Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FSV options intelligence
FirstService Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 3 Aug 2026
Checked 3 Aug 2026 15:55 · complete available chain
Call-side pressure
Bullish pressure
FSV currently carries bullish options pressure with a 60/100 conviction score. The nearest-chain expected move is 7.0%, with volume/open-interest participation at 0.81.
Expected move
7.0%
Wider near-term move priced
Activity / OI
0.81
Current volume is elevated versus prior open interest
Put-call
0.07
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+2.5%
RS -18.9
Expected move
7.0%
Put-call volume
0.07
Volume / OI
0.81
Reference IV
0.50
Max pain
145.00
Underlying
140.89
Nearest expiry
21 Aug 2026
Contracts
49
Research Brief
FSV 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 130.97–150.81; The largest call open-interest concentration is 220.00; the largest put concentration is 100.00. The most active strike by current volume is 220.00.
Priced range130.97–150.81
Call concentration220.00
Put concentration100.00
Max pain reference145.00
- 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.
- 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 130.97 to 150.81. Max pain at 145.00 sits inside that range, 2.9% above spot.
Spot
Max pain
130.97140.89 ± 9.92150.81
Confirmation level
A close beyond 150.81 or below 130.97 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 97/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure97 × 42%
+40.8
How strongly activity leans toward calls or puts.
Participation59 × 22%
+12.9
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.
Volatility63 × 10%
+6.3
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 220.00; the largest put concentration is 100.00. The most active strike by current volume is 220.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
39
100.00-29.0%
0
1
115.00-18.4%
0
0
120.00-14.8%
0
3
125.00-11.3%
0
0
130.00-7.7%
0
18
135.00-4.2%
0
2
140.00-0.6%
0
0
145.002.9%
10
1
150.006.5%
2
1
155.0010.0%
1
0
160.0013.6%
0
0
165.0017.1%
3
0
170.0020.7%
0
0
190.0034.9%
1
0
220.0056.2%
200
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+$93,256Delta change / 1% move
Positive peak170.00+$77,452
Negative peak130.00-$7,899
Nearest balance140.71Interpolated sign change
StrikeNegativePositiveNet / 1% move
85.00-39.7%
+$422
100.00-29.0%
-$925
115.00-18.4%
-$903
120.00-14.8%
+$951
125.00-11.3%
+$2,170
130.00-7.7%
-$7,899
135.00-4.2%
-$7,366
140.00-0.6%
-$991
145.002.9%
+$5,984
150.006.5%
+$12,640
155.0010.0%
+$32
160.0013.6%
+$1,194
165.0017.1%
+$708
170.0020.7%
+$77,452
180.0027.8%
+$154
190.0034.9%
+$125
220.0056.2%
+$9,510
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.
0.50
21 Aug
18d
0.43
18 Sep
46d
0.15
20 Nov
109d
0.37
19 Feb
200d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
115
120
125
130
135
140
145
150
155
160
165
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 49 / 49
- 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 pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $214,405 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+97
1W price+2.5%
Call premium69%
Put premium31%
Notional split
C 69% / P 31%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.81
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 408 contracts traded, $99,343 estimated gross traded notional, and 46% of visible notional.
$99,343
Puts · 8-21 days · ITM
puts cluster with 34 contracts traded, $63,815 estimated gross traded notional, and 30% of visible notional.
$63,815
Calls · 91+ days · ITM
calls cluster with 9 contracts traded, $15,165 estimated gross traded notional, and 7% of visible notional.
$15,165
Calls · 8-21 days · OTM
calls cluster with 205 contracts traded, $11,865 estimated gross traded notional, and 6% of visible notional.
$11,865
Calls · 8-21 days · ITM
calls cluster with 5 contracts traded, $9,250 estimated gross traded notional, and 4% of visible notional.
$9,250
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close140.89
1W+2.5%
RS-18.9
Fair value-13.5%
Options pressure97
Speculation59
Volatility63
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:35
Bullish
Pressure 44
Move 8.0%
30 Jul 10:33
Bullish
Pressure 44
Move 7.9%
31 Jul 10:22
Bullish
Pressure 30
Move 8.5%
31 Jul 14:03
Bullish
Pressure 97
Move 8.1%
31 Jul 16:10
Bullish
Pressure 97
Move 8.9%
31 Jul 17:00
Bullish
Pressure 97
Move 8.7%
1 Aug 19:41
Mixed
Pressure 10
Move 5.4%
3 Aug 14:55
Bullish
Pressure 97
Move 7.0%
Strike Map
Where activity is clustering
Strike100.00
Calls · V 0 · OI 0
Puts · V 3 · OI 39
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike120.00
Calls · V 5 · OI 0
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 2 · OI 3
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 1 · OI 18
Strike140.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike145.00
Calls · V 0 · OI 10
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts18
Avg IV0.50
Put-call0.20
Expiry18 Sep 2026
Contracts6
Avg IV0.43
Put-call0.17
Expiry20 Nov 2026
Contracts17
Avg IV0.15
Put-call0.00
Expiry19 Feb 2027
Contracts8
Avg IV0.37
Put-call0.17
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.62
Put IV0.36
Skew-0.27
18 Sep 2026Put IV premium
Call IV0.41
Put IV0.48
Skew0.07
20 Nov 2026Balanced skew
Call IV0.38
Put IV0.41
Skew0.03
19 Feb 2027Balanced skew
Call IV0.38
Put IV0.33
Skew-0.05
Contract Tape
Most active contracts
ContractFSV261120C00150000
SideCall
Expiry20 Nov 2026
Strike150.00
Volume-
OI50
IV0.38
ContractFSV270219C00125000
SideCall
Expiry19 Feb 2027
Strike125.00
Volume-
OI18
IV0.44
ContractFSV260821C00145000
SideCall
Expiry21 Aug 2026
Strike145.00
Volume-
OI10
IV0.48
ContractFSV260918C00135000
SideCall
Expiry18 Sep 2026
Strike135.00
Volume-
OI10
IV0.48
ContractFSV261120C00085000
SideCall
Expiry20 Nov 2026
Strike85.00
Volume-
OI9
IV0.70
ContractFSV270219C00170000
SideCall
Expiry19 Feb 2027
Strike170.00
Volume-
OI6
IV0.35
ContractFSV260918P00115000
SidePut
Expiry18 Sep 2026
Strike115.00
Volume-
OI5
IV0.60
ContractFSV260918P00150000
SidePut
Expiry18 Sep 2026
Strike150.00
Volume-
OI2
IV0.29
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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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.