Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
PSA options intelligence
Public Storage options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:02 · complete available chain
Options-market disagreement
Mixed pressure
PSA currently carries mixed options pressure with a 40/100 conviction score. The nearest-chain expected move is 4.6%, with volume/open-interest participation at 0.13.
Expected move
4.6%
Near-term move context
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
1.12
Balanced tape
Trend fit
98
Options agree with trend context
Weekly backdrop
+0.5%
RS 3.5
Expected move
4.6%
Put-call volume
1.12
Volume / OI
0.13
Reference IV
0.24
Max pain
320.00
Underlying
322.48
Nearest expiry
21 Aug 2026
Contracts
230
Research Brief
PSA has a mixed chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 307.78–337.18; The largest call open-interest concentration is 350.00; the largest put concentration is 300.00. The most active strike by current volume is 320.00.
Priced range307.78–337.18
Call concentration350.00
Put concentration300.00
Max pain reference320.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 307.78 to 337.18. Max pain at 320.00 sits inside that range, 0.8% below spot.
Spot
Max pain
307.78322.48 ± 14.70337.18
Confirmation level
A close beyond 337.18 or below 307.78 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 40/100
Pressure is 9/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.6
How strongly activity leans toward calls or puts.
Participation35 × 22%
+7.7
Volume relative to existing open interest and contract-level activity.
Trend agreement98 × 26%
+25.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility35 × 10%
+3.5
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 350.00; the largest put concentration is 300.00. The most active strike by current volume is 320.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
190.00-41.1%
0
0
195.00-39.5%
0
0
200.00-38.0%
0
2
250.00-22.5%
0
2
260.00-19.4%
0
6
270.00-16.3%
0
39
280.00-13.2%
0
30
290.00-10.1%
1
195
300.00-7.0%
2
61
310.00-3.9%
8
156
320.00-0.8%
143
33
330.002.3%
224
0
340.005.4%
316
0
350.008.5%
573
0
360.0011.6%
21
0
370.0014.7%
2
0
400.0024.0%
1
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.
0.24
21 Aug
22d
0.24
18 Sep
50d
0.25
18 Dec
141d
0.25
19 Mar
232d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
260
270
280
290
300
310
320
330
340
350
360
370
380
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
- 230 / 230
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $939305 of estimated gross traded notional, calls · 46-90 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-9
1W price+0.5%
Call premium64%
Put premium36%
Notional split
C 64% / P 36%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.13
Volume divided by open interest across the visible chain.
Trend fit
98/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 46-90 days · ITM
calls cluster with 122 contracts traded, $409705 estimated gross traded notional, and 44% of visible notional.
$409705
Puts · 46-90 days · ITM
puts cluster with 61 contracts traded, $192610 estimated gross traded notional, and 21% of visible notional.
$192610
Calls · 46-90 days · ATM
calls cluster with 173 contracts traded, $127920 estimated gross traded notional, and 14% of visible notional.
$127920
Puts · 91+ days · OTM
puts cluster with 217 contracts traded, $57778 estimated gross traded notional, and 6% of visible notional.
$57778
Calls · 8-21 days · ATM
calls cluster with 84 contracts traded, $43595 estimated gross traded notional, and 5% of visible notional.
$43595
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close324.17
1W+0.5%
RS3.5
Fair value+16.6%
Options pressure-9
Speculation35
Volatility35
Trend fit98
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 10:07
Mixed
Pressure -7
Move 6.8%
30 Jul 10:05
Bearish
Pressure -29
Move 6.3%
31 Jul 10:02
Mixed
Pressure -9
Move 4.6%
Strike Map
Where activity is clustering
Strike190.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike195.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike200.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike210.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike230.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike250.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.24
Put-call1.14
Expiry18 Sep 2026
Contracts56
Avg IV0.24
Put-call0.48
Expiry18 Dec 2026
Contracts58
Avg IV0.25
Put-call50.00
Expiry19 Mar 2027
Contracts58
Avg IV0.25
Put-call0.74
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.23
Put IV0.26
Skew0.03
18 Sep 2026Balanced skew
Call IV0.22
Put IV0.26
Skew0.04
18 Dec 2026Put IV premium
Call IV0.22
Put IV0.29
Skew0.07
19 Mar 2027Put IV premium
Call IV0.21
Put IV0.28
Skew0.07
Contract Tape
Most active contracts
ContractPSA261218P00250000
SidePut
Expiry18 Dec 2026
Strike250.00
Volume200
OI122
IV0.32
ContractPSA260918C00330000
SideCall
Expiry18 Sep 2026
Strike330.00
Volume130
OI149
IV0.23
ContractPSA260918C00280000
SideCall
Expiry18 Sep 2026
Strike280.00
Volume82
OI142
IV0.28
ContractPSA260918P00300000
SidePut
Expiry18 Sep 2026
Strike300.00
Volume63
OI137
IV0.26
ContractPSA260821P00300000
SidePut
Expiry21 Aug 2026
Strike300.00
Volume55
OI195
IV0.24
ContractPSA260821C00320000
SideCall
Expiry21 Aug 2026
Strike320.00
Volume53
OI143
IV0.24
ContractPSA260918C00320000
SideCall
Expiry18 Sep 2026
Strike320.00
Volume43
OI161
IV0.23
ContractPSA260918P00350000
SidePut
Expiry18 Sep 2026
Strike350.00
Volume38
OI20
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.