Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
RJF options intelligence
Raymond James Financial Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 5 Aug 2026
Checked 6 Aug 2026 11:13 · complete available chain
Call-side pressure
Bullish pressure
RJF currently carries bullish options pressure with a 45/100 conviction score. The nearest-chain expected move is 4.9%, with volume/open-interest participation at 0.03.
Expected move
4.9%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.32
Call-side skew
Trend fit
32
Options are not fully confirming trend
Weekly backdrop
+3.9%
RS 1.4
Expected move
4.9%
Put-call volume
0.32
Volume / OI
0.03
Reference IV
0.20
Max pain
160.00
Underlying
175.98
Nearest expiry
21 Aug 2026
Contracts
282
Research Brief
RJF has a bullish chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 167.28–184.68; The largest call open-interest concentration is 175.00; the largest put concentration is 150.00. The most active strike by current volume is 180.00.
Priced range167.28–184.68
Call concentration175.00
Put concentration150.00
Max pain reference160.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 167.28 to 184.68. Max pain at 160.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
167.28175.98 ± 8.70184.68
Confirmation level
A close beyond 184.68 or below 167.28 at the 21 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 45/100
Pressure is 59/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure59 × 42%
+24.8
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement32 × 26%
+8.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility34 × 10%
+3.4
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 175.00; the largest put concentration is 150.00. The most active strike by current volume is 180.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
14
115.00-34.7%
0
251
120.00-31.8%
0
20
130.00-26.1%
0
12
135.00-23.3%
0
258
140.00-20.4%
6
6
145.00-17.6%
1
401
150.00-14.8%
131
30
155.00-11.9%
31
210
160.00-9.1%
260
13
165.00-6.2%
374
37
170.00-3.4%
134
23
175.00-0.6%
770
3
180.002.3%
257
0
185.005.1%
171
0
190.008.0%
388
0
195.0010.8%
12
0
200.0013.6%
53
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+$4.1MDelta change / 1% move
Positive peak175.00+$1.2M
Negative peak155.00-$14,959
Nearest balance155.70Interpolated sign change
StrikeNegativePositiveNet / 1% move
115.00-34.7%
-$264
120.00-31.8%
-$1,619
125.00-29.0%
-$1,515
130.00-26.1%
+$198
135.00-23.3%
+$87
140.00-20.4%
-$10,773
145.00-17.6%
-$2,990
150.00-14.8%
+$4,055
155.00-11.9%
-$14,959
160.00-9.1%
+$92,461
165.00-6.2%
+$390,584
170.00-3.4%
+$133,353
175.00-0.6%
+$1.2M
180.002.3%
+$727,380
185.005.1%
+$577,309
190.008.0%
+$379,812
195.0010.8%
+$149,397
200.0013.6%
+$444,030
210.0019.3%
+$14,364
220.0025.0%
+$4,621
230.0030.7%
+$20
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.
0.20
21 Aug
16d
0.24
18 Sep
44d
0.24
20 Nov
107d
0.25
15 Jan
163d
0.26
19 Feb
198d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
145
150
155
160
165
170
175
180
185
190
195
200
210
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 21 Aug 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 5 Aug 2026
- Calculation
- v2.0
- Contracts
- 282 / 282
- 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 pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $230,818 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+59
1W price+3.9%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
32/100
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 109 contracts traded, $68,000 estimated gross traded notional, and 29% of visible notional.
$68,000
Calls · 91+ days · ATM
calls cluster with 47 contracts traded, $53,590 estimated gross traded notional, and 23% of visible notional.
$53,590
Calls · 8-21 days · ITM
calls cluster with 24 contracts traded, $43,195 estimated gross traded notional, and 19% of visible notional.
$43,195
Puts · 91+ days · ATM
puts cluster with 40 contracts traded, $36,350 estimated gross traded notional, and 16% of visible notional.
$36,350
Calls · 22-45 days · ATM
calls cluster with 16 contracts traded, $10,000 estimated gross traded notional, and 4% of visible notional.
$10,000
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
6 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 6 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close175.98
1W+3.9%
RS1.4
Fair value+27.9%
Options pressure59
Speculation41
Volatility34
Trend fit32
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:14
Bullish
Pressure 94
Move 6.3%
30 Jul 10:11
Mixed
Pressure 17
Move 5.9%
30 Jul 14:58
Bullish
Pressure 49
Move 5.3%
30 Jul 15:35
Bullish
Pressure 49
Move 5.5%
30 Jul 15:56
Bullish
Pressure 50
Move 5.5%
30 Jul 17:02
Bullish
Pressure 49
Move 5.9%
30 Jul 17:45
Bullish
Pressure 49
Move 5.9%
30 Jul 19:35
Bullish
Pressure 43
Move 5.9%
Strike Map
Where activity is clustering
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 0 · OI 0
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 8
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 14
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts56
Avg IV0.20
Put-call0.32
Expiry18 Sep 2026
Contracts54
Avg IV0.24
Put-call0.29
Expiry20 Nov 2026
Contracts54
Avg IV0.24
Put-call0.34
Expiry15 Jan 2027
Contracts68
Avg IV0.25
Put-call0.37
Expiry19 Feb 2027
Contracts50
Avg IV0.26
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.19
Put IV0.24
Skew0.05
18 Sep 2026Put IV premium
Call IV0.20
Put IV0.26
Skew0.06
20 Nov 2026Put IV premium
Call IV0.21
Put IV0.27
Skew0.06
15 Jan 2027Put IV premium
Call IV0.21
Put IV0.28
Skew0.07
19 Feb 2027Put IV premium
Call IV0.21
Put IV0.29
Skew0.08
Contract Tape
Most active contracts
ContractRJF270115C00190000
SideCall
Expiry15 Jan 2027
Strike190.00
Volume50
OI450
IV0.24
ContractRJF261120C00180000
SideCall
Expiry20 Nov 2026
Strike180.00
Volume33
OI262
IV0.23
ContractRJF261120P00180000
SidePut
Expiry20 Nov 2026
Strike180.00
Volume30
OI2
IV0.25
ContractRJF261120C00195000
SideCall
Expiry20 Nov 2026
Strike195.00
Volume26
OI85
IV0.21
ContractRJF261120C00190000
SideCall
Expiry20 Nov 2026
Strike190.00
Volume21
OI98
IV0.21
ContractRJF260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume17
OI257
IV0.19
ContractRJF260918C00180000
SideCall
Expiry18 Sep 2026
Strike180.00
Volume16
OI297
IV0.22
ContractRJF260918C00200000
SideCall
Expiry18 Sep 2026
Strike200.00
Volume15
OI5
IV0.18
Research Graph
Related research and context
Sharemaestro research
Related News
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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.