Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
WS options intelligence
Worthington Steel Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
30
Market data through 29 Jul 2026
Checked 30 Jul 2026 11:49 · complete available chain
Call-side pressure
Bullish pressure
WS currently carries bullish options pressure with a 30/100 conviction score. The nearest-chain expected move is 10.4%, with volume/open-interest participation at 0.01.
Expected move
10.4%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
37
Options are not fully confirming trend
Weekly backdrop
+1.8%
RS -5.7
Expected move
10.4%
Put-call volume
0.67
Volume / OI
0.01
Reference IV
0.47
Max pain
30.00
Underlying
35.98
Nearest expiry
21 Aug 2026
Contracts
76
Research Brief
WS has a bullish chain read with 30/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 32.26–39.70; The largest call open-interest concentration is 50.00; the largest put concentration is 30.00. The most active strike by current volume is 30.00.
Priced range32.26–39.70
Call concentration50.00
Put concentration30.00
Max pain reference30.00
- 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 32.26 to 39.70. Max pain at 30.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
32.2635.98 ± 3.7239.70
Confirmation level
A close beyond 39.70 or below 32.26 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 30/100
Pressure is 27/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure27 × 42%
+11.2
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement37 × 26%
+9.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility73 × 10%
+7.3
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 50.00; the largest put concentration is 30.00. The most active strike by current volume is 30.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
15.00-58.3%
0
0
17.50-51.4%
0
0
20.00-44.4%
0
6
22.50-37.5%
0
29
25.00-30.5%
26
50
30.00-16.6%
4
21
35.00-2.7%
8
1
40.0011.2%
41
0
45.0025.1%
2
0
50.0039.0%
122
0
55.0052.9%
0
0
60.0066.8%
3
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.47
21 Aug
22d
0.48
18 Sep
50d
0.56
20 Nov
113d
0.55
19 Feb
204d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
30
35
40
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
No independently verifiable option-expiry outcomes have matured yet. Legacy snapshots without a point-in-time market reference and repeated same-session snapshots are deliberately excluded.
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 29 Jul 2026
- Calculation
- v1.x legacy
- Contracts
- 76 / 76
- 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 pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2952 of estimated gross traded notional, calls · 91+ 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+27
1W price+1.8%
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
37/100
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.
Calls · 91+ days · ITM
calls cluster with 3 contracts traded, $2730 estimated gross traded notional, and 92% of visible notional.
$2730
Puts · 91+ days · OTM
puts cluster with 1 contracts traded, $188 estimated gross traded notional, and 6% of visible notional.
$188
Puts · 22-45 days · OTM
puts cluster with 1 contracts traded, $35 estimated gross traded notional, and 1% of visible notional.
$35
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.
Activity Anomaly
Warming up
1 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 1 completed session
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close35.98
1W+1.8%
RS-5.7
Fair value+11.4%
Options pressure27
Speculation8
Volatility73
Trend fit37
Today Versus Normal
Stored-options context
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:59
Volatility
Pressure 100
Move 14.2%
30 Jul 10:49
Bullish
Pressure 27
Move 10.4%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike25.00
Calls · V 0 · OI 26
Puts · V 0 · OI 29
Strike30.00
Calls · V 0 · OI 4
Puts · V 1 · OI 50
Strike35.00
Calls · V 0 · OI 8
Puts · V 0 · OI 21
Strike40.00
Calls · V 0 · OI 41
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts24
Avg IV0.47
Put-call-
Expiry18 Sep 2026
Contracts16
Avg IV0.48
Put-call-
Expiry20 Nov 2026
Contracts20
Avg IV0.56
Put-call-
Expiry19 Feb 2027
Contracts16
Avg IV0.55
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.66
Put IV0.63
Skew-0.03
18 Sep 2026Balanced skew
Call IV0.63
Put IV0.62
Skew-0.01
20 Nov 2026Call IV premium
Call IV0.66
Put IV0.58
Skew-0.08
19 Feb 2027Call IV premium
Call IV0.61
Put IV0.55
Skew-0.06
Contract Tape
Most active contracts
ContractWS270219C00030000
SideCall
Expiry19 Feb 2027
Strike30.00
Volume3
OI5
IV0.56
ContractWS260821P00030000
SidePut
Expiry21 Aug 2026
Strike30.00
Volume1
OI50
IV0.63
ContractWS261120P00030000
SidePut
Expiry20 Nov 2026
Strike30.00
Volume1
OI1
IV0.58
ContractWS260821C00050000
SideCall
Expiry21 Aug 2026
Strike50.00
Volume-
OI122
IV0.52
ContractWS261120C00040000
SideCall
Expiry20 Nov 2026
Strike40.00
Volume-
OI105
IV0.58
ContractWS261120P00025000
SidePut
Expiry20 Nov 2026
Strike25.00
Volume-
OI42
IV0.59
ContractWS260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume-
OI41
IV0.66
ContractWS260821P00025000
SidePut
Expiry21 Aug 2026
Strike25.00
Volume-
OI29
IV0.58
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.