Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
ANF options intelligence
Abercrombie & Fitch Company options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 17 Sep 2026
Checked 18 Sep 2026 13:42 · complete available chain
Put-side pressure
Bearish pressure
ANF currently carries bearish options pressure with a 45/100 conviction score. The nearest-chain expected move is 4.4%, with volume/open-interest participation at 0.04.
Expected move
4.4%
Near-term move context
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
2.89
Put-side skew
Trend fit
40
Options are not fully confirming trend
Weekly backdrop
-3.0%
RS 40.7
Expected move
4.4%
Put-call volume
2.89
Volume / OI
0.04
Reference IV
0.30
Max pain
135.00
Underlying
145.23
Nearest expiry
18 Sep 2026
Contracts
1460
Research Brief
ANF has a bearish chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 138.80–151.66; The largest call open-interest concentration is 155.00; the largest put concentration is 140.00. The most active strike by current volume is 140.00.
Priced range138.80–151.66
Call concentration155.00
Put concentration140.00
Max pain reference135.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 138.80 to 151.66. Max pain at 135.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
138.80145.23 ± 6.43151.66
Confirmation level
A close beyond 151.66 or below 138.80 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 45/100
Pressure is 51/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure51 × 42%
+21.3
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement40 × 26%
+10.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility38 × 10%
+3.8
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 155.00; the largest put concentration is 140.00. The most active strike by current volume is 140.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1628
35.00-75.9%
2
1297
60.00-58.7%
3
558
80.00-44.9%
148
1188
85.00-41.5%
48
300
90.00-38.0%
609
600
95.00-34.6%
418
1028
100.00-31.1%
591
511
110.00-24.3%
458
85
120.00-17.4%
573
915
125.00-13.9%
583
1497
130.00-10.5%
91
1483
135.00-7.0%
74
1712
140.00-3.6%
420
536
145.00-0.2%
235
3
155.006.7%
794
2
160.0010.2%
535
0
170.0017.1%
515
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-$8.1MDelta change / 1% move
Positive peak160.00+$734,914
Negative peak145.00-$5.1M
Nearest balance146.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
133.00-8.4%
-$26,604
134.00-7.7%
-$79,231
135.00-7.0%
-$2.1M
136.00-6.4%
-$27,305
137.00-5.7%
-$83,568
138.00-5.0%
-$332,974
139.00-4.3%
+$440,251
140.00-3.6%
-$2.3M
141.00-2.9%
+$39,503
142.00-2.2%
-$131,333
143.00-1.5%
+$31,642
144.00-0.8%
-$39,346
145.00-0.2%
-$5.1M
146.000.5%
+$13,294
147.001.2%
+$17,311
148.001.9%
-$3,705
149.002.6%
+$7,300
150.003.3%
+$20,745
152.505.0%
+$6,955
155.006.7%
+$96,461
157.508.4%
+$9,057
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.30
18 Sep
1d
0.45
25 Sep
8d
0.46
2 Oct
15d
0.47
9 Oct
22d
0.46
16 Oct
29d
0.47
23 Oct
36d
0.47
30 Oct
43d
0.47
20 Nov
64d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
117
119
121
125
131
133
134
136
138
140
142
143
145
147
148
150
155
160
165
168
173
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 8 stored directional transitions, the next stored price moved in the labelled direction 62% of the time.
Directional follow-through63%
Moves contained by pricing56%
Average expiry move9.4%
9 Sep
Mixed · 39
-3.0% through expiry
3.6% priced · v2.0
4 Sep
Mixed · 38
-3.0% through expiry
4.8% priced · v2.0
2 Sep
Bearish · 42
0.8% through expiry
7.7% priced · v2.0
28 Aug
Bullish · 48
0.8% through expiry
5.6% priced · v2.0
26 Aug
Volatility · 48
36.2% through expiry
28.3% priced · v2.0
21 Aug
Volatility · 50
36.2% through expiry
12.8% priced · v2.0
18 Aug
Mixed · 44
0.8% through expiry
5.4% priced · v2.0
14 Aug
Bearish · 51
0.8% through expiry
5.7% priced · v2.0
13 Aug
Bullish · 35
-4.0% through expiry
3.8% priced · v2.0
12 Aug
Mixed · 37
-4.0% through expiry
4.3% priced · v2.0
10 Aug
Mixed · 40
-4.0% through expiry
6.7% priced · v2.0
7 Aug
Mixed · 35
-4.0% through expiry
5.9% 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
- 17 Sep 2026
- Calculation
- v2.0
- Contracts
- 1460 / 1460
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Options pressure and weekly price action are both cautionary.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2.1M of estimated gross traded notional, calls · 0-7 days · itm, and a bearish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-51
1W price-3.0%
Call premium47%
Put premium53%
Notional split
C 47% / P 53%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
40/100
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.
Calls · 0-7 days · ITM
calls cluster with 156 contracts traded, $783,580 estimated gross traded notional, and 38% of visible notional.
$783,580
Puts · 91+ days · ITM
puts cluster with 200 contracts traded, $468,670 estimated gross traded notional, and 23% of visible notional.
$468,670
Puts · 91+ days · OTM
puts cluster with 144 contracts traded, $175,662 estimated gross traded notional, and 9% of visible notional.
$175,662
Puts · 0-7 days · OTM
puts cluster with 920 contracts traded, $163,372 estimated gross traded notional, and 8% of visible notional.
$163,372
Puts · 46-90 days · OTM
puts cluster with 307 contracts traded, $134,338 estimated gross traded notional, and 7% of visible notional.
$134,338
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 23 completed sessions
Volume rank26th
Volume/OI rank0th
IV rank4th
Market Context
Underlying confirmation
Close145.23
1W-3.0%
RS40.7
Fair value+35.5%
Options pressure-51
Speculation41
Volatility38
Trend fit40
Today Versus Normal
Stored-options context
30d avg 8.6% · 10 sessions
10th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
30d avg 0.58 · 10 sessions
10th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
30d avg 1.10 · 10 sessions
100th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
30d avg 0.12 · 10 sessions
0th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
Pressure Trail
Recent pressure and volatility
31 Jul 18:01
Bullish
Pressure 45
Move 6.7%
31 Jul 19:02
Bullish
Pressure 45
Move 6.7%
31 Jul 20:22
Bullish
Pressure 45
Move 6.6%
31 Jul 21:53
Bullish
Pressure 45
Move 6.6%
1 Aug 03:46
Volatility
Pressure 66
Move 4.2%
2 Aug 06:38
Bullish
Pressure 46
Move 6.2%
2 Aug 23:39
Bullish
Pressure 61
Move 6.0%
3 Aug 23:01
Volatility
Pressure 41
Move 9.6%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1628
Strike40.00
Calls · V 30 · OI 97
Puts · V 0 · OI 67
Strike45.00
Calls · V 30 · OI 3
Puts · V 0 · OI 41
Strike50.00
Calls · V 0 · OI 73
Puts · V 0 · OI 85
Strike55.00
Calls · V 0 · OI 10
Puts · V 0 · OI 334
Strike60.00
Calls · V 0 · OI 3
Puts · V 0 · OI 1297
Strike65.00
Calls · V 0 · OI 4
Puts · V 0 · OI 108
Strike70.00
Calls · V 0 · OI 24
Puts · V 0 · OI 338
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts162
Avg IV0.30
Put-call2.80
Expiry25 Sep 2026
Contracts176
Avg IV0.45
Put-call0.98
Expiry2 Oct 2026
Contracts168
Avg IV0.46
Put-call0.37
Expiry9 Oct 2026
Contracts114
Avg IV0.47
Put-call0.15
Expiry16 Oct 2026
Contracts64
Avg IV0.46
Put-call2.27
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.42
Put IV0.63
Skew0.20
25 Sep 2026Balanced skew
Call IV0.46
Put IV0.44
Skew-0.02
2 Oct 2026Put IV premium
Call IV0.44
Put IV0.51
Skew0.07
9 Oct 2026Balanced skew
Call IV0.46
Put IV0.50
Skew0.04
16 Oct 2026Balanced skew
Call IV0.46
Put IV0.46
Skew-
Contract Tape
Most active contracts
ContractANF260918P00140000
SidePut
Expiry18 Sep 2026
Strike140.00
Volume460
OI1712
IV0.66
ContractANF261120P00120000
SidePut
Expiry20 Nov 2026
Strike120.00
Volume257
OI27
IV0.47
ContractANF260918P00135000
SidePut
Expiry18 Sep 2026
Strike135.00
Volume215
OI1483
IV0.63
ContractANF270115P00150000
SidePut
Expiry15 Jan 2027
Strike150.00
Volume199
OI179
IV0.55
ContractANF260918P00138000
SidePut
Expiry18 Sep 2026
Strike138.00
Volume137
OI196
IV0.56
ContractANF261016P00140000
SidePut
Expiry16 Oct 2026
Strike140.00
Volume104
OI645
IV0.45
ContractANF261218P00130000
SidePut
Expiry18 Dec 2026
Strike130.00
Volume83
OI298
IV0.57
ContractANF260918C00150000
SideCall
Expiry18 Sep 2026
Strike150.00
Volume72
OI250
IV0.61
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
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.