Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
VNM options intelligence
VANECK VIETNAM ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
39
Market data through 21 Aug 2026
Checked 24 Aug 2026 07:18 · complete available chain
Call-side pressure
Bullish pressure
VNM currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 5.2%, with volume/open-interest participation at 0.12.
Expected move
5.2%
Near-term move context
Activity / OI
0.12
Current volume is quieter versus prior open interest
Put-call
0.22
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+4.1%
RS -10.9
Expected move
5.2%
Put-call volume
0.22
Volume / OI
0.12
Reference IV
0.19
Max pain
17.00
Underlying
17.87
Nearest expiry
18 Sep 2026
Contracts
178
Research Brief
VNM has a bullish chain read with 39/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 16.95–18.79; The largest call open-interest concentration is 19.00; the largest put concentration is 17.00. The most active strike by current volume is 14.00.
Priced range16.95–18.79
Call concentration19.00
Put concentration17.00
Max pain reference17.00
- 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 16.95 to 18.79. Max pain at 17.00 sits inside that range, 4.9% below spot.
Spot
Max pain
16.9517.87 ± 0.9218.79
Confirmation level
A close beyond 18.79 or below 16.95 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 39/100
Pressure is 62/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure62 × 42%
+25.9
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
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.
Volatility34 × 10%
+3.4
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 19.00; the largest put concentration is 17.00. The most active strike by current volume is 14.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5
10.00-44.0%
0
0
11.00-38.4%
0
27
12.00-32.8%
0
10
13.00-27.3%
37
10
14.00-21.7%
87
99
15.00-16.1%
53
65
16.00-10.5%
0
362
17.00-4.9%
24
11
18.000.7%
45
2
19.006.3%
165
11
20.0011.9%
94
0
21.0017.5%
0
0
22.0023.1%
9
0
23.0028.7%
0
0
25.0039.9%
15
0
30.0067.9%
2
0
35.0095.9%
2
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+$27,215Delta change / 1% move
Positive peak18.00+$44,248
Negative peak17.00-$34,999
Nearest balance17.44Interpolated sign change
StrikeNegativePositiveNet / 1% move
8.00-55.2%
-$1
10.00-44.0%
-$8
11.00-38.4%
-$28
12.00-32.8%
-$105
13.00-27.3%
-$398
14.00-21.7%
+$826
15.00-16.1%
-$1,129
16.00-10.5%
-$1,157
17.00-4.9%
-$34,999
18.000.7%
+$44,248
19.006.3%
+$12,115
20.0011.9%
+$4,728
21.0017.5%
+$2,982
22.0023.1%
+$77
25.0039.9%
+$57
30.0067.9%
+$4
35.0095.9%
+$3
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.
0.19
18 Sep
28d
0.18
16 Oct
56d
0.24
18 Dec
119d
0.21
19 Mar
210d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
15
16
17
18
19
20
21
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 3 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing25%
Average expiry move6.1%
4 Aug
Bullish · 44
5.2% through expiry
4.9% priced · v2.0
3 Aug
Bullish · 40
5.2% through expiry
4.6% priced · v2.0
31 Jul
Mixed · 24
5.2% through expiry
5.6% priced · v2.0
30 Jul
Bullish · 31
8.6% through expiry
5.5% 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
- 21 Aug 2026
- Calculation
- v2.0
- Contracts
- 178 / 178
- 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 pressure and weekly price action are pointing in the same constructive direction.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $51,125 of estimated gross traded notional, calls · 22-45 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+4.1%
Call premium95%
Put premium5%
Notional split
C 95% / P 5%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.12
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 · 22-45 days · ITM
calls cluster with 110 contracts traded, $39,250 estimated gross traded notional, and 77% of visible notional.
$39,250
Calls · 46-90 days · ITM
calls cluster with 30 contracts traded, $6,300 estimated gross traded notional, and 12% of visible notional.
$6,300
Calls · 91+ days · OTM
calls cluster with 21 contracts traded, $1,652 estimated gross traded notional, and 3% of visible notional.
$1,652
Puts · 91+ days · OTM
puts cluster with 26 contracts traded, $1,625 estimated gross traded notional, and 3% of visible notional.
$1,625
Calls · 91+ days · ITM
calls cluster with 6 contracts traded, $1,170 estimated gross traded notional, and 2% of visible notional.
$1,170
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
6 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 6 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close17.87
1W+4.1%
RS-10.9
Fair value+22.7%
Options pressure62
Speculation43
Volatility34
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 6/30 sessions
-
180d avg - · 6/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:24
Bullish
Pressure 52
Move 7.2%
30 Jul 13:10
Bullish
Pressure 53
Move 4.5%
31 Jul 12:45
Bullish
Pressure 63
Move 5.5%
3 Aug 11:35
Mixed
Pressure -7
Move 5.6%
4 Aug 12:45
Bullish
Pressure 84
Move 4.6%
5 Aug 13:13
Bullish
Pressure 94
Move 4.9%
21 Aug 21:06
Mixed
Pressure 11
Move 6.9%
24 Aug 06:18
Bullish
Pressure 62
Move 5.2%
Strike Map
Where activity is clustering
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike12.00
Calls · V 0 · OI 0
Puts · V 5 · OI 27
Strike13.00
Calls · V 0 · OI 37
Puts · V 0 · OI 10
Strike14.00
Calls · V 70 · OI 87
Puts · V 0 · OI 10
Strike15.00
Calls · V 40 · OI 53
Puts · V 0 · OI 99
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 65
Strike17.00
Calls · V 0 · OI 24
Puts · V 0 · OI 362
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts44
Avg IV0.19
Put-call0.04
Expiry16 Oct 2026
Contracts42
Avg IV0.18
Put-call-
Expiry18 Dec 2026
Contracts46
Avg IV0.24
Put-call13.50
Expiry19 Mar 2027
Contracts46
Avg IV0.21
Put-call0.19
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.26
Put IV0.28
Skew0.02
16 Oct 2026Balanced skew
Call IV0.08
Put IV0.08
Skew-
18 Dec 2026Balanced skew
Call IV0.24
Put IV0.27
Skew0.03
19 Mar 2027Put IV premium
Call IV0.03
Put IV0.30
Skew0.26
Contract Tape
Most active contracts
ContractVNM260918C00014000
SideCall
Expiry18 Sep 2026
Strike14.00
Volume70
OI87
IV0.52
ContractVNM260918C00015000
SideCall
Expiry18 Sep 2026
Strike15.00
Volume40
OI53
IV0.01
ContractVNM261016C00016000
SideCall
Expiry16 Oct 2026
Strike16.00
Volume30
OI-
IV0.28
ContractVNM261218P00017000
SidePut
Expiry18 Dec 2026
Strike17.00
Volume26
OI278
IV0.27
ContractVNM270319C00020000
SideCall
Expiry19 Mar 2027
Strike20.00
Volume20
OI2
IV0.06
ContractVNM270319C00017000
SideCall
Expiry19 Mar 2027
Strike17.00
Volume6
OI11
IV0.24
ContractVNM260918P00012000
SidePut
Expiry18 Sep 2026
Strike12.00
Volume5
OI27
IV0.64
ContractVNM270319P00018000
SidePut
Expiry19 Mar 2027
Strike18.00
Volume5
OI7
IV0.30
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.