Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BGC options intelligence
BGC Group Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 10 Aug 2026
Checked 11 Aug 2026 13:03 · complete available chain
Call-side pressure
Bullish pressure
BGC currently carries bullish options pressure with a 43/100 conviction score. The nearest-chain expected move is 7.7%, with volume/open-interest participation at 0.01.
Expected move
7.7%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.14
Call-side skew
Trend fit
4
Options are not fully confirming trend
Weekly backdrop
-10.2%
RS -8.7
Expected move
7.7%
Put-call volume
0.14
Volume / OI
0.01
Reference IV
0.44
Max pain
10.00
Underlying
10.35
Nearest expiry
21 Aug 2026
Contracts
174
Research Brief
BGC has a bullish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 9.56–11.14; The largest call open-interest concentration is 12.00; the largest put concentration is 8.00. The most active strike by current volume is 12.00.
Priced range9.56–11.14
Call concentration12.00
Put concentration8.00
Max pain reference10.00
- 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 9.56 to 11.14. Max pain at 10.00 sits inside that range, 3.4% below spot.
Spot
Max pain
9.5610.35 ± 0.7911.14
Confirmation level
A close beyond 11.14 or below 9.56 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 43/100
Pressure is 84/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure84 × 42%
+35.1
How strongly activity leans toward calls or puts.
Participation2 × 22%
+0.4
Volume relative to existing open interest and contract-level activity.
Trend agreement4 × 26%
+0.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility62 × 10%
+6.2
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 12.00; the largest put concentration is 8.00. The most active strike by current volume is 12.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
1.00-90.3%
3
2
2.00-80.7%
2
0
3.00-71.0%
1
0
4.00-61.4%
0
0
5.00-51.7%
1
1
6.00-42.0%
0
4
7.00-32.4%
0
345
8.00-22.7%
82
138
9.00-13.0%
100
139
10.00-3.4%
127
140
11.006.3%
253
8
12.0015.9%
344
0
13.0025.6%
36
0
14.0035.3%
102
0
15.0044.9%
1
0
16.0054.6%
100
0
20.0093.2%
16
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+$10,309Delta change / 1% move
Positive peak11.00+$5,460
Negative peak10.00-$2,872
Nearest balance10.34Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-90.3%
+$1
2.00-80.7%
+$1
3.00-71.0%
+$12
4.00-61.4%
+$1
5.00-51.7%
+$1,225
6.00-42.0%
-$1
7.00-32.4%
+$3,004
8.00-22.7%
-$1,509
9.00-13.0%
-$2,631
10.00-3.4%
-$2,872
11.006.3%
+$5,460
12.0015.9%
+$4,869
13.0025.6%
+$908
14.0035.3%
+$440
15.0044.9%
+$558
16.0054.6%
+$210
17.0064.3%
+$44
20.0093.2%
+$589
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.
0.44
21 Aug
11d
0.33
18 Sep
39d
0.39
20 Nov
102d
0.30
18 Dec
130d
0.29
19 Feb
193d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
9
10
11
12
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 10 Aug 2026
- Calculation
- v2.0
- Contracts
- 174 / 174
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $1,508 of estimated gross traded notional, puts · 22-45 days · itm, 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+84
1W price-10.2%
Call premium54%
Put premium46%
Notional split
C 54% / P 46%
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
4/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Puts · 22-45 days · ITM
puts cluster with 4 contracts traded, $690 estimated gross traded notional, and 46% of visible notional.
$690
Calls · 91+ days · ITM
calls cluster with 5 contracts traded, $488 estimated gross traded notional, and 32% of visible notional.
$488
Calls · 91+ days · OTM
calls cluster with 12 contracts traded, $261 estimated gross traded notional, and 17% of visible notional.
$261
Calls · 8-21 days · OTM
calls cluster with 11 contracts traded, $70 estimated gross traded notional, and 5% of visible notional.
$70
Setup Classification
Opportunity and risk frame
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
8 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 8 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close10.35
1W-10.2%
RS-8.7
Fair value+17.5%
Options pressure84
Speculation2
Volatility62
Trend fit4
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 8/30 sessions
-
180d avg - · 8/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 8/30 sessions
-
180d avg - · 8/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 8/30 sessions
-
180d avg - · 8/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:40
Bullish
Pressure 84
Move 9.7%
30 Jul 10:35
Bullish
Pressure 37
Move 9.2%
31 Jul 10:24
Bearish
Pressure -91
Move 7.9%
2 Aug 08:22
Volatility
Pressure 91
Move 9.5%
2 Aug 10:55
Bullish
Pressure 61
Move 9.5%
4 Aug 10:24
Bullish
Pressure 26
Move 8.0%
5 Aug 10:56
Bullish
Pressure 100
Move 9.3%
6 Aug 11:04
Volatility
Pressure 100
Move 15.2%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 0 · OI 3
Puts · V 0 · OI 1
Strike2.00
Calls · V 0 · OI 2
Puts · V 0 · OI 2
Strike3.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike8.00
Calls · V 0 · OI 82
Puts · V 0 · OI 345
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.44
Put-call-
Expiry18 Sep 2026
Contracts34
Avg IV0.33
Put-call-
Expiry20 Nov 2026
Contracts36
Avg IV0.39
Put-call-
Expiry18 Dec 2026
Contracts32
Avg IV0.30
Put-call-
Expiry19 Feb 2027
Contracts34
Avg IV0.29
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.24
Put IV0.13
Skew-0.11
18 Sep 2026Balanced skew
Call IV0.12
Put IV0.07
Skew-0.05
20 Nov 2026Balanced skew
Call IV0.43
Put IV0.43
Skew-
18 Dec 2026Put IV premium
Call IV0.05
Put IV0.42
Skew0.37
19 Feb 2027Call IV premium
Call IV0.10
Put IV0.04
Skew-0.06
Contract Tape
Most active contracts
ContractBGC260821C00012000
SideCall
Expiry21 Aug 2026
Strike12.00
Volume10
OI344
IV0.46
ContractBGC261120C00013000
SideCall
Expiry20 Nov 2026
Strike13.00
Volume10
OI47
IV0.43
ContractBGC261120C00010000
SideCall
Expiry20 Nov 2026
Strike10.00
Volume5
OI-
IV0.36
ContractBGC260918P00012000
SidePut
Expiry18 Sep 2026
Strike12.00
Volume4
OI35
IV0.37
ContractBGC260821C00011000
SideCall
Expiry21 Aug 2026
Strike11.00
Volume1
OI253
IV0.24
ContractBGC261120C00012000
SideCall
Expiry20 Nov 2026
Strike12.00
Volume1
OI77
IV0.14
ContractBGC261218C00014000
SideCall
Expiry18 Dec 2026
Strike14.00
Volume1
OI12
IV0.23
ContractBGC261218C00007000
SideCall
Expiry18 Dec 2026
Strike7.00
Volume-
OI612
IV0.57
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.