Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FIVE options intelligence
Five Below Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 31 Jul 2026
Checked 1 Aug 2026 10:25 · complete available chain
Call-side pressure
Bullish pressure
FIVE currently carries bullish options pressure with a 37/100 conviction score. The nearest-chain expected move is 7.2%, with volume/open-interest participation at 0.02.
Expected move
7.2%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.16
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+6.9%
RS 6.2
Expected move
7.2%
Put-call volume
0.16
Volume / OI
0.02
Reference IV
0.38
Max pain
200.00
Underlying
217.13
Nearest expiry
21 Aug 2026
Contracts
468
Research Brief
FIVE has a bullish chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 201.43–232.83; The largest call open-interest concentration is 230.00; the largest put concentration is 210.00. The most active strike by current volume is 210.00.
Priced range201.43–232.83
Call concentration230.00
Put concentration210.00
Max pain reference200.00
- 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 201.43 to 232.83. Max pain at 200.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
201.43217.13 ± 15.70232.83
Confirmation level
A close beyond 232.83 or below 201.43 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 37/100
Pressure is 70/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure70 × 42%
+29.4
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.9
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.
Volatility56 × 10%
+5.6
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 230.00; the largest put concentration is 210.00. The most active strike by current volume is 210.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
71
120.00-44.7%
2
87
155.00-28.6%
0
148
160.00-26.3%
8
142
170.00-21.7%
18
133
175.00-19.4%
26
264
180.00-17.1%
82
75
185.00-14.8%
305
281
190.00-12.5%
42
39
195.00-10.2%
61
97
200.00-7.9%
240
543
210.00-3.3%
247
200
220.001.3%
385
27
230.005.9%
811
1
240.0010.5%
131
0
250.0015.1%
264
0
270.0024.3%
97
0
300.0038.2%
71
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.38
21 Aug
21d
0.50
18 Sep
49d
0.44
20 Nov
112d
0.46
15 Jan
168d
0.45
19 Feb
203d
0.47
21 Jan
539d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
175
180
185
190
195
200
210
220
230
240
250
260
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
- 468 / 468
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options pressure and weekly price action are pointing in the same constructive direction.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $314628 of estimated gross traded notional, calls · 8-21 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+70
1W price+6.9%
Call premium94%
Put premium6%
Notional split
C 94% / P 6%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 8-21 days · ITM
calls cluster with 147 contracts traded, $236095 estimated gross traded notional, and 75% of visible notional.
$236095
Calls · 46-90 days · OTM
calls cluster with 44 contracts traded, $37155 estimated gross traded notional, and 12% of visible notional.
$37155
Calls · 91+ days · OTM
calls cluster with 10 contracts traded, $13460 estimated gross traded notional, and 4% of visible notional.
$13460
Puts · 91+ days · OTM
puts cluster with 5 contracts traded, $7350 estimated gross traded notional, and 2% of visible notional.
$7350
Puts · 46-90 days · OTM
puts cluster with 12 contracts traded, $7138 estimated gross traded notional, and 2% of visible notional.
$7138
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.
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
Close217.13
1W+6.9%
RS6.2
Fair value+46.0%
Options pressure70
Speculation8
Volatility56
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 10:24
Bullish
Pressure 28
Move 8.8%
30 Jul 10:21
Mixed
Pressure 0
Move 9.2%
31 Jul 13:15
Bullish
Pressure 23
Move 11.4%
31 Jul 15:08
Mixed
Pressure 7
Move 9.9%
31 Jul 16:10
Mixed
Pressure 11
Move 10.1%
31 Jul 17:00
Mixed
Pressure 12
Move 10.2%
31 Jul 17:34
Mixed
Pressure 14
Move 10.3%
31 Jul 19:44
Mixed
Pressure 15
Move 10.6%
Strike Map
Where activity is clustering
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike100.00
Calls · V 0 · OI 4
Puts · V 0 · OI 6
Strike105.00
Calls · V 0 · OI 1
Puts · V 0 · OI 7
Strike110.00
Calls · V 0 · OI 1
Puts · V 0 · OI 4
Strike115.00
Calls · V 0 · OI 1
Puts · V 0 · OI 5
Strike120.00
Calls · V 0 · OI 2
Puts · V 0 · OI 71
Strike125.00
Calls · V 0 · OI 1
Puts · V 0 · OI 9
Strike130.00
Calls · V 0 · OI 2
Puts · V 0 · OI 22
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts76
Avg IV0.38
Put-call0.11
Expiry18 Sep 2026
Contracts68
Avg IV0.50
Put-call0.28
Expiry20 Nov 2026
Contracts74
Avg IV0.44
Put-call-
Expiry15 Jan 2027
Contracts102
Avg IV0.46
Put-call-
Expiry19 Feb 2027
Contracts64
Avg IV0.45
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.39
Put IV0.38
Skew-0.01
18 Sep 2026Balanced skew
Call IV0.48
Put IV0.52
Skew0.04
20 Nov 2026Balanced skew
Call IV0.42
Put IV0.44
Skew0.02
15 Jan 2027Balanced skew
Call IV0.44
Put IV0.49
Skew0.05
19 Feb 2027Balanced skew
Call IV0.43
Put IV0.46
Skew0.03
Contract Tape
Most active contracts
ContractFIVE260821C00210000
SideCall
Expiry21 Aug 2026
Strike210.00
Volume75
OI247
IV0.40
ContractFIVE260821C00200000
SideCall
Expiry21 Aug 2026
Strike200.00
Volume71
OI240
IV0.41
ContractFIVE260918C00240000
SideCall
Expiry18 Sep 2026
Strike240.00
Volume31
OI78
IV0.49
ContractFIVE260918C00230000
SideCall
Expiry18 Sep 2026
Strike230.00
Volume12
OI19
IV0.48
ContractFIVE260821C00230000
SideCall
Expiry21 Aug 2026
Strike230.00
Volume9
OI811
IV0.39
ContractFIVE260821P00190000
SidePut
Expiry21 Aug 2026
Strike190.00
Volume6
OI281
IV0.48
ContractFIVE260918P00200000
SidePut
Expiry18 Sep 2026
Strike200.00
Volume6
OI94
IV0.51
ContractFIVE260821C00240000
SideCall
Expiry21 Aug 2026
Strike240.00
Volume5
OI131
IV0.37
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.