Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CPAY options intelligence
Corpay Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 31 Jul 2026
Checked 1 Aug 2026 23:35 · complete available chain
Call-side pressure
Bullish pressure
CPAY currently carries bullish options pressure with a 45/100 conviction score. The nearest-chain expected move is 8.0%, with volume/open-interest participation at 0.03.
Expected move
8.0%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.21
Call-side skew
Trend fit
24
Options are not fully confirming trend
Weekly backdrop
+3.1%
RS 10.3
Expected move
8.0%
Put-call volume
0.21
Volume / OI
0.03
Reference IV
0.40
Max pain
350.00
Underlying
382.11
Nearest expiry
21 Aug 2026
Contracts
392
Research Brief
CPAY 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 351.56–412.66; The largest call open-interest concentration is 350.00; the largest put concentration is 250.00. The most active strike by current volume is 260.00.
Priced range351.56–412.66
Call concentration350.00
Put concentration250.00
Max pain reference350.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 351.56 to 412.66. Max pain at 350.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
351.56382.11 ± 30.55412.66
Confirmation level
A close beyond 412.66 or below 351.56 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 45/100
Pressure is 71/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure71 × 42%
+29.9
How strongly activity leans toward calls or puts.
Participation13 × 22%
+2.8
Volume relative to existing open interest and contract-level activity.
Trend agreement24 × 26%
+6.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility60 × 10%
+6.0
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 350.00; the largest put concentration is 250.00. The most active strike by current volume is 260.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
12
180.00-52.9%
0
3
200.00-47.7%
0
4
210.00-45.0%
0
4
240.00-37.2%
0
192
250.00-34.6%
0
6
260.00-32.0%
0
10
280.00-26.7%
1
2
300.00-21.5%
90
1
320.00-16.3%
5
3
340.00-11.0%
2
99
350.00-8.4%
454
12
360.00-5.8%
40
25
370.00-3.2%
83
39
380.00-0.6%
68
0
390.002.1%
5
0
400.004.7%
21
0
410.007.3%
11
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.
0.40
21 Aug
21d
0.36
18 Sep
49d
0.37
20 Nov
112d
0.35
15 Jan
168d
0.36
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
310
320
330
340
350
360
370
380
390
400
410
420
430
440
450
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
- 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
- 392 / 392
- 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 pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $91135 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+71
1W price+3.1%
Call premium95%
Put premium5%
Notional split
C 95% / P 5%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
24/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 3 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 44 contracts traded, $50538 estimated gross traded notional, and 55% of visible notional.
$50538
Calls · 46-90 days · ATM
calls cluster with 10 contracts traded, $17800 estimated gross traded notional, and 20% of visible notional.
$17800
Calls · 91+ days · ATM
calls cluster with 4 contracts traded, $15270 estimated gross traded notional, and 17% of visible notional.
$15270
Puts · 8-21 days · ATM
puts cluster with 2 contracts traded, $2690 estimated gross traded notional, and 3% of visible notional.
$2690
Calls · 8-21 days · ATM
calls cluster with 2 contracts traded, $2450 estimated gross traded notional, and 3% of visible notional.
$2450
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close382.11
1W+3.1%
RS10.3
Fair value+23.5%
Options pressure71
Speculation13
Volatility60
Trend fit24
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 10:16
Bullish
Pressure 100
Move 9.5%
30 Jul 10:12
Bullish
Pressure 100
Move 10.1%
30 Jul 20:39
Volatility
Pressure 68
Move 9.7%
1 Aug 22:35
Bullish
Pressure 71
Move 8.0%
Strike Map
Where activity is clustering
Strike155.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike160.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike165.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike185.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike190.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts80
Avg IV0.40
Put-call4.33
Expiry18 Sep 2026
Contracts58
Avg IV0.36
Put-call-
Expiry20 Nov 2026
Contracts84
Avg IV0.37
Put-call-
Expiry15 Jan 2027
Contracts94
Avg IV0.35
Put-call-
Expiry19 Feb 2027
Contracts76
Avg IV0.36
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.38
Put IV0.38
Skew-
18 Sep 2026Balanced skew
Call IV0.33
Put IV0.38
Skew0.05
20 Nov 2026Balanced skew
Call IV0.34
Put IV0.38
Skew0.04
15 Jan 2027Balanced skew
Call IV0.32
Put IV0.36
Skew0.04
19 Feb 2027Put IV premium
Call IV0.33
Put IV0.39
Skew0.06
Contract Tape
Most active contracts
ContractCPAY260918C00390000
SideCall
Expiry18 Sep 2026
Strike390.00
Volume10
OI10
IV0.37
ContractCPAY260821P00260000
SidePut
Expiry21 Aug 2026
Strike260.00
Volume9
OI6
IV0.52
ContractCPAY270115C00480000
SideCall
Expiry15 Jan 2027
Strike480.00
Volume4
OI12
IV0.31
ContractCPAY270219C00540000
SideCall
Expiry19 Feb 2027
Strike540.00
Volume4
OI8
IV0.31
ContractCPAY270115C00470000
SideCall
Expiry15 Jan 2027
Strike470.00
Volume3
OI17
IV0.33
ContractCPAY270115C00460000
SideCall
Expiry15 Jan 2027
Strike460.00
Volume3
OI16
IV0.32
ContractCPAY270115C00450000
SideCall
Expiry15 Jan 2027
Strike450.00
Volume3
OI14
IV0.32
ContractCPAY270115C00440000
SideCall
Expiry15 Jan 2027
Strike440.00
Volume3
OI14
IV0.32
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.