Ticker Options Intelligence

TRGP options intelligence

Targa Resources Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 46 Market data through 31 Jul 2026 Checked 31 Jul 2026 18:30 · complete available chain

Call-side pressure

Bullish pressure

TRGP currently carries bullish options pressure with a 46/100 conviction score. The nearest-chain expected move is 7.6%, with volume/open-interest participation at 0.12.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 7.6%

Wider near-term move priced

Activity / OI 0.12

Current volume is quieter versus prior open interest

Put-call 0.54

Call-side skew

Trend fit 63

Options agree with trend context

Weekly backdrop -0.6%

RS 25.7

Expected move 7.6%
Put-call volume 0.54
Volume / OI 0.12
Reference IV 0.35
Max pain 270.00
Underlying 281.33
Nearest expiry 21 Aug 2026
Contracts 284

Research Brief

TRGP has a bullish chain read with 46/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 259.83–302.83; The largest call open-interest concentration is 300.00; the largest put concentration is 250.00. The most active strike by current volume is 280.00.

Priced range259.83–302.83
Call concentration300.00
Put concentration250.00
Max pain reference270.00
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
  • The current chain read already agrees with the stored weekly trend context.
What would weaken it
  • Price weakens while call pressure fades or reverses toward puts.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 21 Aug

Options imply 259.83 to 302.83. Max pain at 270.00 sits inside that range, 4.0% below spot.

Spot Max pain
259.83281.33 ± 21.50302.83
Confirmation level

A close beyond 302.83 or below 259.83 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 46/100

Evidence alignment, not probability

Pressure is 40/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure40 × 42%
+16.6

How strongly activity leans toward calls or puts.

Participation36 × 22%
+8.0

Volume relative to existing open interest and contract-level activity.

Trend agreement63 × 26%
+16.3

How closely the chain read agrees with the underlying trend backdrop.

Volatility55 × 10%
+5.5

The intensity of implied volatility and the priced move.

Reconstructed score46.3Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 300.00; the largest put concentration is 250.00. The most active strike by current volume is 280.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
2
170.00-39.6%
0
1
180.00-36.0%
0
2
200.00-28.9%
0
0
210.00-25.4%
0
7
220.00-21.8%
0
14
230.00-18.2%
2
267
240.00-14.7%
6
276
250.00-11.1%
5
105
260.00-7.6%
166
139
270.00-4.0%
125
146
280.00-0.5%
811
0
290.003.1%
1685
0
300.006.6%
1699
0
310.0010.2%
144
0
320.0013.7%
10
0
330.0017.3%
121
0
340.0020.9%
5
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Balanced volatility curve

0.93× front/back

Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.

0.35 21 Aug 21d
0.37 18 Sep 49d
0.36 16 Oct 77d
0.24 18 Dec 140d
0.31 15 Jan 168d
0.31 19 Mar 231d
0.37 17 Jun 321d

Volatility by Strike

Upside optionality premium

Nearest expiry, within 20% of spot

Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.

230
240
250
260
270
280
290
300
310
320
330
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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

A99/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
284 / 284
  • 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

73/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Bullish flow against weak price

Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $7.4M of estimated gross traded notional, calls · 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+40
1W price-0.6%
Call premium91%
Put premium9%
Notional split C 91% / P 9% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.12 Volume divided by open interest across the visible chain.
Trend fit 63/100 Agreement between options pressure and Sharemaestro market context.
Event window 6 Aug Matched earnings event is 5 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 456 contracts traded, $4.9M estimated gross traded notional, and 66% of visible notional.
$4.9M
Calls · 46-90 days · ITM calls cluster with 240 contracts traded, $1.2M estimated gross traded notional, and 16% of visible notional.
$1.2M
Calls · 91+ days · OTM calls cluster with 134 contracts traded, $183308 estimated gross traded notional, and 2% of visible notional.
$183308
Puts · 46-90 days · OTM puts cluster with 329 contracts traded, $181430 estimated gross traded notional, and 2% of visible notional.
$181430
Calls · 91+ days · ATM calls cluster with 76 contracts traded, $157135 estimated gross traded notional, and 2% of visible notional.
$157135

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Warning Bullish pressure over fair value

Call pressure is building while the stock sits above Sharemaestro fair value.

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

Sharemaestro weekly
Close281.33
1W-0.6%
RS25.7
Fair value+78.4%
Options pressure40
Speculation36
Volatility55
Trend fit63

Today Versus Normal

Stored-options context

View history
Expected move 7.6% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.35 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.54 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.12 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:07 Bullish
Pressure 33
Move 9.1%
30 Jul 10:05 Bullish
Pressure 100
Move 8.7%
31 Jul 00:01 Bullish
Pressure 39
Move 7.7%
31 Jul 08:39 Bullish
Pressure 100
Move 7.7%
31 Jul 13:38 Bullish
Pressure 39
Move 4.8%
31 Jul 17:30 Bullish
Pressure 40
Move 7.6%

Strike Map

Where activity is clustering

Full strike map
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike200.00
Calls · V 1 · OI 0
Puts · V 1 · OI 2
Strike210.00
Calls · V 21 · OI 0
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 0
Puts · V 1 · OI 7
Strike230.00
Calls · V 1 · OI 2
Puts · V 1 · OI 14
Strike240.00
Calls · V 1 · OI 6
Puts · V 9 · OI 267
Strike250.00
Calls · V 1 · OI 5
Puts · V 1 · OI 276

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts26
Avg IV0.35
Put-call0.68
Expiry18 Sep 2026
Contracts66
Avg IV0.37
Put-call1.90
Expiry16 Oct 2026
Contracts39
Avg IV0.36
Put-call0.39
Expiry18 Dec 2026
Contracts71
Avg IV0.24
Put-call0.22
Expiry15 Jan 2027
Contracts30
Avg IV0.31
Put-call0.21

Skew

Call/put IV balance

OTM demand
21 Aug 2026Balanced skew
Call IV0.42
Put IV0.38
Skew-0.03
18 Sep 2026Balanced skew
Call IV0.37
Put IV0.34
Skew-0.03
16 Oct 2026Balanced skew
Call IV0.37
Put IV0.34
Skew-0.03
18 Dec 2026Balanced skew
Call IV0.36
Put IV0.33
Skew-0.02
15 Jan 2027Balanced skew
Call IV0.36
Put IV0.32
Skew-0.03

Contract Tape

Most active contracts

Full contract tape
ContractTRGP270319P00140000
SidePut
Expiry19 Mar 2027
Strike140.00
Volume-
OI50
IV0.51
ContractTRGP270115P00220000
SidePut
Expiry15 Jan 2027
Strike220.00
Volume-
OI20
IV0.37
ContractTRGP261218P00170000
SidePut
Expiry18 Dec 2026
Strike170.00
Volume-
OI10
IV0.64
ContractTRGP261016C00190000
SideCall
Expiry16 Oct 2026
Strike190.00
Volume-
OI10
IV0.51
ContractTRGP261218P00155000
SidePut
Expiry18 Dec 2026
Strike155.00
Volume-
OI6
IV0.61
ContractTRGP270319P00130000
SidePut
Expiry19 Mar 2027
Strike130.00
Volume-
OI5
IV0.52
ContractTRGP260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume-
OI2
IV1.04
ContractTRGP261016P00195000
SidePut
Expiry16 Oct 2026
Strike195.00
Volume-
OI2
IV0.50