Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
DRS options intelligence
Leonardo DRS, Inc. Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 31 Jul 2026
Checked 31 Jul 2026 14:54 · complete available chain
Options-market disagreement
Mixed pressure
DRS currently carries mixed options pressure with a 42/100 conviction score. The nearest-chain expected move is 8.9%, with volume/open-interest participation at 0.17.
Expected move
8.9%
Wider near-term move priced
Activity / OI
0.17
Current volume is quieter versus prior open interest
Put-call
1.64
Put-side skew
Trend fit
91
Options agree with trend context
Weekly backdrop
-4.3%
RS 2.0
Expected move
8.9%
Put-call volume
1.64
Volume / OI
0.17
Reference IV
0.56
Max pain
43.00
Underlying
48.10
Nearest expiry
21 Aug 2026
Contracts
111
Research Brief
DRS has a mixed chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 43.82–52.38; The largest call open-interest concentration is 50.00; the largest put concentration is 34.00. The most active strike by current volume is 34.00.
Priced range43.82–52.38
Call concentration50.00
Put concentration34.00
Max pain reference43.00
- 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 43.82 to 52.38. Max pain at 43.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
43.8248.10 ± 4.2852.38
Confirmation level
A close beyond 52.38 or below 43.82 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 42/100
Pressure is 16/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure16 × 42%
+6.6
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.4
Volume relative to existing open interest and contract-level activity.
Trend agreement91 × 26%
+23.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility75 × 10%
+7.5
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 34.00. The most active strike by current volume is 34.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
80
34.00-29.3%
0
0
36.00-25.2%
2
9
38.00-21.0%
0
15
39.00-18.9%
2
8
40.00-16.8%
13
3
41.00-14.8%
3
12
42.00-12.7%
3
36
43.00-10.6%
36
21
44.00-8.5%
110
13
45.00-6.4%
18
2
46.00-4.4%
22
2
47.00-2.3%
91
2
48.00-0.2%
10
10
49.001.9%
36
0
50.004.0%
222
0
55.0014.3%
126
0
60.0024.7%
7
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.
0.56
21 Aug
21d
0.56
18 Sep
49d
0.54
16 Oct
77d
0.40
15 Jan
168d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
39
40
41
42
43
44
45
46
47
48
49
50
55
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
- 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
- 111 / 111
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $158344 of estimated gross traded notional, calls · 46-90 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-16
1W price-4.3%
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
0.17
Volume divided by open interest across the visible chain.
Trend fit
91/100
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 · 46-90 days · ITM
calls cluster with 46 contracts traded, $35318 estimated gross traded notional, and 22% of visible notional.
$35318
Puts · 46-90 days · ITM
puts cluster with 38 contracts traded, $31610 estimated gross traded notional, and 20% of visible notional.
$31610
Puts · 46-90 days · OTM
puts cluster with 283 contracts traded, $26435 estimated gross traded notional, and 17% of visible notional.
$26435
Calls · 91+ days · ITM
calls cluster with 29 contracts traded, $21810 estimated gross traded notional, and 14% of visible notional.
$21810
Calls · 91+ days · OTM
calls cluster with 64 contracts traded, $9960 estimated gross traded notional, and 6% of visible notional.
$9960
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
Close46.05
1W-4.3%
RS2.0
Fair value+42.8%
Options pressure-16
Speculation20
Volatility75
Trend fit91
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 10:24
Volatility
Pressure 100
Move 10.7%
30 Jul 10:20
Bullish
Pressure 38
Move 10.6%
31 Jul 06:38
Bearish
Pressure -36
Move 7.8%
31 Jul 11:08
Bullish
Pressure 18
Move 9.3%
31 Jul 13:54
Mixed
Pressure -16
Move 8.9%
Strike Map
Where activity is clustering
Strike34.00
Calls · V 0 · OI 0
Puts · V 80 · OI 80
Strike35.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike36.00
Calls · V 0 · OI 2
Puts · V 3 · OI 0
Strike38.00
Calls · V 0 · OI 0
Puts · V 3 · OI 9
Strike39.00
Calls · V 0 · OI 2
Puts · V 5 · OI 15
Strike40.00
Calls · V 6 · OI 13
Puts · V 1 · OI 8
Strike41.00
Calls · V 2 · OI 3
Puts · V 3 · OI 3
Strike42.00
Calls · V 1 · OI 3
Puts · V 8 · OI 12
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts30
Avg IV0.56
Put-call2.44
Expiry18 Sep 2026
Contracts5
Avg IV0.56
Put-call-
Expiry16 Oct 2026
Contracts44
Avg IV0.54
Put-call2.37
Expiry15 Jan 2027
Contracts32
Avg IV0.40
Put-call0.23
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.52
Put IV0.52
Skew0.00
18 Sep 2026Incomplete skew
Call IV0.55
Put IV-
Skew-
16 Oct 2026Call IV premium
Call IV0.55
Put IV0.49
Skew-0.07
15 Jan 2027Call IV premium
Call IV0.61
Put IV0.47
Skew-0.14
Contract Tape
Most active contracts
ContractDRS261016C00070000
SideCall
Expiry16 Oct 2026
Strike70.00
Volume-
OI10
IV0.57
ContractDRS260821P00049000
SidePut
Expiry21 Aug 2026
Strike49.00
Volume-
OI10
IV0.58
ContractDRS261016C00034000
SideCall
Expiry16 Oct 2026
Strike34.00
Volume-
OI5
IV0.61
ContractDRS270115C00070000
SideCall
Expiry15 Jan 2027
Strike70.00
Volume-
OI5
IV0.57
ContractDRS270115C00049000
SideCall
Expiry15 Jan 2027
Strike49.00
Volume-
OI5
IV0.61
ContractDRS260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume-
OI3
IV0.62
ContractDRS261016P00045000
SidePut
Expiry16 Oct 2026
Strike45.00
Volume-
OI3
IV0.63
ContractDRS260821C00036000
SideCall
Expiry21 Aug 2026
Strike36.00
Volume-
OI2
IV0.78
Research Graph
Related research and context
Sharemaestro research
Related News
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.