Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
DOCU options intelligence
DocuSign Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 12 Aug 2026
Checked 12 Aug 2026 21:48 · complete available chain
Options-market disagreement
Mixed pressure
DOCU currently carries mixed options pressure with a 42/100 conviction score. The nearest-chain expected move is 4.6%, with volume/open-interest participation at 0.08.
Expected move
4.6%
Near-term move context
Activity / OI
0.08
Current volume is quieter versus prior open interest
Put-call
0.95
Balanced tape
Trend fit
97
Options agree with trend context
Weekly backdrop
+9.9%
RS -10.9
Expected move
4.6%
Put-call volume
0.95
Volume / OI
0.08
Reference IV
0.71
Max pain
54.00
Underlying
60.26
Nearest expiry
14 Aug 2026
Contracts
731
Research Brief
DOCU has a mixed chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 57.48–63.04; The largest call open-interest concentration is 57.00; the largest put concentration is 38.00. The most active strike by current volume is 63.00.
Priced range57.48–63.04
Call concentration57.00
Put concentration38.00
Max pain reference54.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 57.48 to 63.04. Max pain at 54.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
57.4860.26 ± 2.7863.04
Confirmation level
A close beyond 63.04 or below 57.48 at the 14 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 42/100
Pressure is 1/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure1 × 42%
+0.5
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement97 × 26%
+25.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility68 × 10%
+6.8
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 57.00; the largest put concentration is 38.00. The most active strike by current volume is 63.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
392
35.00-41.9%
0
912
36.00-40.3%
0
1904
38.00-36.9%
0
223
46.00-23.7%
7
95
47.00-22.0%
99
120
50.00-17.0%
41
34
53.00-12.0%
299
154
54.00-10.4%
243
227
56.00-7.1%
95
68
57.00-5.4%
2534
70
58.00-3.8%
83
84
59.00-2.1%
61
30
60.00-0.4%
231
10
61.001.2%
112
0
63.004.5%
164
0
65.007.9%
117
0
67.0011.2%
86
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+$3.6MDelta change / 1% move
Positive peak60.00+$833,329
Negative peak40.00-$169,508
Nearest balance56.04Interpolated sign change
StrikeNegativePositiveNet / 1% move
52.50-12.9%
+$74,446
53.00-12.0%
+$26,987
54.00-10.4%
+$46,809
55.00-8.7%
+$119,399
56.00-7.1%
-$26,369
57.00-5.4%
+$624,183
57.50-4.6%
+$133,218
58.00-3.8%
+$483,993
59.00-2.1%
+$10,498
60.00-0.4%
+$833,329
61.001.2%
+$108,563
62.002.9%
+$72,966
62.503.7%
+$123,638
63.004.5%
+$76,481
63.505.4%
+$14,271
64.006.2%
+$25,512
65.007.9%
+$455,199
66.009.5%
+$10,038
67.0011.2%
+$25,122
67.5012.0%
+$8,926
68.0012.8%
+$7,185
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.71
14 Aug
2d
0.63
21 Aug
9d
0.59
28 Aug
16d
0.67
4 Sep
23d
0.69
11 Sep
30d
0.60
18 Sep
37d
0.62
25 Sep
44d
0.57
18 Dec
128d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
49
49
50
51
52
53
55
56
57
58
59
61
62
63
64
65
66
67
68
70
72
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 5 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing0%
Average expiry move9.7%
6 Aug
Bullish · 42
9.9% through expiry
5.5% priced · v2.0
5 Aug
Mixed · 34
9.9% through expiry
5.0% priced · v2.0
4 Aug
Bullish · 38
9.9% through expiry
6.2% priced · v2.0
3 Aug
Bullish · 37
9.9% through expiry
4.9% priced · v2.0
31 Jul
Bullish · 38
9.9% through expiry
5.7% priced · v2.0
30 Jul
Bullish · 40
8.7% through expiry
8.3% priced · v2.0
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
- 731 / 731
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $14.4M of estimated gross traded notional, puts · 91+ 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+1
1W price+9.9%
Call premium41%
Put premium59%
Notional split
C 41% / P 59%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.08
Volume divided by open interest across the visible chain.
Trend fit
97/100
Agreement between options pressure and Sharemaestro market context.
Event window
3 Sep
Matched earnings event is 20 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · ITM
puts cluster with 3025 contracts traded, $7.5M estimated gross traded notional, and 52% of visible notional.
$7.5M
Calls · 91+ days · ITM
calls cluster with 1175 contracts traded, $3.4M estimated gross traded notional, and 24% of visible notional.
$3.4M
Calls · 91+ days · OTM
calls cluster with 2479 contracts traded, $1.4M estimated gross traded notional, and 9% of visible notional.
$1.4M
Puts · 91+ days · OTM
puts cluster with 1280 contracts traded, $698,618 estimated gross traded notional, and 5% of visible notional.
$698,618
Calls · 8-21 days · ITM
calls cluster with 529 contracts traded, $495,426 estimated gross traded notional, and 3% of visible notional.
$495,426
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 11 completed sessions
Volume rank91th
Volume/OI rank73th
IV rank91th
Market Context
Underlying confirmation
Close60.26
1W+9.9%
RS-10.9
Fair value-4.8%
Options pressure1
Speculation42
Volatility68
Trend fit97
Today Versus Normal
Stored-options context
30d avg 7.1% · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.54 · 11 sessions
91th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.75 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.06 · 11 sessions
73th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:27
Mixed
Pressure 15
Move 12.3%
30 Jul 10:23
Bullish
Pressure 37
Move 16.5%
31 Jul 12:39
Bullish
Pressure 47
Move 8.3%
31 Jul 13:54
Mixed
Pressure 18
Move 7.4%
31 Jul 14:49
Mixed
Pressure 17
Move 9.4%
31 Jul 16:12
Mixed
Pressure -2
Move 9.1%
2 Aug 10:11
Bullish
Pressure 40
Move 5.7%
4 Aug 10:04
Bullish
Pressure 20
Move 4.9%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 0
Puts · V 7 · OI 392
Strike36.00
Calls · V 0 · OI 0
Puts · V 2 · OI 912
Strike37.00
Calls · V 0 · OI 0
Puts · V 8 · OI 134
Strike38.00
Calls · V 0 · OI 0
Puts · V 6 · OI 1904
Strike39.00
Calls · V 0 · OI 0
Puts · V 4 · OI 80
Strike40.00
Calls · V 0 · OI 0
Puts · V 4 · OI 49
Strike41.00
Calls · V 0 · OI 0
Puts · V 8 · OI 4
Strike42.00
Calls · V 0 · OI 0
Puts · V 4 · OI 136
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts61
Avg IV0.71
Put-call0.39
Expiry21 Aug 2026
Contracts70
Avg IV0.63
Put-call0.89
Expiry28 Aug 2026
Contracts51
Avg IV0.59
Put-call1.78
Expiry4 Sep 2026
Contracts45
Avg IV0.67
Put-call1.02
Expiry11 Sep 2026
Contracts30
Avg IV0.69
Put-call0.73
Skew
Call/put IV balance
14 Aug 2026Call IV premium
Call IV0.69
Put IV0.62
Skew-0.07
21 Aug 2026Balanced skew
Call IV0.54
Put IV0.52
Skew-0.02
28 Aug 2026Balanced skew
Call IV0.53
Put IV0.49
Skew-0.05
4 Sep 2026Call IV premium
Call IV0.70
Put IV0.63
Skew-0.08
11 Sep 2026Call IV premium
Call IV0.73
Put IV0.66
Skew-0.06
Contract Tape
Most active contracts
ContractDOCU260828P00039000
SidePut
Expiry28 Aug 2026
Strike39.00
Volume-
OI26
IV1.54
ContractDOCU280121P00105000
SidePut
Expiry21 Jan 2028
Strike105.00
Volume-
OI25
IV0.00
ContractDOCU260911C00068000
SideCall
Expiry11 Sep 2026
Strike68.00
Volume-
OI20
IV0.72
ContractDOCU260904C00049000
SideCall
Expiry4 Sep 2026
Strike49.00
Volume-
OI14
IV0.61
ContractDOCU260925P00069000
SidePut
Expiry25 Sep 2026
Strike69.00
Volume-
OI11
IV0.55
ContractDOCU261218P00110000
SidePut
Expiry18 Dec 2026
Strike110.00
Volume-
OI10
IV0.00
ContractDOCU260918C00027500
SideCall
Expiry18 Sep 2026
Strike27.50
Volume-
OI10
IV0.00
ContractDOCU261218P00115000
SidePut
Expiry18 Dec 2026
Strike115.00
Volume-
OI8
IV0.00
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
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.