Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
CIGI options intelligence
Colliers International Group Inc Bats options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
65
Market data through 21 Sep 2026
Checked 22 Sep 2026 11:09 · complete available chain
Put-side pressure
Bearish pressure
CIGI currently carries bearish options pressure with a 65/100 conviction score. The nearest-chain expected move is 7.1%, with volume/open-interest participation at 0.01.
Expected move
7.1%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
38
Options are not fully confirming trend
Weekly backdrop
-4.0%
RS -33.7
Expected move
7.1%
Put-call volume
-
Volume / OI
0.01
Reference IV
0.25
Max pain
105.00
Underlying
89.61
Nearest expiry
16 Oct 2026
Contracts
174
Research Brief
CIGI has a bearish chain read with 65/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 83.26–95.96; The largest call open-interest concentration is 110.00; the largest put concentration is 95.00. The most active strike by current volume is 90.00.
Priced range83.26–95.96
Call concentration110.00
Put concentration95.00
Max pain reference105.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 83.26 to 95.96. Max pain at 105.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
83.2689.61 ± 6.3595.96
Confirmation level
A close beyond 95.96 or below 83.26 at the 16 Oct 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 65/100
Pressure is 100/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.8
Volume relative to existing open interest and contract-level activity.
Trend agreement38 × 26%
+9.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility46 × 10%
+4.6
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 110.00; the largest put concentration is 95.00. The most active strike by current volume is 90.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
55.00-38.6%
0
0
60.00-33.0%
0
0
65.00-27.5%
0
0
70.00-21.9%
0
0
75.00-16.3%
0
0
80.00-10.7%
0
0
85.00-5.1%
0
1
90.000.4%
0
62
95.006.0%
0
0
100.0011.6%
0
1
105.0017.2%
0
0
110.0022.8%
4
0
115.0028.3%
3
0
120.0033.9%
4
0
125.0039.5%
4
0
130.0045.1%
0
0
135.0050.7%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$120,239Delta change / 1% move
Positive peak120.00+$50,213
Negative peak90.00-$56,913
Nearest balance109.98Interpolated sign change
StrikeNegativePositiveNet / 1% move
60.00-33.0%
-$3
65.00-27.5%
-$10
70.00-21.9%
-$23
75.00-16.3%
-$1,054
80.00-10.7%
-$1,857
85.00-5.1%
-$11,089
90.000.4%
-$56,913
95.006.0%
-$28,471
100.0011.6%
-$1,284
105.0017.2%
-$56,352
110.0022.8%
+$228
115.0028.3%
-$8,725
120.0033.9%
+$50,213
125.0039.5%
+$344
130.0045.1%
-$5,342
135.0050.7%
+$48
140.0056.2%
+$22
145.0061.8%
+$16
150.0067.4%
+$8
155.0073.0%
+$4
160.0078.6%
+$3
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.25
16 Oct
25d
0.35
20 Nov
60d
0.32
19 Feb
151d
0.30
21 May
242d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
75
80
85
90
95
100
105
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 15 stored directional transitions, the next stored price moved in the labelled direction 47% of the time.
Directional follow-through47%
Moves contained by pricing26%
Average expiry move8.6%
16 Sep
Mixed · 23
-4.0% through expiry
6.5% priced · v2.0
14 Sep
Bearish · 48
-4.0% through expiry
3.7% priced · v2.0
10 Sep
Bearish · 56
-9.5% through expiry
9.1% priced · v2.0
4 Sep
Mixed · 28
-9.5% through expiry
5.1% priced · v2.0
3 Sep
Bearish · 56
-12.9% through expiry
6.5% priced · v2.0
2 Sep
Mixed · 26
-12.9% through expiry
9.3% priced · v2.0
31 Aug
Bullish · 31
-12.9% through expiry
6.4% priced · v2.0
28 Aug
Bearish · 62
-12.9% through expiry
5.1% priced · v2.0
21 Aug
Bearish · 47
-16.3% through expiry
6.7% priced · v2.0
14 Aug
Bearish · 49
1.6% through expiry
4.7% priced · v2.0
13 Aug
Bearish · 54
5.4% through expiry
7.6% priced · v2.0
12 Aug
Bearish · 52
5.4% through expiry
4.9% 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
- 21 Sep 2026
- Calculation
- v2.0
- Contracts
- 174 / 174
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Options pressure and weekly price action are both cautionary.
Put-heavy activity matters because it connects the options headline to the actual evidence: $3,130 of estimated gross traded notional, puts · 22-45 days · atm, and a bearish 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-4.0%
Call premium0%
Put premium100%
Notional split
C 0% / P 100%
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
38/100
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.
Puts · 22-45 days · ATM
puts cluster with 9 contracts traded, $2,565 estimated gross traded notional, and 82% of visible notional.
$2,565
Puts · 91+ days · OTM
puts cluster with 1 contracts traded, $565 estimated gross traded notional, and 18% of visible notional.
$565
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Put pressure is building after the stock has already moved below fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 21 completed sessions
Volume rank48th
Volume/OI rank57th
IV rank29th
Market Context
Underlying confirmation
Close89.61
1W-4.0%
RS-33.7
Fair value-28.2%
Options pressure-100
Speculation40
Volatility46
Trend fit38
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:40
Volatility
Pressure -100
Move 13.7%
30 Jul 03:44
Volatility
Pressure -40
Move 11.5%
30 Jul 05:42
Volatility
Pressure -40
Move 11.2%
30 Jul 15:23
Mixed
Pressure 15
Move 9.4%
30 Jul 15:41
Mixed
Pressure 13
Move 9.4%
30 Jul 19:41
Mixed
Pressure -11
Move 9.7%
31 Jul 11:08
Bearish
Pressure -100
Move 6.2%
3 Aug 00:20
Bearish
Pressure -39
Move 6.1%
Strike Map
Where activity is clustering
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike90.00
Calls · V 0 · OI 0
Puts · V 9 · OI 1
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts44
Avg IV0.25
Put-call-
Expiry20 Nov 2026
Contracts46
Avg IV0.35
Put-call-
Expiry19 Feb 2027
Contracts48
Avg IV0.32
Put-call-
Expiry21 May 2027
Contracts36
Avg IV0.30
Put-call-
Skew
Call/put IV balance
16 Oct 2026Call IV premium
Call IV0.37
Put IV0.14
Skew-0.22
20 Nov 2026Put IV premium
Call IV0.34
Put IV0.40
Skew0.06
19 Feb 2027Balanced skew
Call IV0.32
Put IV0.35
Skew0.03
21 May 2027Balanced skew
Call IV0.28
Put IV0.32
Skew0.04
Contract Tape
Most active contracts
ContractCIGI261016P00090000
SidePut
Expiry16 Oct 2026
Strike90.00
Volume9
OI1
IV0.42
ContractCIGI270521P00085000
SidePut
Expiry21 May 2027
Strike85.00
Volume1
OI-
IV0.35
ContractCIGI261120C00120000
SideCall
Expiry20 Nov 2026
Strike120.00
Volume-
OI659
IV0.41
ContractCIGI261120P00105000
SidePut
Expiry20 Nov 2026
Strike105.00
Volume-
OI285
IV0.34
ContractCIGI261120P00090000
SidePut
Expiry20 Nov 2026
Strike90.00
Volume-
OI229
IV0.34
ContractCIGI261120P00115000
SidePut
Expiry20 Nov 2026
Strike115.00
Volume-
OI85
IV0.42
ContractCIGI270219P00085000
SidePut
Expiry19 Feb 2027
Strike85.00
Volume-
OI78
IV0.35
ContractCIGI270219P00130000
SidePut
Expiry19 Feb 2027
Strike130.00
Volume-
OI72
IV0.46
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.