Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WOR options intelligence
Worthington Industries Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 30 Jul 2026
Checked 31 Jul 2026 09:57 · complete available chain
Put-side pressure
Bearish pressure
WOR currently carries bearish options pressure with a 49/100 conviction score. The nearest-chain expected move is 6.7%, with volume/open-interest participation at 0.01.
Expected move
6.7%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
52.00
Put-side skew
Trend fit
25
Options are not fully confirming trend
Weekly backdrop
+0.4%
RS -7.7
Expected move
6.7%
Put-call volume
52.00
Volume / OI
0.01
Reference IV
0.35
Max pain
55.00
Underlying
56.00
Nearest expiry
21 Aug 2026
Contracts
118
Research Brief
WOR has a bearish chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 52.22–59.78; The largest call open-interest concentration is 60.00; the largest put concentration is 55.00. The most active strike by current volume is 55.00.
Priced range52.22–59.78
Call concentration60.00
Put concentration55.00
Max pain reference55.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 52.22 to 59.78. Max pain at 55.00 sits inside that range, 1.8% below spot.
Spot
Max pain
52.2256.00 ± 3.7859.78
Confirmation level
A close beyond 59.78 or below 52.22 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 49/100
Pressure is 85/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure85 × 42%
+35.9
How strongly activity leans toward calls or puts.
Participation6 × 22%
+1.3
Volume relative to existing open interest and contract-level activity.
Trend agreement25 × 26%
+6.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility52 × 10%
+5.2
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 60.00; the largest put concentration is 55.00. The most active strike by current volume is 55.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
30.00-46.4%
0
3
35.00-37.5%
0
3
40.00-28.6%
0
13
45.00-19.6%
1
11
50.00-10.7%
0
71
55.00-1.8%
118
3
60.007.1%
768
0
65.0016.1%
14
0
70.0025.0%
12
0
75.0033.9%
10
0
80.0042.9%
1
0
85.0051.8%
0
0
90.0060.7%
0
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.
0.35
21 Aug
22d
0.34
18 Sep
50d
0.38
16 Oct
78d
0.39
18 Dec
141d
0.38
19 Mar
232d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
45
50
55
60
65
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 118 / 118
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is present before a decisive weekly price breakdown.
Put-heavy activity matters because it connects the options headline to the actual evidence: $7448 of estimated gross traded notional, puts · 8-21 days · atm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-85
1W price+0.4%
Call premium1%
Put premium99%
Notional split
C 1% / P 99%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
25/100
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.
Puts · 8-21 days · ATM
puts cluster with 51 contracts traded, $6885 estimated gross traded notional, and 92% of visible notional.
$6885
Puts · 8-21 days · ITM
puts cluster with 1 contracts traded, $455 estimated gross traded notional, and 6% of visible notional.
$455
Calls · 46-90 days · OTM
calls cluster with 1 contracts traded, $108 estimated gross traded notional, and 1% of visible notional.
$108
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close56.21
1W+0.4%
RS-7.7
Fair value+10.8%
Options pressure-85
Speculation6
Volatility52
Trend fit25
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:55
Bullish
Pressure 60
Move 8.3%
30 Jul 10:45
Mixed
Pressure -3
Move 7.2%
30 Jul 23:03
Mixed
Pressure 2
Move 6.7%
31 Jul 00:03
Mixed
Pressure 2
Move 6.7%
31 Jul 08:57
Bearish
Pressure -85
Move 6.7%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike45.00
Calls · V 0 · OI 1
Puts · V 0 · OI 13
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike55.00
Calls · V 0 · OI 118
Puts · V 51 · OI 71
Strike60.00
Calls · V 0 · OI 768
Puts · V 1 · OI 3
Strike65.00
Calls · V 0 · OI 14
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.35
Put-call-
Expiry18 Sep 2026
Contracts24
Avg IV0.34
Put-call-
Expiry16 Oct 2026
Contracts24
Avg IV0.38
Put-call-
Expiry18 Dec 2026
Contracts22
Avg IV0.39
Put-call-
Expiry19 Mar 2027
Contracts22
Avg IV0.38
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.44
Put IV0.40
Skew-0.05
18 Sep 2026Put IV premium
Call IV0.31
Put IV0.37
Skew0.06
16 Oct 2026Put IV premium
Call IV0.35
Put IV0.42
Skew0.08
18 Dec 2026Put IV premium
Call IV0.37
Put IV0.42
Skew0.06
19 Mar 2027Balanced skew
Call IV0.37
Put IV0.41
Skew0.04
Contract Tape
Most active contracts
ContractWOR260821P00055000
SidePut
Expiry21 Aug 2026
Strike55.00
Volume51
OI71
IV0.32
ContractWOR260918C00060000
SideCall
Expiry18 Sep 2026
Strike60.00
Volume1
OI300
IV0.31
ContractWOR260821P00060000
SidePut
Expiry21 Aug 2026
Strike60.00
Volume1
OI3
IV0.29
ContractWOR260821C00060000
SideCall
Expiry21 Aug 2026
Strike60.00
Volume-
OI768
IV0.44
ContractWOR261218C00080000
SideCall
Expiry18 Dec 2026
Strike80.00
Volume-
OI727
IV0.21
ContractWOR261016C00070000
SideCall
Expiry16 Oct 2026
Strike70.00
Volume-
OI568
IV0.36
ContractWOR261218C00075000
SideCall
Expiry18 Dec 2026
Strike75.00
Volume-
OI502
IV0.36
ContractWOR260918C00065000
SideCall
Expiry18 Sep 2026
Strike65.00
Volume-
OI319
IV0.31
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.