Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
TRP options intelligence
TC Energy Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:04 · complete available chain
Call-side pressure
Bullish pressure
TRP currently carries bullish options pressure with a 35/100 conviction score. The nearest-chain expected move is 3.5%, with volume/open-interest participation at 0.01.
Expected move
3.5%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.74
Call-side skew
Trend fit
66
Options agree with trend context
Weekly backdrop
-6.2%
RS -4.3
Expected move
3.5%
Put-call volume
0.74
Volume / OI
0.01
Reference IV
0.22
Max pain
62.50
Underlying
63.23
Nearest expiry
21 Aug 2026
Contracts
206
Research Brief
TRP has a bullish chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 61.05–65.41; The largest call open-interest concentration is 75.00; the largest put concentration is 62.50. The most active strike by current volume is 65.00.
Priced range61.05–65.41
Call concentration75.00
Put concentration62.50
Max pain reference62.50
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 61.05 to 65.41. Max pain at 62.50 sits inside that range, 1.2% below spot.
Spot
Max pain
61.0563.23 ± 2.1865.41
Confirmation level
A close beyond 65.41 or below 61.05 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 35/100
Pressure is 23/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure23 × 42%
+9.6
How strongly activity leans toward calls or puts.
Participation24 × 22%
+5.3
Volume relative to existing open interest and contract-level activity.
Trend agreement66 × 26%
+17.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility29 × 10%
+2.9
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 75.00; the largest put concentration is 62.50. The most active strike by current volume is 65.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
74
32.50-48.6%
80
20
37.50-40.7%
20
4
45.00-28.8%
11
189
47.50-24.9%
0
32
50.00-20.9%
4
11
52.50-17.0%
1
235
55.00-13.0%
0
211
57.50-9.1%
1
579
60.00-5.1%
53
1011
62.50-1.2%
41
26
65.002.8%
99
22
67.506.8%
374
9
70.0010.7%
419
0
72.5014.7%
817
0
75.0018.6%
2249
0
77.5022.6%
139
0
80.0026.5%
979
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$222,264Delta change / 1% move
Positive peak65.00+$163,487
Negative peak60.00-$116,745
Nearest balance63.04Interpolated sign change
StrikeNegativePositiveNet / 1% move
32.50-48.6%
+$667
37.50-40.7%
+$266
40.00-36.7%
+$8
42.50-32.8%
+$12
45.00-28.8%
+$235
47.50-24.9%
-$1,292
50.00-20.9%
-$872
52.50-17.0%
+$8,176
55.00-13.0%
+$4,166
57.50-9.1%
-$3,759
60.00-5.1%
-$116,745
62.50-1.2%
-$44,563
65.002.8%
+$163,487
67.506.8%
+$47,947
70.0010.7%
+$20,704
72.5014.7%
+$74,374
75.0018.6%
+$53,200
77.5022.6%
+$2,325
80.0026.5%
+$13,625
85.0034.4%
+$163
90.0042.3%
+$70
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.
0.22
21 Aug
9d
0.22
18 Sep
37d
0.23
16 Oct
65d
0.22
20 Nov
100d
0.23
19 Feb
191d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
53
55
58
60
63
65
68
70
73
75
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 206 / 206
- 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: $16,870 of estimated gross traded notional, calls · 91+ days · itm, 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+23
1W price-6.2%
Call premium81%
Put premium19%
Notional split
C 81% / P 19%
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
66/100
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 · 91+ days · ITM
calls cluster with 13 contracts traded, $7,075 estimated gross traded notional, and 42% of visible notional.
$7,075
Calls · 91+ days · ATM
calls cluster with 10 contracts traded, $4,800 estimated gross traded notional, and 28% of visible notional.
$4,800
Puts · 46-90 days · OTM
puts cluster with 20 contracts traded, $1,650 estimated gross traded notional, and 10% of visible notional.
$1,650
Calls · 8-21 days · OTM
calls cluster with 36 contracts traded, $1,110 estimated gross traded notional, and 7% of visible notional.
$1,110
Puts · 91+ days · ITM
puts cluster with 3 contracts traded, $1,005 estimated gross traded notional, and 6% of visible notional.
$1,005
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank36th
Volume/OI rank36th
IV rank36th
Market Context
Underlying confirmation
Close63.23
1W-6.2%
RS-4.3
Fair value+41.6%
Options pressure23
Speculation24
Volatility29
Trend fit66
Today Versus Normal
Stored-options context
30d avg 5.1% · 11 sessions
9th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.23 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 3.22 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.02 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:05
Bearish
Pressure -23
Move 5.7%
30 Jul 10:04
Mixed
Pressure 14
Move 6.0%
30 Jul 14:12
Bullish
Pressure 21
Move 4.2%
31 Jul 12:32
Bullish
Pressure 86
Move 5.0%
2 Aug 22:09
Bullish
Pressure 57
Move 4.0%
4 Aug 10:01
Bearish
Pressure -51
Move 5.3%
5 Aug 10:04
Bearish
Pressure -49
Move 4.5%
5 Aug 18:55
Bullish
Pressure 23
Move 6.9%
Strike Map
Where activity is clustering
Strike32.50
Calls · V 0 · OI 80
Puts · V 0 · OI 74
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike37.50
Calls · V 0 · OI 20
Puts · V 0 · OI 20
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike45.00
Calls · V 0 · OI 11
Puts · V 0 · OI 4
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 189
Strike50.00
Calls · V 0 · OI 4
Puts · V 0 · OI 32
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts40
Avg IV0.22
Put-call0.50
Expiry18 Sep 2026
Contracts44
Avg IV0.22
Put-call-
Expiry16 Oct 2026
Contracts40
Avg IV0.23
Put-call-
Expiry20 Nov 2026
Contracts46
Avg IV0.22
Put-call0.21
Expiry19 Feb 2027
Contracts36
Avg IV0.23
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.21
Put IV0.44
Skew0.23
18 Sep 2026Balanced skew
Call IV0.21
Put IV0.24
Skew0.03
16 Oct 2026Balanced skew
Call IV0.26
Put IV0.26
Skew-
20 Nov 2026Balanced skew
Call IV0.22
Put IV0.24
Skew0.02
19 Feb 2027Balanced skew
Call IV0.20
Put IV0.22
Skew0.02
Contract Tape
Most active contracts
ContractTRP260821C00065000
SideCall
Expiry21 Aug 2026
Strike65.00
Volume31
OI99
IV0.21
ContractTRP261120C00060000
SideCall
Expiry20 Nov 2026
Strike60.00
Volume12
OI138
IV0.21
ContractTRP260821P00055000
SidePut
Expiry21 Aug 2026
Strike55.00
Volume10
OI235
IV0.39
ContractTRP260821P00057500
SidePut
Expiry21 Aug 2026
Strike57.50
Volume10
OI211
IV0.28
ContractTRP270219C00062500
SideCall
Expiry19 Feb 2027
Strike62.50
Volume10
OI15
IV0.20
ContractTRP261016P00060000
SidePut
Expiry16 Oct 2026
Strike60.00
Volume10
OI11
IV0.26
ContractTRP261016P00057500
SidePut
Expiry16 Oct 2026
Strike57.50
Volume10
OI10
IV0.25
ContractTRP260821C00070000
SideCall
Expiry21 Aug 2026
Strike70.00
Volume5
OI419
IV0.26
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.