Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
UMC options intelligence
United Microelectronics options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:02 · complete available chain
Volatility expansion watch
Volatility pressure
UMC currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 16.2%, with volume/open-interest participation at 0.02.
Expected move
16.2%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.23
Call-side skew
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
-8.3%
RS 61.8
Expected move
16.2%
Put-call volume
0.23
Volume / OI
0.02
Reference IV
0.84
Max pain
23.00
Underlying
19.48
Nearest expiry
21 Aug 2026
Contracts
298
Research Brief
UMC has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 16.33–22.63; The largest call open-interest concentration is 27.00; the largest put concentration is 24.00. The most active strike by current volume is 20.00.
Priced range16.33–22.63
Call concentration27.00
Put concentration24.00
Max pain reference23.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 16.33 to 22.63. Max pain at 23.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
16.3319.48 ± 3.1522.63
Confirmation level
A close beyond 22.63 or below 16.33 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 54/100
Pressure is 69/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure69 × 42%
+28.8
How strongly activity leans toward calls or puts.
Participation11 × 22%
+2.5
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+12.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 27.00; the largest put concentration is 24.00. The most active strike by current volume is 20.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
944
15.00-23.0%
5
585
16.00-17.9%
18
1360
17.00-12.7%
144
1497
18.00-7.6%
172
827
19.00-2.5%
699
1341
20.002.7%
3459
987
21.007.8%
953
563
22.0012.9%
240
1303
23.0018.1%
429
3917
24.0023.2%
22699
299
25.0028.3%
1001
50
26.0033.5%
3964
352
27.0038.6%
23959
691
28.0043.7%
2564
34
30.0054.0%
1499
0
31.0059.1%
1312
1
35.0079.7%
1105
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.84
21 Aug
22d
0.83
18 Sep
50d
0.82
16 Oct
78d
0.77
15 Jan
169d
0.76
21 Jan
540d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
16
17
18
19
20
21
22
23
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
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 298 / 298
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $911670 of estimated gross traded notional, calls · 91+ days · otm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+69
1W price-8.3%
Call premium85%
Put premium15%
Notional split
C 85% / P 15%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
50/100
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.
Calls · 91+ days · OTM
calls cluster with 1426 contracts traded, $449305 estimated gross traded notional, and 49% of visible notional.
$449305
Calls · 8-21 days · OTM
calls cluster with 1818 contracts traded, $158245 estimated gross traded notional, and 17% of visible notional.
$158245
Calls · 46-90 days · OTM
calls cluster with 691 contracts traded, $112748 estimated gross traded notional, and 12% of visible notional.
$112748
Puts · 46-90 days · ATM
puts cluster with 420 contracts traded, $87225 estimated gross traded notional, and 10% of visible notional.
$87225
Calls · 91+ days · ITM
calls cluster with 28 contracts traded, $20745 estimated gross traded notional, and 2% of visible notional.
$20745
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
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close19.48
1W-8.3%
RS61.8
Fair value+130.9%
Options pressure69
Speculation11
Volatility96
Trend fit50
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:07
Volatility
Pressure 50
Move 20.5%
30 Jul 10:05
Volatility
Pressure 56
Move 18.1%
31 Jul 10:02
Volatility
Pressure 69
Move 16.2%
Strike Map
Where activity is clustering
Strike12.00
Calls · V 0 · OI 1
Puts · V 2 · OI 261
Strike13.00
Calls · V 0 · OI 0
Puts · V 0 · OI 124
Strike14.00
Calls · V 0 · OI 2
Puts · V 4 · OI 591
Strike15.00
Calls · V 3 · OI 5
Puts · V 6 · OI 944
Strike16.00
Calls · V 0 · OI 18
Puts · V 23 · OI 585
Strike17.00
Calls · V 7 · OI 144
Puts · V 21 · OI 1360
Strike18.00
Calls · V 22 · OI 172
Puts · V 2 · OI 1497
Strike19.00
Calls · V 102 · OI 699
Puts · V 13 · OI 827
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.84
Put-call0.04
Expiry18 Sep 2026
Contracts42
Avg IV0.83
Put-call2.99
Expiry16 Oct 2026
Contracts80
Avg IV0.82
Put-call0.21
Expiry15 Jan 2027
Contracts82
Avg IV0.77
Put-call0.03
Expiry21 Jan 2028
Contracts34
Avg IV0.76
Put-call1.00
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.83
Put IV0.86
Skew0.03
18 Sep 2026Balanced skew
Call IV0.81
Put IV0.85
Skew0.04
16 Oct 2026Balanced skew
Call IV0.84
Put IV0.85
Skew0.01
15 Jan 2027Put IV premium
Call IV0.74
Put IV0.81
Skew0.07
21 Jan 2028Balanced skew
Call IV0.77
Put IV0.75
Skew-0.02
Contract Tape
Most active contracts
ContractUMC260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume1071
OI3459
IV0.84
ContractUMC270115C00020000
SideCall
Expiry15 Jan 2027
Strike20.00
Volume981
OI5014
IV0.80
ContractUMC260918P00019000
SidePut
Expiry18 Sep 2026
Strike19.00
Volume419
OI1104
IV0.76
ContractUMC260918P00012000
SidePut
Expiry18 Sep 2026
Strike12.00
Volume252
OI1072
IV0.93
ContractUMC261016C00020000
SideCall
Expiry16 Oct 2026
Strike20.00
Volume230
OI2099
IV0.81
ContractUMC260821C00022000
SideCall
Expiry21 Aug 2026
Strike22.00
Volume188
OI240
IV0.83
ContractUMC270115C00025000
SideCall
Expiry15 Jan 2027
Strike25.00
Volume187
OI1961
IV0.76
ContractUMC260821C00021000
SideCall
Expiry21 Aug 2026
Strike21.00
Volume180
OI953
IV0.83
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
United Microelectronics (UMC) breaks lower as four-week slide reaches -22.6%30 Jul 2026 13:14
United Microelectronics (UMC) drops 8.3% in latest weekly reading28 Jul 2026 21:29
United Microelectronics (UMC) drops 12.7% as monthly chip pressure builds23 Jul 2026 06:29
United Microelectronics (UMC) drops 12.7% in a sharp weekly reversal20 Jul 2026 13:14
United Microelectronics (UMC) extends 12-week surge to 108.7%16 Jul 2026 03:29
United Microelectronics (UMC) pulls back after a steep 12-week advance10 Jul 2026 16:54
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.