Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
STXX options intelligence
ALPS STOXX EUROPE 600 ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
61
Market data through 31 Jul 2026
Checked 3 Aug 2026 12:06 · complete available chain
Volatility expansion watch
Volatility pressure
STXX currently carries volatility options pressure with a 61/100 conviction score. The nearest-chain expected move is 33.2%, with volume/open-interest participation at 0.36.
Expected move
33.2%
Wider near-term move priced
Activity / OI
0.36
Current volume is quieter versus prior open interest
Put-call
0.07
Call-side skew
Trend fit
5
Options are not fully confirming trend
Weekly backdrop
-1.1%
Sharemaestro weekly context
Expected move
33.2%
Put-call volume
0.07
Volume / OI
0.36
Reference IV
1.82
Max pain
36.00
Underlying
42.94
Nearest expiry
21 Aug 2026
Contracts
396
Research Brief
STXX has a volatility chain read with 61/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 28.69–57.19; The largest call open-interest concentration is 40.00; the largest put concentration is 45.00. The most active strike by current volume is 45.00.
Priced range28.69–57.19
Call concentration40.00
Put concentration45.00
Max pain reference36.00
- 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 28.69 to 57.19. Max pain at 36.00 sits inside that range, 16.2% below spot.
Spot
Max pain
28.6942.94 ± 14.2557.19
Confirmation level
A close beyond 57.19 or below 28.69 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 61/100
Pressure is 95/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure95 × 42%
+40.0
How strongly activity leans toward calls or puts.
Participation48 × 22%
+10.7
Volume relative to existing open interest and contract-level activity.
Trend agreement5 × 26%
+1.3
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 40.00; the largest put concentration is 45.00. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
25.00-41.8%
0
6
26.00-39.5%
0
5
27.00-37.1%
0
2
28.00-34.8%
1
1
30.00-30.1%
10
3
32.00-25.5%
0
2
36.00-16.2%
15
1
40.00-6.8%
367
1
44.002.5%
10
7
45.004.8%
2
0
47.009.5%
1
4
50.0016.4%
8
0
55.0028.1%
17
0
60.0039.7%
16
0
65.0051.4%
4
0
70.0063.0%
20
1
80.0086.3%
60
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+$17,771Delta change / 1% move
Positive peak40.00+$12,014
Negative peak20.00-$166
Nearest balance44.78Interpolated sign change
StrikeNegativePositiveNet / 1% move
31.00-27.8%
-$7
32.00-25.5%
-$164
33.00-23.1%
-$90
34.00-20.8%
-$12
35.00-18.5%
+$4
36.00-16.2%
+$413
37.00-13.8%
+$56
38.00-11.5%
-$34
39.00-9.2%
+$84
40.00-6.8%
+$12,014
41.00-4.5%
+$35
42.00-2.2%
+$447
43.000.1%
+$183
44.002.5%
+$356
45.004.8%
-$103
46.007.1%
-$76
47.009.5%
+$39
48.0011.8%
+$89
49.0014.1%
+$54
50.0016.4%
+$1,018
55.0028.1%
+$763
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
1.82
21 Aug
21d
1.61
18 Sep
49d
1.68
18 Dec
140d
1.90
19 Mar
231d
10.00
15 Dec
868d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
35
36
37
38
39
40
41
42
43
44
45
46
47
50
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
- 396 / 396
- 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: $311,065 of estimated gross traded notional, calls · 8-21 days · otm, 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+95
1W price-1.1%
Call premium90%
Put premium10%
Notional split
C 90% / P 10%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.36
Volume divided by open interest across the visible chain.
Trend fit
5/100
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.
Calls · 8-21 days · OTM
calls cluster with 380 contracts traded, $268,835 estimated gross traded notional, and 86% of visible notional.
$268,835
Puts · 91+ days · ITM
puts cluster with 5 contracts traded, $13,975 estimated gross traded notional, and 4% of visible notional.
$13,975
Puts · 91+ days · ATM
puts cluster with 5 contracts traded, $8,050 estimated gross traded notional, and 3% of visible notional.
$8,050
Puts · 46-90 days · OTM
puts cluster with 15 contracts traded, $6,675 estimated gross traded notional, and 2% of visible notional.
$6,675
Calls · 91+ days · OTM
calls cluster with 2 contracts traded, $4,050 estimated gross traded notional, and 1% of visible notional.
$4,050
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.
Options positioning is not confirming the underlying trend context.
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
Close42.94
1W-1.1%
RS-
Fair value-8.3%
Options pressure95
Speculation48
Volatility96
Trend fit5
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 13:10
Volatility
Pressure 92
Move 55.1%
30 Jul 13:02
Volatility
Pressure 30
Move 37.0%
31 Jul 12:57
Volatility
Pressure 11
Move 35.4%
3 Aug 11:06
Volatility
Pressure 95
Move 33.2%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts128
Avg IV1.82
Put-call0.01
Expiry18 Sep 2026
Contracts86
Avg IV1.61
Put-call3.00
Expiry18 Dec 2026
Contracts76
Avg IV1.68
Put-call11.00
Expiry19 Mar 2027
Contracts60
Avg IV1.90
Put-call-
Expiry15 Dec 2028
Contracts46
Avg IV10.00
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV1.82
Put IV1.81
Skew-0.01
18 Sep 2026Put IV premium
Call IV1.62
Put IV1.81
Skew0.19
18 Dec 2026Call IV premium
Call IV1.82
Put IV1.67
Skew-0.15
19 Mar 2027Put IV premium
Call IV1.78
Put IV1.91
Skew0.13
15 Dec 2028Call IV premium
Call IV10.00
Put IV0.11
Skew-9.88
Contract Tape
Most active contracts
ContractSTXX260821C00045000
SideCall
Expiry21 Aug 2026
Strike45.00
Volume365
OI2
IV1.95
ContractSTXX260821C00047000
SideCall
Expiry21 Aug 2026
Strike47.00
Volume10
OI1
IV1.84
ContractSTXX260918P00030000
SidePut
Expiry18 Sep 2026
Strike30.00
Volume9
OI15
IV1.74
ContractSTXX260918P00032000
SidePut
Expiry18 Sep 2026
Strike32.00
Volume6
OI5
IV1.83
ContractSTXX261218P00060000
SidePut
Expiry18 Dec 2026
Strike60.00
Volume5
OI5
IV1.56
ContractSTXX261218P00042000
SidePut
Expiry18 Dec 2026
Strike42.00
Volume5
OI-
IV1.69
ContractSTXX260821C00055000
SideCall
Expiry21 Aug 2026
Strike55.00
Volume4
OI17
IV1.87
ContractSTXX260918C00050000
SideCall
Expiry18 Sep 2026
Strike50.00
Volume2
OI25
IV1.64
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.