Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
VERX options intelligence
Vertex options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
67
Market data through 3 Aug 2026
Checked 4 Aug 2026 11:32 · complete available chain
Volatility expansion watch
Volatility pressure
VERX currently carries volatility options pressure with a 67/100 conviction score. The nearest-chain expected move is 19.6%, with volume/open-interest participation at 0.13.
Expected move
19.6%
Wider near-term move priced
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
8.51
Put-side skew
Trend fit
65
Options agree with trend context
Weekly backdrop
+8.8%
RS -33.9
Expected move
19.6%
Put-call volume
8.51
Volume / OI
0.13
Reference IV
1.19
Max pain
13.00
Underlying
12.91
Nearest expiry
21 Aug 2026
Contracts
196
Research Brief
VERX has a volatility chain read with 67/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 10.38–15.44; The largest call open-interest concentration is 15.00; the largest put concentration is 10.00. The most active strike by current volume is 10.00.
Priced range10.38–15.44
Call concentration15.00
Put concentration10.00
Max pain reference13.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- 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 10.38 to 15.44. Max pain at 13.00 sits inside that range, 0.7% above spot.
Spot
Max pain
10.3812.91 ± 2.5315.44
Confirmation level
A close beyond 15.44 or below 10.38 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 67/100
Pressure is 73/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure73 × 42%
+30.7
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
Volume relative to existing open interest and contract-level activity.
Trend agreement65 × 26%
+16.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 15.00; the largest put concentration is 10.00. The most active strike by current volume is 10.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
4.00-69.0%
0
6
5.00-61.3%
0
8
6.00-53.5%
15
0
7.00-45.8%
0
0
8.00-38.0%
0
2
9.00-30.3%
0
218
10.00-22.5%
0
38
11.00-14.8%
0
21
12.00-7.0%
12
0
13.000.7%
12
0
14.008.4%
13
35
15.0016.2%
41
0
16.0023.9%
16
0
17.0031.7%
28
0
18.0039.4%
0
0
19.0047.2%
0
0
20.0054.9%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$1,684Delta change / 1% move
Positive peak20.00+$1,161
Negative peak10.00-$1,527
Nearest balance12.57Interpolated sign change
StrikeNegativePositiveNet / 1% move
4.00-69.0%
-$1
5.00-61.3%
-$3
6.00-53.5%
+$26
7.00-45.8%
-$3
8.00-38.0%
+$99
9.00-30.3%
-$712
10.00-22.5%
-$1,527
11.00-14.8%
-$827
12.00-7.0%
-$1,086
13.000.7%
+$826
14.008.4%
+$457
15.0016.2%
+$977
16.0023.9%
+$282
17.0031.7%
+$1,030
18.0039.4%
+$84
19.0047.2%
+$6
20.0054.9%
+$1,161
21.0062.7%
+$10
22.0070.4%
+$18
24.0085.9%
+$4
25.0093.6%
+$135
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.
1.19
21 Aug
18d
0.87
18 Sep
46d
0.74
18 Dec
137d
0.71
19 Mar
228d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
11
12
13
14
15
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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 196 / 196
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $23,891 of estimated gross traded notional, puts · 91+ days · otm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-73
1W price+8.8%
Call premium35%
Put premium65%
Notional split
C 35% / P 65%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.13
Volume divided by open interest across the visible chain.
Trend fit
65/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 0 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · OTM
puts cluster with 172 contracts traded, $12,220 estimated gross traded notional, and 51% of visible notional.
$12,220
Calls · 91+ days · OTM
calls cluster with 19 contracts traded, $4,855 estimated gross traded notional, and 20% of visible notional.
$4,855
Puts · 8-21 days · OTM
puts cluster with 167 contracts traded, $3,088 estimated gross traded notional, and 13% of visible notional.
$3,088
Calls · 8-21 days · ATM
calls cluster with 16 contracts traded, $2,080 estimated gross traded notional, and 9% of visible notional.
$2,080
Calls · 22-45 days · ATM
calls cluster with 6 contracts traded, $1,320 estimated gross traded notional, and 6% of visible notional.
$1,320
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close12.91
1W+8.8%
RS-33.9
Fair value-55.9%
Options pressure-73
Speculation43
Volatility96
Trend fit65
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:00
Volatility
Pressure 100
Move 28.4%
30 Jul 10:49
Mixed
Pressure -15
Move 27.8%
31 Jul 03:29
Mixed
Pressure -8
Move 21.9%
31 Jul 13:26
Volatility
Pressure 100
Move 24.0%
2 Aug 12:31
Volatility
Pressure -61
Move 18.6%
4 Aug 10:32
Volatility
Pressure -73
Move 19.6%
Strike Map
Where activity is clustering
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike6.00
Calls · V 0 · OI 15
Puts · V 0 · OI 8
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 0
Puts · V 12 · OI 2
Strike10.00
Calls · V 0 · OI 0
Puts · V 151 · OI 218
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 38
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts44
Avg IV1.19
Put-call10.44
Expiry18 Sep 2026
Contracts54
Avg IV0.87
Put-call1.67
Expiry18 Dec 2026
Contracts56
Avg IV0.74
Put-call4.40
Expiry19 Mar 2027
Contracts42
Avg IV0.71
Put-call26.50
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.80
Put IV1.07
Skew0.27
18 Sep 2026Put IV premium
Call IV0.75
Put IV0.89
Skew0.15
18 Dec 2026Put IV premium
Call IV0.67
Put IV0.81
Skew0.14
19 Mar 2027Put IV premium
Call IV0.76
Put IV0.82
Skew0.07
Contract Tape
Most active contracts
ContractVERX260821P00010000
SidePut
Expiry21 Aug 2026
Strike10.00
Volume151
OI218
IV0.63
ContractVERX261218P00010000
SidePut
Expiry18 Dec 2026
Strike10.00
Volume66
OI96
IV0.75
ContractVERX270319P00009000
SidePut
Expiry19 Mar 2027
Strike9.00
Volume56
OI6
IV0.72
ContractVERX270319P00008000
SidePut
Expiry19 Mar 2027
Strike8.00
Volume50
OI8
IV0.73
ContractVERX260821C00013000
SideCall
Expiry21 Aug 2026
Strike13.00
Volume16
OI12
IV0.92
ContractVERX261218C00015000
SideCall
Expiry18 Dec 2026
Strike15.00
Volume15
OI137
IV0.97
ContractVERX260821P00009000
SidePut
Expiry21 Aug 2026
Strike9.00
Volume12
OI2
IV0.82
ContractVERX260918P00010000
SidePut
Expiry18 Sep 2026
Strike10.00
Volume8
OI45
IV0.40
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.