Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
WDAY options intelligence
Workday Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 22 Sep 2026
Checked 22 Sep 2026 17:29 · partial chain
Options-market disagreement
Mixed pressure
WDAY currently carries mixed options pressure with a 43/100 conviction score. The nearest-chain expected move is 4.5%, with volume/open-interest participation at 0.06.
Expected move
4.5%
Near-term move context
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.93
Balanced tape
Trend fit
94
Options agree with trend context
Weekly backdrop
+4.4%
RS -0.6
Expected move
4.5%
Put-call volume
0.93
Volume / OI
0.06
Reference IV
0.58
Max pain
190.00
Underlying
193.87
Nearest expiry
25 Sep 2026
Contracts
227
Research Brief
WDAY has a mixed chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 185.09–202.65; The largest call open-interest concentration is 200.00; the largest put concentration is 190.00. The most active strike by current volume is 197.50.
Priced range185.09–202.65
Call concentration200.00
Put concentration190.00
Max pain reference190.00
- 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.
- 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 185.09 to 202.65. Max pain at 190.00 sits inside that range, 2.0% below spot.
Spot
Max pain
185.09193.87 ± 8.78202.65
Confirmation level
A close beyond 202.65 or below 185.09 at the 25 Sep 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 43/100
Pressure is 9/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.8
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement94 × 26%
+24.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility59 × 10%
+5.9
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 200.00; the largest put concentration is 190.00. The most active strike by current volume is 197.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4
130.00-32.9%
200
90
140.00-27.8%
1
86
157.50-18.8%
1
81
160.00-17.5%
0
137
175.00-9.7%
15
31
180.00-7.2%
19
142
185.00-4.6%
27
174
190.00-2.0%
11
68
192.50-0.7%
101
82
195.000.6%
272
26
197.501.9%
132
104
200.003.2%
470
4
202.504.5%
153
9
205.005.7%
56
3
210.008.3%
58
0
215.0010.9%
102
0
220.0013.5%
54
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+$3.4MDelta change / 1% move
Positive peak200.00+$2.6M
Negative peak190.00-$1.5M
Nearest balance192.15Interpolated sign change
StrikeNegativePositiveNet / 1% move
170.00-12.3%
-$97,231
172.50-11.0%
-$16,582
175.00-9.7%
-$191,666
177.50-8.4%
+$3,595
180.00-7.2%
-$180,034
182.50-5.9%
-$32,359
185.00-4.6%
-$204,528
187.50-3.3%
+$30,090
190.00-2.0%
-$1.5M
192.50-0.7%
+$236,592
195.000.6%
+$356,086
197.501.9%
+$219,570
200.003.2%
+$2.6M
202.504.5%
+$216,764
205.005.7%
+$88,343
207.507.0%
+$20,707
210.008.3%
+$940,193
212.509.6%
+$4,032
215.0010.9%
+$77,203
217.5012.2%
+$22,342
220.0013.5%
+$321,714
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.
0.58
25 Sep
3d
0.52
2 Oct
10d
0.51
9 Oct
17d
0.51
16 Oct
24d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
158
160
165
168
173
175
180
183
188
190
193
198
200
205
208
213
215
220
223
228
230
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 14 stored directional transitions, the next stored price moved in the labelled direction 64% of the time.
Directional follow-through64%
Moves contained by pricing55%
Average expiry move6.9%
17 Sep
Bullish · 47
4.4% through expiry
7.7% priced · v2.0
16 Sep
Mixed · 41
4.4% through expiry
4.4% priced · v2.0
14 Sep
Mixed · 45
4.4% through expiry
6.4% priced · v2.0
11 Sep
Bullish · 52
4.4% through expiry
5.8% priced · v2.0
10 Sep
Bullish · 47
-5.2% through expiry
5.6% priced · v2.0
8 Sep
Bullish · 47
-5.2% through expiry
6.3% priced · v2.0
4 Sep
Bearish · 42
-5.2% through expiry
4.7% priced · v2.0
2 Sep
Bullish · 47
-4.4% through expiry
3.9% priced · v2.0
31 Aug
Bearish · 42
-4.4% through expiry
5.1% priced · v2.0
26 Aug
Volatility · 48
2.4% through expiry
8.0% priced · v2.0
25 Aug
Volatility · 46
2.4% through expiry
7.9% priced · v2.0
24 Aug
Volatility · 50
2.4% through expiry
7.7% priced · v2.0
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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 22 Sep 2026
- Calculation
- v2.0
- Contracts
- 227 / 227
- 100% of provider contracts were retained for this snapshot.
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: $552,804 of estimated gross traded notional, calls · 22-45 days · itm, 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+9
1W price+4.4%
Call premium52%
Put premium48%
Notional split
C 52% / P 48%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
94/100
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 · 22-45 days · ITM
calls cluster with 29 contracts traded, $64,135 estimated gross traded notional, and 12% of visible notional.
$64,135
Puts · 8-21 days · ATM
puts cluster with 72 contracts traded, $61,665 estimated gross traded notional, and 11% of visible notional.
$61,665
Calls · 0-7 days · ITM
calls cluster with 36 contracts traded, $49,425 estimated gross traded notional, and 9% of visible notional.
$49,425
Calls · 22-45 days · ATM
calls cluster with 65 contracts traded, $49,330 estimated gross traded notional, and 9% of visible notional.
$49,330
Calls · 8-21 days · ITM
calls cluster with 20 contracts traded, $44,680 estimated gross traded notional, and 8% of visible notional.
$44,680
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 32 completed sessions
Volume rank0th
Volume/OI rank66th
IV rank41th
Market Context
Underlying confirmation
Close193.87
1W+4.4%
RS-0.6
Fair value-13.1%
Options pressure9
Speculation41
Volatility59
Trend fit94
Today Versus Normal
Stored-options context
30d avg 6.0% · 13 sessions
15th
90d avg 7.7% · 32 sessions
19th
180d avg - · 32/60 sessions
-
30d avg 0.65 · 13 sessions
38th
90d avg 0.68 · 32 sessions
41th
180d avg - · 32/60 sessions
-
30d avg 0.73 · 13 sessions
85th
90d avg 1.05 · 32 sessions
66th
180d avg - · 32/60 sessions
-
30d avg 0.04 · 13 sessions
77th
90d avg 0.06 · 32 sessions
66th
180d avg - · 32/60 sessions
-
Pressure Trail
Recent pressure and volatility
18 Aug 10:23
Bullish
Pressure 40
Move 5.2%
19 Aug 00:47
Bullish
Pressure 32
Move 4.7%
20 Aug 07:29
Bearish
Pressure -35
Move 2.7%
21 Aug 13:02
Bearish
Pressure -21
Move 2.5%
21 Aug 16:11
Mixed
Pressure -1
Move 2.0%
21 Aug 17:33
Bearish
Pressure -25
Move 1.6%
21 Aug 19:33
Bearish
Pressure -25
Move 1.3%
21 Aug 20:21
Bearish
Pressure -24
Move 1.3%
Strike Map
Where activity is clustering
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike110.00
Calls · V 0 · OI 2
Puts · V 0 · OI 2
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike125.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 200
Puts · V 3 · OI 4
Strike135.00
Calls · V 0 · OI 3
Puts · V 2 · OI 6
Strike140.00
Calls · V 1 · OI 1
Puts · V 1 · OI 90
Strike145.00
Calls · V 1 · OI 1
Puts · V 1 · OI 6
Term Structure
Expiration activity
Expiry25 Sep 2026
Contracts73
Avg IV0.58
Put-call0.49
Expiry2 Oct 2026
Contracts65
Avg IV0.52
Put-call1.25
Expiry9 Oct 2026
Contracts46
Avg IV0.51
Put-call2.44
Expiry16 Oct 2026
Contracts43
Avg IV0.51
Put-call1.04
Skew
Call/put IV balance
25 Sep 2026Put IV premium
Call IV0.58
Put IV0.66
Skew0.08
2 Oct 2026Balanced skew
Call IV0.52
Put IV0.52
Skew-0.01
9 Oct 2026Balanced skew
Call IV0.50
Put IV0.54
Skew0.04
16 Oct 2026Put IV premium
Call IV0.47
Put IV0.52
Skew0.05
Contract Tape
Most active contracts
ContractWDAY260925C00130000
SideCall
Expiry25 Sep 2026
Strike130.00
Volume-
OI200
IV0.00
ContractWDAY261016C00140000
SideCall
Expiry16 Oct 2026
Strike140.00
Volume-
OI87
IV0.82
ContractWDAY261009C00177500
SideCall
Expiry9 Oct 2026
Strike177.50
Volume-
OI60
IV0.60
ContractWDAY261009C00197500
SideCall
Expiry9 Oct 2026
Strike197.50
Volume-
OI49
IV0.51
ContractWDAY260925C00217500
SideCall
Expiry25 Sep 2026
Strike217.50
Volume-
OI38
IV1.25
ContractWDAY261009P00150000
SidePut
Expiry9 Oct 2026
Strike150.00
Volume-
OI20
IV0.89
ContractWDAY260925C00167500
SideCall
Expiry25 Sep 2026
Strike167.50
Volume-
OI16
IV0.00
ContractWDAY260925C00162500
SideCall
Expiry25 Sep 2026
Strike162.50
Volume-
OI13
IV0.00
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Workday Inc (WDAY) adds 0.7% as weekly software rebound steadies27 Aug 2026 16:30
Workday Inc (WDAY) holds near $200 after 47.8% four-week rebound26 Aug 2026 10:30
Workday Inc. (WDAY) draws heavier trading as weekly trend turns active21 Aug 2026 00:00
Workday Inc (WDAY) records 2.2x volume after 37.2% four-week rise20 Aug 2026 00:00
Workday Inc (WDAY) sees volume swell as weekly rebound gains force17 Aug 2026 20:47
Workday Inc (WDAY) rebound runs into weak relative-strength check11 Aug 2026 02:44
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.