Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
C options intelligence
Citigroup Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 12 Aug 2026
Checked 12 Aug 2026 20:30 · complete available chain
Call-side pressure
Bullish pressure
C currently carries bullish options pressure with a 43/100 conviction score. The nearest-chain expected move is 2.5%, with volume/open-interest participation at 0.05.
Expected move
2.5%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.40
Call-side skew
Trend fit
53
Options are not fully confirming trend
Weekly backdrop
+2.4%
RS 5.4
Expected move
2.5%
Put-call volume
0.40
Volume / OI
0.05
Reference IV
0.28
Max pain
135.00
Underlying
135.00
Nearest expiry
14 Aug 2026
Contracts
1108
Research Brief
C has a bullish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 131.61–138.39; The largest call open-interest concentration is 139.00; the largest put concentration is 120.00. The most active strike by current volume is 139.00.
Priced range131.61–138.39
Call concentration139.00
Put concentration120.00
Max pain reference135.00
- 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 131.61 to 138.39. Max pain at 135.00 sits inside that range, 0.0% from spot.
Spot
Max pain
131.61135.00 ± 3.39138.39
Confirmation level
A close beyond 138.39 or below 131.61 at the 14 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 43/100
Pressure is 40/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure40 × 42%
+16.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement53 × 26%
+13.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility30 × 10%
+3.0
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 139.00; the largest put concentration is 120.00. The most active strike by current volume is 139.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
14196
120.00-11.1%
7
1455
124.00-8.1%
0
510
128.00-5.2%
229
903
130.00-3.7%
68
594
131.00-3.0%
91
982
132.00-2.2%
140
969
133.00-1.5%
248
672
134.00-0.7%
215
752
135.000.0%
1202
1157
136.000.7%
1924
168
137.001.5%
2072
248
138.002.2%
2852
89
139.003.0%
3304
150
140.003.7%
1057
7
141.004.4%
594
6
142.005.2%
1601
1
143.005.9%
582
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$30.0MDelta change / 1% move
Positive peak140.00+$15.3M
Negative peak125.00-$7.7M
Nearest balance134.18Interpolated sign change
StrikeNegativePositiveNet / 1% move
125.00-7.4%
-$7.7M
126.00-6.7%
-$387,832
127.00-5.9%
-$573,985
128.00-5.2%
-$373,922
129.00-4.4%
+$25,493
130.00-3.7%
-$6.3M
131.00-3.0%
+$108,387
132.00-2.2%
+$235,399
133.00-1.5%
-$1.5M
134.00-0.7%
-$1.3M
135.000.0%
+$6.0M
136.000.7%
+$1.1M
137.001.5%
+$5.5M
138.002.2%
+$4.6M
139.003.0%
+$3.0M
140.003.7%
+$15.3M
141.004.4%
+$479,724
142.005.2%
+$1.7M
143.005.9%
+$149,924
144.006.7%
+$101,011
145.007.4%
+$6.1M
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.
0.28
14 Aug
2d
0.28
21 Aug
9d
0.28
28 Aug
16d
0.28
4 Sep
23d
0.28
11 Sep
30d
0.29
18 Sep
37d
0.30
25 Sep
44d
0.31
16 Oct
65d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
110
113
115
117
120
122
124
126
128
130
133
135
137
139
141
143
145
148
150
155
160
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 6 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing100%
Average expiry move1.7%
7 Aug
Bullish · 43
1.9% through expiry
2.0% priced · v2.0
6 Aug
Bullish · 44
1.9% through expiry
2.5% priced · v2.0
5 Aug
Bullish · 45
1.9% through expiry
5.0% priced · v2.0
4 Aug
Bullish · 44
1.9% through expiry
4.2% priced · v2.0
3 Aug
Bullish · 44
1.9% through expiry
2.9% priced · v2.0
31 Jul
Bullish · 45
1.9% through expiry
3.3% priced · v2.0
30 Jul
Mixed · 37
-0.3% through expiry
1.5% 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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 1108 / 1108
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options pressure and weekly price action are pointing in the same constructive direction.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $143.7M of estimated gross traded notional, calls · 91+ days · itm, 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+40
1W price+2.4%
Call premium96%
Put premium4%
Notional split
C 96% / P 4%
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
53/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 91+ days · ITM
calls cluster with 7834 contracts traded, $61.0M estimated gross traded notional, and 42% of visible notional.
$61.0M
Calls · 22-45 days · ITM
calls cluster with 7832 contracts traded, $47.6M estimated gross traded notional, and 33% of visible notional.
$47.6M
Calls · 8-21 days · ITM
calls cluster with 5891 contracts traded, $23.3M estimated gross traded notional, and 16% of visible notional.
$23.3M
Puts · 91+ days · ITM
puts cluster with 944 contracts traded, $2.5M estimated gross traded notional, and 2% of visible notional.
$2.5M
Puts · 91+ days · OTM
puts cluster with 6075 contracts traded, $2.1M estimated gross traded notional, and 1% of visible notional.
$2.1M
Setup Classification
Opportunity and risk frame
Underlying price is close to the max-pain zone.
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: 11 completed sessions
Volume rank45th
Volume/OI rank45th
IV rank18th
Market Context
Underlying confirmation
Close135.00
1W+2.4%
RS5.4
Fair value+72.3%
Options pressure40
Speculation41
Volatility30
Trend fit53
Today Versus Normal
Stored-options context
30d avg 2.9% · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.31 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.47 · 11 sessions
64th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.06 · 11 sessions
45th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
4 Aug 18:20
Bullish
Pressure 38
Move 4.1%
4 Aug 19:50
Bullish
Pressure 33
Move 4.3%
5 Aug 00:05
Bullish
Pressure 34
Move 4.2%
5 Aug 14:20
Bullish
Pressure 41
Move 5.2%
5 Aug 15:40
Bullish
Pressure 52
Move 4.8%
5 Aug 17:00
Bullish
Pressure 51
Move 5.1%
5 Aug 18:30
Bullish
Pressure 46
Move 5.1%
5 Aug 19:00
Bullish
Pressure 44
Move 5.0%
Strike Map
Where activity is clustering
Strike75.00
Calls · V 0 · OI 0
Puts · V 2 · OI 10
Strike80.00
Calls · V 0 · OI 0
Puts · V 1 · OI 15
Strike85.00
Calls · V 0 · OI 0
Puts · V 12 · OI 5
Strike90.00
Calls · V 0 · OI 0
Puts · V 3 · OI 2
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike100.00
Calls · V 0 · OI 0
Puts · V 12 · OI 12
Strike105.00
Calls · V 0 · OI 0
Puts · V 8 · OI 5
Strike110.00
Calls · V 4 · OI 4
Puts · V 4 · OI 63
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts90
Avg IV0.28
Put-call0.33
Expiry21 Aug 2026
Contracts112
Avg IV0.28
Put-call0.22
Expiry28 Aug 2026
Contracts76
Avg IV0.28
Put-call0.31
Expiry4 Sep 2026
Contracts67
Avg IV0.28
Put-call0.78
Expiry11 Sep 2026
Contracts50
Avg IV0.28
Put-call0.94
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.24
Put IV0.37
Skew0.13
21 Aug 2026Balanced skew
Call IV0.25
Put IV0.30
Skew0.05
28 Aug 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
4 Sep 2026Balanced skew
Call IV0.28
Put IV0.28
Skew-0.01
11 Sep 2026Balanced skew
Call IV0.27
Put IV0.28
Skew0.00
Contract Tape
Most active contracts
ContractC270115P00175000
SidePut
Expiry15 Jan 2027
Strike175.00
Volume-
OI159
IV0.21
ContractC260814P00117000
SidePut
Expiry14 Aug 2026
Strike117.00
Volume-
OI54
IV0.83
ContractC270917P00085000
SidePut
Expiry17 Sep 2027
Strike85.00
Volume-
OI42
IV0.38
ContractC270917P00105000
SidePut
Expiry17 Sep 2027
Strike105.00
Volume-
OI29
IV0.33
ContractC270917C00115000
SideCall
Expiry17 Sep 2027
Strike115.00
Volume-
OI27
IV0.41
ContractC270917P00095000
SidePut
Expiry17 Sep 2027
Strike95.00
Volume-
OI21
IV0.35
ContractC260911C00155000
SideCall
Expiry11 Sep 2026
Strike155.00
Volume-
OI13
IV0.29
ContractC260911P00110000
SidePut
Expiry11 Sep 2026
Strike110.00
Volume-
OI9
IV0.56
Research Graph
Related research and context
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Plain English Guide
Options context
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Options can move quickly and can lose value fast. Treat this as research context, not a buy or sell instruction.