Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
CRCO options intelligence
YIELDMAX CRCL OPTION INCOME STRATEGY ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 3 Aug 2026
Checked 3 Aug 2026 17:26 · complete available chain
Volatility expansion watch
Volatility pressure
CRCO currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 21.0%, with volume/open-interest participation at 0.47.
Expected move
21.0%
Wider near-term move priced
Activity / OI
0.47
Current volume is quieter versus prior open interest
Put-call
0.55
Call-side skew
Trend fit
66
Options agree with trend context
Weekly backdrop
+0.7%
Sharemaestro weekly context
Expected move
21.0%
Put-call volume
0.55
Volume / OI
0.47
Reference IV
1.31
Max pain
15.00
Underlying
12.40
Nearest expiry
21 Aug 2026
Contracts
52
Research Brief
CRCO 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 9.80–15.00; The largest call open-interest concentration is 22.00; the largest put concentration is 15.00. The most active strike by current volume is 17.00.
Priced range9.80–15.00
Call concentration22.00
Put concentration15.00
Max pain reference15.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 9.80 to 15.00. Max pain at 15.00 sits inside that range, 21.0% above spot.
Spot
Max pain
9.8012.40 ± 2.6015.00
Confirmation level
A close beyond 15.00 or below 9.80 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 52/100
Pressure is 34/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure34 × 42%
+14.2
How strongly activity leans toward calls or puts.
Participation51 × 22%
+11.2
Volume relative to existing open interest and contract-level activity.
Trend agreement66 × 26%
+17.2
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 22.00; the largest put concentration is 15.00. The most active strike by current volume is 17.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
13.004.8%
8
0
14.0012.9%
13
10
15.0021.0%
0
10
17.0037.1%
1
1
19.0053.2%
5
2
20.0061.3%
1
0
21.0069.4%
1
0
22.0077.4%
18
0
26.00109.7%
13
0
27.00117.7%
4
0
28.00125.8%
4
0
29.00133.9%
3
1
30.00141.9%
11
0
31.00150.0%
3
0
33.00166.1%
5
0
34.00174.2%
3
0
35.00182.3%
15
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+$863Delta change / 1% move
Positive peak14.00+$426
Negative peak18.00-$192
Nearest balance12.04Interpolated sign change
StrikeNegativePositiveNet / 1% move
11.00-11.3%
-$17
12.00-3.2%
-$9
13.004.8%
+$196
14.0012.9%
+$426
15.0021.0%
-$127
16.0029.0%
+$266
17.0037.1%
-$48
18.0045.2%
-$192
19.0053.2%
+$33
20.0061.3%
-$29
21.0069.4%
+$6
22.0077.4%
+$105
25.00101.6%
+$4
26.00109.7%
+$54
27.00117.7%
+$18
28.00125.8%
+$17
29.00133.9%
+$12
30.00141.9%
+$43
31.00150.0%
+$11
32.00158.1%
+$7
33.00166.1%
+$18
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.
1.31
21 Aug
18d
0.60
18 Sep
46d
1.09
20 Nov
109d
1.59
19 Feb
200d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
11
13
14
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
- 52 / 52
- 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: $32,517 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+34
1W price+0.7%
Call premium7%
Put premium93%
Notional split
C 7% / P 93%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.47
Volume divided by open interest across the visible chain.
Trend fit
66/100
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 24 contracts traded, $18,630 estimated gross traded notional, and 57% of visible notional.
$18,630
Puts · 8-21 days · ITM
puts cluster with 19 contracts traded, $10,528 estimated gross traded notional, and 32% of visible notional.
$10,528
Calls · 91+ days · OTM
calls cluster with 23 contracts traded, $1,405 estimated gross traded notional, and 4% of visible notional.
$1,405
Puts · 91+ days · OTM
puts cluster with 3 contracts traded, $1,225 estimated gross traded notional, and 4% of visible notional.
$1,225
Calls · 8-21 days · OTM
calls cluster with 59 contracts traded, $680 estimated gross traded notional, and 2% of visible notional.
$680
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close12.40
1W+0.7%
RS-
Fair value-29.0%
Options pressure34
Speculation51
Volatility96
Trend fit66
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 12:07
Volatility
Pressure 100
Move 17.2%
30 Jul 11:44
Volatility
Pressure 100
Move 20.9%
31 Jul 10:41
Volatility
Pressure 97
Move 19.6%
31 Jul 13:38
Bullish
Pressure 36
Move 15.2%
31 Jul 14:48
Volatility
Pressure 36
Move 20.4%
2 Aug 17:39
Volatility
Pressure 100
Move 14.9%
3 Aug 16:26
Volatility
Pressure 34
Move 21.0%
Strike Map
Where activity is clustering
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike13.00
Calls · V 5 · OI 8
Puts · V 0 · OI 1
Strike14.00
Calls · V 7 · OI 13
Puts · V 1 · OI 0
Strike15.00
Calls · V 0 · OI 0
Puts · V 3 · OI 10
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike17.00
Calls · V 0 · OI 1
Puts · V 10 · OI 10
Strike19.00
Calls · V 0 · OI 5
Puts · V 4 · OI 1
Strike20.00
Calls · V 2 · OI 1
Puts · V 1 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts28
Avg IV1.31
Put-call0.32
Expiry18 Sep 2026
Contracts2
Avg IV0.60
Put-call-
Expiry20 Nov 2026
Contracts16
Avg IV1.09
Put-call1.17
Expiry19 Feb 2027
Contracts6
Avg IV1.59
Put-call1.20
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.85
Put IV1.07
Skew0.22
18 Sep 2026Incomplete skew
Call IV0.54
Put IV-
Skew-
20 Nov 2026Call IV premium
Call IV0.56
Put IV0.00
Skew-0.56
19 Feb 2027Put IV premium
Call IV0.74
Put IV1.83
Skew1.09
Contract Tape
Most active contracts
ContractCRCO261120C00016000
SideCall
Expiry20 Nov 2026
Strike16.00
Volume-
OI25
IV0.64
ContractCRCO260821C00019000
SideCall
Expiry21 Aug 2026
Strike19.00
Volume-
OI5
IV1.62
ContractCRCO260821P00016000
SidePut
Expiry21 Aug 2026
Strike16.00
Volume-
OI3
IV1.81
ContractCRCO261120C00014000
SideCall
Expiry20 Nov 2026
Strike14.00
Volume-
OI2
IV0.56
ContractCRCO261120C00041000
SideCall
Expiry20 Nov 2026
Strike41.00
Volume-
OI2
IV1.56
ContractCRCO260918C00013000
SideCall
Expiry18 Sep 2026
Strike13.00
Volume-
OI1
IV0.54
ContractCRCO260821C00017000
SideCall
Expiry21 Aug 2026
Strike17.00
Volume-
OI1
IV1.35
ContractCRCO261120P00022000
SidePut
Expiry20 Nov 2026
Strike22.00
Volume-
OI1
IV1.14
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.