Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
VSOL options intelligence
VanEck Solana ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 17 Sep 2026
Checked 18 Sep 2026 12:07 · complete available chain
Call-side pressure
Bullish pressure
VSOL currently carries bullish options pressure with a 54/100 conviction score. The nearest-chain expected move is 3.9%, with volume/open-interest participation at 0.00.
Expected move
3.9%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
16
Options are not fully confirming trend
Weekly backdrop
+0.4%
Sharemaestro weekly context
Expected move
3.9%
Put-call volume
-
Volume / OI
0.00
Reference IV
0.75
Max pain
9.00
Underlying
13.72
Nearest expiry
18 Sep 2026
Contracts
248
Research Brief
VSOL has a bullish chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.18–14.26; The largest call open-interest concentration is 12.00; the largest put concentration is 10.00. The most active strike by current volume is 13.00.
Priced range13.18–14.26
Call concentration12.00
Put concentration10.00
Max pain reference9.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 13.18 to 14.26. Max pain at 9.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
13.1813.72 ± 0.5414.26
Confirmation level
A close beyond 14.26 or below 13.18 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 54/100
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.
Participation3 × 22%
+0.6
Volume relative to existing open interest and contract-level activity.
Trend agreement16 × 26%
+4.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility68 × 10%
+6.8
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 12.00; the largest put concentration is 10.00. The most active strike by current volume is 13.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
2.00-85.4%
0
0
3.00-78.1%
0
0
4.00-70.8%
0
0
5.00-63.6%
10
10
8.00-41.7%
0
1
9.00-34.4%
8
12
10.00-27.1%
4
0
11.00-19.8%
1
1
12.00-12.5%
125
1
13.00-5.2%
3
0
15.009.3%
86
0
17.0023.9%
12
0
19.0038.5%
8
0
20.0045.8%
2
0
24.0074.9%
1
0
25.0082.2%
1
0
26.0089.5%
1
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+$6,348Delta change / 1% move
Positive peak15.00+$4,010
Negative peak12.00-$29
Nearest balance12.02Interpolated sign change
StrikeNegativePositiveNet / 1% move
7.00-49.0%
+$6
8.00-41.7%
+$22
9.00-34.4%
+$323
10.00-27.1%
+$105
11.00-19.8%
+$193
12.00-12.5%
-$29
13.00-5.2%
+$1,440
14.002.0%
+$104
15.009.3%
+$4,010
16.0016.6%
+$52
17.0023.9%
+$74
19.0038.5%
+$34
20.0045.8%
+$9
24.0074.9%
+$2
25.0082.2%
+$1
26.0089.5%
+$1
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.
0.75
18 Sep
1d
0.49
16 Oct
29d
0.37
20 Nov
64d
0.57
18 Dec
92d
0.67
19 Mar
183d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
11
12
13
14
15
16
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
4 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move24.3%
4 Aug
Volatility · 50
24.6% through expiry
9.1% priced · v2.0
3 Aug
Volatility · 57
24.6% through expiry
13.0% priced · v2.0
31 Jul
Volatility · 50
24.6% through expiry
8.9% priced · v2.0
30 Jul
Mixed · 34
23.3% through expiry
10.2% 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
- 17 Sep 2026
- Calculation
- v2.0
- Contracts
- 248 / 248
- 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.
Call-side pressure is building before a meaningful weekly price response.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $112 of estimated gross traded notional, calls · 0-7 days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+100
1W price+0.4%
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
0.00
Volume divided by open interest across the visible chain.
Trend fit
16/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 0-7 days · ITM
calls cluster with 1 contracts traded, $60 estimated gross traded notional, and 54% of visible notional.
$60
Calls · 91+ days · OTM
calls cluster with 2 contracts traded, $52 estimated gross traded notional, and 46% of visible notional.
$52
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 12 completed sessions
Volume rank75th
Volume/OI rank67th
IV rank92th
Market Context
Underlying confirmation
Close13.72
1W+0.4%
RS-
Fair value+9.4%
Options pressure100
Speculation3
Volatility68
Trend fit16
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:25
Mixed
Pressure 10
Move 20.7%
30 Jul 13:12
Mixed
Pressure 10
Move 12.9%
31 Jul 12:52
Mixed
Pressure 10
Move 10.2%
3 Aug 11:35
Volatility
Pressure 100
Move 8.9%
4 Aug 12:46
Volatility
Pressure -79
Move 13.0%
5 Aug 13:14
Volatility
Pressure 100
Move 9.1%
1 Sep 10:23
Volatility
Pressure 100
Move 13.3%
3 Sep 11:27
Mixed
Pressure 11
Move 8.5%
Strike Map
Where activity is clustering
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike3.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 10
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike9.00
Calls · V 0 · OI 8
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts56
Avg IV0.75
Put-call-
Expiry16 Oct 2026
Contracts50
Avg IV0.49
Put-call-
Expiry20 Nov 2026
Contracts42
Avg IV0.37
Put-call-
Expiry18 Dec 2026
Contracts50
Avg IV0.57
Put-call-
Expiry19 Mar 2027
Contracts50
Avg IV0.67
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.42
Put IV0.52
Skew0.10
16 Oct 2026Balanced skew
Call IV0.56
Put IV0.59
Skew0.03
20 Nov 2026Balanced skew
Call IV0.04
Put IV0.07
Skew0.03
18 Dec 2026Put IV premium
Call IV0.58
Put IV0.64
Skew0.06
19 Mar 2027Put IV premium
Call IV0.61
Put IV0.70
Skew0.09
Contract Tape
Most active contracts
ContractVSOL261218C00020000
SideCall
Expiry18 Dec 2026
Strike20.00
Volume2
OI-
IV0.33
ContractVSOL260918C00013000
SideCall
Expiry18 Sep 2026
Strike13.00
Volume1
OI3
IV0.01
ContractVSOL270319C00015000
SideCall
Expiry19 Mar 2027
Strike15.00
Volume-
OI162
IV0.59
ContractVSOL260918C00012000
SideCall
Expiry18 Sep 2026
Strike12.00
Volume-
OI125
IV0.01
ContractVSOL260918C00015000
SideCall
Expiry18 Sep 2026
Strike15.00
Volume-
OI86
IV1.05
ContractVSOL261218C00013000
SideCall
Expiry18 Dec 2026
Strike13.00
Volume-
OI60
IV0.41
ContractVSOL270319C00009000
SideCall
Expiry19 Mar 2027
Strike9.00
Volume-
OI42
IV0.68
ContractVSOL260918C00017000
SideCall
Expiry18 Sep 2026
Strike17.00
Volume-
OI12
IV2.04
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.