Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
AG options intelligence
First Majestic Silver Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 31 Jul 2026
Checked 31 Jul 2026 14:51 · complete available chain
Options-market disagreement
Mixed pressure
AG currently carries mixed options pressure with a 37/100 conviction score. The nearest-chain expected move is 7.7%, with volume/open-interest participation at 0.04.
Expected move
7.7%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
1.29
Put-side skew
Trend fit
67
Options agree with trend context
Weekly backdrop
-7.8%
RS -19.0
Expected move
7.7%
Put-call volume
1.29
Volume / OI
0.04
Reference IV
1.35
Max pain
17.00
Underlying
16.31
Nearest expiry
31 Jul 2026
Contracts
601
Research Brief
AG has a mixed chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 15.06–17.56; The largest call open-interest concentration is 15.00; the largest put concentration is 18.00. The most active strike by current volume is 18.00.
Priced range15.06–17.56
Call concentration15.00
Put concentration18.00
Max pain reference17.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- 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 15.06 to 17.56. Max pain at 17.00 sits inside that range, 4.2% above spot.
Spot
Max pain
15.0616.31 ± 1.2517.56
Confirmation level
A close beyond 17.56 or below 15.06 at the 31 Jul 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 37/100
Pressure is 8/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure8 × 42%
+3.3
How strongly activity leans toward calls or puts.
Participation33 × 22%
+7.3
Volume relative to existing open interest and contract-level activity.
Trend agreement67 × 26%
+17.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility87 × 10%
+8.7
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 15.00; the largest put concentration is 18.00. The most active strike by current volume is 18.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
828
13.50-17.2%
34
1221
14.00-14.2%
31
639
14.50-11.1%
18
1203
15.00-8.0%
2850
773
15.50-5.0%
1356
1939
16.00-1.9%
1039
534
16.501.2%
2345
1752
17.004.2%
1939
744
17.507.3%
1495
3917
18.0010.4%
2237
0
18.5013.4%
690
1284
19.0016.5%
1035
156
19.5019.6%
669
44
20.0022.6%
2036
341
20.5025.7%
172
1
21.5031.8%
754
1
22.0034.9%
391
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.35
31 Jul
0d
0.87
7 Aug
7d
0.76
14 Aug
14d
0.64
21 Aug
21d
0.65
28 Aug
28d
0.70
4 Sep
35d
0.63
18 Sep
49d
0.65
16 Oct
77d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
14
14
15
15
16
16
17
17
18
18
19
19
20
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 601 / 601
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $7.8M of estimated gross traded notional, puts · 0-7 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-8
1W price-7.8%
Call premium30%
Put premium70%
Notional split
C 30% / P 70%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
67/100
Agreement between options pressure and Sharemaestro market context.
Event window
13 Aug
Matched earnings event is 11 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 0-7 days · ITM
puts cluster with 13179 contracts traded, $3.6M estimated gross traded notional, and 46% of visible notional.
$3.6M
Puts · 91+ days · ITM
puts cluster with 1111 contracts traded, $923485 estimated gross traded notional, and 12% of visible notional.
$923485
Calls · 91+ days · ITM
calls cluster with 1123 contracts traded, $748245 estimated gross traded notional, and 10% of visible notional.
$748245
Calls · 91+ days · OTM
calls cluster with 4327 contracts traded, $726484 estimated gross traded notional, and 9% of visible notional.
$726484
Puts · 8-21 days · ITM
puts cluster with 310 contracts traded, $229697 estimated gross traded notional, and 3% of visible notional.
$229697
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close15.03
1W-7.8%
RS-19.0
Fair value+53.6%
Options pressure-8
Speculation33
Volatility87
Trend fit67
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:27
Bullish
Pressure 21
Move 8.6%
30 Jul 09:03
Bullish
Pressure 42
Move 9.5%
30 Jul 23:03
Mixed
Pressure 5
Move 5.9%
31 Jul 05:46
Mixed
Pressure 7
Move 5.9%
31 Jul 13:51
Mixed
Pressure -8
Move 7.7%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 12 · OI 20
Puts · V 5 · OI 6
Strike6.00
Calls · V 12 · OI 25
Puts · V 0 · OI 0
Strike8.00
Calls · V 4 · OI 6
Puts · V 0 · OI 0
Strike9.00
Calls · V 8 · OI 8
Puts · V 0 · OI 0
Strike10.00
Calls · V 22 · OI 10
Puts · V 20 · OI 60
Strike11.00
Calls · V 1 · OI 6
Puts · V 20 · OI 20
Strike11.50
Calls · V 5 · OI 15
Puts · V 0 · OI 0
Strike12.00
Calls · V 5 · OI 9
Puts · V 2 · OI 2
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts62
Avg IV1.35
Put-call6.24
Expiry7 Aug 2026
Contracts53
Avg IV0.87
Put-call1.00
Expiry14 Aug 2026
Contracts50
Avg IV0.76
Put-call0.38
Expiry21 Aug 2026
Contracts69
Avg IV0.64
Put-call0.93
Expiry28 Aug 2026
Contracts47
Avg IV0.65
Put-call1.18
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.50
Put IV1.64
Skew1.14
7 Aug 2026Put IV premium
Call IV0.77
Put IV0.91
Skew0.15
14 Aug 2026Call IV premium
Call IV0.82
Put IV0.53
Skew-0.29
21 Aug 2026Call IV premium
Call IV0.71
Put IV0.54
Skew-0.18
28 Aug 2026Balanced skew
Call IV0.73
Put IV0.78
Skew0.04
Contract Tape
Most active contracts
ContractAG260828C00005000
SideCall
Expiry28 Aug 2026
Strike5.00
Volume-
OI-
IV4.24
ContractAG261218P00037000
SidePut
Expiry18 Dec 2026
Strike37.00
Volume-
OI45
IV0.63
ContractAG260828P00011000
SidePut
Expiry28 Aug 2026
Strike11.00
Volume-
OI35
IV1.16
ContractAG260807P00010000
SidePut
Expiry7 Aug 2026
Strike10.00
Volume-
OI30
IV3.48
ContractAG261016P00007000
SidePut
Expiry16 Oct 2026
Strike7.00
Volume-
OI26
IV1.09
ContractAG260828C00014500
SideCall
Expiry28 Aug 2026
Strike14.50
Volume-
OI10
IV0.76
ContractAG260828C00011500
SideCall
Expiry28 Aug 2026
Strike11.50
Volume-
OI10
IV0.99
ContractAG260821C00005000
SideCall
Expiry21 Aug 2026
Strike5.00
Volume-
OI10
IV3.23
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.