Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
PEGA options intelligence
Pegasystems Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 11 Aug 2026
Checked 12 Aug 2026 13:20 · complete available chain
Call-side pressure
Bullish pressure
PEGA currently carries bullish options pressure with a 32/100 conviction score. The nearest-chain expected move is 9.6%, with volume/open-interest participation at 0.01.
Expected move
9.6%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.38
Call-side skew
Trend fit
7
Options are not fully confirming trend
Weekly backdrop
+7.2%
RS -39.1
Expected move
9.6%
Put-call volume
0.38
Volume / OI
0.01
Reference IV
0.49
Max pain
30.00
Underlying
32.74
Nearest expiry
21 Aug 2026
Contracts
230
Research Brief
PEGA has a bullish chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 29.59–35.89; The largest call open-interest concentration is 45.00; the largest put concentration is 25.00. The most active strike by current volume is 30.00.
Priced range29.59–35.89
Call concentration45.00
Put concentration25.00
Max pain reference30.00
- 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 29.59 to 35.89. Max pain at 30.00 sits inside that range, 8.4% below spot.
Spot
Max pain
29.5932.74 ± 3.1535.89
Confirmation level
A close beyond 35.89 or below 29.59 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 32/100
Pressure is 53/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure53 × 42%
+22.2
How strongly activity leans toward calls or puts.
Participation5 × 22%
+1.0
Volume relative to existing open interest and contract-level activity.
Trend agreement7 × 26%
+1.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility73 × 10%
+7.3
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 45.00; 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
2
15.00-54.2%
0
153
17.50-46.5%
0
143
20.00-38.9%
2
272
22.50-31.3%
3
520
25.00-23.6%
29
472
30.00-8.4%
589
63
35.006.9%
722
3
40.0022.2%
813
0
45.0037.4%
1156
0
50.0052.7%
27
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+$125,311Delta change / 1% move
Positive peak35.00+$105,157
Negative peak30.00-$39,044
Nearest balance32.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
15.00-54.2%
-$153
17.50-46.5%
-$430
20.00-38.9%
-$1,558
22.50-31.3%
-$2,293
25.00-23.6%
-$7,036
27.50-16.0%
-$357
30.00-8.4%
-$39,044
32.50-0.7%
-$26
35.006.9%
+$105,157
37.5014.5%
+$6,086
40.0022.2%
+$16,172
42.5029.8%
+$1,040
45.0037.4%
+$15,261
47.5045.1%
-$2,315
50.0052.7%
+$9,241
52.5060.4%
-$458
55.0068.0%
+$2,126
57.5075.6%
+$188
60.0083.3%
+$19,489
62.5090.9%
+$347
65.0098.5%
+$642
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.
0.49
21 Aug
10d
0.46
18 Sep
38d
0.57
18 Dec
129d
0.59
15 Jan
157d
0.62
19 Mar
220d
0.62
21 Jan
528d
0.63
15 Dec
857d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
30
35
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 230 / 230
- 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: $13,784 of estimated gross traded notional, calls · 8-21 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+53
1W price+7.2%
Call premium78%
Put premium22%
Notional split
C 78% / P 22%
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
7/100
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 · 8-21 days · ITM
calls cluster with 13 contracts traded, $4,375 estimated gross traded notional, and 32% of visible notional.
$4,375
Calls · 91+ days · OTM
calls cluster with 14 contracts traded, $3,235 estimated gross traded notional, and 23% of visible notional.
$3,235
Puts · 91+ days · OTM
puts cluster with 20 contracts traded, $2,550 estimated gross traded notional, and 18% of visible notional.
$2,550
Calls · 22-45 days · OTM
calls cluster with 44 contracts traded, $2,455 estimated gross traded notional, and 18% of visible notional.
$2,455
Puts · 22-45 days · OTM
puts cluster with 10 contracts traded, $512 estimated gross traded notional, and 4% of visible notional.
$512
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
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close32.74
1W+7.2%
RS-39.1
Fair value-16.3%
Options pressure53
Speculation5
Volatility73
Trend fit7
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:37
Bullish
Pressure 73
Move 19.5%
30 Jul 10:34
Bullish
Pressure 42
Move 23.5%
31 Jul 00:05
Bullish
Pressure 50
Move 20.2%
31 Jul 13:45
Bullish
Pressure 50
Move 20.6%
2 Aug 00:45
Bullish
Pressure 41
Move 11.0%
4 Aug 10:14
Mixed
Pressure 17
Move 10.6%
5 Aug 10:50
Bullish
Pressure 58
Move 11.1%
6 Aug 10:55
Bullish
Pressure 77
Move 10.5%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 153
Strike20.00
Calls · V 0 · OI 2
Puts · V 0 · OI 143
Strike22.50
Calls · V 0 · OI 3
Puts · V 0 · OI 272
Strike25.00
Calls · V 1 · OI 29
Puts · V 0 · OI 520
Strike30.00
Calls · V 12 · OI 589
Puts · V 0 · OI 472
Strike35.00
Calls · V 7 · OI 722
Puts · V 0 · OI 63
Strike40.00
Calls · V 1 · OI 813
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts20
Avg IV0.49
Put-call-
Expiry18 Sep 2026
Contracts34
Avg IV0.46
Put-call0.22
Expiry18 Dec 2026
Contracts62
Avg IV0.57
Put-call2.22
Expiry15 Jan 2027
Contracts40
Avg IV0.59
Put-call-
Expiry19 Mar 2027
Contracts18
Avg IV0.62
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.46
Put IV0.57
Skew0.11
18 Sep 2026Balanced skew
Call IV0.53
Put IV0.51
Skew-0.02
18 Dec 2026Balanced skew
Call IV0.59
Put IV0.59
Skew-
15 Jan 2027Balanced skew
Call IV0.56
Put IV0.58
Skew0.02
19 Mar 2027Put IV premium
Call IV0.60
Put IV0.66
Skew0.06
Contract Tape
Most active contracts
ContractPEGA260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume38
OI67
IV0.53
ContractPEGA261218P00025000
SidePut
Expiry18 Dec 2026
Strike25.00
Volume20
OI57
IV0.62
ContractPEGA260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume12
OI589
IV0.01
ContractPEGA260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume7
OI722
IV0.46
ContractPEGA260918C00035000
SideCall
Expiry18 Sep 2026
Strike35.00
Volume6
OI249
IV0.50
ContractPEGA261218C00037500
SideCall
Expiry18 Dec 2026
Strike37.50
Volume5
OI201
IV0.56
ContractPEGA270115C00040000
SideCall
Expiry15 Jan 2027
Strike40.00
Volume5
OI170
IV0.60
ContractPEGA260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume5
OI118
IV0.59
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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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.