Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
IAI options intelligence
ISHARES TRUST US BRKR-DEALERS & SEC EXCH options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
59
Market data through 3 Aug 2026
Checked 3 Aug 2026 22:32 · complete available chain
Call-side pressure
Bullish pressure
IAI currently carries bullish options pressure with a 59/100 conviction score. The nearest-chain expected move is 5.2%, with volume/open-interest participation at 1.18.
Expected move
5.2%
Near-term move context
Activity / OI
1.18
Current volume is elevated versus prior open interest
Put-call
0.08
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.3%
RS -2.7
Expected move
5.2%
Put-call volume
0.08
Volume / OI
1.18
Reference IV
0.31
Max pain
181.00
Underlying
186.26
Nearest expiry
21 Aug 2026
Contracts
69
Research Brief
IAI has a bullish chain read with 59/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 176.51–196.01; The largest call open-interest concentration is 200.00; the largest put concentration is 178.00. The most active strike by current volume is 200.00.
Priced range176.51–196.01
Call concentration200.00
Put concentration178.00
Max pain reference181.00
- 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 176.51 to 196.01. Max pain at 181.00 sits inside that range, 2.8% below spot.
Spot
Max pain
176.51186.26 ± 9.75196.01
Confirmation level
A close beyond 196.01 or below 176.51 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 59/100
Pressure is 96/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure96 × 42%
+40.1
How strongly activity leans toward calls or puts.
Participation67 × 22%
+14.8
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.
Volatility43 × 10%
+4.3
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 200.00; the largest put concentration is 178.00. The most active strike by current volume is 200.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
175.00-6.0%
0
2
178.00-4.4%
0
1
179.00-3.9%
0
1
180.00-3.4%
4
2
181.00-2.8%
0
2
182.00-2.3%
0
0
185.00-0.7%
1
0
186.00-0.1%
4
1
190.002.0%
0
0
197.005.8%
1
0
198.006.3%
1
0
200.007.4%
6
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$128,936Delta change / 1% move
Positive peak220.00+$32,798
Negative peak173.00-$30,693
Nearest balance186.89Interpolated sign change
StrikeNegativePositiveNet / 1% move
162.00-13.0%
-$298
165.00-11.4%
-$625
170.00-8.7%
-$1,273
171.00-8.2%
-$436
172.00-7.7%
-$441
173.00-7.1%
-$30,693
175.00-6.0%
-$7,756
178.00-4.4%
-$1,566
179.00-3.9%
-$278
180.00-3.4%
+$5,343
181.00-2.8%
-$1,878
182.00-2.3%
-$782
185.00-0.7%
+$2,779
186.00-0.1%
+$3,934
187.000.4%
-$484
190.002.0%
+$3,712
197.005.8%
+$758
198.006.3%
+$1,398
200.007.4%
+$14,560
205.0010.1%
+$8,285
210.0012.7%
+$24,643
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.
0.31
21 Aug
18d
0.28
18 Sep
46d
0.20
16 Oct
74d
0.24
15 Jan
165d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
175
178
179
180
181
182
185
186
190
197
198
200
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 69 / 69
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Call-side pressure is building before a meaningful weekly price response.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $186,507 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+96
1W price-0.3%
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
1.18
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.
Calls · 46-90 days · ITM
calls cluster with 37 contracts traded, $93,533 estimated gross traded notional, and 50% of visible notional.
$93,533
Calls · 91+ days · OTM
calls cluster with 584 contracts traded, $38,980 estimated gross traded notional, and 21% of visible notional.
$38,980
Calls · 46-90 days · OTM
calls cluster with 110 contracts traded, $14,948 estimated gross traded notional, and 8% of visible notional.
$14,948
Puts · 46-90 days · OTM
puts cluster with 47 contracts traded, $11,186 estimated gross traded notional, and 6% of visible notional.
$11,186
Calls · 91+ days · ITM
calls cluster with 3 contracts traded, $9,760 estimated gross traded notional, and 5% of visible notional.
$9,760
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
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
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close186.26
1W-0.3%
RS-2.7
Fair value+32.3%
Options pressure96
Speculation67
Volatility43
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:33
Bullish
Pressure 100
Move 4.3%
29 Jul 23:02
Bullish
Pressure 100
Move 5.0%
30 Jul 08:16
Bullish
Pressure 100
Move 4.3%
31 Jul 11:03
Bullish
Pressure 100
Move 3.7%
31 Jul 17:28
Bullish
Pressure 90
Move 5.1%
3 Aug 10:22
Bearish
Pressure -30
Move 4.1%
3 Aug 16:30
Bullish
Pressure 82
Move 5.0%
3 Aug 21:32
Bullish
Pressure 96
Move 5.2%
Strike Map
Where activity is clustering
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike178.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike179.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike180.00
Calls · V 0 · OI 4
Puts · V 1 · OI 1
Strike181.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike182.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike185.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike186.00
Calls · V 2 · OI 4
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts13
Avg IV0.31
Put-call0.42
Expiry18 Sep 2026
Contracts4
Avg IV0.28
Put-call-
Expiry16 Oct 2026
Contracts35
Avg IV0.20
Put-call0.25
Expiry15 Jan 2027
Contracts17
Avg IV0.24
Put-call0.01
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.35
Put IV0.35
Skew0.00
18 Sep 2026Put IV premium
Call IV0.25
Put IV0.31
Skew0.06
16 Oct 2026Put IV premium
Call IV0.02
Put IV0.28
Skew0.26
15 Jan 2027Balanced skew
Call IV0.23
Put IV0.22
Skew-0.01
Contract Tape
Most active contracts
ContractIAI270115C00250000
SideCall
Expiry15 Jan 2027
Strike250.00
Volume-
OI5
IV0.35
ContractIAI260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume-
OI4
IV0.36
ContractIAI260918C00200000
SideCall
Expiry18 Sep 2026
Strike200.00
Volume-
OI3
IV0.27
ContractIAI261016P00190000
SidePut
Expiry16 Oct 2026
Strike190.00
Volume-
OI2
IV0.24
ContractIAI270115P00186000
SidePut
Expiry15 Jan 2027
Strike186.00
Volume-
OI2
IV0.22
ContractIAI260821P00175000
SidePut
Expiry21 Aug 2026
Strike175.00
Volume-
OI1
IV0.44
ContractIAI270115C00185000
SideCall
Expiry15 Jan 2027
Strike185.00
Volume-
OI1
IV0.42
ContractIAI270115P00187000
SidePut
Expiry15 Jan 2027
Strike187.00
Volume-
OI1
IV0.23
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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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.