-$9,534
36.00-6.0%
-$4,103
37.00-3.3%
+$46,346
38.00-0.7%
-$1.0M
39.001.9%
+$153,874
40.004.5%
+$451,797
41.007.1%
+$895,692
42.009.7%
+$537,528
43.0012.3%
+$172,128
44.0014.9%
-$4,407
45.0017.6%
+$973,049
46.0020.2%
+$2,090
47.0022.8%
-$934
48.0025.4%
+$3,002
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.35
21 Aug
9d
0.31
18 Sep
37d
0.34
18 Dec
128d
0.36
15 Jan
156d
0.36
19 Mar
219d
0.37
21 Jan
527d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 256 / 256
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $22,608 of estimated gross traded notional, calls · 91+ days · otm, 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-14
1W price-4.6%
Call premium60%
Put premium40%
Notional split
C 60% / P 40%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
77/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 23 contracts traded, $8,305 estimated gross traded notional, and 37% of visible notional.
$8,305
Puts · 8-21 days · ITM
puts cluster with 96 contracts traded, $7,200 estimated gross traded notional, and 32% of visible notional.
$7,200
Calls · 22-45 days · OTM
calls cluster with 14 contracts traded, $1,632 estimated gross traded notional, and 7% of visible notional.
$1,632
Calls · 8-21 days · OTM
calls cluster with 33 contracts traded, $1,320 estimated gross traded notional, and 6% of visible notional.
$1,320
Calls · 22-45 days · ATM
calls cluster with 4 contracts traded, $1,190 estimated gross traded notional, and 5% of visible notional.
$1,190
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
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close38.28
1W-4.6%
RS-10.6
Fair value+9.0%
Options pressure-14
Speculation20
Volatility55
Trend fit77
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:29
Mixed
Pressure 2
Move 7.6%
30 Jul 10:24
Bullish
Pressure 98
Move 7.8%
31 Jul 10:20
Bullish
Pressure 52
Move 7.2%
2 Aug 12:41
Bearish
Pressure -21
Move 6.4%
4 Aug 10:32
Bullish
Pressure 51
Move 6.5%
5 Aug 11:03
Bullish
Pressure 87
Move 6.1%
6 Aug 11:11
Mixed
Pressure -14
Move 6.6%
10 Aug 11:01
Bullish
Pressure 32
Move 5.6%
Strike Map
Where activity is clustering
Strike28.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike31.00
Calls · V 0 · OI 4
Puts · V 0 · OI 3
Strike32.00
Calls · V 0 · OI 4
Puts · V 0 · OI 9
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike34.00
Calls · V 0 · OI 6
Puts · V 0 · OI 220
Strike35.00
Calls · V 0 · OI 72
Puts · V 0 · OI 43
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts42
Avg IV0.35
Put-call2.97
Expiry18 Sep 2026
Contracts50
Avg IV0.31
Put-call0.30
Expiry18 Dec 2026
Contracts52
Avg IV0.34
Put-call2.50
Expiry15 Jan 2027
Contracts32
Avg IV0.36
Put-call0.25
Expiry19 Mar 2027
Contracts46
Avg IV0.36
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.41
Put IV0.35
Skew-0.06
18 Sep 2026Balanced skew
Call IV0.36
Put IV0.31
Skew-0.05
18 Dec 2026Balanced skew
Call IV0.36
Put IV0.35
Skew-0.01
15 Jan 2027Balanced skew
Call IV0.35
Put IV0.35
Skew-
19 Mar 2027Balanced skew
Call IV0.36
Put IV0.35
Skew-0.01
Contract Tape
Most active contracts
ContractRRC260821P00040000
SidePut
Expiry21 Aug 2026
Strike40.00
Volume96
OI38
IV0.34
ContractRRC260821C00043000
SideCall
Expiry21 Aug 2026
Strike43.00
Volume22
OI993
IV0.37
ContractRRC260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume11
OI1465
IV0.32
ContractRRC280121C00050000
SideCall
Expiry21 Jan 2028
Strike50.00
Volume10
OI119
IV0.36
ContractRRC261218P00030000
SidePut
Expiry18 Dec 2026
Strike30.00
Volume10
OI31
IV0.37
ContractRRC260918C00042000
SideCall
Expiry18 Sep 2026
Strike42.00
Volume7
OI3194
IV0.30
ContractRRC260918P00040000
SidePut
Expiry18 Sep 2026
Strike40.00
Volume4
OI485
IV0.31
ContractRRC260918C00038000
SideCall
Expiry18 Sep 2026
Strike38.00
Volume4
OI429
IV0.31
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
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.