Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BWET options intelligence
AMPLIFY COMMODITY TRUST BREAKWAVE TANKER SHIPPING ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
69
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:13 · complete available chain
Volatility expansion watch
Volatility pressure
BWET currently carries volatility options pressure with a 69/100 conviction score. The nearest-chain expected move is 23.1%, with volume/open-interest participation at 0.01.
Expected move
23.1%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.11
Call-side skew
Trend fit
84
Options agree with trend context
Weekly backdrop
+11.8%
RS 209.1
Expected move
23.1%
Put-call volume
0.11
Volume / OI
0.01
Reference IV
1.23
Max pain
200.00
Underlying
268.49
Nearest expiry
21 Aug 2026
Contracts
840
Research Brief
BWET has a volatility chain read with 69/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 206.44–330.54; The largest call open-interest concentration is 199.00; the largest put concentration is 200.00. The most active strike by current volume is 165.00.
Priced range206.44–330.54
Call concentration199.00
Put concentration200.00
Max pain reference200.00
- 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 206.44 to 330.54. Max pain at 200.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
206.44268.49 ± 62.05330.54
Confirmation level
A close beyond 330.54 or below 206.44 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 69/100
Pressure is 69/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure69 × 42%
+28.8
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.8
Volume relative to existing open interest and contract-level activity.
Trend agreement84 × 26%
+21.9
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 199.00; the largest put concentration is 200.00. The most active strike by current volume is 165.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4
85.00-68.3%
0
21
120.00-55.3%
0
10
150.00-44.1%
0
2
165.00-38.5%
1
6
185.00-31.1%
0
1
190.00-29.2%
18
0
199.00-25.9%
25
50
200.00-25.5%
13
0
210.00-21.8%
10
1
220.00-18.1%
9
0
225.00-16.2%
6
2
230.00-14.3%
4
4
240.00-10.6%
5
3
250.00-6.9%
20
0
280.004.3%
6
3
295.009.9%
4
0
310.0015.5%
6
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+$36,544Delta change / 1% move
Positive peak280.00+$14,177
Negative peak150.00-$17,315
Nearest balance236.58Interpolated sign change
StrikeNegativePositiveNet / 1% move
220.00-18.1%
+$2,043
225.00-16.2%
+$3,118
230.00-14.3%
+$3,653
235.00-12.5%
-$1,329
240.00-10.6%
+$2,873
245.00-8.7%
+$1,244
250.00-6.9%
+$8,533
255.00-5.0%
+$1,156
260.00-3.2%
+$6,102
265.00-1.3%
+$10,471
270.000.6%
+$2,630
275.002.4%
+$965
280.004.3%
+$14,177
285.006.1%
+$807
290.008.0%
+$3,359
295.009.9%
+$564
300.0011.7%
+$3,840
305.0013.6%
+$3,464
310.0015.5%
+$2,757
315.0017.3%
+$7,803
320.0019.2%
-$136
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.
1.23
21 Aug
21d
1.20
18 Sep
49d
1.26
16 Oct
77d
1.16
20 Nov
112d
1.08
18 Dec
140d
1.01
19 Mar
231d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
215
220
225
230
235
240
245
250
255
260
265
275
280
285
290
295
300
305
310
315
320
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 840 / 840
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $172,090 of estimated gross traded notional, calls · 8-21 days · itm, 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+69
1W price+11.8%
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
0.01
Volume divided by open interest across the visible chain.
Trend fit
84/100
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.
Calls · 8-21 days · ITM
calls cluster with 11 contracts traded, $86,805 estimated gross traded notional, and 50% of visible notional.
$86,805
Calls · 46-90 days · ITM
calls cluster with 8 contracts traded, $41,400 estimated gross traded notional, and 24% of visible notional.
$41,400
Calls · 46-90 days · ATM
calls cluster with 5 contracts traded, $26,500 estimated gross traded notional, and 15% of visible notional.
$26,500
Calls · 46-90 days · OTM
calls cluster with 4 contracts traded, $12,120 estimated gross traded notional, and 7% of visible notional.
$12,120
Puts · 46-90 days · OTM
puts cluster with 1 contracts traded, $4,450 estimated gross traded notional, and 3% of visible notional.
$4,450
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close268.49
1W+11.8%
RS209.1
Fair value+615.1%
Options pressure69
Speculation40
Volatility96
Trend fit84
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 12:05
Volatility
Pressure -88
Move 25.8%
30 Jul 11:42
Volatility
Pressure -96
Move 27.9%
31 Jul 11:13
Volatility
Pressure -100
Move 27.0%
3 Aug 10:13
Volatility
Pressure 69
Move 23.1%
Strike Map
Where activity is clustering
Strike85.00
Calls · V 0 · OI 0
Puts · V 1 · OI 4
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 4
Puts · V 0 · OI 1
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 21
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts138
Avg IV1.23
Put-call0.18
Expiry18 Sep 2026
Contracts182
Avg IV1.20
Put-call0.10
Expiry16 Oct 2026
Contracts118
Avg IV1.26
Put-call-
Expiry20 Nov 2026
Contracts118
Avg IV1.16
Put-call-
Expiry18 Dec 2026
Contracts182
Avg IV1.08
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.96
Put IV1.57
Skew0.60
18 Sep 2026Put IV premium
Call IV0.82
Put IV1.56
Skew0.73
16 Oct 2026Put IV premium
Call IV0.91
Put IV1.54
Skew0.62
20 Nov 2026Put IV premium
Call IV0.81
Put IV1.43
Skew0.61
18 Dec 2026Put IV premium
Call IV0.77
Put IV1.34
Skew0.58
Contract Tape
Most active contracts
ContractBWET260821C00220000
SideCall
Expiry21 Aug 2026
Strike220.00
Volume5
OI9
IV1.31
ContractBWET260821C00165000
SideCall
Expiry21 Aug 2026
Strike165.00
Volume5
OI1
IV1.34
ContractBWET261016C00265000
SideCall
Expiry16 Oct 2026
Strike265.00
Volume5
OI-
IV1.04
ContractBWET260918C00250000
SideCall
Expiry18 Sep 2026
Strike250.00
Volume4
OI9
IV0.97
ContractBWET260918C00230000
SideCall
Expiry18 Sep 2026
Strike230.00
Volume3
OI3
IV0.99
ContractBWET260918C00305000
SideCall
Expiry18 Sep 2026
Strike305.00
Volume2
OI7
IV0.94
ContractBWET261016C00305000
SideCall
Expiry16 Oct 2026
Strike305.00
Volume2
OI-
IV1.00
ContractBWET260821C00250000
SideCall
Expiry21 Aug 2026
Strike250.00
Volume1
OI20
IV0.99
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.