Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
DTM options intelligence
DT Midstream Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 3 Aug 2026
Checked 3 Aug 2026 18:35 · complete available chain
Call-side pressure
Bullish pressure
DTM currently carries bullish options pressure with a 47/100 conviction score. The nearest-chain expected move is 4.3%, with volume/open-interest participation at 0.20.
Expected move
4.3%
Near-term move context
Activity / OI
0.20
Current volume is quieter versus prior open interest
Put-call
0.11
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-5.3%
RS 1.5
Expected move
4.3%
Put-call volume
0.11
Volume / OI
0.20
Reference IV
0.40
Max pain
135.00
Underlying
138.00
Nearest expiry
21 Aug 2026
Contracts
80
Research Brief
DTM has a bullish chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 132.03–143.97; The largest call open-interest concentration is 150.00; the largest put concentration is 135.00. The most active strike by current volume is 155.00.
Priced range132.03–143.97
Call concentration150.00
Put concentration135.00
Max pain reference135.00
- 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.
- 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 132.03 to 143.97. Max pain at 135.00 sits inside that range, 2.2% below spot.
Spot
Max pain
132.03138.00 ± 5.97143.97
Confirmation level
A close beyond 143.97 or below 132.03 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 47/100
Pressure is 91/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure91 × 42%
+38.2
How strongly activity leans toward calls or puts.
Participation21 × 22%
+4.5
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.
Volatility46 × 10%
+4.6
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 150.00; the largest put concentration is 135.00. The most active strike by current volume is 155.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
130.00-5.8%
1
4
135.00-2.2%
4
0
140.001.4%
4
4
145.005.1%
41
0
150.008.7%
1014
0
155.0012.3%
166
0
160.0015.9%
46
0
170.0023.2%
34
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+$661,738Delta change / 1% move
Positive peak150.00+$479,767
Negative peak115.00-$1,599
Nearest balance124.26Interpolated sign change
StrikeNegativePositiveNet / 1% move
85.00-38.4%
-$101
90.00-34.8%
-$239
95.00-31.2%
-$436
100.00-27.5%
-$798
105.00-23.9%
-$941
110.00-20.3%
-$1,023
115.00-16.7%
-$1,599
120.00-13.0%
-$981
125.00-9.4%
+$171
130.00-5.8%
+$11,238
135.00-2.2%
+$15,114
140.001.4%
+$46,510
145.005.1%
+$33,452
150.008.7%
+$479,767
155.0012.3%
+$54,485
160.0015.9%
+$15,312
165.0019.6%
+$2,949
170.0023.2%
+$5,490
175.0026.8%
+$1,158
180.0030.4%
+$377
190.0037.7%
+$838
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.
0.40
21 Aug
18d
0.32
18 Sep
46d
0.36
20 Nov
109d
0.29
18 Dec
137d
0.34
19 Mar
228d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
130
135
140
145
150
155
160
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
- 80 / 80
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $142,081 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+91
1W price-5.3%
Call premium91%
Put premium9%
Notional split
C 91% / P 9%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.20
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.
Calls · 46-90 days · ATM
calls cluster with 99 contracts traded, $51,520 estimated gross traded notional, and 36% of visible notional.
$51,520
Calls · 46-90 days · ITM
calls cluster with 8 contracts traded, $32,235 estimated gross traded notional, and 23% of visible notional.
$32,235
Calls · 91+ days · ITM
calls cluster with 7 contracts traded, $20,655 estimated gross traded notional, and 15% of visible notional.
$20,655
Calls · 8-21 days · OTM
calls cluster with 191 contracts traded, $13,310 estimated gross traded notional, and 9% of visible notional.
$13,310
Puts · 91+ days · ATM
puts cluster with 11 contracts traded, $7,425 estimated gross traded notional, and 5% of visible notional.
$7,425
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close138.00
1W-5.3%
RS1.5
Fair value+51.9%
Options pressure91
Speculation21
Volatility46
Trend fit0
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 10:22
Bullish
Pressure 61
Move 6.9%
30 Jul 10:19
Bullish
Pressure 93
Move 8.4%
30 Jul 15:21
Volatility
Pressure 85
Move 10.7%
30 Jul 19:41
Bullish
Pressure 91
Move 7.9%
31 Jul 03:21
Bullish
Pressure 100
Move 6.8%
3 Aug 00:37
Mixed
Pressure -3
Move 5.0%
3 Aug 17:35
Bullish
Pressure 91
Move 4.3%
Strike Map
Where activity is clustering
Strike130.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike135.00
Calls · V 2 · OI 4
Puts · V 1 · OI 4
Strike140.00
Calls · V 4 · OI 4
Puts · V 0 · OI 0
Strike145.00
Calls · V 40 · OI 41
Puts · V 0 · OI 4
Strike150.00
Calls · V 1 · OI 1014
Puts · V 0 · OI 0
Strike155.00
Calls · V 149 · OI 166
Puts · V 0 · OI 0
Strike160.00
Calls · V 1 · OI 46
Puts · V 0 · OI 0
Strike170.00
Calls · V 0 · OI 34
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts10
Avg IV0.40
Put-call0.01
Expiry18 Sep 2026
Contracts23
Avg IV0.32
Put-call0.09
Expiry20 Nov 2026
Contracts12
Avg IV0.36
Put-call2.50
Expiry18 Dec 2026
Contracts30
Avg IV0.29
Put-call0.53
Expiry19 Mar 2027
Contracts5
Avg IV0.34
Put-call1.00
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.51
Put IV0.29
Skew-0.21
18 Sep 2026Call IV premium
Call IV0.27
Put IV0.03
Skew-0.24
20 Nov 2026Balanced skew
Call IV0.30
Put IV0.26
Skew-0.03
18 Dec 2026Balanced skew
Call IV0.29
Put IV0.28
Skew-0.01
19 Mar 2027Balanced skew
Call IV0.29
Put IV0.32
Skew0.03
Contract Tape
Most active contracts
ContractDTM260821C00170000
SideCall
Expiry21 Aug 2026
Strike170.00
Volume-
OI34
IV0.56
ContractDTM261218C00165000
SideCall
Expiry18 Dec 2026
Strike165.00
Volume-
OI10
IV0.33
ContractDTM261218P00135000
SidePut
Expiry18 Dec 2026
Strike135.00
Volume-
OI5
IV0.27
ContractDTM261218P00140000
SidePut
Expiry18 Dec 2026
Strike140.00
Volume-
OI5
IV0.27
ContractDTM260821P00145000
SidePut
Expiry21 Aug 2026
Strike145.00
Volume-
OI4
IV0.39
ContractDTM261120C00130000
SideCall
Expiry20 Nov 2026
Strike130.00
Volume-
OI3
IV0.57
ContractDTM261120C00100000
SideCall
Expiry20 Nov 2026
Strike100.00
Volume-
OI2
IV0.95
ContractDTM270319C00160000
SideCall
Expiry19 Mar 2027
Strike160.00
Volume-
OI2
IV0.30
Research Graph
Related research and context
Sharemaestro research
Related News
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.