Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ATO options intelligence
Atmos Energy Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:00 · complete available chain
Call-side pressure
Bullish pressure
ATO currently carries bullish options pressure with a 34/100 conviction score. The nearest-chain expected move is 4.5%, with volume/open-interest participation at 0.02.
Expected move
4.5%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.58
Call-side skew
Trend fit
25
Options are not fully confirming trend
Weekly backdrop
-3.6%
RS -8.3
Expected move
4.5%
Put-call volume
0.58
Volume / OI
0.02
Reference IV
0.25
Max pain
175.00
Underlying
172.78
Nearest expiry
21 Aug 2026
Contracts
188
Research Brief
ATO has a bullish chain read with 34/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 165.05–180.51; The largest call open-interest concentration is 175.00; the largest put concentration is 180.00. The most active strike by current volume is 175.00.
Priced range165.05–180.51
Call concentration175.00
Put concentration180.00
Max pain reference175.00
- 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 165.05 to 180.51. Max pain at 175.00 sits inside that range, 1.3% above spot.
Spot
Max pain
165.05172.78 ± 7.73180.51
Confirmation level
A close beyond 180.51 or below 165.05 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 34/100
Pressure is 35/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure35 × 42%
+14.8
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement25 × 26%
+6.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility35 × 10%
+3.5
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 180.00. The most active strike by current volume is 175.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
115.00-33.4%
0
0
120.00-30.5%
0
0
125.00-27.7%
0
0
130.00-24.8%
0
0
135.00-21.9%
0
0
140.00-19.0%
0
0
145.00-16.1%
0
0
150.00-13.2%
0
1
155.00-10.3%
0
0
160.00-7.4%
0
4
165.00-4.5%
0
6
170.00-1.6%
27
9
175.001.3%
534
43
180.004.2%
67
1
185.007.1%
19
0
190.0010.0%
1
0
195.0012.9%
16
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+$777,815Delta change / 1% move
Positive peak175.00+$660,045
Negative peak165.00-$38,555
Nearest balance170.06Interpolated sign change
StrikeNegativePositiveNet / 1% move
120.00-30.5%
-$6
125.00-27.7%
-$92
130.00-24.8%
-$35
135.00-21.9%
-$29
140.00-19.0%
+$402
145.00-16.1%
-$19
150.00-13.2%
+$5,158
155.00-10.3%
-$156
160.00-7.4%
-$7,531
165.00-4.5%
-$38,555
170.00-1.6%
-$7,601
175.001.3%
+$660,045
180.004.2%
+$29,516
185.007.1%
+$54,647
190.0010.0%
+$48,301
195.0012.9%
+$27,881
200.0015.8%
+$3,459
210.0021.5%
+$2,238
220.0027.3%
+$101
230.0033.1%
+$90
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.
0.25
21 Aug
21d
0.22
18 Sep
49d
0.21
16 Oct
77d
0.21
15 Jan
168d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
140
145
150
155
160
165
170
175
180
185
190
195
200
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 188 / 188
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $10,452 of estimated gross traded notional, calls · 8-21 days · atm, 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+35
1W price-3.6%
Call premium68%
Put premium32%
Notional split
C 68% / P 32%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
25/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 1 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 8-21 days · ATM
calls cluster with 12 contracts traded, $3,690 estimated gross traded notional, and 35% of visible notional.
$3,690
Calls · 91+ days · OTM
calls cluster with 9 contracts traded, $2,092 estimated gross traded notional, and 20% of visible notional.
$2,092
Puts · 46-90 days · OTM
puts cluster with 11 contracts traded, $1,540 estimated gross traded notional, and 15% of visible notional.
$1,540
Puts · 8-21 days · ITM
puts cluster with 1 contracts traded, $1,235 estimated gross traded notional, and 12% of visible notional.
$1,235
Calls · 46-90 days · OTM
calls cluster with 2 contracts traded, $730 estimated gross traded notional, and 7% of visible notional.
$730
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close172.78
1W-3.6%
RS-8.3
Fair value+22.4%
Options pressure35
Speculation41
Volatility35
Trend fit25
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:14
Bullish
Pressure 44
Move 4.6%
30 Jul 10:10
Bearish
Pressure -62
Move 4.4%
31 Jul 10:04
Bullish
Pressure 78
Move 5.5%
3 Aug 10:00
Bullish
Pressure 35
Move 4.5%
Strike Map
Where activity is clustering
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike140.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike150.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.25
Put-call0.25
Expiry18 Sep 2026
Contracts46
Avg IV0.22
Put-call-
Expiry16 Oct 2026
Contracts48
Avg IV0.21
Put-call-
Expiry15 Jan 2027
Contracts48
Avg IV0.21
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.27
Put IV0.22
Skew-0.05
18 Sep 2026Balanced skew
Call IV0.22
Put IV0.24
Skew0.02
16 Oct 2026Balanced skew
Call IV0.23
Put IV0.21
Skew-0.02
15 Jan 2027Balanced skew
Call IV0.19
Put IV0.23
Skew0.04
Contract Tape
Most active contracts
ContractATO260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume12
OI534
IV0.24
ContractATO260918P00160000
SidePut
Expiry18 Sep 2026
Strike160.00
Volume11
OI1
IV0.24
ContractATO270115C00200000
SideCall
Expiry15 Jan 2027
Strike200.00
Volume9
OI4
IV0.20
ContractATO260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume2
OI6
IV0.25
ContractATO261016C00185000
SideCall
Expiry16 Oct 2026
Strike185.00
Volume1
OI93
IV0.23
ContractATO261016C00175000
SideCall
Expiry16 Oct 2026
Strike175.00
Volume1
OI64
IV0.21
ContractATO261016C00180000
SideCall
Expiry16 Oct 2026
Strike180.00
Volume1
OI23
IV0.21
ContractATO260821P00185000
SidePut
Expiry21 Aug 2026
Strike185.00
Volume1
OI1
IV0.23
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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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.