Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CNX options intelligence
CNX Resources Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 31 Jul 2026
Checked 2 Aug 2026 00:11 · complete available chain
Call-side pressure
Bullish pressure
CNX currently carries bullish options pressure with a 33/100 conviction score. The nearest-chain expected move is 5.6%, with volume/open-interest participation at 0.03.
Expected move
5.6%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.26
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+4.4%
RS -7.6
Expected move
5.6%
Put-call volume
0.26
Volume / OI
0.03
Reference IV
0.33
Max pain
35.00
Underlying
35.80
Nearest expiry
21 Aug 2026
Contracts
200
Research Brief
CNX has a bullish chain read with 33/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 33.80–37.80; The largest call open-interest concentration is 35.00; the largest put concentration is 34.00. The most active strike by current volume is 34.00.
Priced range33.80–37.80
Call concentration35.00
Put concentration34.00
Max pain reference35.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 33.80 to 37.80. Max pain at 35.00 sits inside that range, 2.2% below spot.
Spot
Max pain
33.8035.80 ± 2.0037.80
Confirmation level
A close beyond 37.80 or below 33.80 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 33/100
Pressure is 63/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure63 × 42%
+26.4
How strongly activity leans toward calls or puts.
Participation11 × 22%
+2.3
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.
Volatility46 × 10%
+4.6
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 35.00; the largest put concentration is 34.00. The most active strike by current volume is 34.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
25.00-30.2%
0
0
26.00-27.4%
0
0
27.00-24.6%
2
0
28.00-21.8%
2
1
29.00-19.0%
0
27
30.00-16.2%
2
220
31.00-13.4%
20
4
32.00-10.6%
5
150
33.00-7.8%
37
221
34.00-5.0%
31
127
35.00-2.2%
168
10
36.000.6%
32
15
37.003.4%
92
0
38.006.1%
133
0
39.008.9%
10
0
40.0011.7%
2
0
41.0014.5%
109
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.
0.33
21 Aug
21d
0.31
18 Sep
49d
0.32
16 Oct
77d
0.34
18 Dec
140d
0.34
15 Jan
168d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
29
30
31
32
33
34
35
36
37
38
39
40
41
42
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
- 200 / 200
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $27305 of estimated gross traded notional, calls · 91+ 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+63
1W price+4.4%
Call premium96%
Put premium4%
Notional split
C 96% / P 4%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · 91+ days · ITM
calls cluster with 32 contracts traded, $15070 estimated gross traded notional, and 55% of visible notional.
$15070
Calls · 8-21 days · ATM
calls cluster with 37 contracts traded, $5272 estimated gross traded notional, and 19% of visible notional.
$5272
Calls · 8-21 days · OTM
calls cluster with 25 contracts traded, $1688 estimated gross traded notional, and 6% of visible notional.
$1688
Calls · 8-21 days · ITM
calls cluster with 7 contracts traded, $1470 estimated gross traded notional, and 5% of visible notional.
$1470
Calls · 46-90 days · ATM
calls cluster with 5 contracts traded, $1238 estimated gross traded notional, and 5% of visible notional.
$1238
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
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
Close35.80
1W+4.4%
RS-7.6
Fair value+19.2%
Options pressure63
Speculation11
Volatility46
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 10:40
Bullish
Pressure 84
Move 8.0%
30 Jul 10:38
Mixed
Pressure -7
Move 8.8%
30 Jul 14:07
Bullish
Pressure 31
Move 7.9%
31 Jul 11:10
Bullish
Pressure 19
Move 5.0%
1 Aug 01:49
Bullish
Pressure 63
Move 7.4%
1 Aug 23:11
Bullish
Pressure 63
Move 5.6%
Strike Map
Where activity is clustering
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike26.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike27.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike28.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike30.00
Calls · V 0 · OI 2
Puts · V 0 · OI 27
Strike31.00
Calls · V 0 · OI 20
Puts · V 0 · OI 220
Strike32.00
Calls · V 0 · OI 5
Puts · V 0 · OI 4
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.33
Put-call0.43
Expiry18 Sep 2026
Contracts38
Avg IV0.31
Put-call-
Expiry16 Oct 2026
Contracts54
Avg IV0.32
Put-call-
Expiry18 Dec 2026
Contracts28
Avg IV0.34
Put-call-
Expiry15 Jan 2027
Contracts42
Avg IV0.34
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.29
Put IV0.34
Skew0.05
18 Sep 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
16 Oct 2026Balanced skew
Call IV0.33
Put IV0.30
Skew-0.03
18 Dec 2026Balanced skew
Call IV0.33
Put IV0.32
Skew-0.01
15 Jan 2027Balanced skew
Call IV0.32
Put IV0.35
Skew0.03
Contract Tape
Most active contracts
ContractCNX270115C00034000
SideCall
Expiry15 Jan 2027
Strike34.00
Volume31
OI-
IV0.37
ContractCNX260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume27
OI168
IV0.35
ContractCNX260821P00034000
SidePut
Expiry21 Aug 2026
Strike34.00
Volume25
OI221
IV0.34
ContractCNX260821C00037000
SideCall
Expiry21 Aug 2026
Strike37.00
Volume25
OI92
IV0.34
ContractCNX260821C00036000
SideCall
Expiry21 Aug 2026
Strike36.00
Volume10
OI32
IV0.24
ContractCNX260821C00034000
SideCall
Expiry21 Aug 2026
Strike34.00
Volume7
OI31
IV0.26
ContractCNX260821P00033000
SidePut
Expiry21 Aug 2026
Strike33.00
Volume5
OI150
IV0.37
ContractCNX260918C00037000
SideCall
Expiry18 Sep 2026
Strike37.00
Volume5
OI5
IV0.24
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.