Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
CVI options intelligence
CVR Energy Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 12 Aug 2026
Checked 13 Aug 2026 00:11 · complete available chain
Volatility expansion watch
Volatility pressure
CVI currently carries volatility options pressure with a 48/100 conviction score. The nearest-chain expected move is 16.4%, with volume/open-interest participation at 0.06.
Expected move
16.4%
Wider near-term move priced
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.46
Call-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
-12.5%
RS -8.8
Expected move
16.4%
Put-call volume
0.46
Volume / OI
0.06
Reference IV
0.78
Max pain
32.50
Underlying
31.15
Nearest expiry
21 Aug 2026
Contracts
126
Research Brief
CVI has a volatility chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 26.05–36.25; The largest call open-interest concentration is 35.00; the largest put concentration is 30.00. The most active strike by current volume is 27.50.
Priced range26.05–36.25
Call concentration35.00
Put concentration30.00
Max pain reference32.50
- A clear directional pressure reading develops and price begins to agree.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
- 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 26.05 to 36.25. Max pain at 32.50 sits inside that range, 4.3% above spot.
Spot
Max pain
26.0531.15 ± 5.1036.25
Confirmation level
A close beyond 36.25 or below 26.05 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 48/100
Pressure is 43/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure43 × 42%
+18.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility95 × 10%
+9.5
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 35.00; the largest put concentration is 30.00. The most active strike by current volume is 27.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
15.00-51.8%
0
0
17.50-43.8%
0
209
22.50-27.8%
0
205
25.00-19.7%
46
176
27.50-11.7%
41
216
30.00-3.7%
33
200
32.504.3%
38
36
35.0012.4%
3013
12
37.5020.4%
104
0
40.0028.4%
1737
0
42.5036.4%
551
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+$264,716Delta change / 1% move
Positive peak35.00+$233,239
Negative peak25.00-$67,891
Nearest balance31.22Interpolated sign change
StrikeNegativePositiveNet / 1% move
12.50-59.9%
+$783
15.00-51.8%
-$739
17.50-43.8%
+$1,092
20.00-35.8%
+$6,682
22.50-27.8%
-$92
25.00-19.7%
-$67,891
27.50-11.7%
-$13,933
30.00-3.7%
-$53,056
32.504.3%
+$56,063
35.0012.4%
+$233,239
37.5020.4%
+$37,468
40.0028.4%
+$53,634
42.5036.4%
+$8,426
45.0044.5%
+$635
47.5052.5%
+$447
50.0060.5%
+$1,932
55.0076.6%
+$25
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.
0.78
21 Aug
9d
0.59
18 Sep
37d
0.59
18 Dec
128d
0.60
15 Jan
156d
0.58
19 Mar
219d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
25
28
30
33
35
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 126 / 126
- 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: $721,456 of estimated gross traded notional, calls · 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+43
1W price-12.5%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
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.
Calls · 91+ days · ITM
calls cluster with 163 contracts traded, $260,075 estimated gross traded notional, and 36% of visible notional.
$260,075
Calls · 22-45 days · ITM
calls cluster with 116 contracts traded, $167,325 estimated gross traded notional, and 23% of visible notional.
$167,325
Calls · 22-45 days · OTM
calls cluster with 438 contracts traded, $93,202 estimated gross traded notional, and 13% of visible notional.
$93,202
Puts · 91+ days · ITM
puts cluster with 100 contracts traded, $92,638 estimated gross traded notional, and 13% of visible notional.
$92,638
Calls · 91+ days · OTM
calls cluster with 172 contracts traded, $62,772 estimated gross traded notional, and 9% of visible notional.
$62,772
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
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank80th
Volume/OI rank80th
IV rank100th
Market Context
Underlying confirmation
Close31.15
1W-12.5%
RS-8.8
Fair value+21.4%
Options pressure43
Speculation41
Volatility95
Trend fit43
Today Versus Normal
Stored-options context
30d avg 13.3% · 10 sessions
90th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.63 · 10 sessions
100th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.88 · 10 sessions
70th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.09 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:53
Volatility
Pressure 90
Move 15.1%
30 Jul 10:43
Volatility
Pressure 97
Move 14.9%
31 Jul 11:08
Volatility
Pressure 100
Move 20.6%
31 Jul 17:29
Volatility
Pressure 61
Move 14.1%
2 Aug 18:36
Volatility
Pressure 75
Move 11.1%
4 Aug 10:42
Volatility
Pressure 72
Move 11.9%
5 Aug 11:12
Bearish
Pressure -22
Move 12.1%
6 Aug 11:20
Bearish
Pressure -63
Move 12.8%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 1 · OI 209
Strike25.00
Calls · V 1 · OI 46
Puts · V 4 · OI 205
Strike27.50
Calls · V 1 · OI 41
Puts · V 84 · OI 176
Strike30.00
Calls · V 1 · OI 33
Puts · V 9 · OI 216
Strike32.50
Calls · V 1 · OI 38
Puts · V 3 · OI 200
Strike35.00
Calls · V 21 · OI 3013
Puts · V 10 · OI 36
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts18
Avg IV0.78
Put-call1.95
Expiry18 Sep 2026
Contracts30
Avg IV0.59
Put-call0.21
Expiry18 Dec 2026
Contracts26
Avg IV0.59
Put-call0.64
Expiry15 Jan 2027
Contracts34
Avg IV0.60
Put-call0.86
Expiry19 Mar 2027
Contracts18
Avg IV0.58
Put-call0.19
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.73
Put IV0.66
Skew-0.07
18 Sep 2026Balanced skew
Call IV0.55
Put IV0.57
Skew0.02
18 Dec 2026Balanced skew
Call IV0.59
Put IV0.58
Skew-0.02
15 Jan 2027Call IV premium
Call IV0.61
Put IV0.56
Skew-0.05
19 Mar 2027Balanced skew
Call IV0.59
Put IV0.64
Skew0.05
Contract Tape
Most active contracts
ContractCVI270319C00042500
SideCall
Expiry19 Mar 2027
Strike42.50
Volume-
OI90
IV0.56
ContractCVI270319P00045000
SidePut
Expiry19 Mar 2027
Strike45.00
Volume-
OI5
IV0.54
ContractCVI270319P00025000
SidePut
Expiry19 Mar 2027
Strike25.00
Volume-
OI3
IV0.64
ContractCVI270319P00017500
SidePut
Expiry19 Mar 2027
Strike17.50
Volume-
OI2
IV0.81
ContractCVI260918P00012500
SidePut
Expiry18 Sep 2026
Strike12.50
Volume-
OI2
IV2.18
ContractCVI270319C00027500
SideCall
Expiry19 Mar 2027
Strike27.50
Volume-
OI1
IV0.61
ContractCVI261218P00047500
SidePut
Expiry18 Dec 2026
Strike47.50
Volume-
OI1
IV0.58
ContractCVI270115P00047500
SidePut
Expiry15 Jan 2027
Strike47.50
Volume-
OI1
IV0.79
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.