Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BLSH options intelligence
Bullish options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 3 Aug 2026
Checked 3 Aug 2026 20:43 · complete available chain
Volatility expansion watch
Volatility pressure
BLSH currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 8.3%, with volume/open-interest participation at 0.13.
Expected move
8.3%
Wider near-term move priced
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
0.42
Call-side skew
Trend fit
54
Options are not fully confirming trend
Weekly backdrop
-9.1%
Sharemaestro weekly context
Expected move
8.3%
Put-call volume
0.42
Volume / OI
0.13
Reference IV
0.77
Max pain
21.50
Underlying
21.79
Nearest expiry
7 Aug 2026
Contracts
374
Research Brief
BLSH has a volatility chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 19.98–23.60; The largest call open-interest concentration is 24.50; the largest put concentration is 20.00. The most active strike by current volume is 23.00.
Priced range19.98–23.60
Call concentration24.50
Put concentration20.00
Max pain reference21.50
- 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 19.98 to 23.60. Max pain at 21.50 sits inside that range, 1.3% below spot.
Spot
Max pain
19.9821.79 ± 1.8123.60
Confirmation level
A close beyond 23.60 or below 19.98 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 52/100
Pressure is 46/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure46 × 42%
+19.3
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
Volume relative to existing open interest and contract-level activity.
Trend agreement54 × 26%
+14.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility87 × 10%
+8.7
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 24.50; the largest put concentration is 20.00. The most active strike by current volume is 23.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
47
15.00-31.2%
2
43
17.50-19.7%
1
86
18.00-17.4%
222
1736
20.00-8.2%
20
39
21.00-3.6%
12
1603
21.50-1.3%
9
94
23.005.6%
723
0
23.507.8%
13
139
24.0010.1%
91
0
24.5012.4%
782
2
25.0014.7%
42
0
25.5017.0%
65
0
26.0019.3%
64
0
28.5030.8%
68
12
30.0037.7%
103
0
32.0046.9%
41
0
34.0056.0%
41
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-$107,895Delta change / 1% move
Positive peak23.00+$68,775
Negative peak21.50-$158,274
Nearest balance21.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
17.00-22.0%
-$2,420
17.50-19.7%
-$7,555
18.00-17.4%
-$814
18.50-15.1%
-$663
19.00-12.8%
-$3,929
19.50-10.5%
-$2,188
20.00-8.2%
-$109,403
20.50-5.9%
-$5,482
21.00-3.6%
-$5,381
21.50-1.3%
-$158,274
22.001.0%
+$3,729
22.503.3%
+$1,596
23.005.6%
+$68,775
23.507.8%
+$4,663
24.0010.1%
-$1,035
24.5012.4%
+$30,245
25.0014.7%
-$6,411
25.5017.0%
+$1,701
26.0019.3%
-$2,266
26.5021.6%
+$1,719
27.0023.9%
+$1,759
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.77
7 Aug
4d
0.99
14 Aug
11d
0.89
21 Aug
18d
0.88
28 Aug
25d
0.86
4 Sep
32d
0.84
11 Sep
39d
0.84
18 Sep
46d
0.80
18 Dec
137d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move9.1%
30 Jul
Volatility · 58
-9.1% through expiry
6.3% 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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 374 / 374
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $1.7M of estimated gross traded notional, puts · 91+ 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+46
1W price-9.1%
Call premium22%
Put premium78%
Notional split
C 22% / P 78%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.13
Volume divided by open interest across the visible chain.
Trend fit
54/100
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 · ITM
puts cluster with 359 contracts traded, $1.1M estimated gross traded notional, and 63% of visible notional.
$1.1M
Puts · 46-90 days · ITM
puts cluster with 70 contracts traded, $163,311 estimated gross traded notional, and 9% of visible notional.
$163,311
Calls · 91+ days · OTM
calls cluster with 903 contracts traded, $128,146 estimated gross traded notional, and 7% of visible notional.
$128,146
Calls · 46-90 days · OTM
calls cluster with 968 contracts traded, $75,746 estimated gross traded notional, and 4% of visible notional.
$75,746
Calls · 22-45 days · OTM
calls cluster with 448 contracts traded, $55,918 estimated gross traded notional, and 3% of visible notional.
$55,918
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.
Underlying price is close to the max-pain zone.
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
Close21.79
1W-9.1%
RS-
Fair value-46.5%
Options pressure46
Speculation43
Volatility87
Trend fit54
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
29 Jul 10:38
Volatility
Pressure 64
Move 8.3%
30 Jul 10:34
Volatility
Pressure 81
Move 11.0%
30 Jul 22:55
Volatility
Pressure 65
Move 6.3%
31 Jul 07:15
Volatility
Pressure 91
Move 6.3%
31 Jul 23:20
Volatility
Pressure -41
Move 10.7%
1 Aug 10:40
Volatility
Pressure -54
Move 8.7%
2 Aug 20:53
Volatility
Pressure -54
Move 7.9%
3 Aug 17:27
Volatility
Pressure 42
Move 8.7%
Strike Map
Where activity is clustering
Strike14.00
Calls · V 0 · OI 0
Puts · V 1 · OI 45
Strike15.00
Calls · V 8 · OI 2
Puts · V 2 · OI 47
Strike16.00
Calls · V 0 · OI 0
Puts · V 6 · OI 37
Strike16.50
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike17.00
Calls · V 4 · OI 1
Puts · V 8 · OI 8
Strike17.50
Calls · V 4 · OI 1
Puts · V 34 · OI 43
Strike18.00
Calls · V 4 · OI 222
Puts · V 2 · OI 86
Strike18.50
Calls · V 7 · OI 1
Puts · V 0 · OI 17
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts55
Avg IV0.77
Put-call0.34
Expiry14 Aug 2026
Contracts49
Avg IV0.99
Put-call2.23
Expiry21 Aug 2026
Contracts49
Avg IV0.89
Put-call0.75
Expiry28 Aug 2026
Contracts31
Avg IV0.88
Put-call0.27
Expiry4 Sep 2026
Contracts22
Avg IV0.86
Put-call1.08
Skew
Call/put IV balance
7 Aug 2026Put IV premium
Call IV0.73
Put IV0.87
Skew0.14
14 Aug 2026Balanced skew
Call IV0.98
Put IV1.03
Skew0.05
21 Aug 2026Balanced skew
Call IV0.89
Put IV0.92
Skew0.02
28 Aug 2026Balanced skew
Call IV0.86
Put IV0.88
Skew0.03
4 Sep 2026Balanced skew
Call IV0.86
Put IV0.86
Skew0.01
Contract Tape
Most active contracts
ContractBLSH260904C00025000
SideCall
Expiry4 Sep 2026
Strike25.00
Volume-
OI100
IV0.84
ContractBLSH260828P00027000
SidePut
Expiry28 Aug 2026
Strike27.00
Volume-
OI70
IV0.88
ContractBLSH260814P00023500
SidePut
Expiry14 Aug 2026
Strike23.50
Volume-
OI64
IV1.00
ContractBLSH260814P00024500
SidePut
Expiry14 Aug 2026
Strike24.50
Volume-
OI33
IV0.99
ContractBLSH260807P00018500
SidePut
Expiry7 Aug 2026
Strike18.50
Volume-
OI17
IV1.34
ContractBLSH260814C00021500
SideCall
Expiry14 Aug 2026
Strike21.50
Volume-
OI15
IV0.95
ContractBLSH260828P00023000
SidePut
Expiry28 Aug 2026
Strike23.00
Volume-
OI7
IV0.89
ContractBLSH260904P00028000
SidePut
Expiry4 Sep 2026
Strike28.00
Volume-
OI6
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
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.