Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
AZUL options intelligence
Azul SA options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 7 Aug 2026
Checked 10 Aug 2026 12:42 · complete available chain
Call-side pressure
Bullish pressure
AZUL currently carries bullish options pressure with a 45/100 conviction score. The nearest-chain expected move is 79.2%, with volume/open-interest participation at 0.05.
Expected move
79.2%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.69
Call-side skew
Trend fit
70
Options agree with trend context
Weekly backdrop
-5.4%
Sharemaestro weekly context
Expected move
79.2%
Put-call volume
0.69
Volume / OI
0.05
Reference IV
0.20
Max pain
0.50
Underlying
8.51
Nearest expiry
15 Jan 2027
Contracts
20
Research Brief
AZUL 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 1.77–15.25; The largest call open-interest concentration is 2.50; the largest put concentration is 2.00. The most active strike by current volume is 2.00.
Priced range1.77–15.25
Call concentration2.50
Put concentration2.00
Max pain reference0.50
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 1.77 to 15.25. Max pain at 0.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
1.778.51 ± 6.7415.25
Confirmation level
A close beyond 15.25 or below 1.77 at the 15 Jan 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 30/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure30 × 42%
+12.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement70 × 26%
+18.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility54 × 10%
+5.4
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 2.50; the largest put concentration is 2.00. The most active strike by current volume is 2.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
0.50-94.1%
2023
0
1.00-88.2%
2264
0
1.50-82.4%
3167
99
2.00-76.5%
5022
80
2.50-70.6%
6810
53
3.00-64.7%
35
1
3.50-58.9%
836
0
4.00-53.0%
45
0
4.50-47.1%
51
11
5.00-41.2%
1037
3
7.50-11.9%
174
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+$985Delta change / 1% move
Positive peak7.50+$988
Negative peak3.00-$2
Nearest balance5.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
0.50-94.1%
-$0
2.00-76.5%
-$0
2.50-70.6%
-$0
3.00-64.7%
-$2
3.50-58.9%
-$0
5.00-41.2%
-$1
7.50-11.9%
+$988
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
Insufficient term structure
At least two expirations with usable near-the-money implied volatility are required.
0.20
15 Jan
161d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
8
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 15 Jan 2027; 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
- 7 Aug 2026
- Calculation
- v2.0
- Contracts
- 20 / 20
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Put-heavy activity matters because it connects the options headline to the actual evidence: $169,749 of estimated gross traded notional, puts · 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+30
1W price-5.4%
Call premium6%
Put premium94%
Notional split
C 6% / P 94%
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
70/100
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.
Puts · 91+ days · OTM
puts cluster with 446 contracts traded, $159,997 estimated gross traded notional, and 94% of visible notional.
$159,997
Calls · 91+ days · ITM
calls cluster with 648 contracts traded, $9,752 estimated gross traded notional, and 6% of visible notional.
$9,752
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close8.51
1W-5.4%
RS-
Fair value-2.0%
Options pressure30
Speculation41
Volatility54
Trend fit70
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
4 Aug 10:55
Bullish
Pressure 30
Move 74.9%
5 Aug 11:23
Bullish
Pressure 30
Move 74.9%
5 Aug 17:54
Bullish
Pressure 30
Move 74.9%
6 Aug 17:40
Bullish
Pressure 30
Move 74.9%
6 Aug 20:33
Bullish
Pressure 30
Move 74.9%
10 Aug 11:42
Bullish
Pressure 30
Move 79.2%
Strike Map
Where activity is clustering
Strike0.50
Calls · V 30 · OI 2023
Puts · V 3 · OI 3
Strike1.00
Calls · V 11 · OI 2264
Puts · V 0 · OI 0
Strike1.50
Calls · V 10 · OI 3167
Puts · V 0 · OI 0
Strike2.00
Calls · V 503 · OI 5022
Puts · V 50 · OI 99
Strike2.50
Calls · V 10 · OI 6810
Puts · V 184 · OI 80
Strike3.00
Calls · V 1 · OI 35
Puts · V 14 · OI 53
Strike3.50
Calls · V 5 · OI 836
Puts · V 21 · OI 1
Strike4.00
Calls · V 2 · OI 45
Puts · V 2 · OI 0
Term Structure
Expiration activity
Expiry15 Jan 2027
Contracts20
Avg IV0.20
Put-call0.69
Skew
Call/put IV balance
15 Jan 2027Incomplete skew
Call IV-
Put IV0.06
Skew-
Contract Tape
Most active contracts
ContractAZUL270115C00002000
SideCall
Expiry15 Jan 2027
Strike2.00
Volume503
OI5022
IV0.00
ContractAZUL270115P00002500
SidePut
Expiry15 Jan 2027
Strike2.50
Volume184
OI80
IV0.50
ContractAZUL270115P00007500
SidePut
Expiry15 Jan 2027
Strike7.50
Volume125
OI3
IV0.06
ContractAZUL270115P00002000
SidePut
Expiry15 Jan 2027
Strike2.00
Volume50
OI99
IV0.50
ContractAZUL270115C00004500
SideCall
Expiry15 Jan 2027
Strike4.50
Volume50
OI51
IV0.00
ContractAZUL270115P00005000
SidePut
Expiry15 Jan 2027
Strike5.00
Volume44
OI11
IV0.25
ContractAZUL270115C00000500
SideCall
Expiry15 Jan 2027
Strike0.50
Volume30
OI2023
IV0.00
ContractAZUL270115C00007500
SideCall
Expiry15 Jan 2027
Strike7.50
Volume25
OI174
IV0.79
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.