Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FTXL options intelligence
FIRST TRUST NASDAQ SEMICONDUCTOR ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 16 Sep 2026
Checked 16 Sep 2026 19:10 · partial chain
Call-side pressure
Bullish pressure
FTXL currently carries bullish options pressure with a 54/100 conviction score. The nearest-chain expected move is 5.9%, with volume/open-interest participation at 0.97.
Expected move
5.9%
Near-term move context
Activity / OI
0.97
Current volume is elevated versus prior open interest
Put-call
0.25
Call-side skew
Trend fit
29
Options are not fully confirming trend
Weekly backdrop
+2.9%
RS 20.7
Expected move
5.9%
Put-call volume
0.25
Volume / OI
0.97
Reference IV
0.58
Max pain
210.00
Underlying
234.49
Nearest expiry
18 Sep 2026
Contracts
119
Research Brief
FTXL has a bullish 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 220.76–248.22; The largest call open-interest concentration is 245.00; the largest put concentration is 225.00. The most active strike by current volume is 280.00.
Priced range220.76–248.22
Call concentration245.00
Put concentration225.00
Max pain reference210.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
- 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 220.76 to 248.22. Max pain at 210.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
220.76234.49 ± 13.73248.22
Confirmation level
A close beyond 248.22 or below 220.76 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 54/100
Pressure is 70/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure70 × 42%
+29.6
How strongly activity leans toward calls or puts.
Participation48 × 22%
+10.6
Volume relative to existing open interest and contract-level activity.
Trend agreement29 × 26%
+7.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility64 × 10%
+6.4
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 245.00; the largest put concentration is 225.00. The most active strike by current volume is 280.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
150.00-36.0%
20
0
154.00-34.3%
0
0
155.00-33.9%
0
0
170.00-27.5%
10
2
200.00-14.7%
1
3
205.00-12.6%
0
1
210.00-10.4%
1
15
225.00-4.0%
2
1
230.00-1.9%
2
0
235.000.2%
2
0
245.004.5%
29
0
250.006.6%
6
1
265.0013.0%
2
15
275.0017.3%
5
0
280.0019.4%
6
0
325.0038.6%
13
0
350.0049.3%
3
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+$188,237Delta change / 1% move
Positive peak280.00+$48,796
Negative peak225.00-$16,540
Nearest balance229.40Interpolated sign change
StrikeNegativePositiveNet / 1% move
190.00-19.0%
-$235
192.00-18.1%
-$1,150
194.00-17.3%
-$256
196.00-16.4%
-$934
198.00-15.6%
+$224
200.00-14.7%
-$35
205.00-12.6%
-$626
210.00-10.4%
-$378
215.00-8.3%
-$4,013
220.00-6.2%
-$6,329
225.00-4.0%
-$16,540
230.00-1.9%
+$2,260
235.000.2%
+$4,578
240.002.3%
+$6,279
245.004.5%
+$39,537
250.006.6%
+$17,864
255.008.7%
+$1,608
260.0010.9%
-$1,283
265.0013.0%
+$192
270.0015.1%
+$24,431
275.0017.3%
+$4,294
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.
0.58
18 Sep
2d
0.44
16 Oct
30d
0.43
18 Dec
93d
0.46
19 Mar
184d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
190
195
200
205
210
215
220
225
230
235
240
245
250
255
260
265
270
275
280
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.
Directional follow-through0%
Moves contained by pricing100%
Average expiry move3.7%
4 Aug
Volatility · 49
4.4% through expiry
14.2% priced · v2.0
3 Aug
Volatility · 55
4.4% through expiry
11.1% priced · v2.0
31 Jul
Mixed · 43
4.4% through expiry
11.8% priced · v2.0
30 Jul
Bullish · 44
-1.4% through expiry
12.3% 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
- Retained chain subset
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 119 / 119
- 100% of provider contracts were retained for this snapshot.
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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Options pressure and weekly price action are pointing in the same constructive direction.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $1.5M of estimated gross traded notional, puts · 0-7 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+70
1W price+2.9%
Call premium60%
Put premium40%
Notional split
C 60% / P 40%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.97
Volume divided by open interest across the visible chain.
Trend fit
29/100
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 · 0-7 days · ITM
puts cluster with 118 contracts traded, $515,297 estimated gross traded notional, and 35% of visible notional.
$515,297
Calls · 91+ days · OTM
calls cluster with 641 contracts traded, $377,834 estimated gross traded notional, and 25% of visible notional.
$377,834
Calls · 91+ days · ITM
calls cluster with 55 contracts traded, $375,550 estimated gross traded notional, and 25% of visible notional.
$375,550
Calls · 0-7 days · ITM
calls cluster with 12 contracts traded, $98,108 estimated gross traded notional, and 7% of visible notional.
$98,108
Puts · 91+ days · ITM
puts cluster with 7 contracts traded, $29,595 estimated gross traded notional, and 2% of visible notional.
$29,595
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 21 completed sessions
Volume rank100th
Volume/OI rank95th
IV rank71th
Market Context
Underlying confirmation
Close234.49
1W+2.9%
RS20.7
Fair value+100.1%
Options pressure70
Speculation48
Volatility64
Trend fit29
Today Versus Normal
Stored-options context
30d avg 6.8% · 15 sessions
33th
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg 0.39 · 15 sessions
100th
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg 0.95 · 13 sessions
38th
90d avg - · 19/30 sessions
-
180d avg - · 19/60 sessions
-
30d avg 0.09 · 15 sessions
93th
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:26
Volatility
Pressure 100
Move 14.2%
30 Jul 12:03
Volatility
Pressure 100
Move 16.5%
31 Jul 11:42
Bullish
Pressure 38
Move 12.3%
31 Jul 15:43
Volatility
Pressure 32
Move 12.5%
31 Jul 16:58
Volatility
Pressure 32
Move 12.0%
31 Jul 18:01
Volatility
Pressure 32
Move 11.7%
3 Aug 11:09
Mixed
Pressure -1
Move 11.8%
4 Aug 12:22
Volatility
Pressure 100
Move 11.1%
Strike Map
Where activity is clustering
Strike105.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike120.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike150.00
Calls · V 1 · OI 20
Puts · V 0 · OI 0
Strike151.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike153.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike154.00
Calls · V 0 · OI 0
Puts · V 10 · OI 0
Strike155.00
Calls · V 1 · OI 0
Puts · V 10 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts51
Avg IV0.58
Put-call3.97
Expiry16 Oct 2026
Contracts8
Avg IV0.44
Put-call1.00
Expiry18 Dec 2026
Contracts48
Avg IV0.43
Put-call0.05
Expiry19 Mar 2027
Contracts12
Avg IV0.46
Put-call0.03
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV0.64
Put IV0.57
Skew-0.07
16 Oct 2026Balanced skew
Call IV0.42
Put IV0.44
Skew0.02
18 Dec 2026Call IV premium
Call IV0.53
Put IV0.45
Skew-0.08
19 Mar 2027Balanced skew
Call IV0.48
Put IV0.43
Skew-0.04
Contract Tape
Most active contracts
ContractFTXL261218P00295000
SidePut
Expiry18 Dec 2026
Strike295.00
Volume-
OI5
IV0.66
ContractFTXL261218P00169000
SidePut
Expiry18 Dec 2026
Strike169.00
Volume-
OI5
IV0.56
ContractFTXL261218P00240000
SidePut
Expiry18 Dec 2026
Strike240.00
Volume-
OI4
IV0.44
ContractFTXL270319C00315000
SideCall
Expiry19 Mar 2027
Strike315.00
Volume-
OI3
IV0.48
ContractFTXL261218P00200000
SidePut
Expiry18 Dec 2026
Strike200.00
Volume-
OI2
IV0.47
ContractFTXL261016C00210000
SideCall
Expiry16 Oct 2026
Strike210.00
Volume-
OI2
IV0.45
ContractFTXL260918C00105000
SideCall
Expiry18 Sep 2026
Strike105.00
Volume-
OI2
IV0.00
ContractFTXL260918C00200000
SideCall
Expiry18 Sep 2026
Strike200.00
Volume-
OI1
IV1.13
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.