Primary read
Bullish
Speculative participation surge
Ticker Options Intelligence
RWX options intelligence
STATE STREET SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 31 Jul 2026
Checked 3 Aug 2026 12:15 · complete available chain
Speculative participation surge
Bullish pressure
RWX currently carries bullish options pressure with a 60/100 conviction score. The nearest-chain expected move is 1.1%, with volume/open-interest participation at 1.67.
Expected move
1.1%
Near-term move context
Activity / OI
1.67
Current volume is elevated versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+1.6%
RS -6.9
Expected move
1.1%
Put-call volume
-
Volume / OI
1.67
Reference IV
0.05
Max pain
18.00
Underlying
28.05
Nearest expiry
21 Aug 2026
Contracts
152
Research Brief
RWX has a bullish chain read with 60/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 27.73–28.37; The largest call open-interest concentration is 33.00; the largest put concentration is 18.00. The most active strike by current volume is 18.00.
Priced range27.73–28.37
Call concentration33.00
Put concentration18.00
Max pain reference18.00
- 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 27.73 to 28.37. Max pain at 18.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
27.7328.05 ± 0.3228.37
Confirmation level
A close beyond 28.37 or below 27.73 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 60/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation79 × 22%
+17.3
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.
Volatility8 × 10%
+0.8
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 33.00; the largest put concentration is 18.00. The most active strike by current volume is 18.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
18.00-35.8%
0
0
19.00-32.3%
0
0
20.00-28.7%
0
0
21.00-25.1%
0
0
22.00-21.6%
0
0
23.00-18.0%
0
0
24.00-14.4%
0
0
25.00-10.9%
0
0
26.00-7.3%
0
0
27.00-3.7%
0
0
28.00-0.2%
0
0
29.003.4%
0
0
30.007.0%
2
0
31.0010.5%
0
0
32.0014.1%
0
0
33.0017.6%
3
0
34.0021.2%
0
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+$160Delta change / 1% move
Positive peak30.00+$109
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.007.0%
+$109
33.0017.6%
+$41
35.0024.8%
+$10
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.05
21 Aug
21d
0.03
18 Sep
49d
0.03
16 Oct
77d
0.09
15 Jan
168d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
23
24
25
26
27
28
29
30
31
32
33
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
- 152 / 152
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Options pressure and weekly price action are pointing in the same constructive direction.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $50 of estimated gross traded notional, calls · 91+ days · otm, 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+100
1W price+1.6%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.67
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 · 91+ days · OTM
calls cluster with 10 contracts traded, $50 estimated gross traded notional, and 100% of visible notional.
$50
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
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
Close28.05
1W+1.6%
RS-6.9
Fair value+12.0%
Options pressure100
Speculation79
Volatility8
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 13:02
Bullish
Pressure 100
Move 1.2%
30 Jul 12:55
Mixed
Pressure 12
Move 1.2%
31 Jul 12:24
Bullish
Pressure 100
Move 1.4%
3 Aug 11:15
Bullish
Pressure 100
Move 1.1%
Strike Map
Where activity is clustering
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike23.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.05
Put-call-
Expiry18 Sep 2026
Contracts38
Avg IV0.03
Put-call-
Expiry16 Oct 2026
Contracts38
Avg IV0.03
Put-call-
Expiry15 Jan 2027
Contracts38
Avg IV0.09
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.07
Put IV0.01
Skew-0.06
18 Sep 2026Balanced skew
Call IV0.04
Put IV0.01
Skew-0.03
16 Oct 2026Balanced skew
Call IV0.03
Put IV0.01
Skew-0.02
15 Jan 2027Balanced skew
Call IV0.01
Put IV0.01
Skew-
Contract Tape
Most active contracts
ContractRWX270115C00035000
SideCall
Expiry15 Jan 2027
Strike35.00
Volume10
OI1
IV0.13
ContractRWX260821C00033000
SideCall
Expiry21 Aug 2026
Strike33.00
Volume-
OI3
IV0.30
ContractRWX260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume-
OI2
IV0.14
ContractRWX260821C00019000
SideCall
Expiry21 Aug 2026
Strike19.00
Volume-
OI-
IV0.01
ContractRWX260821P00020000
SidePut
Expiry21 Aug 2026
Strike20.00
Volume-
OI-
IV0.60
ContractRWX260821C00021000
SideCall
Expiry21 Aug 2026
Strike21.00
Volume-
OI-
IV0.49
ContractRWX260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume-
OI-
IV0.58
ContractRWX260821C00022000
SideCall
Expiry21 Aug 2026
Strike22.00
Volume-
OI-
IV0.41
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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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.