Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
PTLO options intelligence
Portillo's Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 2 Aug 2026 15:27 · complete available chain
Call-side pressure
Bullish pressure
PTLO currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 16.4%, with volume/open-interest participation at 0.00.
Expected move
16.4%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.19
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+5.1%
RS -23.6
Expected move
16.4%
Put-call volume
0.19
Volume / OI
0.00
Reference IV
0.79
Max pain
5.00
Underlying
4.57
Nearest expiry
21 Aug 2026
Contracts
128
Research Brief
PTLO has a bullish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 3.82–5.32; The largest call open-interest concentration is 7.00; the largest put concentration is 4.00. The most active strike by current volume is 5.00.
Priced range3.82–5.32
Call concentration7.00
Put concentration4.00
Max pain reference5.00
- 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.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 3.82 to 5.32. Max pain at 5.00 sits inside that range, 9.4% above spot.
Spot
Max pain
3.824.57 ± 0.755.32
Confirmation level
A close beyond 5.32 or below 3.82 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 44/100
Pressure is 75/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure75 × 42%
+31.3
How strongly activity leans toward calls or puts.
Participation16 × 22%
+3.5
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
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 7.00; the largest put concentration is 4.00. The most active strike by current volume is 5.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
11
1.00-78.1%
9
11
2.00-56.2%
0
1011
3.00-34.4%
72
2815
4.00-12.5%
486
801
5.009.4%
1634
519
6.0031.3%
1437
14
7.0053.2%
2950
0
8.0075.1%
434
0
9.0096.9%
76
0
10.00118.8%
275
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+$10,199Delta change / 1% move
Positive peak8.00+$12,151
Negative peak4.00-$33,385
Nearest balance4.88Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-78.1%
+$63
2.00-56.2%
+$26
3.00-34.4%
-$3,736
4.00-12.5%
-$33,385
5.009.4%
+$4,552
6.0031.3%
-$229
7.0053.2%
+$7,606
8.0075.1%
+$12,151
9.0096.9%
+$277
10.00118.8%
+$10,457
12.00162.6%
+$10,030
15.00228.2%
+$602
17.00272.0%
+$105
20.00337.6%
+$119
22.00381.4%
+$536
25.00447.0%
+$990
30.00556.5%
+$37
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.79
21 Aug
21d
0.68
18 Sep
49d
0.74
20 Nov
112d
0.56
15 Jan
168d
0.75
19 Feb
203d
0.48
21 Jan
539d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
4
5
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 128 / 128
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $22,528 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+75
1W price+5.1%
Call premium98%
Put premium2%
Notional split
C 98% / P 2%
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
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 1 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 46-90 days · ITM
calls cluster with 37 contracts traded, $12,295 estimated gross traded notional, and 55% of visible notional.
$12,295
Calls · 91+ days · ITM
calls cluster with 34 contracts traded, $4,910 estimated gross traded notional, and 22% of visible notional.
$4,910
Calls · 91+ days · OTM
calls cluster with 64 contracts traded, $3,168 estimated gross traded notional, and 14% of visible notional.
$3,168
Calls · 8-21 days · ITM
calls cluster with 3 contracts traded, $1,080 estimated gross traded notional, and 5% of visible notional.
$1,080
Calls · 8-21 days · OTM
calls cluster with 27 contracts traded, $608 estimated gross traded notional, and 3% of visible notional.
$608
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.
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
Close4.57
1W+5.1%
RS-23.6
Fair value-55.7%
Options pressure75
Speculation16
Volatility96
Trend fit0
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 11:37
Bullish
Pressure 58
Move 21.8%
30 Jul 11:16
Volatility
Pressure -63
Move 28.0%
30 Jul 15:32
Volatility
Pressure -24
Move 18.4%
30 Jul 15:48
Volatility
Pressure -24
Move 18.4%
30 Jul 19:51
Volatility
Pressure -20
Move 17.8%
2 Aug 14:27
Bullish
Pressure 75
Move 16.4%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 3 · OI 9
Puts · V 0 · OI 11
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike3.00
Calls · V 0 · OI 72
Puts · V 0 · OI 1011
Strike4.00
Calls · V 0 · OI 486
Puts · V 27 · OI 2815
Strike5.00
Calls · V 27 · OI 1634
Puts · V 3 · OI 801
Strike6.00
Calls · V 0 · OI 1437
Puts · V 0 · OI 519
Strike7.00
Calls · V 0 · OI 2950
Puts · V 0 · OI 14
Strike8.00
Calls · V 0 · OI 434
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts20
Avg IV0.79
Put-call1.00
Expiry18 Sep 2026
Contracts18
Avg IV0.68
Put-call-
Expiry20 Nov 2026
Contracts24
Avg IV0.74
Put-call0.10
Expiry15 Jan 2027
Contracts34
Avg IV0.56
Put-call-
Expiry19 Feb 2027
Contracts16
Avg IV0.75
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.86
Put IV0.75
Skew-0.12
18 Sep 2026Call IV premium
Call IV0.81
Put IV0.70
Skew-0.11
20 Nov 2026Call IV premium
Call IV0.94
Put IV0.71
Skew-0.23
15 Jan 2027Put IV premium
Call IV0.62
Put IV0.68
Skew0.06
19 Feb 2027Balanced skew
Call IV0.68
Put IV0.69
Skew0.01
Contract Tape
Most active contracts
ContractPTLO260918C00001000
SideCall
Expiry18 Sep 2026
Strike1.00
Volume34
OI30
IV0.01
ContractPTLO260821P00004000
SidePut
Expiry21 Aug 2026
Strike4.00
Volume27
OI2815
IV0.75
ContractPTLO260821C00005000
SideCall
Expiry21 Aug 2026
Strike5.00
Volume27
OI1634
IV0.86
ContractPTLO280121C00010000
SideCall
Expiry21 Jan 2028
Strike10.00
Volume25
OI2141
IV0.69
ContractPTLO280121C00004000
SideCall
Expiry21 Jan 2028
Strike4.00
Volume20
OI1042
IV0.55
ContractPTLO270115C00005000
SideCall
Expiry15 Jan 2027
Strike5.00
Volume17
OI2580
IV0.66
ContractPTLO270115C00030000
SideCall
Expiry15 Jan 2027
Strike30.00
Volume10
OI196
IV1.04
ContractPTLO261120C00005000
SideCall
Expiry20 Nov 2026
Strike5.00
Volume10
OI173
IV0.71
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.