Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FFIV options intelligence
F5 Networks Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 12 Aug 2026
Checked 13 Aug 2026 04:32 · complete available chain
Call-side pressure
Bullish pressure
FFIV currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 7.1%, with volume/open-interest participation at 0.13.
Expected move
7.1%
Wider near-term move priced
Activity / OI
0.13
Current volume is quieter versus prior open interest
Put-call
0.54
Call-side skew
Trend fit
64
Options agree with trend context
Weekly backdrop
-0.6%
RS 12.3
Expected move
7.1%
Put-call volume
0.54
Volume / OI
0.13
Reference IV
0.43
Max pain
390.00
Underlying
400.23
Nearest expiry
21 Aug 2026
Contracts
896
Research Brief
FFIV has a bullish chain read with 41/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 371.63–428.83; The largest call open-interest concentration is 480.00; the largest put concentration is 360.00. The most active strike by current volume is 450.00.
Priced range371.63–428.83
Call concentration480.00
Put concentration360.00
Max pain reference390.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 371.63 to 428.83. Max pain at 390.00 sits inside that range, 2.6% below spot.
Spot
Max pain
371.63400.23 ± 28.60428.83
Confirmation level
A close beyond 428.83 or below 371.63 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 41/100
Pressure is 32/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure32 × 42%
+13.3
How strongly activity leans toward calls or puts.
Participation23 × 22%
+5.1
Volume relative to existing open interest and contract-level activity.
Trend agreement64 × 26%
+16.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility59 × 10%
+5.9
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 480.00; the largest put concentration is 360.00. The most active strike by current volume is 450.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
169
300.00-25.0%
31
256
310.00-22.5%
44
141
320.00-20.0%
138
435
330.00-17.5%
2
161
340.00-15.0%
3
276
350.00-12.6%
6
486
360.00-10.1%
22
157
370.00-7.6%
48
241
390.00-2.6%
34
104
400.00-0.1%
253
48
410.002.4%
50
47
420.004.9%
125
81
430.007.4%
115
11
440.009.9%
344
4
450.0012.4%
349
0
480.0019.9%
693
0
510.0027.4%
525
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+$2.6MDelta change / 1% move
Positive peak440.00+$679,103
Negative peak370.00-$253,607
Nearest balance393.38Interpolated sign change
StrikeNegativePositiveNet / 1% move
300.00-25.0%
+$20,351
310.00-22.5%
+$61,421
320.00-20.0%
-$9,798
330.00-17.5%
+$12,845
340.00-15.0%
-$3,870
350.00-12.6%
-$57,533
360.00-10.1%
-$114,211
370.00-7.6%
-$253,607
380.00-5.1%
+$35,875
390.00-2.6%
-$217,708
400.00-0.1%
+$425,734
410.002.4%
+$160,460
420.004.9%
+$412,608
430.007.4%
+$163,551
440.009.9%
+$679,103
450.0012.4%
+$587,547
460.0014.9%
-$44,957
470.0017.4%
+$206,091
480.0019.9%
+$64,761
490.0022.4%
+$4,716
500.0024.9%
+$16,247
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.
0.43
21 Aug
9d
0.38
18 Sep
37d
0.38
16 Oct
65d
0.44
20 Nov
100d
0.43
18 Dec
128d
0.42
15 Jan
156d
0.44
19 Feb
191d
0.44
21 May
282d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
330
340
350
360
370
380
390
400
410
420
430
440
450
460
470
480
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 896 / 896
- 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: $1.4M of estimated gross traded notional, puts · 91+ 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+32
1W price-0.6%
Call premium55%
Put premium45%
Notional split
C 55% / P 45%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.13
Volume divided by open interest across the visible chain.
Trend fit
64/100
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 · 91+ days · ITM
puts cluster with 71 contracts traded, $459,670 estimated gross traded notional, and 33% of visible notional.
$459,670
Calls · 22-45 days · ITM
calls cluster with 42 contracts traded, $242,760 estimated gross traded notional, and 18% of visible notional.
$242,760
Calls · 8-21 days · OTM
calls cluster with 997 contracts traded, $197,920 estimated gross traded notional, and 14% of visible notional.
$197,920
Calls · 91+ days · ITM
calls cluster with 6 contracts traded, $115,980 estimated gross traded notional, and 8% of visible notional.
$115,980
Calls · 91+ days · OTM
calls cluster with 49 contracts traded, $99,272 estimated gross traded notional, and 7% of visible notional.
$99,272
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 11 completed sessions
Volume rank82th
Volume/OI rank82th
IV rank82th
Market Context
Underlying confirmation
Close400.23
1W-0.6%
RS12.3
Fair value+60.4%
Options pressure32
Speculation23
Volatility59
Trend fit64
Today Versus Normal
Stored-options context
30d avg 7.3% · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.41 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 1.17 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.06 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:18
Bearish
Pressure -27
Move 9.3%
30 Jul 10:13
Mixed
Pressure -3
Move 8.6%
31 Jul 02:03
Mixed
Pressure -13
Move 7.9%
2 Aug 12:04
Mixed
Pressure 7
Move 7.9%
3 Aug 16:35
Mixed
Pressure 10
Move 7.7%
4 Aug 04:37
Bullish
Pressure 53
Move 7.5%
4 Aug 21:43
Mixed
Pressure 7
Move 7.8%
5 Aug 16:54
Bullish
Pressure 24
Move 7.2%
Strike Map
Where activity is clustering
Strike145.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike150.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike155.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike160.00
Calls · V 0 · OI 3
Puts · V 0 · OI 2
Strike165.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike175.00
Calls · V 0 · OI 2
Puts · V 0 · OI 3
Strike180.00
Calls · V 0 · OI 6
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts104
Avg IV0.43
Put-call0.53
Expiry18 Sep 2026
Contracts68
Avg IV0.38
Put-call0.05
Expiry16 Oct 2026
Contracts106
Avg IV0.38
Put-call1.00
Expiry20 Nov 2026
Contracts98
Avg IV0.44
Put-call1.52
Expiry18 Dec 2026
Contracts108
Avg IV0.43
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.41
Put IV0.39
Skew-0.02
18 Sep 2026Balanced skew
Call IV0.37
Put IV0.38
Skew0.01
16 Oct 2026Balanced skew
Call IV0.38
Put IV0.38
Skew-
20 Nov 2026Balanced skew
Call IV0.42
Put IV0.43
Skew0.01
18 Dec 2026Balanced skew
Call IV0.41
Put IV0.42
Skew0.01
Contract Tape
Most active contracts
ContractFFIV260821C00480000
SideCall
Expiry21 Aug 2026
Strike480.00
Volume480
OI693
IV0.28
ContractFFIV260821C00450000
SideCall
Expiry21 Aug 2026
Strike450.00
Volume480
OI349
IV0.42
ContractFFIV260821P00400000
SidePut
Expiry21 Aug 2026
Strike400.00
Volume263
OI104
IV0.39
ContractFFIV260821P00390000
SidePut
Expiry21 Aug 2026
Strike390.00
Volume217
OI241
IV0.43
ContractFFIV261120P00470000
SidePut
Expiry20 Nov 2026
Strike470.00
Volume62
OI202
IV0.42
ContractFFIV260918C00370000
SideCall
Expiry18 Sep 2026
Strike370.00
Volume42
OI28
IV0.40
ContractFFIV261120C00480000
SideCall
Expiry20 Nov 2026
Strike480.00
Volume42
OI-
IV0.42
ContractFFIV260821P00430000
SidePut
Expiry21 Aug 2026
Strike430.00
Volume33
OI81
IV0.43
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.