Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
VAL options intelligence
Valaris Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:06 · complete available chain
Volatility expansion watch
Volatility pressure
VAL currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 10.3%, with volume/open-interest participation at 0.01.
Expected move
10.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.03
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.4%
RS 3.4
Expected move
10.3%
Put-call volume
0.03
Volume / OI
0.01
Reference IV
0.52
Max pain
75.00
Underlying
79.53
Nearest expiry
21 Aug 2026
Contracts
602
Research Brief
VAL has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 71.33–87.73; The largest call open-interest concentration is 80.00; the largest put concentration is 75.00. The most active strike by current volume is 80.00.
Priced range71.33–87.73
Call concentration80.00
Put concentration75.00
Max pain reference75.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 71.33 to 87.73. Max pain at 75.00 sits inside that range, 5.7% below spot.
Spot
Max pain
71.3379.53 ± 8.2087.73
Confirmation level
A close beyond 87.73 or below 71.33 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 54/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.5
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.
Volatility77 × 10%
+7.7
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 80.00; the largest put concentration is 75.00. The most active strike by current volume is 80.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
31
50.00-37.1%
1
39
52.50-34.0%
0
17
55.00-30.8%
24
15
60.00-24.6%
40
31
62.50-21.4%
3
34
65.00-18.3%
6
4
67.50-15.1%
19
1008
70.00-12.0%
0
2113
75.00-5.7%
2004
1020
80.000.6%
4406
2
82.503.7%
32
18
85.006.9%
1109
10
90.0013.2%
2036
4
95.0019.5%
25
2
100.0025.7%
2028
0
110.0038.3%
20
0
130.0063.5%
210
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.52
21 Aug
21d
0.50
18 Sep
49d
0.51
20 Nov
112d
0.49
18 Dec
140d
0.51
15 Jan
168d
0.51
19 Feb
203d
0.53
17 Dec
504d
0.53
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
65
68
70
73
75
78
80
83
85
88
90
93
95
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
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 602 / 602
- 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 are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $235040 of estimated gross traded notional, calls · 46-90 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+100
1W price-0.4%
Call premium84%
Put premium16%
Notional split
C 84% / P 16%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 4 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 · ATM
calls cluster with 253 contracts traded, $142945 estimated gross traded notional, and 61% of visible notional.
$142945
Calls · 8-21 days · ATM
calls cluster with 110 contracts traded, $38500 estimated gross traded notional, and 16% of visible notional.
$38500
Puts · 91+ days · ITM
puts cluster with 5 contracts traded, $36125 estimated gross traded notional, and 15% of visible notional.
$36125
Calls · 91+ days · OTM
calls cluster with 16 contracts traded, $13808 estimated gross traded notional, and 6% of visible notional.
$13808
Puts · 91+ days · OTM
puts cluster with 5 contracts traded, $1340 estimated gross traded notional, and 1% of visible notional.
$1340
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
Close79.19
1W-0.4%
RS3.4
Fair value+26.8%
Options pressure100
Speculation20
Volatility77
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 10:35
Volatility
Pressure -81
Move 10.9%
30 Jul 10:32
Bullish
Pressure 28
Move 11.8%
30 Jul 22:22
Mixed
Pressure 10
Move 11.4%
31 Jul 05:20
Volatility
Pressure 100
Move 11.4%
31 Jul 15:53
Mixed
Pressure 15
Move 10.6%
31 Jul 18:14
Mixed
Pressure 15
Move 10.4%
1 Aug 14:06
Volatility
Pressure 100
Move 10.3%
Strike Map
Where activity is clustering
Strike25.00
Calls · V 0 · OI 2
Puts · V 0 · OI 10
Strike27.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike32.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts84
Avg IV0.52
Put-call0.03
Expiry18 Sep 2026
Contracts40
Avg IV0.50
Put-call-
Expiry20 Nov 2026
Contracts66
Avg IV0.51
Put-call-
Expiry18 Dec 2026
Contracts92
Avg IV0.49
Put-call-
Expiry15 Jan 2027
Contracts92
Avg IV0.51
Put-call0.67
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.57
Put IV0.59
Skew0.02
18 Sep 2026Put IV premium
Call IV0.47
Put IV0.54
Skew0.07
20 Nov 2026Balanced skew
Call IV0.50
Put IV0.52
Skew0.02
18 Dec 2026Balanced skew
Call IV0.49
Put IV0.50
Skew0.01
15 Jan 2027Balanced skew
Call IV0.49
Put IV0.52
Skew0.03
Contract Tape
Most active contracts
ContractVAL260918C00080000
SideCall
Expiry18 Sep 2026
Strike80.00
Volume253
OI-
IV0.50
ContractVAL260821C00080000
SideCall
Expiry21 Aug 2026
Strike80.00
Volume110
OI4406
IV0.50
ContractVAL280121C00100000
SideCall
Expiry21 Jan 2028
Strike100.00
Volume7
OI14
IV0.51
ContractVAL280121C00150000
SideCall
Expiry21 Jan 2028
Strike150.00
Volume5
OI2
IV0.52
ContractVAL280121P00150000
SidePut
Expiry21 Jan 2028
Strike150.00
Volume5
OI-
IV0.61
ContractVAL260821C00085000
SideCall
Expiry21 Aug 2026
Strike85.00
Volume4
OI1109
IV0.51
ContractVAL270115C00140000
SideCall
Expiry15 Jan 2027
Strike140.00
Volume2
OI28
IV0.54
ContractVAL260821C00087500
SideCall
Expiry21 Aug 2026
Strike87.50
Volume2
OI15
IV0.57
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.