Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
WCN options intelligence
Waste Connections Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
26
Market data through 31 Jul 2026
Checked 1 Aug 2026 05:03 · complete available chain
Call-side pressure
Bullish pressure
WCN currently carries bullish options pressure with a 26/100 conviction score. The nearest-chain expected move is 4.6%, with volume/open-interest participation at 0.00.
Expected move
4.6%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
-1.3%
RS -8.8
Expected move
4.6%
Put-call volume
0.67
Volume / OI
0.00
Reference IV
0.25
Max pain
165.00
Underlying
169.61
Nearest expiry
21 Aug 2026
Contracts
186
Research Brief
WCN has a bullish chain read with 26/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 161.76–177.46; The largest call open-interest concentration is 195.00; the largest put concentration is 165.00. The most active strike by current volume is 175.00.
Priced range161.76–177.46
Call concentration195.00
Put concentration165.00
Max pain reference165.00
- 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 161.76 to 177.46. Max pain at 165.00 sits inside that range, 2.7% below spot.
Spot
Max pain
161.76169.61 ± 7.85177.46
Confirmation level
A close beyond 177.46 or below 161.76 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 26/100
Pressure is 23/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure23 × 42%
+9.9
How strongly activity leans toward calls or puts.
Participation5 × 22%
+1.2
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility36 × 10%
+3.6
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 195.00; the largest put concentration is 165.00. The most active strike by current volume is 175.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
100.00-41.0%
10
0
105.00-38.1%
0
10
120.00-29.2%
0
3
135.00-20.4%
0
171
140.00-17.5%
50
212
145.00-14.5%
0
26
150.00-11.6%
1
639
155.00-8.6%
4
164
160.00-5.7%
143
1544
165.00-2.7%
132
250
170.000.2%
82
12
175.003.2%
1417
0
180.006.1%
291
3
185.009.1%
496
0
190.0012.0%
12
0
195.0015.0%
2138
0
200.0017.9%
2
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.
0.25
21 Aug
21d
0.25
18 Sep
49d
0.25
18 Dec
140d
0.25
19 Mar
231d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
140
145
150
155
160
165
170
175
180
185
190
195
200
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
- 186 / 186
- 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 are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $7587 of estimated gross traded notional, calls · 46-90 days · atm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+23
1W price-1.3%
Call premium77%
Put premium23%
Notional split
C 77% / P 23%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
43/100
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 · 46-90 days · ATM
calls cluster with 3 contracts traded, $1545 estimated gross traded notional, and 20% of visible notional.
$1545
Calls · 46-90 days · OTM
calls cluster with 10 contracts traded, $1500 estimated gross traded notional, and 20% of visible notional.
$1500
Puts · 46-90 days · OTM
puts cluster with 10 contracts traded, $1450 estimated gross traded notional, and 19% of visible notional.
$1450
Calls · 8-21 days · ITM
calls cluster with 1 contracts traded, $1370 estimated gross traded notional, and 18% of visible notional.
$1370
Calls · 91+ days · OTM
calls cluster with 1 contracts traded, $775 estimated gross traded notional, and 10% of visible notional.
$775
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
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
Close167.38
1W-1.3%
RS-8.8
Fair value-0.4%
Options pressure23
Speculation5
Volatility36
Trend fit43
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 10:12
Bearish
Pressure -56
Move 5.1%
30 Jul 10:07
Bullish
Pressure 91
Move 5.3%
31 Jul 13:26
Bearish
Pressure -20
Move 5.0%
31 Jul 17:02
Mixed
Pressure -5
Move 4.6%
1 Aug 04:03
Bullish
Pressure 23
Move 4.6%
Strike Map
Where activity is clustering
Strike100.00
Calls · V 0 · OI 10
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts48
Avg IV0.25
Put-call0.57
Expiry18 Sep 2026
Contracts46
Avg IV0.25
Put-call0.77
Expiry18 Dec 2026
Contracts46
Avg IV0.25
Put-call-
Expiry19 Mar 2027
Contracts46
Avg IV0.25
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.23
Put IV0.27
Skew0.04
18 Sep 2026Balanced skew
Call IV0.22
Put IV0.25
Skew0.03
18 Dec 2026Balanced skew
Call IV0.24
Put IV0.26
Skew0.02
19 Mar 2027Balanced skew
Call IV0.23
Put IV0.26
Skew0.03
Contract Tape
Most active contracts
ContractWCN260918C00180000
SideCall
Expiry18 Sep 2026
Strike180.00
Volume10
OI224
IV0.22
ContractWCN260918P00155000
SidePut
Expiry18 Sep 2026
Strike155.00
Volume10
OI15
IV0.25
ContractWCN260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume5
OI1417
IV0.23
ContractWCN260918C00170000
SideCall
Expiry18 Sep 2026
Strike170.00
Volume3
OI37
IV0.25
ContractWCN260821P00140000
SidePut
Expiry21 Aug 2026
Strike140.00
Volume2
OI171
IV0.28
ContractWCN260821P00160000
SidePut
Expiry21 Aug 2026
Strike160.00
Volume2
OI164
IV0.27
ContractWCN260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume1
OI291
IV0.12
ContractWCN261218C00175000
SideCall
Expiry18 Dec 2026
Strike175.00
Volume1
OI15
IV0.24
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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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.