Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
FRMI options intelligence
Fermi Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 31 Jul 2026
Checked 2 Aug 2026 09:20 · complete available chain
Volatility expansion watch
Volatility pressure
FRMI currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 14.9%, with volume/open-interest participation at 0.09.
Expected move
14.9%
Wider near-term move priced
Activity / OI
0.09
Current volume is quieter versus prior open interest
Put-call
0.34
Call-side skew
Trend fit
41
Options are not fully confirming trend
Weekly backdrop
-23.1%
Sharemaestro weekly context
Expected move
14.9%
Put-call volume
0.34
Volume / OI
0.09
Reference IV
1.37
Max pain
6.50
Underlying
5.69
Nearest expiry
7 Aug 2026
Contracts
584
Research Brief
FRMI has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 4.84–6.54; The largest call open-interest concentration is 9.00; the largest put concentration is 4.50. The most active strike by current volume is 7.50.
Priced range4.84–6.54
Call concentration9.00
Put concentration4.50
Max pain reference6.50
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 4.84 to 6.54. Max pain at 6.50 sits inside that range, 14.2% above spot.
Spot
Max pain
4.845.69 ± 0.856.54
Confirmation level
A close beyond 6.54 or below 4.84 at the 7 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 54/100
Pressure is 59/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure59 × 42%
+24.7
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement41 × 26%
+10.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 9.00; the largest put concentration is 4.50. The most active strike by current volume is 7.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
11808
4.50-20.9%
4
1778
5.00-12.1%
11
10513
5.50-3.3%
56
4193
6.005.4%
811
539
6.5014.2%
1628
57
7.0023.0%
3469
230
7.5031.8%
2769
77
8.0040.6%
2960
55
8.5049.4%
1434
129
9.0058.2%
23401
5
10.0075.7%
1836
6
11.0093.3%
1336
7
12.00110.9%
2736
0
12.50119.7%
2607
11
13.00128.5%
2048
1
14.00146.0%
2226
2
15.00163.6%
767
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
1.37
7 Aug
7d
1.62
14 Aug
14d
1.51
21 Aug
21d
1.46
28 Aug
28d
1.41
4 Sep
35d
1.38
11 Sep
42d
1.41
18 Sep
49d
1.36
16 Oct
77d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
5
6
6
7
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 584 / 584
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $6.2M of estimated gross traded notional, puts · 0-7 days · itm, and a volatility flow versus 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-23.1%
Call premium42%
Put premium58%
Notional split
C 42% / P 58%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.09
Volume divided by open interest across the visible chain.
Trend fit
41/100
Agreement between options pressure and Sharemaestro market context.
Event window
13 Aug
Matched earnings event is 11 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 0-7 days · ITM
puts cluster with 7204 contracts traded, $2.3M estimated gross traded notional, and 37% of visible notional.
$2.3M
Puts · 91+ days · ITM
puts cluster with 5158 contracts traded, $892940 estimated gross traded notional, and 14% of visible notional.
$892940
Calls · 8-21 days · OTM
calls cluster with 21328 contracts traded, $699660 estimated gross traded notional, and 11% of visible notional.
$699660
Calls · 91+ days · OTM
calls cluster with 4486 contracts traded, $698092 estimated gross traded notional, and 11% of visible notional.
$698092
Calls · 46-90 days · OTM
calls cluster with 13444 contracts traded, $617368 estimated gross traded notional, and 10% of visible notional.
$617368
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.
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
Close5.69
1W-23.1%
RS-
Fair value-47.9%
Options pressure59
Speculation42
Volatility96
Trend fit41
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 10:42
Volatility
Pressure 50
Move 21.3%
30 Jul 10:39
Volatility
Pressure 93
Move 22.0%
31 Jul 13:10
Volatility
Pressure 93
Move 18.2%
1 Aug 03:46
Volatility
Pressure 55
Move 27.2%
2 Aug 08:20
Volatility
Pressure 59
Move 14.9%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 1 · OI 6
Puts · V 0 · OI 2
Strike1.50
Calls · V 0 · OI 20
Puts · V 0 · OI 1
Strike2.00
Calls · V 0 · OI 81
Puts · V 0 · OI 1
Strike2.50
Calls · V 0 · OI 99
Puts · V 0 · OI 0
Strike3.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike3.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike4.00
Calls · V 0 · OI 2
Puts · V 50 · OI 1178
Strike4.50
Calls · V 1 · OI 4
Puts · V 50 · OI 11808
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts60
Avg IV1.37
Put-call0.55
Expiry14 Aug 2026
Contracts58
Avg IV1.62
Put-call0.09
Expiry21 Aug 2026
Contracts64
Avg IV1.51
Put-call0.14
Expiry28 Aug 2026
Contracts54
Avg IV1.46
Put-call0.19
Expiry4 Sep 2026
Contracts54
Avg IV1.41
Put-call0.17
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV1.89
Put IV1.38
Skew-0.51
14 Aug 2026Call IV premium
Call IV2.01
Put IV1.54
Skew-0.47
21 Aug 2026Call IV premium
Call IV1.79
Put IV1.37
Skew-0.42
28 Aug 2026Call IV premium
Call IV1.65
Put IV1.35
Skew-0.30
4 Sep 2026Call IV premium
Call IV1.62
Put IV1.31
Skew-0.31
Contract Tape
Most active contracts
ContractFRMI260814C00008500
SideCall
Expiry14 Aug 2026
Strike8.50
Volume11683
OI81
IV1.96
ContractFRMI260807C00007500
SideCall
Expiry7 Aug 2026
Strike7.50
Volume9886
OI2769
IV1.85
ContractFRMI261120P00006000
SidePut
Expiry20 Nov 2026
Strike6.00
Volume5038
OI4531
IV1.25
ContractFRMI260918C00007000
SideCall
Expiry18 Sep 2026
Strike7.00
Volume4450
OI10864
IV1.41
ContractFRMI260821C00006000
SideCall
Expiry21 Aug 2026
Strike6.00
Volume4374
OI19228
IV1.52
ContractFRMI260807P00006000
SidePut
Expiry7 Aug 2026
Strike6.00
Volume4357
OI4193
IV1.50
ContractFRMI260807C00007000
SideCall
Expiry7 Aug 2026
Strike7.00
Volume3518
OI3469
IV1.89
ContractFRMI260918C00010000
SideCall
Expiry18 Sep 2026
Strike10.00
Volume2915
OI14883
IV1.54
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
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.