Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
FWONK options intelligence
Liberty Media Corporation Series C Liberty Formula One Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 3 Aug 2026
Checked 4 Aug 2026 00:05 · complete available chain
Options-market disagreement
Mixed pressure
FWONK currently carries mixed options pressure with a 44/100 conviction score. The nearest-chain expected move is 7.8%, with volume/open-interest participation at 0.74.
Expected move
7.8%
Wider near-term move priced
Activity / OI
0.74
Current volume is elevated versus prior open interest
Put-call
1.02
Balanced tape
Trend fit
81
Options agree with trend context
Weekly backdrop
+1.1%
RS -4.5
Expected move
7.8%
Put-call volume
1.02
Volume / OI
0.74
Reference IV
0.50
Max pain
100.00
Underlying
98.13
Nearest expiry
21 Aug 2026
Contracts
117
Research Brief
FWONK has a mixed chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 90.45–105.81; The largest call open-interest concentration is 100.00; the largest put concentration is 75.00. The most active strike by current volume is 80.00.
Priced range90.45–105.81
Call concentration100.00
Put concentration75.00
Max pain reference100.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- 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 90.45 to 105.81. Max pain at 100.00 sits inside that range, 1.9% above spot.
Spot
Max pain
90.4598.13 ± 7.68105.81
Confirmation level
A close beyond 105.81 or below 90.45 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 44/100
Pressure is 9/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.6
How strongly activity leans toward calls or puts.
Participation57 × 22%
+12.6
Volume relative to existing open interest and contract-level activity.
Trend agreement81 × 26%
+20.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility66 × 10%
+6.6
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 100.00; the largest put concentration is 75.00. The most active strike by current volume is 80.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
65.00-33.8%
0
9
70.00-28.7%
6
1111
75.00-23.6%
6
126
80.00-18.5%
0
27
85.00-13.4%
10
24
90.00-8.3%
0
4
95.00-3.2%
15
8
100.001.9%
1121
23
105.007.0%
1033
6
110.0012.1%
67
1
115.0017.2%
1
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+$2.7MDelta change / 1% move
Positive peak115.00+$1.2M
Negative peak95.00-$185,310
Nearest balance95.74Interpolated sign change
StrikeNegativePositiveNet / 1% move
45.00-54.1%
+$31
50.00-49.0%
-$520
55.00-44.0%
-$459
60.00-38.9%
-$789
65.00-33.8%
-$570
70.00-28.7%
-$804
75.00-23.6%
-$101,208
80.00-18.5%
-$47,885
85.00-13.4%
-$144,149
90.00-8.3%
-$16,368
95.00-3.2%
-$185,310
100.001.9%
+$1.1M
105.007.0%
+$741,062
110.0012.1%
+$156,032
115.0017.2%
+$1.2M
120.0022.3%
+$926
125.0027.4%
+$1,150
130.0032.5%
+$472
135.0037.6%
+$936
140.0042.7%
+$549
145.0047.8%
+$287
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.
0.50
21 Aug
18d
0.38
18 Sep
46d
0.45
16 Oct
74d
0.41
20 Nov
109d
0.38
18 Dec
137d
0.41
19 Feb
200d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
80
85
90
95
100
105
110
115
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 117 / 117
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $3.5M of estimated gross traded notional, calls · 91+ days · otm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+9
1W price+1.1%
Call premium97%
Put premium3%
Notional split
C 97% / P 3%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.74
Volume divided by open interest across the visible chain.
Trend fit
81/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 2 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 · 91+ days · OTM
calls cluster with 7481 contracts traded, $2.9M estimated gross traded notional, and 82% of visible notional.
$2.9M
Calls · 91+ days · ATM
calls cluster with 516 contracts traded, $338,110 estimated gross traded notional, and 10% of visible notional.
$338,110
Calls · 46-90 days · ATM
calls cluster with 150 contracts traded, $54,945 estimated gross traded notional, and 2% of visible notional.
$54,945
Calls · 8-21 days · ITM
calls cluster with 22 contracts traded, $35,032 estimated gross traded notional, and 1% of visible notional.
$35,032
Calls · 91+ days · ITM
calls cluster with 22 contracts traded, $34,200 estimated gross traded notional, and 1% of visible notional.
$34,200
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Participation is active enough to treat follow-through risk carefully.
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
Close98.13
1W+1.1%
RS-4.5
Fair value+17.0%
Options pressure9
Speculation57
Volatility66
Trend fit81
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 10:17
Bearish
Pressure -73
Move 7.5%
30 Jul 10:13
Bullish
Pressure 28
Move 7.8%
30 Jul 21:13
Volatility
Pressure -3
Move 10.1%
31 Jul 12:48
Bullish
Pressure 100
Move 7.4%
31 Jul 17:19
Mixed
Pressure -2
Move 6.7%
31 Jul 23:59
Mixed
Pressure -3
Move 8.8%
1 Aug 00:18
Bearish
Pressure -75
Move 6.4%
3 Aug 13:03
Bearish
Pressure -75
Move 7.3%
Strike Map
Where activity is clustering
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 18 · OI 6
Puts · V 2 · OI 9
Strike75.00
Calls · V 1 · OI 6
Puts · V 1 · OI 1111
Strike80.00
Calls · V 0 · OI 0
Puts · V 7950 · OI 126
Strike85.00
Calls · V 0 · OI 10
Puts · V 10 · OI 27
Strike90.00
Calls · V 1 · OI 0
Puts · V 10 · OI 24
Strike95.00
Calls · V 2 · OI 15
Puts · V 1 · OI 4
Strike100.00
Calls · V 45 · OI 1121
Puts · V 5 · OI 8
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts20
Avg IV0.50
Put-call95.06
Expiry18 Sep 2026
Contracts23
Avg IV0.38
Put-call1.64
Expiry16 Oct 2026
Contracts18
Avg IV0.45
Put-call0.41
Expiry20 Nov 2026
Contracts15
Avg IV0.41
Put-call0.02
Expiry18 Dec 2026
Contracts29
Avg IV0.38
Put-call0.03
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.56
Put IV0.56
Skew0.00
18 Sep 2026Call IV premium
Call IV0.48
Put IV0.42
Skew-0.06
16 Oct 2026Call IV premium
Call IV0.50
Put IV0.44
Skew-0.06
20 Nov 2026Balanced skew
Call IV0.38
Put IV0.42
Skew0.04
18 Dec 2026Put IV premium
Call IV0.45
Put IV0.53
Skew0.08
Contract Tape
Most active contracts
ContractFWONK260918P00095000
SidePut
Expiry18 Sep 2026
Strike95.00
Volume-
OI762
IV0.42
ContractFWONK270219P00075000
SidePut
Expiry19 Feb 2027
Strike75.00
Volume-
OI101
IV0.43
ContractFWONK270219P00090000
SidePut
Expiry19 Feb 2027
Strike90.00
Volume-
OI60
IV0.31
ContractFWONK260918P00050000
SidePut
Expiry18 Sep 2026
Strike50.00
Volume-
OI21
IV1.30
ContractFWONK260821C00085000
SideCall
Expiry21 Aug 2026
Strike85.00
Volume-
OI10
IV0.00
ContractFWONK261016P00065000
SidePut
Expiry16 Oct 2026
Strike65.00
Volume-
OI6
IV0.70
ContractFWONK260821P00110000
SidePut
Expiry21 Aug 2026
Strike110.00
Volume-
OI6
IV2.08
ContractFWONK261016P00055000
SidePut
Expiry16 Oct 2026
Strike55.00
Volume-
OI5
IV0.91
Research Graph
Related research and context
Sharemaestro research
Related News
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.