Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
QTWO options intelligence
Q2 Holdings options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 12 Aug 2026
Checked 12 Aug 2026 21:31 · complete available chain
Call-side pressure
Bullish pressure
QTWO currently carries bullish options pressure with a 35/100 conviction score. The nearest-chain expected move is 7.0%, with volume/open-interest participation at 0.18.
Expected move
7.0%
Wider near-term move priced
Activity / OI
0.18
Current volume is quieter versus prior open interest
Put-call
0.61
Call-side skew
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
+3.2%
RS -7.9
Expected move
7.0%
Put-call volume
0.61
Volume / OI
0.18
Reference IV
0.71
Max pain
60.00
Underlying
62.81
Nearest expiry
21 Aug 2026
Contracts
76
Research Brief
QTWO has a bullish chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 58.38–67.24; The largest call open-interest concentration is 65.00; the largest put concentration is 60.00. The most active strike by current volume is 70.00.
Priced range58.38–67.24
Call concentration65.00
Put concentration60.00
Max pain reference60.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
- 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 58.38 to 67.24. Max pain at 60.00 sits inside that range, 4.5% below spot.
Spot
Max pain
58.3862.81 ± 4.4367.24
Confirmation level
A close beyond 67.24 or below 58.38 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 35/100
Pressure is 24/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure24 × 42%
+10.0
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.4
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+13.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility78 × 10%
+7.8
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 65.00; the largest put concentration is 60.00. The most active strike by current volume is 70.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
22.50-64.2%
0
3
25.00-60.2%
8
11
30.00-52.2%
0
93
35.00-44.3%
0
103
40.00-36.3%
0
13
45.00-28.4%
12
122
50.00-20.4%
36
46
55.00-12.4%
38
510
60.00-4.5%
107
5
65.003.5%
113
44
70.0011.4%
85
0
75.0019.4%
23
0
80.0027.4%
8
0
85.0035.3%
0
0
90.0043.3%
0
0
100.0059.2%
22
0
110.0075.1%
0
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-$38,221Delta change / 1% move
Positive peak65.00+$32,553
Negative peak60.00-$100,597
Nearest balance63.78Interpolated sign change
StrikeNegativePositiveNet / 1% move
22.50-64.2%
-$57
25.00-60.2%
-$289
30.00-52.2%
-$429
35.00-44.3%
-$1,059
40.00-36.3%
-$2,011
45.00-28.4%
-$970
50.00-20.4%
+$1,659
55.00-12.4%
-$695
60.00-4.5%
-$100,597
65.003.5%
+$32,553
70.0011.4%
+$15,959
75.0019.4%
+$9,948
80.0027.4%
+$2,347
85.0035.3%
+$436
90.0043.3%
+$4,155
95.0051.2%
+$35
100.0059.2%
+$768
105.0067.2%
+$27
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.
0.71
21 Aug
9d
0.61
18 Sep
37d
0.47
20 Nov
100d
0.56
19 Feb
191d
0.61
17 Dec
492d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
55
60
65
70
75
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 76 / 76
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $229,803 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+24
1W price+3.2%
Call premium65%
Put premium35%
Notional split
C 65% / P 35%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.18
Volume divided by open interest across the visible chain.
Trend fit
50/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 117 contracts traded, $67,215 estimated gross traded notional, and 29% of visible notional.
$67,215
Calls · 8-21 days · ITM
calls cluster with 32 contracts traded, $46,670 estimated gross traded notional, and 20% of visible notional.
$46,670
Puts · 8-21 days · ITM
puts cluster with 47 contracts traded, $39,685 estimated gross traded notional, and 17% of visible notional.
$39,685
Puts · 91+ days · ITM
puts cluster with 43 contracts traded, $33,540 estimated gross traded notional, and 15% of visible notional.
$33,540
Calls · 91+ days · ITM
calls cluster with 11 contracts traded, $16,440 estimated gross traded notional, and 7% of visible notional.
$16,440
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.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 10 completed sessions
Volume rank90th
Volume/OI rank90th
IV rank70th
Market Context
Underlying confirmation
Close62.81
1W+3.2%
RS-7.9
Fair value-3.1%
Options pressure24
Speculation20
Volatility78
Trend fit50
Today Versus Normal
Stored-options context
30d avg 11.3% · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.61 · 10 sessions
70th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 15.89 · 10 sessions
50th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.11 · 10 sessions
90th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:55
Bullish
Pressure 28
Move 17.2%
30 Jul 10:45
Volatility
Pressure -32
Move 16.4%
31 Jul 11:07
Volatility
Pressure -95
Move 15.0%
1 Aug 13:22
Bullish
Pressure 50
Move 14.3%
2 Aug 20:01
Bullish
Pressure 50
Move 9.8%
3 Aug 16:42
Bullish
Pressure 63
Move 10.6%
3 Aug 23:54
Bullish
Pressure 61
Move 10.5%
5 Aug 10:07
Volatility
Pressure 57
Move 10.0%
Strike Map
Where activity is clustering
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike25.00
Calls · V 6 · OI 8
Puts · V 1 · OI 3
Strike30.00
Calls · V 1 · OI 0
Puts · V 2 · OI 11
Strike35.00
Calls · V 0 · OI 0
Puts · V 1 · OI 93
Strike40.00
Calls · V 5 · OI 0
Puts · V 2 · OI 103
Strike45.00
Calls · V 10 · OI 12
Puts · V 1 · OI 13
Strike50.00
Calls · V 1 · OI 36
Puts · V 1 · OI 122
Strike55.00
Calls · V 1 · OI 38
Puts · V 3 · OI 46
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts28
Avg IV0.71
Put-call1.17
Expiry18 Sep 2026
Contracts8
Avg IV0.61
Put-call0.37
Expiry20 Nov 2026
Contracts21
Avg IV0.47
Put-call4.62
Expiry19 Feb 2027
Contracts13
Avg IV0.56
Put-call0.04
Expiry17 Dec 2027
Contracts6
Avg IV0.61
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.58
Put IV0.57
Skew-0.01
18 Sep 2026Put IV premium
Call IV0.51
Put IV0.58
Skew0.06
20 Nov 2026Call IV premium
Call IV0.54
Put IV0.02
Skew-0.52
19 Feb 2027Balanced skew
Call IV0.56
Put IV0.54
Skew-0.02
17 Dec 2027Incomplete skew
Call IV0.60
Put IV-
Skew-
Contract Tape
Most active contracts
ContractQTWO271217C00080000
SideCall
Expiry17 Dec 2027
Strike80.00
Volume-
OI28
IV0.60
ContractQTWO261120P00075000
SidePut
Expiry20 Nov 2026
Strike75.00
Volume-
OI18
IV0.53
ContractQTWO271217C00085000
SideCall
Expiry17 Dec 2027
Strike85.00
Volume-
OI9
IV0.60
ContractQTWO271217C00075000
SideCall
Expiry17 Dec 2027
Strike75.00
Volume-
OI9
IV0.61
ContractQTWO271217C00070000
SideCall
Expiry17 Dec 2027
Strike70.00
Volume-
OI7
IV0.60
ContractQTWO260821P00022500
SidePut
Expiry21 Aug 2026
Strike22.50
Volume-
OI3
IV4.31
ContractQTWO260821C00105000
SideCall
Expiry21 Aug 2026
Strike105.00
Volume-
OI1
IV2.02
ContractQTWO260821C00095000
SideCall
Expiry21 Aug 2026
Strike95.00
Volume-
OI1
IV1.71
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.