Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CDP options intelligence
COPT Defense Properties options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:32 · complete available chain
Call-side pressure
Bullish pressure
CDP currently carries bullish options pressure with a 48/100 conviction score. The nearest-chain expected move is 7.2%, with volume/open-interest participation at 0.11.
Expected move
7.2%
Wider near-term move priced
Activity / OI
0.11
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.2%
RS 13.5
Expected move
7.2%
Put-call volume
-
Volume / OI
0.11
Reference IV
0.33
Max pain
35.00
Underlying
37.96
Nearest expiry
21 Aug 2026
Contracts
74
Research Brief
CDP has a bullish chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 35.21–40.71; The largest call open-interest concentration is 40.00; the largest put concentration is 35.00. The most active strike by current volume is 40.00.
Priced range35.21–40.71
Call concentration40.00
Put concentration35.00
Max pain reference35.00
- 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 35.21 to 40.71. Max pain at 35.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
35.2137.96 ± 2.7540.71
Confirmation level
A close beyond 40.71 or below 35.21 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 48/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation6 × 22%
+1.2
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.
Volatility52 × 10%
+5.2
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 40.00; the largest put concentration is 35.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
17.50-53.9%
0
0
20.00-47.3%
0
0
22.50-40.7%
0
0
25.00-34.1%
0
0
30.00-21.0%
0
5
35.00-7.8%
24
0
40.005.4%
77
0
45.0018.5%
0
0
50.0031.7%
0
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.
0.33
21 Aug
21d
0.22
18 Sep
49d
0.17
18 Dec
140d
0.19
19 Mar
231d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
35
40
45
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
- 74 / 74
- 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.
Call-side pressure is building before a meaningful weekly price response.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2562 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+100
1W price-0.2%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.11
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 5 contracts traded, $1862 estimated gross traded notional, and 73% of visible notional.
$1862
Calls · 8-21 days · OTM
calls cluster with 28 contracts traded, $700 estimated gross traded notional, and 27% of visible notional.
$700
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
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
Close37.96
1W-0.2%
RS13.5
Fair value+41.2%
Options pressure100
Speculation6
Volatility52
Trend fit0
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 - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:50
Mixed
Pressure 9
Move 7.3%
30 Jul 10:41
Bullish
Pressure 100
Move 6.1%
31 Jul 12:19
Mixed
Pressure -11
Move 7.8%
31 Jul 16:15
Volatility
Pressure 94
Move 10.0%
31 Jul 18:12
Volatility
Pressure 94
Move 10.0%
1 Aug 11:49
Bullish
Pressure 100
Move 7.2%
1 Aug 14:32
Bullish
Pressure 100
Move 7.2%
Strike Map
Where activity is clustering
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 24
Puts · V 0 · OI 5
Strike40.00
Calls · V 28 · OI 77
Puts · V 0 · OI 0
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts18
Avg IV0.33
Put-call-
Expiry18 Sep 2026
Contracts20
Avg IV0.22
Put-call-
Expiry18 Dec 2026
Contracts18
Avg IV0.17
Put-call-
Expiry19 Mar 2027
Contracts18
Avg IV0.19
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.25
Put IV0.17
Skew-0.08
18 Sep 2026Balanced skew
Call IV0.06
Put IV0.11
Skew0.05
18 Dec 2026Balanced skew
Call IV0.03
Put IV0.07
Skew0.04
19 Mar 2027Balanced skew
Call IV0.08
Put IV0.06
Skew-0.02
Contract Tape
Most active contracts
ContractCDP260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume28
OI77
IV0.25
ContractCDP260918C00035000
SideCall
Expiry18 Sep 2026
Strike35.00
Volume5
OI17
IV0.33
ContractCDP260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume-
OI51
IV0.19
ContractCDP261218P00025000
SidePut
Expiry18 Dec 2026
Strike25.00
Volume-
OI26
IV0.28
ContractCDP260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume-
OI24
IV0.38
ContractCDP261218C00035000
SideCall
Expiry18 Dec 2026
Strike35.00
Volume-
OI16
IV0.24
ContractCDP260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume-
OI15
IV0.06
ContractCDP261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume-
OI13
IV0.03
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.