Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CRGY options intelligence
Crescent Energy Co options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
51
Market data through 17 Sep 2026
Checked 18 Sep 2026 03:24 · complete available chain
Call-side pressure
Bullish pressure
CRGY currently carries bullish options pressure with a 51/100 conviction score. The nearest-chain expected move is 6.3%, with volume/open-interest participation at 0.01.
Expected move
6.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.12
Call-side skew
Trend fit
16
Options are not fully confirming trend
Weekly backdrop
-5.2%
RS 20.1
Expected move
6.3%
Put-call volume
0.12
Volume / OI
0.01
Reference IV
0.66
Max pain
11.00
Underlying
14.66
Nearest expiry
18 Sep 2026
Contracts
278
Research Brief
CRGY has a bullish chain read with 51/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.74–15.58; The largest call open-interest concentration is 13.00; the largest put concentration is 10.00. The most active strike by current volume is 13.00.
Priced range13.74–15.58
Call concentration13.00
Put concentration10.00
Max pain reference11.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- 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 13.74 to 15.58. Max pain at 11.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
13.7414.66 ± 0.9215.58
Confirmation level
A close beyond 15.58 or below 13.74 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 51/100
Pressure is 87/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure87 × 42%
+36.4
How strongly activity leans toward calls or puts.
Participation16 × 22%
+3.6
Volume relative to existing open interest and contract-level activity.
Trend agreement16 × 26%
+4.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility72 × 10%
+7.2
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 13.00; 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
5.00-65.9%
0
0
6.00-59.1%
0
0
7.00-52.3%
0
0
8.00-45.4%
0
99
9.00-38.6%
5
243
10.00-31.8%
120
208
11.00-25.0%
968
142
12.00-18.1%
316
130
13.00-11.3%
1670
53
14.00-4.5%
1260
105
15.002.3%
1556
0
16.009.1%
75
1
17.0016.0%
0
0
18.0022.8%
0
0
19.0029.6%
0
0
20.0036.4%
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+$1.1MDelta change / 1% move
Positive peak15.00+$381,126
Negative peak10.00-$11,948
Nearest balance10.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50-82.9%
+$0
5.00-65.9%
+$57
6.00-59.1%
-$3
7.50-48.8%
+$5,059
9.00-38.6%
-$226
10.00-31.8%
-$11,948
11.00-25.0%
+$11,753
12.00-18.1%
+$4,941
12.50-14.7%
+$73,712
13.00-11.3%
+$47,860
14.00-4.5%
+$220,832
15.002.3%
+$381,126
16.009.1%
+$201,889
17.0016.0%
+$109
17.5019.4%
+$108,805
18.0022.8%
+$357
19.0029.6%
+$14
20.0036.4%
+$54,478
21.0043.2%
+$23
22.5053.5%
+$868
25.0070.5%
+$3,712
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.
0.66
18 Sep
1d
0.46
16 Oct
29d
0.52
20 Nov
64d
0.50
18 Dec
92d
0.49
15 Jan
120d
0.48
16 Apr
211d
0.55
21 Jan
491d
0.56
16 Jun
638d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
12
13
14
15
16
17
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 10 stored directional transitions, the next stored price moved in the labelled direction 80% of the time.
Directional follow-through80%
Moves contained by pricing43%
Average expiry move13.3%
17 Sep
Bullish · 51
-5.2% through expiry
6.3% priced · v2.0
16 Sep
Volatility · 46
-5.2% through expiry
5.3% priced · v2.0
14 Sep
Mixed · 38
-5.2% through expiry
7.8% priced · v2.0
10 Sep
Bullish · 53
0.9% through expiry
5.8% priced · v2.0
8 Sep
Bullish · 47
0.9% through expiry
6.7% priced · v2.0
3 Sep
Bullish · 49
2.7% through expiry
7.2% priced · v2.0
1 Sep
Bullish · 43
2.7% through expiry
7.6% priced · v2.0
28 Aug
Bullish · 35
-1.1% through expiry
8.5% priced · v2.0
21 Aug
Volatility · 46
-1.1% through expiry
10.0% priced · v2.0
20 Aug
Volatility · 46
15.2% through expiry
6.2% priced · v2.0
14 Aug
Mixed · 39
15.2% through expiry
5.9% priced · v2.0
13 Aug
Bullish · 43
21.5% through expiry
9.6% 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
- 278 / 278
- 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.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $83,524 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+87
1W price-5.2%
Call premium88%
Put premium12%
Notional split
C 88% / P 12%
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
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 · 91+ days · OTM
calls cluster with 600 contracts traded, $27,110 estimated gross traded notional, and 32% of visible notional.
$27,110
Calls · 91+ days · ITM
calls cluster with 54 contracts traded, $13,265 estimated gross traded notional, and 16% of visible notional.
$13,265
Calls · 22-45 days · ITM
calls cluster with 42 contracts traded, $12,658 estimated gross traded notional, and 15% of visible notional.
$12,658
Calls · 0-7 days · ITM
calls cluster with 66 contracts traded, $8,472 estimated gross traded notional, and 10% of visible notional.
$8,472
Calls · 46-90 days · ITM
calls cluster with 35 contracts traded, $7,838 estimated gross traded notional, and 9% of visible notional.
$7,838
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 22 completed sessions
Volume rank27th
Volume/OI rank18th
IV rank86th
Market Context
Underlying confirmation
Close13.90
1W-5.2%
RS20.1
Fair value+30.7%
Options pressure87
Speculation16
Volatility72
Trend fit16
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:44
Volatility
Pressure 93
Move 13.3%
30 Jul 10:40
Volatility
Pressure 100
Move 12.2%
31 Jul 13:04
Volatility
Pressure 100
Move 11.8%
31 Jul 15:35
Volatility
Pressure 89
Move 12.9%
31 Jul 16:58
Volatility
Pressure 89
Move 12.9%
1 Aug 10:53
Volatility
Pressure 100
Move 13.1%
2 Aug 22:28
Volatility
Pressure 100
Move 12.9%
4 Aug 10:45
Volatility
Pressure 94
Move 12.0%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 0 · OI 0
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 0
Strike9.00
Calls · V 1 · OI 5
Puts · V 0 · OI 99
Strike10.00
Calls · V 0 · OI 120
Puts · V 0 · OI 243
Strike11.00
Calls · V 5 · OI 968
Puts · V 0 · OI 208
Strike12.00
Calls · V 0 · OI 316
Puts · V 0 · OI 142
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts32
Avg IV0.66
Put-call0.10
Expiry16 Oct 2026
Contracts32
Avg IV0.46
Put-call0.64
Expiry20 Nov 2026
Contracts34
Avg IV0.52
Put-call1.29
Expiry18 Dec 2026
Contracts32
Avg IV0.50
Put-call0.01
Expiry15 Jan 2027
Contracts32
Avg IV0.49
Put-call0.06
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV0.69
Put IV0.51
Skew-0.18
16 Oct 2026Put IV premium
Call IV0.43
Put IV0.50
Skew0.07
20 Nov 2026Balanced skew
Call IV0.52
Put IV0.52
Skew-
18 Dec 2026Put IV premium
Call IV0.47
Put IV0.56
Skew0.09
15 Jan 2027Put IV premium
Call IV0.45
Put IV0.57
Skew0.12
Contract Tape
Most active contracts
ContractCRGY261218C00017500
SideCall
Expiry18 Dec 2026
Strike17.50
Volume456
OI3605
IV0.47
ContractCRGY261218C00016000
SideCall
Expiry18 Dec 2026
Strike16.00
Volume100
OI342
IV0.47
ContractCRGY260918C00013000
SideCall
Expiry18 Sep 2026
Strike13.00
Volume53
OI1670
IV1.21
ContractCRGY261120P00014000
SidePut
Expiry20 Nov 2026
Strike14.00
Volume45
OI-
IV0.49
ContractCRGY270115C00012500
SideCall
Expiry15 Jan 2027
Strike12.50
Volume40
OI2385
IV0.53
ContractCRGY261016C00011000
SideCall
Expiry16 Oct 2026
Strike11.00
Volume35
OI548
IV0.89
ContractCRGY270115C00017500
SideCall
Expiry15 Jan 2027
Strike17.50
Volume29
OI1328
IV0.45
ContractCRGY261016P00012500
SidePut
Expiry16 Oct 2026
Strike12.50
Volume24
OI3081
IV0.50
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
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.