Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
MKTX options intelligence
MarketAxess Holdings Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
57
Market data through 31 Jul 2026
Checked 2 Aug 2026 00:56 · complete available chain
Call-side pressure
Bullish pressure
MKTX currently carries bullish options pressure with a 57/100 conviction score. The nearest-chain expected move is 2.7%, with volume/open-interest participation at 0.76.
Expected move
2.7%
Near-term move context
Activity / OI
0.76
Current volume is elevated versus prior open interest
Put-call
0.01
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+39.1%
RS -9.0
Expected move
2.7%
Put-call volume
0.01
Volume / OI
0.76
Reference IV
0.11
Max pain
135.00
Underlying
162.30
Nearest expiry
21 Aug 2026
Contracts
254
Research Brief
MKTX has a bullish chain read with 57/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 157.88–166.72; The largest call open-interest concentration is 200.00; the largest put concentration is 155.00. The most active strike by current volume is 160.00.
Priced range157.88–166.72
Call concentration200.00
Put concentration155.00
Max pain reference135.00
- 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.
- 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 157.88 to 166.72. Max pain at 135.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
157.88162.30 ± 4.42166.72
Confirmation level
A close beyond 166.72 or below 157.88 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 57/100
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.
Participation58 × 22%
+12.7
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.
Volatility19 × 10%
+1.9
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 200.00; the largest put concentration is 155.00. The most active strike by current volume is 160.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
37
95.00-41.5%
4
33
100.00-38.4%
0
71
105.00-35.3%
0
53
110.00-32.2%
54
78
115.00-29.1%
6
16
120.00-26.1%
11
66
125.00-23.0%
26
3
135.00-16.8%
107
2
140.00-13.7%
181
4
145.00-10.7%
66
92
155.00-4.5%
6
30
160.00-1.4%
2
14
165.001.7%
153
50
175.007.8%
270
0
190.0017.1%
86
0
200.0023.2%
862
0
210.0029.4%
25
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.11
21 Aug
21d
0.08
18 Sep
49d
0.06
20 Nov
112d
0.06
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
130
135
140
145
150
155
160
165
170
175
180
185
190
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
- 254 / 254
- 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
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: $504283 of estimated gross traded notional, calls · 46-90 days · otm, 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+100
1W price+39.1%
Call premium97%
Put premium3%
Notional split
C 97% / P 3%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.76
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 3 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 · OTM
calls cluster with 20394 contracts traded, $295905 estimated gross traded notional, and 59% of visible notional.
$295905
Calls · 8-21 days · ITM
calls cluster with 131 contracts traded, $103555 estimated gross traded notional, and 21% of visible notional.
$103555
Calls · 8-21 days · ATM
calls cluster with 137 contracts traded, $42390 estimated gross traded notional, and 8% of visible notional.
$42390
Calls · 46-90 days · ITM
calls cluster with 37 contracts traded, $30710 estimated gross traded notional, and 6% of visible notional.
$30710
Calls · 46-90 days · ATM
calls cluster with 49 contracts traded, $14178 estimated gross traded notional, and 3% of visible notional.
$14178
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
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
Close162.30
1W+39.1%
RS-9.0
Fair value-19.7%
Options pressure100
Speculation58
Volatility19
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 10:41
Mixed
Pressure 13
Move 11.1%
30 Jul 10:38
Volatility
Pressure 90
Move 12.8%
31 Jul 10:24
Volatility
Pressure 70
Move 41.2%
31 Jul 17:30
Volatility
Pressure 100
Move 40.8%
31 Jul 20:23
Volatility
Pressure 100
Move 40.8%
1 Aug 09:25
Volatility
Pressure 100
Move 12.1%
1 Aug 23:56
Bullish
Pressure 100
Move 2.7%
Strike Map
Where activity is clustering
Strike80.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 8
Strike95.00
Calls · V 0 · OI 4
Puts · V 0 · OI 37
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 33
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 71
Strike110.00
Calls · V 0 · OI 54
Puts · V 2 · OI 53
Strike115.00
Calls · V 1 · OI 6
Puts · V 0 · OI 78
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts64
Avg IV0.11
Put-call0.11
Expiry18 Sep 2026
Contracts70
Avg IV0.08
Put-call0.00
Expiry20 Nov 2026
Contracts70
Avg IV0.06
Put-call6.67
Expiry19 Feb 2027
Contracts50
Avg IV0.06
Put-call1.50
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.06
Put IV0.14
Skew0.08
18 Sep 2026Balanced skew
Call IV0.07
Put IV0.12
Skew0.05
20 Nov 2026Balanced skew
Call IV0.01
Put IV0.06
Skew0.05
19 Feb 2027Put IV premium
Call IV0.03
Put IV0.11
Skew0.08
Contract Tape
Most active contracts
ContractMKTX260918C00170000
SideCall
Expiry18 Sep 2026
Strike170.00
Volume10389
OI12452
IV0.04
ContractMKTX260918C00185000
SideCall
Expiry18 Sep 2026
Strike185.00
Volume10005
OI10402
IV0.13
ContractMKTX260821C00155000
SideCall
Expiry21 Aug 2026
Strike155.00
Volume130
OI6
IV0.01
ContractMKTX260821C00160000
SideCall
Expiry21 Aug 2026
Strike160.00
Volume130
OI2
IV0.10
ContractMKTX260918P00160000
SidePut
Expiry18 Sep 2026
Strike160.00
Volume50
OI15
IV0.02
ContractMKTX260918C00160000
SideCall
Expiry18 Sep 2026
Strike160.00
Volume47
OI12
IV0.01
ContractMKTX260918C00155000
SideCall
Expiry18 Sep 2026
Strike155.00
Volume37
OI-
IV0.10
ContractMKTX260821P00165000
SidePut
Expiry21 Aug 2026
Strike165.00
Volume20
OI14
IV0.15
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.