Ticker Options Intelligence

CBRS options intelligence

Cerebras Systems Inc. Class A Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 57 Market data through 31 Jul 2026 Checked 2 Aug 2026 02:07 · complete available chain

Volatility expansion watch

Volatility pressure

CBRS currently carries volatility options pressure with a 57/100 conviction score. The nearest-chain expected move is 12.5%, with volume/open-interest participation at 0.16.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 12.5%

Wider near-term move priced

Activity / OI 0.16

Current volume is quieter versus prior open interest

Put-call 0.15

Call-side skew

Trend fit 24

Options are not fully confirming trend

Weekly backdrop -0.2%

Sharemaestro weekly context

Expected move 12.5%
Put-call volume 0.15
Volume / OI 0.16
Reference IV 1.14
Max pain 200.00
Underlying 198.71
Nearest expiry 7 Aug 2026
Contracts 1684

Research Brief

CBRS has a volatility chain read with 57/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 173.81–223.61; The largest call open-interest concentration is 325.00; the largest put concentration is 135.00. The most active strike by current volume is 325.00.

Priced range173.81–223.61
Call concentration325.00
Put concentration135.00
Max pain reference200.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • Volatility falls and the chain remains directionally mixed.
  • 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

Size, not direction · through 7 Aug

Options imply 173.81 to 223.61. Max pain at 200.00 sits inside that range, 0.6% above spot.

Spot Max pain
173.81198.71 ± 24.90223.61
Confirmation level

A close beyond 223.61 or below 173.81 at the 7 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 57/100

Evidence alignment, not probability

Pressure is 76/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure76 × 42%
+31.9

How strongly activity leans toward calls or puts.

Participation44 × 22%
+9.6

Volume relative to existing open interest and contract-level activity.

Trend agreement24 × 26%
+6.3

How closely the chain read agrees with the underlying trend backdrop.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score57.3Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 325.00; the largest put concentration is 135.00. The most active strike by current volume is 325.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
385
135.00-32.1%
0
341
150.00-24.5%
4
203
160.00-19.5%
8
316
165.00-17.0%
1
132
175.00-11.9%
25
196
200.000.6%
455
16
202.501.9%
22
134
210.005.7%
265
20
212.506.9%
23
61
220.0010.7%
166
28
240.0020.8%
554
25
250.0025.8%
320
0
260.0030.8%
577
5
275.0038.4%
403
0
300.0051.0%
401
0
320.0061.0%
341
0
325.0063.6%
16910
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.13× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

1.14 7 Aug 7d
1.35 14 Aug 14d
1.27 21 Aug 21d
1.23 28 Aug 28d
1.19 4 Sep 35d
1.16 11 Sep 42d
1.13 18 Sep 49d
1.10 16 Oct 77d

Volatility by Strike

Upside optionality premium

Nearest expiry, within 20% of spot

Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.

160
165
168
173
175
180
183
188
190
195
200
203
208
210
215
218
223
225
230
233
238
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

Forward validation is building. The earliest eligible stored read expires 31 Jul 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

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
1684 / 1684
  • 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

95/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $14.3M of estimated gross traded notional, calls · 0-7 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+76
1W price-0.2%
Call premium70%
Put premium30%
Notional split C 70% / P 30% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.16 Volume divided by open interest across the visible chain.
Trend fit 24/100 Agreement between options pressure and Sharemaestro market context.
Event window 12 Aug Matched earnings event is 10 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 0-7 days · OTM
Calls · 0-7 days · OTM calls cluster with 16928 contracts traded, $3.3M estimated gross traded notional, and 23% of visible notional.
$3.3M
Calls · 8-21 days · OTM calls cluster with 4026 contracts traded, $2.2M estimated gross traded notional, and 16% of visible notional.
$2.2M
Calls · 91+ days · OTM calls cluster with 371 contracts traded, $1.4M estimated gross traded notional, and 10% of visible notional.
$1.4M
Puts · 0-7 days · ITM puts cluster with 627 contracts traded, $1.2M estimated gross traded notional, and 9% of visible notional.
$1.2M
Calls · 8-21 days · ATM calls cluster with 401 contracts traded, $961755 estimated gross traded notional, and 7% of visible notional.
$961755

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

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

Sharemaestro weekly
Close198.71
1W-0.2%
RS-
Fair value-8.1%
Options pressure76
Speculation44
Volatility96
Trend fit24

Today Versus Normal

Stored-options context

View history
Expected move 12.5% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 1.14 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.15 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.16 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:07 Volatility
Pressure 52
Move 11.1%
30 Jul 10:05 Volatility
Pressure 61
Move 16.7%
31 Jul 10:02 Volatility
Pressure 50
Move 6.1%
2 Aug 01:07 Volatility
Pressure 76
Move 12.5%

Strike Map

Where activity is clustering

Full strike map
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike110.00
Calls · V 0 · OI 0
Puts · V 2 · OI 102
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 104
Strike120.00
Calls · V 0 · OI 8
Puts · V 0 · OI 89
Strike125.00
Calls · V 0 · OI 0
Puts · V 3 · OI 57
Strike126.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry7 Aug 2026
Contracts174
Avg IV1.14
Put-call0.11
Expiry14 Aug 2026
Contracts186
Avg IV1.35
Put-call0.16
Expiry21 Aug 2026
Contracts114
Avg IV1.27
Put-call0.19
Expiry28 Aug 2026
Contracts110
Avg IV1.23
Put-call5.47
Expiry4 Sep 2026
Contracts110
Avg IV1.19
Put-call3.57

Skew

Call/put IV balance

OTM demand
7 Aug 2026Call IV premium
Call IV1.25
Put IV1.10
Skew-0.16
14 Aug 2026Call IV premium
Call IV1.47
Put IV1.30
Skew-0.17
21 Aug 2026Call IV premium
Call IV1.35
Put IV1.23
Skew-0.12
28 Aug 2026Call IV premium
Call IV1.32
Put IV1.17
Skew-0.16
4 Sep 2026Call IV premium
Call IV1.29
Put IV1.15
Skew-0.15

Contract Tape

Most active contracts

Full contract tape
ContractCBRS260807C00325000
SideCall
Expiry7 Aug 2026
Strike325.00
Volume12689
OI16910
IV1.81
ContractCBRS260814C00325000
SideCall
Expiry14 Aug 2026
Strike325.00
Volume1799
OI4511
IV1.74
ContractCBRS260807C00212500
SideCall
Expiry7 Aug 2026
Strike212.50
Volume1345
OI23
IV1.21
ContractCBRS260807C00220000
SideCall
Expiry7 Aug 2026
Strike220.00
Volume1209
OI166
IV1.22
ContractCBRS260821C00300000
SideCall
Expiry21 Aug 2026
Strike300.00
Volume821
OI2239
IV1.43
ContractCBRS260807P00210000
SidePut
Expiry7 Aug 2026
Strike210.00
Volume604
OI134
IV1.18
ContractCBRS260814C00320000
SideCall
Expiry14 Aug 2026
Strike320.00
Volume354
OI257
IV1.67
ContractCBRS260807C00210000
SideCall
Expiry7 Aug 2026
Strike210.00
Volume343
OI265
IV1.18