Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
XDTE options intelligence
ROUNDHILL S&P 500 0DTE COVERED CALL STRATEGY ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 14 Sep 2026
Checked 15 Sep 2026 11:23 · complete available chain
Call-side pressure
Bullish pressure
XDTE currently carries bullish options pressure with a 54/100 conviction score. The nearest-chain expected move is 3.0%, with volume/open-interest participation at 0.15.
Expected move
3.0%
Near-term move context
Activity / OI
0.15
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.6%
RS -4.4
Expected move
3.0%
Put-call volume
-
Volume / OI
0.15
Reference IV
0.29
Max pain
39.00
Underlying
38.42
Nearest expiry
18 Sep 2026
Contracts
146
Research Brief
XDTE has a bullish chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 37.26–39.58; The largest call open-interest concentration is 40.00; the largest put concentration is 39.00. The most active strike by current volume is 38.00.
Priced range37.26–39.58
Call concentration40.00
Put concentration39.00
Max pain reference39.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
- 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 37.26 to 39.58. Max pain at 39.00 sits inside that range, 1.5% above spot.
Spot
Max pain
37.2638.42 ± 1.1639.58
Confirmation level
A close beyond 39.58 or below 37.26 at the 18 Sep 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 54/100
Pressure is 98/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure98 × 42%
+41.3
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.6
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.
Volatility32 × 10%
+3.2
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 40.00; the largest put concentration is 39.00. The most active strike by current volume is 38.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
30.00-21.9%
0
4
35.00-8.9%
0
2
36.00-6.3%
0
6
37.00-3.7%
0
11
38.00-1.1%
2
22
39.001.5%
27
5
40.004.1%
43
0
41.006.7%
13
0
42.009.3%
1
0
43.0011.9%
0
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-$4,111Delta change / 1% move
Positive peak39.00+$7,597
Negative peak38.00-$9,765
Nearest balance38.56Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.00-21.9%
-$16
35.00-8.9%
-$330
36.00-6.3%
-$276
37.00-3.7%
-$4,790
38.00-1.1%
-$9,765
39.001.5%
+$7,597
40.004.1%
+$2,823
41.006.7%
+$725
42.009.3%
+$37
43.0011.9%
-$30
44.0014.5%
-$42
46.0019.7%
-$45
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.
0.29
18 Sep
4d
0.09
16 Oct
32d
0.10
18 Dec
95d
0.18
19 Mar
186d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
35
36
37
38
39
40
41
42
43
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 6 stored directional transitions, the next stored price moved in the labelled direction 33% of the time.
Directional follow-through33%
Moves contained by pricing75%
Average expiry move0.9%
14 Aug
Mixed · 27
-2.5% through expiry
1.6% priced · v2.0
7 Aug
Bullish · 32
-2.4% through expiry
1.3% priced · v2.0
6 Aug
Bearish · 51
-0.3% through expiry
3.5% priced · v2.0
5 Aug
Bullish · 43
-0.3% through expiry
2.1% priced · v2.0
4 Aug
Bearish · 47
-0.3% through expiry
1.7% priced · v2.0
3 Aug
Mixed · 35
-0.3% through expiry
3.5% priced · v2.0
31 Jul
Bullish · 44
-0.3% through expiry
1.7% priced · v2.0
30 Jul
Bearish · 48
1.0% through expiry
1.9% 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
- 14 Sep 2026
- Calculation
- v2.0
- Contracts
- 146 / 146
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $448 of estimated gross traded notional, calls · 0-7 days · atm, 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+98
1W price-0.6%
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
0.15
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 0-7 days · ATM
calls cluster with 32 contracts traded, $448 estimated gross traded notional, and 100% of visible notional.
$448
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 16 completed sessions
Volume rank94th
Volume/OI rank94th
IV rank94th
Market Context
Underlying confirmation
Close38.42
1W-0.6%
RS-4.4
Fair value+15.4%
Options pressure98
Speculation43
Volatility32
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 8/30 sessions
-
180d avg - · 8/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:26
Bullish
Pressure 49
Move 1.9%
30 Jul 13:13
Bearish
Pressure -71
Move 2.1%
31 Jul 12:53
Bearish
Pressure -100
Move 1.9%
3 Aug 11:42
Bullish
Pressure 97
Move 1.7%
4 Aug 12:52
Mixed
Pressure -15
Move 3.5%
5 Aug 13:15
Bearish
Pressure -48
Move 1.7%
5 Aug 16:06
Bearish
Pressure -37
Move 3.5%
6 Aug 02:24
Bullish
Pressure 96
Move 2.1%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike36.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike37.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike38.00
Calls · V 16 · OI 2
Puts · V 0 · OI 11
Strike39.00
Calls · V 16 · OI 27
Puts · V 0 · OI 22
Strike40.00
Calls · V 0 · OI 43
Puts · V 0 · OI 5
Strike41.00
Calls · V 0 · OI 13
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts20
Avg IV0.29
Put-call-
Expiry16 Oct 2026
Contracts42
Avg IV0.09
Put-call-
Expiry18 Dec 2026
Contracts42
Avg IV0.10
Put-call-
Expiry19 Mar 2027
Contracts42
Avg IV0.18
Put-call-
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV0.11
Put IV0.05
Skew-0.06
16 Oct 2026Balanced skew
Call IV0.03
Put IV0.02
Skew-0.01
18 Dec 2026Balanced skew
Call IV0.01
Put IV0.02
Skew0.01
19 Mar 2027Put IV premium
Call IV0.02
Put IV0.33
Skew0.30
Contract Tape
Most active contracts
ContractXDTE260918C00039000
SideCall
Expiry18 Sep 2026
Strike39.00
Volume16
OI27
IV0.11
ContractXDTE260918C00038000
SideCall
Expiry18 Sep 2026
Strike38.00
Volume16
OI2
IV0.01
ContractXDTE260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume-
OI43
IV0.22
ContractXDTE261218P00037000
SidePut
Expiry18 Dec 2026
Strike37.00
Volume-
OI28
IV0.04
ContractXDTE260918P00039000
SidePut
Expiry18 Sep 2026
Strike39.00
Volume-
OI22
IV0.67
ContractXDTE260918C00041000
SideCall
Expiry18 Sep 2026
Strike41.00
Volume-
OI13
IV0.32
ContractXDTE260918P00038000
SidePut
Expiry18 Sep 2026
Strike38.00
Volume-
OI11
IV0.05
ContractXDTE261016P00040000
SidePut
Expiry16 Oct 2026
Strike40.00
Volume-
OI10
IV0.47
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.