Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
PR options intelligence
Permian Resources Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 31 Jul 2026
Checked 31 Jul 2026 19:54 · complete available chain
Put-side pressure
Bearish pressure
PR currently carries bearish options pressure with a 49/100 conviction score. The nearest-chain expected move is 8.4%, with volume/open-interest participation at 0.05.
Expected move
8.4%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
3.56
Put-side skew
Trend fit
51
Options are not fully confirming trend
Weekly backdrop
+5.6%
RS 22.0
Expected move
8.4%
Put-call volume
3.56
Volume / OI
0.05
Reference IV
0.47
Max pain
20.00
Underlying
21.35
Nearest expiry
21 Aug 2026
Contracts
142
Research Brief
PR has a bearish chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 19.55–23.15; The largest call open-interest concentration is 24.00; the largest put concentration is 19.00. The most active strike by current volume is 21.00.
Priced range19.55–23.15
Call concentration24.00
Put concentration19.00
Max pain reference20.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- 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 19.55 to 23.15. Max pain at 20.00 sits inside that range, 6.3% below spot.
Spot
Max pain
19.5521.35 ± 1.8023.15
Confirmation level
A close beyond 23.15 or below 19.55 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 49/100
Pressure is 48/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure48 × 42%
+20.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement51 × 26%
+13.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility67 × 10%
+6.7
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 24.00; the largest put concentration is 19.00. The most active strike by current volume is 21.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
11.00-48.5%
5
1
14.00-34.4%
0
343
15.00-29.7%
0
32
16.00-25.1%
4
229
17.00-20.4%
52
263
18.00-15.7%
68
1121
19.00-11.0%
158
875
20.00-6.3%
474
31
21.00-1.6%
703
57
22.003.0%
1032
52
23.007.7%
654
0
24.0012.4%
2430
0
25.0017.1%
41
0
26.0021.8%
1
0
27.0026.5%
0
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.
0.47
21 Aug
21d
0.44
18 Sep
49d
0.41
16 Oct
77d
0.43
15 Jan
168d
0.26
21 Jan
539d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
18
19
20
21
22
23
24
25
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 interest99%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 142 / 142
- 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.
Put-side pressure is building while price is rising, a cautionary divergence.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $390341 of estimated gross traded notional, calls · 91+ days · itm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-48
1W price+5.6%
Call premium69%
Put premium31%
Notional split
C 69% / P 31%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
51/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 4 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 · 91+ days · ITM
calls cluster with 166 contracts traded, $160920 estimated gross traded notional, and 41% of visible notional.
$160920
Calls · 46-90 days · ITM
calls cluster with 130 contracts traded, $56502 estimated gross traded notional, and 14% of visible notional.
$56502
Puts · 91+ days · OTM
puts cluster with 1816 contracts traded, $43210 estimated gross traded notional, and 11% of visible notional.
$43210
Calls · 91+ days · OTM
calls cluster with 248 contracts traded, $36515 estimated gross traded notional, and 9% of visible notional.
$36515
Puts · 46-90 days · ITM
puts cluster with 62 contracts traded, $19735 estimated gross traded notional, and 5% of visible notional.
$19735
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.
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
Close21.35
1W+5.6%
RS22.0
Fair value+50.0%
Options pressure-48
Speculation41
Volatility67
Trend fit51
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 10:21
Bullish
Pressure 94
Move 10.2%
30 Jul 10:15
Bullish
Pressure 64
Move 8.5%
30 Jul 14:07
Volatility
Pressure -37
Move 8.8%
31 Jul 12:32
Bullish
Pressure 21
Move 8.3%
31 Jul 18:54
Bearish
Pressure -48
Move 8.4%
Strike Map
Where activity is clustering
Strike11.00
Calls · V 2 · OI 5
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 30 · OI 1
Strike15.00
Calls · V 0 · OI 0
Puts · V 1 · OI 343
Strike16.00
Calls · V 3 · OI 4
Puts · V 1 · OI 32
Strike17.00
Calls · V 1 · OI 52
Puts · V 4 · OI 229
Strike18.00
Calls · V 1 · OI 68
Puts · V 10 · OI 263
Strike19.00
Calls · V 4 · OI 158
Puts · V 1 · OI 1121
Strike20.00
Calls · V 2 · OI 474
Puts · V 2 · OI 875
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.47
Put-call3.23
Expiry18 Sep 2026
Contracts13
Avg IV0.44
Put-call7.18
Expiry16 Oct 2026
Contracts39
Avg IV0.41
Put-call0.71
Expiry15 Jan 2027
Contracts42
Avg IV0.43
Put-call4.91
Expiry21 Jan 2028
Contracts22
Avg IV0.26
Put-call1.19
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.46
Put IV0.50
Skew0.03
18 Sep 2026Balanced skew
Call IV0.42
Put IV0.46
Skew0.04
16 Oct 2026Balanced skew
Call IV0.39
Put IV0.43
Skew0.05
15 Jan 2027Balanced skew
Call IV0.39
Put IV0.42
Skew0.03
21 Jan 2028Call IV premium
Call IV0.41
Put IV0.02
Skew-0.40
Contract Tape
Most active contracts
ContractPR260918C00025000
SideCall
Expiry18 Sep 2026
Strike25.00
Volume-
OI-
IV0.43
ContractPR260918P00022000
SidePut
Expiry18 Sep 2026
Strike22.00
Volume-
OI80
IV0.45
ContractPR260918P00023000
SidePut
Expiry18 Sep 2026
Strike23.00
Volume-
OI50
IV0.45
ContractPR280121P00005000
SidePut
Expiry21 Jan 2028
Strike5.00
Volume-
OI10
IV0.96
ContractPR260918C00026000
SideCall
Expiry18 Sep 2026
Strike26.00
Volume-
OI10
IV0.47
ContractPR260918C00018000
SideCall
Expiry18 Sep 2026
Strike18.00
Volume-
OI7
IV0.54
ContractPR270115P00023000
SidePut
Expiry15 Jan 2027
Strike23.00
Volume-
OI3
IV0.61
ContractPR260821C00026000
SideCall
Expiry21 Aug 2026
Strike26.00
Volume-
OI1
IV0.67
Research Graph
Related research and context
Sharemaestro research
Related News
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.