Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
COWZ options intelligence
PACER US CASH COWS 100 ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:15 · complete available chain
Call-side pressure
Bullish pressure
COWZ currently carries bullish options pressure with a 52/100 conviction score. The nearest-chain expected move is 1.4%, with volume/open-interest participation at 0.10.
Expected move
1.4%
Near-term move context
Activity / OI
0.10
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+3.1%
RS 1.2
Expected move
1.4%
Put-call volume
-
Volume / OI
0.10
Reference IV
0.06
Max pain
64.00
Underlying
66.91
Nearest expiry
21 Aug 2026
Contracts
142
Research Brief
COWZ has a bullish 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 65.97–67.85; The largest call open-interest concentration is 64.00; the largest put concentration is 64.00. The most active strike by current volume is 54.00.
Priced range65.97–67.85
Call concentration64.00
Put concentration64.00
Max pain reference64.00
- 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 65.97 to 67.85. Max pain at 64.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
65.9766.91 ± 0.9467.85
Confirmation level
A close beyond 67.85 or below 65.97 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 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility10 × 10%
+1.0
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 64.00; the largest put concentration is 64.00. The most active strike by current volume is 54.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
54.00-19.3%
0
0
55.00-17.8%
0
0
56.00-16.3%
0
0
57.00-14.8%
0
0
58.00-13.3%
0
0
59.00-11.8%
0
0
60.00-10.3%
0
0
61.00-8.8%
0
1
62.00-7.3%
0
0
63.00-5.8%
0
9
64.00-4.3%
1
0
65.00-2.9%
0
0
66.00-1.4%
1
0
67.000.1%
1
0
68.001.6%
0
0
69.003.1%
0
0
70.004.6%
0
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+$66,168Delta change / 1% move
Positive peak65.00+$39,708
Negative peak62.00-$253
Nearest balance64.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
53.00-20.8%
-$49
55.00-17.8%
-$22
58.00-13.3%
-$49
59.00-11.8%
+$0
60.00-10.3%
+$0
61.00-8.8%
-$113
62.00-7.3%
-$253
63.00-5.8%
+$624
64.00-4.3%
-$120
65.00-2.9%
+$39,708
66.00-1.4%
+$842
67.000.1%
+$690
68.001.6%
+$16,896
69.003.1%
+$2,374
70.004.6%
+$219
71.006.1%
+$5,421
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.
0.06
21 Aug
21d
0.06
18 Sep
49d
0.04
18 Dec
140d
0.07
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.
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 142 / 142
- 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: $5,390 of estimated gross traded notional, calls · 46-90 days · itm, 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+100
1W price+3.1%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.10
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · ITM
calls cluster with 11 contracts traded, $2,970 estimated gross traded notional, and 55% of visible notional.
$2,970
Calls · 91+ days · ATM
calls cluster with 10 contracts traded, $2,420 estimated gross traded notional, and 45% of visible notional.
$2,420
Setup Classification
Opportunity and risk frame
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
Close66.91
1W+3.1%
RS1.2
Fair value+21.0%
Options pressure100
Speculation42
Volatility10
Trend fit0
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 12:07
Bullish
Pressure 100
Move 2.2%
30 Jul 11:44
Bullish
Pressure 100
Move 3.8%
31 Jul 11:15
Bullish
Pressure 100
Move 1.5%
3 Aug 10:15
Bullish
Pressure 100
Move 1.4%
Strike Map
Where activity is clustering
Strike54.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike56.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike57.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike58.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike59.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike61.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.06
Put-call-
Expiry18 Sep 2026
Contracts28
Avg IV0.06
Put-call-
Expiry18 Dec 2026
Contracts38
Avg IV0.04
Put-call-
Expiry19 Mar 2027
Contracts38
Avg IV0.07
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.03
Put IV0.03
Skew-
18 Sep 2026Put IV premium
Call IV0.07
Put IV0.28
Skew0.20
18 Dec 2026Put IV premium
Call IV0.12
Put IV0.28
Skew0.16
19 Mar 2027Balanced skew
Call IV0.01
Put IV0.02
Skew0.01
Contract Tape
Most active contracts
ContractCOWZ260918C00065000
SideCall
Expiry18 Sep 2026
Strike65.00
Volume11
OI85
IV0.13
ContractCOWZ261218C00067000
SideCall
Expiry18 Dec 2026
Strike67.00
Volume10
OI1
IV0.01
ContractCOWZ261218C00071000
SideCall
Expiry18 Dec 2026
Strike71.00
Volume-
OI18
IV0.12
ContractCOWZ261218C00065000
SideCall
Expiry18 Dec 2026
Strike65.00
Volume-
OI11
IV0.10
ContractCOWZ260918C00063000
SideCall
Expiry18 Sep 2026
Strike63.00
Volume-
OI10
IV0.01
ContractCOWZ260918C00061000
SideCall
Expiry18 Sep 2026
Strike61.00
Volume-
OI10
IV0.01
ContractCOWZ260821P00064000
SidePut
Expiry21 Aug 2026
Strike64.00
Volume-
OI9
IV0.09
ContractCOWZ260918C00066000
SideCall
Expiry18 Sep 2026
Strike66.00
Volume-
OI7
IV0.01
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.