Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
CDNL options intelligence
Cardinal Infrastructure Group Inc. Class A Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 16 Sep 2026
Checked 17 Sep 2026 12:02 · complete available chain
Volatility expansion watch
Volatility pressure
CDNL currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 10.5%, with volume/open-interest participation at 0.02.
Expected move
10.5%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
6.50
Put-side skew
Trend fit
31
Options are not fully confirming trend
Weekly backdrop
-2.1%
Sharemaestro weekly context
Expected move
10.5%
Put-call volume
6.50
Volume / OI
0.02
Reference IV
1.17
Max pain
35.00
Underlying
35.65
Nearest expiry
18 Sep 2026
Contracts
132
Research Brief
CDNL has a volatility chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 31.91–39.39; The largest call open-interest concentration is 40.00; the largest put concentration is 25.00. The most active strike by current volume is 30.00.
Priced range31.91–39.39
Call concentration40.00
Put concentration25.00
Max pain reference35.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- 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 31.91 to 39.39. Max pain at 35.00 sits inside that range, 1.8% below spot.
Spot
Max pain
31.9135.65 ± 3.7439.39
Confirmation level
A close beyond 39.39 or below 31.91 at the 18 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 49/100
Pressure is 69/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure69 × 42%
+29.1
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement31 × 26%
+8.0
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 40.00; the largest put concentration is 25.00. The most active strike by current volume is 30.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
33
20.00-43.9%
1
131
25.00-29.9%
0
124
30.00-15.8%
22
67
35.00-1.8%
37
30
40.0012.2%
251
6
45.0026.2%
14
9
50.0040.3%
24
0
55.0054.3%
5
0
60.0068.3%
31
0
65.0082.3%
0
0
70.0096.4%
0
0
75.00110.4%
22
0
80.00124.4%
0
0
85.00138.4%
0
0
90.00152.5%
18
0
100.00180.5%
8
0
105.00194.5%
13
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$12,594Delta change / 1% move
Positive peak50.00+$5,299
Negative peak35.00-$13,903
Nearest balance39.37Interpolated sign change
StrikeNegativePositiveNet / 1% move
20.00-43.9%
+$165
22.50-36.9%
+$55
25.00-29.9%
-$4,226
30.00-15.8%
-$7,533
35.00-1.8%
-$13,903
40.0012.2%
+$1,996
45.0026.2%
+$4,048
50.0040.3%
+$5,299
55.0054.3%
+$365
60.0068.3%
+$165
65.0082.3%
+$778
70.0096.4%
+$2
75.00110.4%
+$121
85.00138.4%
+$29
90.00152.5%
+$19
100.00180.5%
+$8
105.00194.5%
+$17
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.
1.17
18 Sep
2d
0.76
16 Oct
30d
0.83
15 Jan
121d
0.86
16 Apr
212d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
30
35
40
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 2 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing18%
Average expiry move28.9%
14 Aug
Volatility · 60
10.4% through expiry
9.1% priced · v2.0
13 Aug
Bearish · 45
-32.0% through expiry
47.4% priced · v2.0
12 Aug
Volatility · 46
-32.0% through expiry
44.8% priced · v2.0
10 Aug
Volatility · 50
-32.0% through expiry
19.1% priced · v2.0
7 Aug
Volatility · 60
-32.0% through expiry
19.8% priced · v2.0
6 Aug
Volatility · 56
-29.7% through expiry
19.1% priced · v2.0
5 Aug
Volatility · 47
-29.7% through expiry
20.4% priced · v2.0
4 Aug
Mixed · 39
-29.7% through expiry
21.8% priced · v2.0
3 Aug
Bearish · 38
-29.7% through expiry
24.1% priced · v2.0
31 Jul
Volatility · 62
-29.7% through expiry
24.0% priced · v2.0
30 Jul
Volatility · 49
-31.3% through expiry
25.1% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 132 / 132
- 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: $12,348 of estimated gross traded notional, puts · 22-45 days · atm, 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-69
1W price-2.1%
Call premium13%
Put premium87%
Notional split
C 13% / P 87%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
31/100
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.
Puts · 22-45 days · ATM
puts cluster with 9 contracts traded, $4,590 estimated gross traded notional, and 37% of visible notional.
$4,590
Puts · 0-7 days · ATM
puts cluster with 8 contracts traded, $2,500 estimated gross traded notional, and 20% of visible notional.
$2,500
Puts · 0-7 days · ITM
puts cluster with 2 contracts traded, $1,490 estimated gross traded notional, and 12% of visible notional.
$1,490
Puts · 91+ days · ITM
puts cluster with 1 contracts traded, $1,315 estimated gross traded notional, and 11% of visible notional.
$1,315
Calls · 91+ days · ITM
calls cluster with 1 contracts traded, $950 estimated gross traded notional, and 8% of visible notional.
$950
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 20 completed sessions
Volume rank45th
Volume/OI rank5th
IV rank50th
Market Context
Underlying confirmation
Close35.65
1W-2.1%
RS-
Fair value-20.6%
Options pressure-69
Speculation8
Volatility96
Trend fit31
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:18
Volatility
Pressure 100
Move 26.3%
29 Jul 23:19
Volatility
Pressure 76
Move 29.1%
30 Jul 02:45
Volatility
Pressure 100
Move 26.3%
31 Jul 10:13
Volatility
Pressure 48
Move 25.1%
2 Aug 05:08
Volatility
Pressure 100
Move 24.0%
4 Aug 10:20
Bearish
Pressure -25
Move 24.1%
5 Aug 10:52
Mixed
Pressure 8
Move 21.8%
6 Aug 06:28
Volatility
Pressure 42
Move 20.4%
Strike Map
Where activity is clustering
Strike20.00
Calls · V 0 · OI 1
Puts · V 0 · OI 33
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 131
Strike30.00
Calls · V 0 · OI 22
Puts · V 14 · OI 124
Strike35.00
Calls · V 1 · OI 37
Puts · V 8 · OI 67
Strike40.00
Calls · V 3 · OI 251
Puts · V 2 · OI 30
Strike45.00
Calls · V 0 · OI 14
Puts · V 0 · OI 6
Strike50.00
Calls · V 0 · OI 24
Puts · V 0 · OI 9
Strike55.00
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts36
Avg IV1.17
Put-call6.00
Expiry16 Oct 2026
Contracts38
Avg IV0.76
Put-call-
Expiry15 Jan 2027
Contracts38
Avg IV0.83
Put-call-
Expiry16 Apr 2027
Contracts20
Avg IV0.86
Put-call0.50
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV1.21
Put IV0.52
Skew-0.68
16 Oct 2026Put IV premium
Call IV0.31
Put IV0.71
Skew0.40
15 Jan 2027Balanced skew
Call IV0.84
Put IV0.81
Skew-0.03
16 Apr 2027Balanced skew
Call IV0.85
Put IV0.82
Skew-0.03
Contract Tape
Most active contracts
ContractCDNL260918P00030000
SidePut
Expiry18 Sep 2026
Strike30.00
Volume14
OI124
IV0.52
ContractCDNL261016P00035000
SidePut
Expiry16 Oct 2026
Strike35.00
Volume9
OI185
IV0.97
ContractCDNL260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume8
OI67
IV1.51
ContractCDNL261016P00030000
SidePut
Expiry16 Oct 2026
Strike30.00
Volume4
OI10
IV0.71
ContractCDNL260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume3
OI251
IV1.21
ContractCDNL260918P00040000
SidePut
Expiry18 Sep 2026
Strike40.00
Volume2
OI30
IV0.01
ContractCDNL270416C00040000
SideCall
Expiry16 Apr 2027
Strike40.00
Volume1
OI59
IV0.86
ContractCDNL260918C00035000
SideCall
Expiry18 Sep 2026
Strike35.00
Volume1
OI37
IV0.50
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.