Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
CSCO options intelligence
Cisco Systems Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 3 Aug 2026
Checked 3 Aug 2026 20:30 · complete available chain
Options-market disagreement
Mixed pressure
CSCO currently carries mixed options pressure with a 42/100 conviction score. The nearest-chain expected move is 3.6%, with volume/open-interest participation at 0.05.
Expected move
3.6%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.86
Balanced tape
Trend fit
91
Options agree with trend context
Weekly backdrop
+1.6%
RS 26.3
Expected move
3.6%
Put-call volume
0.86
Volume / OI
0.05
Reference IV
0.40
Max pain
111.00
Underlying
115.99
Nearest expiry
7 Aug 2026
Contracts
1011
Research Brief
CSCO has a mixed chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 111.81–120.17; The largest call open-interest concentration is 115.00; the largest put concentration is 100.00. The most active strike by current volume is 120.00.
Priced range111.81–120.17
Call concentration115.00
Put concentration100.00
Max pain reference111.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 111.81 to 120.17. Max pain at 111.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
111.81115.99 ± 4.18120.17
Confirmation level
A close beyond 120.17 or below 111.81 at the 7 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 42/100
Pressure is 11/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure11 × 42%
+4.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement91 × 26%
+23.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility43 × 10%
+4.3
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 115.00; the largest put concentration is 100.00. The most active strike by current volume is 120.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2133
100.00-13.8%
19
1065
104.00-10.3%
11
219
105.00-9.5%
849
934
110.00-5.2%
388
80
111.00-4.3%
486
363
112.00-3.4%
120
256
114.00-1.7%
393
308
115.00-0.9%
2033
165
116.000.0%
1242
160
117.000.9%
424
48
118.001.7%
443
98
119.002.6%
656
60
120.003.5%
789
28
122.005.2%
904
21
124.006.9%
1384
14
125.007.8%
1193
11
130.0012.1%
1382
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+$34.4MDelta change / 1% move
Positive peak130.00+$5.9M
Negative peak110.00-$2.5M
Nearest balance113.46Interpolated sign change
StrikeNegativePositiveNet / 1% move
106.00-8.6%
-$55,794
107.00-7.8%
-$22,779
108.00-6.9%
-$304,709
109.00-6.0%
+$9,421
110.00-5.2%
-$2.5M
111.00-4.3%
+$179,617
112.00-3.4%
-$229,646
113.00-2.6%
-$102,744
114.00-1.7%
+$120,495
115.00-0.9%
+$3.8M
116.000.0%
+$1.6M
117.000.9%
+$276,136
118.001.7%
+$585,346
119.002.6%
+$534,425
120.003.5%
+$4.3M
121.004.3%
+$599,136
122.005.2%
+$599,629
123.006.0%
+$334,033
124.006.9%
+$512,210
125.007.8%
+$3.4M
126.008.6%
+$171,234
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.40
7 Aug
4d
0.67
14 Aug
11d
0.58
21 Aug
18d
0.54
28 Aug
25d
0.52
4 Sep
32d
0.51
11 Sep
39d
0.48
18 Sep
46d
0.44
16 Oct
74d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
95
100
102
104
105
107
109
111
113
115
116
118
120
122
124
126
128
129
131
133
135
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing100%
Average expiry move1.6%
30 Jul
Mixed · 38
1.6% through expiry
1.9% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 1011 / 1011
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $21.9M of estimated gross traded notional, calls · 91+ days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+11
1W price+1.6%
Call premium70%
Put premium30%
Notional split
C 70% / P 30%
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
91/100
Agreement between options pressure and Sharemaestro market context.
Event window
12 Aug
Matched earnings event is 8 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ITM
calls cluster with 831 contracts traded, $3.8M estimated gross traded notional, and 17% of visible notional.
$3.8M
Calls · 91+ days · OTM
calls cluster with 4360 contracts traded, $3.8M estimated gross traded notional, and 17% of visible notional.
$3.8M
Calls · 8-21 days · ATM
calls cluster with 3285 contracts traded, $2.1M estimated gross traded notional, and 10% of visible notional.
$2.1M
Puts · 91+ days · ITM
puts cluster with 717 contracts traded, $1.7M estimated gross traded notional, and 8% of visible notional.
$1.7M
Puts · 8-21 days · OTM
puts cluster with 5387 contracts traded, $1.7M estimated gross traded notional, and 8% of visible notional.
$1.7M
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close115.99
1W+1.6%
RS26.3
Fair value+83.3%
Options pressure11
Speculation41
Volatility43
Trend fit91
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 16:30
Mixed
Pressure -1
Move 3.2%
29 Jul 16:52
Mixed
Pressure -1
Move 3.1%
29 Jul 17:14
Mixed
Pressure 4
Move 3.2%
29 Jul 17:33
Mixed
Pressure 5
Move 3.1%
29 Jul 18:01
Mixed
Pressure 1
Move 3.0%
29 Jul 18:26
Mixed
Pressure 4
Move 3.0%
29 Jul 18:42
Mixed
Pressure 4
Move 3.1%
29 Jul 19:10
Mixed
Pressure 4
Move 3.6%
Strike Map
Where activity is clustering
Strike65.00
Calls · V 26 · OI 4
Puts · V 1 · OI 1
Strike70.00
Calls · V 26 · OI 12
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 1 · OI 4
Strike85.00
Calls · V 0 · OI 0
Puts · V 1 · OI 253
Strike90.00
Calls · V 5 · OI 6
Puts · V 7 · OI 369
Strike95.00
Calls · V 2 · OI 16
Puts · V 3 · OI 81
Strike99.00
Calls · V 0 · OI 0
Puts · V 46 · OI 157
Strike100.00
Calls · V 3 · OI 19
Puts · V 2 · OI 2133
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts82
Avg IV0.40
Put-call0.42
Expiry14 Aug 2026
Contracts76
Avg IV0.67
Put-call0.35
Expiry21 Aug 2026
Contracts94
Avg IV0.58
Put-call1.46
Expiry28 Aug 2026
Contracts64
Avg IV0.54
Put-call0.60
Expiry4 Sep 2026
Contracts41
Avg IV0.52
Put-call1.50
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.39
Put IV0.42
Skew0.03
14 Aug 2026Balanced skew
Call IV0.66
Put IV0.68
Skew0.02
21 Aug 2026Balanced skew
Call IV0.59
Put IV0.58
Skew-0.01
28 Aug 2026Balanced skew
Call IV0.54
Put IV0.54
Skew-0.01
4 Sep 2026Balanced skew
Call IV0.54
Put IV0.51
Skew-0.03
Contract Tape
Most active contracts
ContractCSCO260814P00140000
SidePut
Expiry14 Aug 2026
Strike140.00
Volume-
OI100
IV0.65
ContractCSCO270319P00040000
SidePut
Expiry19 Mar 2027
Strike40.00
Volume-
OI38
IV0.86
ContractCSCO260828P00119000
SidePut
Expiry28 Aug 2026
Strike119.00
Volume-
OI12
IV0.51
ContractCSCO260814P00129000
SidePut
Expiry14 Aug 2026
Strike129.00
Volume-
OI11
IV0.71
ContractCSCO260828C00108000
SideCall
Expiry28 Aug 2026
Strike108.00
Volume-
OI11
IV0.55
ContractCSCO260814C00155000
SideCall
Expiry14 Aug 2026
Strike155.00
Volume-
OI11
IV0.97
ContractCSCO260911P00105000
SidePut
Expiry11 Sep 2026
Strike105.00
Volume-
OI7
IV0.51
ContractCSCO260807C00155000
SideCall
Expiry7 Aug 2026
Strike155.00
Volume-
OI7
IV1.69
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.