Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
RGA options intelligence
Reinsurance Group of America options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 30 Jul 2026
Checked 31 Jul 2026 05:52 · complete available chain
Call-side pressure
Bullish pressure
RGA currently carries bullish options pressure with a 46/100 conviction score. The nearest-chain expected move is 6.6%, with volume/open-interest participation at 0.01.
Expected move
6.6%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.07
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-1.2%
RS 9.9
Expected move
6.6%
Put-call volume
0.07
Volume / OI
0.01
Reference IV
0.36
Max pain
230.00
Underlying
238.92
Nearest expiry
21 Aug 2026
Contracts
262
Research Brief
RGA 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 223.22–254.62; The largest call open-interest concentration is 280.00; the largest put concentration is 210.00. The most active strike by current volume is 135.00.
Priced range223.22–254.62
Call concentration280.00
Put concentration210.00
Max pain reference230.00
- 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.
- 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 223.22 to 254.62. Max pain at 230.00 sits inside that range, 3.7% below spot.
Spot
Max pain
223.22238.92 ± 15.70254.62
Confirmation level
A close beyond 254.62 or below 223.22 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
Pressure is 97/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure97 × 42%
+40.6
How strongly activity leans toward calls or puts.
Participation3 × 22%
+0.7
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility51 × 10%
+5.1
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 280.00; the largest put concentration is 210.00. The most active strike by current volume is 135.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
135.00-43.5%
0
0
140.00-41.4%
0
0
145.00-39.3%
0
0
150.00-37.2%
0
0
155.00-35.1%
0
0
160.00-33.0%
0
5
165.00-30.9%
0
2
185.00-22.6%
0
2
190.00-20.5%
0
5
200.00-16.3%
0
150
210.00-12.1%
4
0
220.00-7.9%
2
139
230.00-3.7%
1
3
240.000.5%
10
0
250.004.6%
3
0
270.0013.0%
23
0
280.0017.2%
155
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.
0.36
21 Aug
22d
0.28
18 Sep
50d
0.26
16 Oct
78d
0.27
20 Nov
113d
0.25
15 Jan
169d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
195
200
210
220
230
240
250
260
270
280
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
- 262 / 262
- 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
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $35685 of estimated gross traded notional, calls · 46-90 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+97
1W price-1.2%
Call premium98%
Put premium2%
Notional split
C 98% / P 2%
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
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 6 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 46-90 days · ITM
calls cluster with 15 contracts traded, $35025 estimated gross traded notional, and 98% of visible notional.
$35025
Puts · 46-90 days · OTM
puts cluster with 1 contracts traded, $660 estimated gross traded notional, and 2% of visible notional.
$660
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close238.92
1W-1.2%
RS9.9
Fair value+25.8%
Options pressure97
Speculation3
Volatility51
Trend fit0
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 10:23
Bullish
Pressure 100
Move 6.5%
30 Jul 04:26
Bearish
Pressure -23
Move 6.7%
31 Jul 04:52
Bullish
Pressure 97
Move 6.6%
Strike Map
Where activity is clustering
Strike135.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike140.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike150.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike155.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike160.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike165.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts52
Avg IV0.36
Put-call-
Expiry18 Sep 2026
Contracts54
Avg IV0.28
Put-call-
Expiry16 Oct 2026
Contracts60
Avg IV0.26
Put-call-
Expiry20 Nov 2026
Contracts38
Avg IV0.27
Put-call-
Expiry15 Jan 2027
Contracts58
Avg IV0.25
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.28
Put IV0.42
Skew0.15
18 Sep 2026Put IV premium
Call IV0.23
Put IV0.34
Skew0.11
16 Oct 2026Put IV premium
Call IV0.20
Put IV0.30
Skew0.10
20 Nov 2026Put IV premium
Call IV0.23
Put IV0.31
Skew0.08
15 Jan 2027Put IV premium
Call IV0.21
Put IV0.28
Skew0.07
Contract Tape
Most active contracts
ContractRGA261016C00220000
SideCall
Expiry16 Oct 2026
Strike220.00
Volume15
OI38
IV0.26
ContractRGA260918P00230000
SidePut
Expiry18 Sep 2026
Strike230.00
Volume1
OI-
IV0.31
ContractRGA270115C00240000
SideCall
Expiry15 Jan 2027
Strike240.00
Volume-
OI1130
IV0.23
ContractRGA260821C00280000
SideCall
Expiry21 Aug 2026
Strike280.00
Volume-
OI155
IV0.23
ContractRGA260821P00210000
SidePut
Expiry21 Aug 2026
Strike210.00
Volume-
OI150
IV0.48
ContractRGA270115C00250000
SideCall
Expiry15 Jan 2027
Strike250.00
Volume-
OI149
IV0.22
ContractRGA260821P00230000
SidePut
Expiry21 Aug 2026
Strike230.00
Volume-
OI139
IV0.41
ContractRGA261016C00250000
SideCall
Expiry16 Oct 2026
Strike250.00
Volume-
OI32
IV0.23
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
No recent market-watch posts yet.
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.