Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ALGN options intelligence
Align Technology Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:05 · complete available chain
Call-side pressure
Bullish pressure
ALGN currently carries bullish options pressure with a 38/100 conviction score. The nearest-chain expected move is 3.4%, with volume/open-interest participation at 0.01.
Expected move
3.4%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.25
Call-side skew
Trend fit
13
Options are not fully confirming trend
Weekly backdrop
+2.7%
RS -5.9
Expected move
3.4%
Put-call volume
0.25
Volume / OI
0.01
Reference IV
0.42
Max pain
172.50
Underlying
173.66
Nearest expiry
14 Aug 2026
Contracts
1020
Research Brief
ALGN has a bullish chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 167.81–179.51; The largest call open-interest concentration is 177.50; the largest put concentration is 152.50. The most active strike by current volume is 180.00.
Priced range167.81–179.51
Call concentration177.50
Put concentration152.50
Max pain reference172.50
- 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 167.81 to 179.51. Max pain at 172.50 sits inside that range, 0.7% below spot.
Spot
Max pain
167.81173.66 ± 5.85179.51
Confirmation level
A close beyond 179.51 or below 167.81 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 38/100
Pressure is 62/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure62 × 42%
+26.1
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.5
Volume relative to existing open interest and contract-level activity.
Trend agreement13 × 26%
+3.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility43 × 10%
+4.3
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 177.50; the largest put concentration is 152.50. The most active strike by current volume is 180.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
21
150.00-13.6%
0
106
152.50-12.2%
0
41
155.00-10.7%
0
37
157.50-9.3%
0
62
160.00-7.9%
0
22
165.00-5.0%
0
34
167.50-3.5%
2
37
170.00-2.1%
11
19
172.50-0.7%
30
11
175.000.8%
62
4
177.502.2%
101
20
180.003.7%
88
0
182.505.1%
13
3
185.006.5%
98
0
187.508.0%
13
0
195.0012.3%
40
0
200.0015.2%
31
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+$1.2MDelta change / 1% move
Positive peak220.00+$488,583
Negative peak170.00-$276,493
Nearest balance172.08Interpolated sign change
StrikeNegativePositiveNet / 1% move
150.00-13.6%
+$74,742
152.50-12.2%
-$3,974
155.00-10.7%
-$54,834
157.50-9.3%
-$4,984
160.00-7.9%
-$83,617
162.50-6.4%
-$3,817
165.00-5.0%
-$188,128
167.50-3.5%
-$76,651
170.00-2.1%
-$276,493
172.50-0.7%
+$56,373
175.000.8%
+$232,483
177.502.2%
+$58,690
180.003.7%
+$188,703
182.505.1%
+$157,999
185.006.5%
+$143,129
187.508.0%
+$3,510
190.009.4%
+$286,360
192.5010.8%
+$7,378
195.0012.3%
+$14,595
197.5013.7%
+$128
200.0015.2%
+$136,719
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.42
14 Aug
2d
0.33
21 Aug
9d
0.38
28 Aug
16d
0.36
4 Sep
23d
0.36
11 Sep
30d
0.39
18 Sep
37d
0.38
25 Sep
44d
0.38
16 Oct
65d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
139
141
142
144
146
147
149
153
155
160
163
168
173
175
180
185
188
193
198
200
205
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 50% of the time.
Directional follow-through50%
Moves contained by pricing83%
Average expiry move2.4%
6 Aug
Bullish · 37
2.7% through expiry
2.0% priced · v2.0
5 Aug
Mixed · 34
2.7% through expiry
3.9% priced · v2.0
4 Aug
Bearish · 49
2.7% through expiry
3.5% priced · v2.0
3 Aug
Bullish · 46
2.7% through expiry
4.4% priced · v2.0
31 Jul
Bearish · 50
2.7% through expiry
4.3% priced · v2.0
30 Jul
Volatility · 50
1.3% through expiry
4.8% 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
- 1020 / 1020
- 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: $229,470 of estimated gross traded notional, calls · 8-21 days · itm, 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+62
1W price+2.7%
Call premium92%
Put premium8%
Notional split
C 92% / P 8%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
13/100
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 · 8-21 days · ITM
calls cluster with 50 contracts traded, $85,850 estimated gross traded notional, and 37% of visible notional.
$85,850
Calls · 0-7 days · ITM
calls cluster with 8 contracts traded, $41,830 estimated gross traded notional, and 18% of visible notional.
$41,830
Calls · 91+ days · OTM
calls cluster with 16 contracts traded, $21,030 estimated gross traded notional, and 9% of visible notional.
$21,030
Calls · 91+ days · ITM
calls cluster with 4 contracts traded, $18,010 estimated gross traded notional, and 8% of visible notional.
$18,010
Calls · 22-45 days · ITM
calls cluster with 1 contracts traded, $10,950 estimated gross traded notional, and 5% of visible notional.
$10,950
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 11 completed sessions
Volume rank9th
Volume/OI rank9th
IV rank27th
Market Context
Underlying confirmation
Close173.66
1W+2.7%
RS-5.9
Fair value-18.3%
Options pressure62
Speculation20
Volatility43
Trend fit13
Today Versus Normal
Stored-options context
30d avg 5.6% · 11 sessions
9th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.73 · 11 sessions
27th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 1.26 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.06 · 11 sessions
9th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:25
Volatility
Pressure -21
Move 12.3%
30 Jul 10:21
Volatility
Pressure 16
Move 13.3%
31 Jul 10:11
Volatility
Pressure -50
Move 4.8%
2 Aug 18:29
Bearish
Pressure -27
Move 4.3%
4 Aug 10:06
Bullish
Pressure 74
Move 4.4%
5 Aug 10:14
Bearish
Pressure -23
Move 3.5%
6 Aug 10:13
Mixed
Pressure -2
Move 3.9%
7 Aug 11:18
Bullish
Pressure 43
Move 2.0%
Strike Map
Where activity is clustering
Strike95.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike110.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike115.00
Calls · V 2 · OI 0
Puts · V 0 · OI 1
Strike120.00
Calls · V 2 · OI 0
Puts · V 0 · OI 0
Strike123.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike124.00
Calls · V 2 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts130
Avg IV0.42
Put-call0.04
Expiry21 Aug 2026
Contracts90
Avg IV0.33
Put-call0.52
Expiry28 Aug 2026
Contracts82
Avg IV0.38
Put-call-
Expiry4 Sep 2026
Contracts64
Avg IV0.36
Put-call-
Expiry11 Sep 2026
Contracts64
Avg IV0.36
Put-call-
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.39
Put IV0.48
Skew0.10
21 Aug 2026Call IV premium
Call IV0.72
Put IV0.39
Skew-0.33
28 Aug 2026Balanced skew
Call IV0.55
Put IV0.57
Skew0.02
4 Sep 2026Call IV premium
Call IV0.43
Put IV0.38
Skew-0.06
11 Sep 2026Put IV premium
Call IV0.38
Put IV0.50
Skew0.13
Contract Tape
Most active contracts
ContractALGN260814C00180000
SideCall
Expiry14 Aug 2026
Strike180.00
Volume61
OI88
IV0.39
ContractALGN260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume40
OI95
IV0.30
ContractALGN260814C00175000
SideCall
Expiry14 Aug 2026
Strike175.00
Volume32
OI62
IV0.36
ContractALGN260821C00182500
SideCall
Expiry21 Aug 2026
Strike182.50
Volume22
OI178
IV0.36
ContractALGN260828C00160000
SideCall
Expiry28 Aug 2026
Strike160.00
Volume15
OI22
IV0.37
ContractALGN260828C00155000
SideCall
Expiry28 Aug 2026
Strike155.00
Volume15
OI-
IV0.42
ContractALGN260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume12
OI23
IV0.37
ContractALGN260821C00155000
SideCall
Expiry21 Aug 2026
Strike155.00
Volume10
OI-
IV0.01
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.