Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
SO options intelligence
Southern Company options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 13 Aug 2026
Checked 13 Aug 2026 22:44 · complete available chain
Options-market disagreement
Mixed pressure
SO currently carries mixed options pressure with a 36/100 conviction score. The nearest-chain expected move is 0.6%, with volume/open-interest participation at 0.05.
Expected move
0.6%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.85
Balanced tape
Trend fit
77
Options agree with trend context
Weekly backdrop
-2.0%
RS -9.8
Expected move
0.6%
Put-call volume
0.85
Volume / OI
0.05
Reference IV
0.29
Max pain
93.00
Underlying
92.69
Nearest expiry
14 Aug 2026
Contracts
461
Research Brief
SO has a mixed chain read with 36/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 92.12–93.26; The largest call open-interest concentration is 102.00; the largest put concentration is 92.00. The most active strike by current volume is 93.00.
Priced range92.12–93.26
Call concentration102.00
Put concentration92.00
Max pain reference93.00
- 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 92.12 to 93.26. Max pain at 93.00 sits inside that range, 0.3% above spot.
Spot
Max pain
92.1292.69 ± 0.5793.26
Confirmation level
A close beyond 93.26 or below 92.12 at the 14 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 36/100
Pressure is 11/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure11 × 42%
+4.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement77 × 26%
+19.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility23 × 10%
+2.3
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 102.00; the largest put concentration is 92.00. The most active strike by current volume is 93.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5
55.00-40.7%
15
7
60.00-35.3%
11
112
84.00-9.4%
0
65
88.00-5.1%
55
357
89.00-4.0%
0
181
90.00-2.9%
2
359
91.00-1.8%
0
361
92.00-0.7%
106
178
93.000.3%
331
131
94.001.4%
142
21
95.002.5%
191
0
96.003.6%
73
0
98.005.7%
36
0
99.006.8%
52
0
100.007.9%
41
0
102.0010.0%
1300
0
103.0011.1%
62
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$3.0MDelta change / 1% move
Positive peak100.00+$3.8M
Negative peak92.00-$3.2M
Nearest balance92.77Interpolated sign change
StrikeNegativePositiveNet / 1% move
84.00-9.4%
-$26,513
85.00-8.3%
-$926,367
86.00-7.2%
-$2,168
87.00-6.1%
+$6,531
87.50-5.6%
-$970,835
88.00-5.1%
-$6,135
89.00-4.0%
-$240,816
90.00-2.9%
-$3.2M
91.00-1.8%
-$730,268
92.00-0.7%
-$3.2M
92.50-0.2%
-$858,944
93.000.3%
+$753,016
94.001.4%
+$334,647
95.002.5%
+$1.7M
96.003.6%
+$1.6M
97.004.6%
+$586,980
97.505.2%
+$2.4M
98.005.7%
+$103,798
99.006.8%
+$506,017
100.007.9%
+$3.8M
101.009.0%
+$700,971
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.29
14 Aug
1d
0.21
21 Aug
8d
0.25
28 Aug
15d
0.24
4 Sep
22d
0.24
11 Sep
29d
0.20
18 Sep
36d
0.31
25 Sep
43d
0.21
20 Nov
99d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
80
81
84
85
86
87
88
89
90
91
92
94
95
96
97
98
99
100
101
102
103
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 3 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.
Directional follow-through0%
Moves contained by pricing100%
Average expiry move2.1%
6 Aug
Mixed · 43
-2.0% through expiry
2.5% priced · v2.0
5 Aug
Mixed · 38
-2.0% through expiry
2.8% priced · v2.0
4 Aug
Bullish · 43
-2.0% through expiry
2.6% priced · v2.0
3 Aug
Bullish · 42
-2.0% through expiry
2.7% priced · v2.0
31 Jul
Mixed · 39
-2.0% through expiry
2.6% priced · v2.0
30 Jul
Bullish · 41
-2.8% through expiry
2.9% priced · v2.0
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 13 Aug 2026
- Calculation
- v2.0
- Contracts
- 461 / 461
- 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: $1.9M of estimated gross traded notional, calls · 91+ 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+11
1W price-2.0%
Call premium76%
Put premium24%
Notional split
C 76% / P 24%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
77/100
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 418 contracts traded, $688,001 estimated gross traded notional, and 36% of visible notional.
$688,001
Calls · 8-21 days · ITM
calls cluster with 657 contracts traded, $383,770 estimated gross traded notional, and 20% of visible notional.
$383,770
Puts · 91+ days · OTM
puts cluster with 1530 contracts traded, $155,561 estimated gross traded notional, and 8% of visible notional.
$155,561
Calls · 22-45 days · ITM
calls cluster with 87 contracts traded, $127,180 estimated gross traded notional, and 7% of visible notional.
$127,180
Puts · 91+ days · ITM
puts cluster with 125 contracts traded, $121,870 estimated gross traded notional, and 6% of visible notional.
$121,870
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 12 completed sessions
Volume rank67th
Volume/OI rank75th
IV rank50th
Market Context
Underlying confirmation
Close92.69
1W-2.0%
RS-9.8
Fair value+14.7%
Options pressure11
Speculation41
Volatility23
Trend fit77
Today Versus Normal
Stored-options context
30d avg 2.4% · 12 sessions
0th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.29 · 12 sessions
50th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.69 · 12 sessions
75th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.06 · 12 sessions
75th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:02
Bullish
Pressure 43
Move 2.5%
30 Jul 10:01
Bullish
Pressure 28
Move 2.4%
31 Jul 10:01
Bullish
Pressure 37
Move 2.9%
2 Aug 03:52
Bullish
Pressure 36
Move 2.6%
2 Aug 18:35
Mixed
Pressure 16
Move 2.6%
4 Aug 13:29
Bullish
Pressure 45
Move 2.7%
5 Aug 05:25
Bullish
Pressure 52
Move 2.6%
6 Aug 00:22
Mixed
Pressure 3
Move 2.8%
Strike Map
Where activity is clustering
Strike50.00
Calls · V 0 · OI 0
Puts · V 1 · OI 6
Strike55.00
Calls · V 3 · OI 15
Puts · V 1 · OI 5
Strike60.00
Calls · V 5 · OI 11
Puts · V 2 · OI 7
Strike65.00
Calls · V 0 · OI 0
Puts · V 3 · OI 7
Strike80.00
Calls · V 1 · OI 1
Puts · V 0 · OI 1
Strike81.00
Calls · V 3 · OI 1
Puts · V 0 · OI 0
Strike84.00
Calls · V 1 · OI 0
Puts · V 8 · OI 112
Strike85.00
Calls · V 1 · OI 0
Puts · V 2 · OI 8
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts40
Avg IV0.29
Put-call0.52
Expiry21 Aug 2026
Contracts63
Avg IV0.21
Put-call0.59
Expiry28 Aug 2026
Contracts32
Avg IV0.25
Put-call0.31
Expiry4 Sep 2026
Contracts17
Avg IV0.24
Put-call0.61
Expiry11 Sep 2026
Contracts17
Avg IV0.24
Put-call0.96
Skew
Call/put IV balance
14 Aug 2026Call IV premium
Call IV0.67
Put IV0.54
Skew-0.13
21 Aug 2026Put IV premium
Call IV0.33
Put IV0.39
Skew0.06
28 Aug 2026Put IV premium
Call IV0.15
Put IV0.27
Skew0.13
4 Sep 2026Balanced skew
Call IV0.23
Put IV0.27
Skew0.04
11 Sep 2026Put IV premium
Call IV0.20
Put IV0.30
Skew0.10
Contract Tape
Most active contracts
ContractSO270617P00060000
SidePut
Expiry17 Jun 2027
Strike60.00
Volume-
OI39
IV0.50
ContractSO270617C00060000
SideCall
Expiry17 Jun 2027
Strike60.00
Volume-
OI26
IV0.44
ContractSO270617P00065000
SidePut
Expiry17 Jun 2027
Strike65.00
Volume-
OI25
IV0.34
ContractSO260821P00083000
SidePut
Expiry21 Aug 2026
Strike83.00
Volume-
OI13
IV0.64
ContractSO260821P00060000
SidePut
Expiry21 Aug 2026
Strike60.00
Volume-
OI11
IV1.88
ContractSO280121P00110000
SidePut
Expiry21 Jan 2028
Strike110.00
Volume-
OI5
IV0.20
ContractSO260821P00102000
SidePut
Expiry21 Aug 2026
Strike102.00
Volume-
OI5
IV0.61
ContractSO260911P00091000
SidePut
Expiry11 Sep 2026
Strike91.00
Volume-
OI5
IV0.29
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
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.