Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
OKTG options intelligence
Leverage Shares 2X Long OKTA Daily ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
61
Market data through 31 Jul 2026
Checked 3 Aug 2026 12:04 · complete available chain
Volatility expansion watch
Volatility pressure
OKTG currently carries volatility options pressure with a 61/100 conviction score. The nearest-chain expected move is 22.2%, with volume/open-interest participation at 1.51.
Expected move
22.2%
Wider near-term move priced
Activity / OI
1.51
Current volume is elevated versus prior open interest
Put-call
37.33
Put-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+5.0%
Sharemaestro weekly context
Expected move
22.2%
Put-call volume
37.33
Volume / OI
1.51
Reference IV
1.20
Max pain
15.00
Underlying
29.97
Nearest expiry
21 Aug 2026
Contracts
258
Research Brief
OKTG has a volatility chain read with 61/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 23.32–36.62; The largest call open-interest concentration is 24.00; the largest put concentration is 8.00. The most active strike by current volume is 8.00.
Priced range23.32–36.62
Call concentration24.00
Put concentration8.00
Max pain reference15.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 23.32 to 36.62. Max pain at 15.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
23.3229.97 ± 6.6536.62
Confirmation level
A close beyond 36.62 or below 23.32 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 61/100
Pressure is 92/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure93 × 42%
+38.9
How strongly activity leans toward calls or puts.
Participation55 × 22%
+12.1
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.
Volatility96 × 10%
+9.6
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 24.00; the largest put concentration is 8.00. The most active strike by current volume is 8.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5
2.00-93.3%
0
4
3.00-90.0%
0
1
4.00-86.7%
0
0
7.00-76.6%
0
20
8.00-73.3%
0
0
9.00-70.0%
0
0
10.00-66.6%
0
0
11.00-63.3%
1
0
14.00-53.3%
2
0
15.00-50.0%
1
0
17.00-43.3%
1
0
24.00-19.9%
7
2
26.00-13.3%
0
0
27.00-9.9%
2
2
30.000.1%
1
0
33.0010.1%
4
0
35.0016.8%
3
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+$691Delta change / 1% move
Positive peak35.00+$278
Negative peak26.00-$67
Nearest balance30.49Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.00-93.3%
-$0
3.00-90.0%
-$1
4.00-86.7%
-$0
6.00-80.0%
+$1
8.00-73.3%
-$7
11.00-63.3%
+$5
14.00-53.3%
+$5
15.00-50.0%
+$5
17.00-43.3%
+$15
21.00-29.9%
+$11
22.00-26.6%
+$24
24.00-19.9%
+$186
25.00-16.6%
+$27
26.00-13.3%
-$67
27.00-9.9%
+$71
30.000.1%
-$33
33.0010.1%
+$169
35.0016.8%
+$278
50.0066.8%
+$2
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
1.20
21 Aug
21d
1.45
18 Sep
49d
1.32
20 Nov
112d
1.31
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
24
25
26
27
28
29
30
31
32
33
34
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 258 / 258
- 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: $1,138 of estimated gross traded notional, calls · 8-21 days · atm, 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-92
1W price+5.0%
Call premium75%
Put premium25%
Notional split
C 75% / P 25%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.51
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 · 8-21 days · ATM
calls cluster with 2 contracts traded, $680 estimated gross traded notional, and 60% of visible notional.
$680
Puts · 8-21 days · OTM
puts cluster with 112 contracts traded, $288 estimated gross traded notional, and 25% of visible notional.
$288
Calls · 8-21 days · OTM
calls cluster with 1 contracts traded, $170 estimated gross traded notional, and 15% of visible notional.
$170
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
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.
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
Close29.97
1W+5.0%
RS-
Fair value+78.4%
Options pressure-93
Speculation55
Volatility96
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 - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:53
Volatility
Pressure -69
Move 25.7%
30 Jul 12:45
Volatility
Pressure -92
Move 25.0%
31 Jul 12:13
Volatility
Pressure -98
Move 24.2%
3 Aug 11:04
Volatility
Pressure -93
Move 22.2%
Strike Map
Where activity is clustering
Strike2.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike3.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.00
Calls · V 0 · OI 0
Puts · V 46 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 50 · OI 20
Strike9.00
Calls · V 0 · OI 0
Puts · V 14 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts74
Avg IV1.20
Put-call37.33
Expiry18 Sep 2026
Contracts50
Avg IV1.45
Put-call-
Expiry20 Nov 2026
Contracts74
Avg IV1.32
Put-call-
Expiry19 Feb 2027
Contracts60
Avg IV1.31
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV1.16
Put IV1.21
Skew0.06
18 Sep 2026Put IV premium
Call IV1.41
Put IV1.51
Skew0.10
20 Nov 2026Balanced skew
Call IV1.33
Put IV1.35
Skew0.02
19 Feb 2027Put IV premium
Call IV1.26
Put IV1.35
Skew0.09
Contract Tape
Most active contracts
ContractOKTG260821P00008000
SidePut
Expiry21 Aug 2026
Strike8.00
Volume50
OI20
IV2.09
ContractOKTG260821P00007000
SidePut
Expiry21 Aug 2026
Strike7.00
Volume46
OI-
IV2.30
ContractOKTG260821P00009000
SidePut
Expiry21 Aug 2026
Strike9.00
Volume14
OI-
IV1.92
ContractOKTG260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume2
OI1
IV1.19
ContractOKTG260821P00010000
SidePut
Expiry21 Aug 2026
Strike10.00
Volume2
OI-
IV1.75
ContractOKTG260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume1
OI3
IV1.19
ContractOKTG261120C00035000
SideCall
Expiry20 Nov 2026
Strike35.00
Volume-
OI10
IV1.32
ContractOKTG260821C00024000
SideCall
Expiry21 Aug 2026
Strike24.00
Volume-
OI7
IV1.26
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.