Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
ELME options intelligence
Elme Communities options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
53
Market data through 16 Sep 2026
Checked 17 Sep 2026 12:45 · complete available chain
Volatility expansion watch
Volatility pressure
ELME currently carries volatility options pressure with a 53/100 conviction score. The nearest-chain expected move is 18.7%, with volume/open-interest participation at 0.13.
Expected move
18.7%
Wider near-term move priced
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-1.8%
RS -32.0
Expected move
18.7%
Put-call volume
-
Volume / OI
0.13
Reference IV
2.53
Max pain
0.50
Underlying
1.66
Nearest expiry
18 Sep 2026
Contracts
56
Research Brief
ELME has a volatility chain read with 53/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 1.35–1.97; The largest call open-interest concentration is 0.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50.
Priced range1.35–1.97
Call concentration0.50
Put concentration0.50
Max pain reference0.50
- A clear directional pressure reading develops and price begins to agree.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
- 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 1.35 to 1.97. Max pain at 0.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
1.351.66 ± 0.311.97
Confirmation level
A close beyond 1.97 or below 1.35 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 53/100
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.
Participation6 × 22%
+1.3
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.
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 0.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
0.50-69.9%
1
0
1.00-39.8%
1
0
1.50-9.6%
0
0
2.0020.5%
0
0
2.5050.6%
0
0
5.00201.2%
0
0
7.50351.8%
0
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+$6,717Delta change / 1% move
Positive peak1.50+$3,198
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
0.50-69.9%
+$0
1.00-39.8%
+$1
1.50-9.6%
+$3,198
2.0020.5%
+$2,721
2.5050.6%
+$796
5.00201.2%
+$0
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.
2.53
18 Sep
2d
0.90
16 Oct
30d
0.48
15 Jan
121d
0.41
16 Apr
212d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
2
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
12 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing100%
Average expiry move3.5%
19 Aug
Volatility · 57
2.5% through expiry
44.9% priced · v2.0
18 Aug
Volatility · 52
2.5% through expiry
58.6% priced · v2.0
14 Aug
Volatility · 52
2.5% through expiry
58.6% priced · v2.0
12 Aug
Volatility · 60
2.5% through expiry
64.8% priced · v2.0
11 Aug
Mixed · 27
2.5% through expiry
64.8% priced · v2.0
7 Aug
Mixed · 27
2.5% through expiry
64.8% priced · v2.0
6 Aug
Volatility · 52
3.1% through expiry
65.2% priced · v2.0
5 Aug
Volatility · 52
3.1% through expiry
65.2% priced · v2.0
4 Aug
Volatility · 52
3.1% through expiry
63.7% priced · v2.0
3 Aug
Volatility · 53
3.1% through expiry
71.4% priced · v2.0
31 Jul
Mixed · 27
3.1% through expiry
69.9% priced · v2.0
30 Jul
Volatility · 56
11.4% through expiry
75.5% 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
- Complete available chain
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 56 / 56
- 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: $11,272 of estimated gross traded notional, calls · 22-45 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+100
1W price-1.8%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
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
0/100
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 · 22-45 days · ITM
calls cluster with 501 contracts traded, $11,272 estimated gross traded notional, and 100% of visible notional.
$11,272
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.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 21 completed sessions
Volume rank95th
Volume/OI rank95th
IV rank19th
Market Context
Underlying confirmation
Close1.66
1W-1.8%
RS-32.0
Fair value-28.2%
Options pressure100
Speculation6
Volatility96
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:42
Volatility
Pressure 100
Move 75.5%
30 Jul 02:44
Volatility
Pressure 100
Move 75.5%
30 Jul 15:05
Bullish
Pressure 54
Move 54.1%
30 Jul 15:46
Bullish
Pressure 49
Move 54.1%
31 Jul 05:49
Volatility
Pressure 100
Move 75.5%
3 Aug 11:56
Mixed
Pressure 8
Move 69.9%
3 Aug 21:35
Bullish
Pressure 62
Move 53.3%
4 Aug 00:36
Volatility
Pressure 100
Move 71.4%
Strike Map
Where activity is clustering
Strike0.50
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike1.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike1.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike2.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts14
Avg IV2.53
Put-call-
Expiry16 Oct 2026
Contracts14
Avg IV0.90
Put-call-
Expiry15 Jan 2027
Contracts14
Avg IV0.48
Put-call-
Expiry16 Apr 2027
Contracts14
Avg IV0.41
Put-call-
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV1.99
Put IV1.10
Skew-0.89
16 Oct 2026Call IV premium
Call IV0.51
Put IV0.29
Skew-0.22
15 Jan 2027Call IV premium
Call IV0.25
Put IV0.15
Skew-0.10
16 Apr 2027Call IV premium
Call IV0.18
Put IV0.12
Skew-0.06
Contract Tape
Most active contracts
ContractELME261016C00001500
SideCall
Expiry16 Oct 2026
Strike1.50
Volume501
OI1408
IV0.81
ContractELME261016C00002000
SideCall
Expiry16 Oct 2026
Strike2.00
Volume-
OI1027
IV0.51
ContractELME261016C00002500
SideCall
Expiry16 Oct 2026
Strike2.50
Volume-
OI929
IV0.88
ContractELME270416C00002000
SideCall
Expiry16 Apr 2027
Strike2.00
Volume-
OI314
IV0.18
ContractELME261016P00001500
SidePut
Expiry16 Oct 2026
Strike1.50
Volume-
OI100
IV0.29
ContractELME270115C00002500
SideCall
Expiry15 Jan 2027
Strike2.50
Volume-
OI63
IV0.43
ContractELME261016C00000500
SideCall
Expiry16 Oct 2026
Strike0.50
Volume-
OI2
IV3.50
ContractELME270115C00005000
SideCall
Expiry15 Jan 2027
Strike5.00
Volume-
OI2
IV0.92
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.