Ticker Options Intelligence

PRGS options intelligence

Progress Software Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 36 Market data through 29 Jul 2026 Checked 30 Jul 2026 11:56 · complete available chain

Call-side pressure

Bullish pressure

PRGS currently carries bullish options pressure with a 36/100 conviction score. The nearest-chain expected move is 17.3%, with volume/open-interest participation at 0.02.

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

Call-side pressure

Expected move 17.3%

Wider near-term move priced

Activity / OI 0.02

Current volume is quieter versus prior open interest

Put-call 0.37

Call-side skew

Trend fit 24

Options are not fully confirming trend

Weekly backdrop -6.7%

RS -10.9

Expected move 17.3%
Put-call volume 0.37
Volume / OI 0.02
Reference IV 0.51
Max pain 37.50
Underlying 37.85
Nearest expiry 21 Aug 2026
Contracts 250

Research Brief

PRGS has a bullish 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 31.30–44.40; The largest call open-interest concentration is 42.50; the largest put concentration is 35.00. The most active strike by current volume is 47.50.

Priced range31.30–44.40
Call concentration42.50
Put concentration35.00
Max pain reference37.50
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
What would weaken it
  • Price weakens while call pressure fades or reverses toward puts.
  • Options and the weekly trend are not yet giving the same message.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 21 Aug

Options imply 31.30 to 44.40. Max pain at 37.50 sits inside that range, 0.9% below spot.

Spot Max pain
31.3037.85 ± 6.5544.40
Confirmation level

A close beyond 44.40 or below 31.30 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 36/100

Evidence alignment, not probability

Pressure is 48/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure48 × 42%
+20.4

How strongly activity leans toward calls or puts.

Participation7 × 22%
+1.6

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.

Volatility75 × 10%
+7.5

The intensity of implied volatility and the priced move.

Reconstructed score35.8Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 42.50; the largest put concentration is 35.00. The most active strike by current volume is 47.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
1
17.50-53.8%
0
2
20.00-47.2%
0
1
22.50-40.6%
1
4
25.00-33.9%
4
11
27.50-27.3%
1
24
30.00-20.7%
20
68
32.50-14.1%
4
90
35.00-7.5%
59
83
37.50-0.9%
28
2
40.005.7%
228
11
42.5012.3%
676
0
45.0018.9%
78
0
47.5025.5%
62
0
50.0032.1%
31
0
55.0045.3%
0
0
60.0058.5%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Balanced volatility curve

0.89× front/back

Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.

0.51 21 Aug 22d
0.56 18 Sep 50d
0.58 18 Dec 141d
0.57 15 Jan 169d
0.58 19 Mar 232d
0.57 21 Jan 540d
0.57 15 Dec 869d

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.

33
35
38
40
43
45
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

No independently verifiable option-expiry outcomes have matured yet. Legacy snapshots without a point-in-time market reference and repeated same-session snapshots are deliberately excluded.

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

Usable with limits

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
29 Jul 2026
Calculation
v1.x legacy
Contracts
250 / 250
  • 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

64/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow against weak price

Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $57762 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+48
1W price-6.7%
Call premium74%
Put premium26%
Notional split C 74% / P 26% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.02 Volume divided by open interest across the visible chain.
Trend fit 24/100 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.
Conviction clusters Calls · 46-90 days · ITM
Calls · 46-90 days · ITM calls cluster with 20 contracts traded, $20430 estimated gross traded notional, and 35% of visible notional.
$20430
Calls · 22-45 days · OTM calls cluster with 94 contracts traded, $12960 estimated gross traded notional, and 22% of visible notional.
$12960
Puts · 91+ days · ITM puts cluster with 28 contracts traded, $12485 estimated gross traded notional, and 22% of visible notional.
$12485
Calls · 22-45 days · ITM calls cluster with 2 contracts traded, $2580 estimated gross traded notional, and 4% of visible notional.
$2580
Calls · 46-90 days · OTM calls cluster with 12 contracts traded, $2550 estimated gross traded notional, and 4% of visible notional.
$2550

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

-

1 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 1 completed session

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close37.85
1W-6.7%
RS-10.9
Fair value-25.4%
Options pressure48
Speculation7
Volatility75
Trend fit24

Today Versus Normal

Stored-options context

View history
Expected move 17.3% history building
30d avg - · 1/10 sessions -
90d avg - · 1/30 sessions -
180d avg - · 1/60 sessions -
IV 0.51 history building
30d avg - · 1/10 sessions -
90d avg - · 1/30 sessions -
180d avg - · 1/60 sessions -
Put-call 0.37 history building
30d avg - · 1/10 sessions -
90d avg - · 1/30 sessions -
180d avg - · 1/60 sessions -
Volume/OI 0.02 history building
30d avg - · 1/10 sessions -
90d avg - · 1/30 sessions -
180d avg - · 1/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:10 Volatility
Pressure 82
Move 13.0%
30 Jul 10:56 Bullish
Pressure 48
Move 17.3%

Strike Map

Where activity is clustering

Full strike map
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike22.50
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike25.00
Calls · V 0 · OI 4
Puts · V 0 · OI 4
Strike27.50
Calls · V 0 · OI 1
Puts · V 0 · OI 11
Strike30.00
Calls · V 2 · OI 20
Puts · V 0 · OI 24
Strike32.50
Calls · V 0 · OI 4
Puts · V 1 · OI 68
Strike35.00
Calls · V 0 · OI 59
Puts · V 0 · OI 90

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts32
Avg IV0.51
Put-call0.07
Expiry18 Sep 2026
Contracts38
Avg IV0.56
Put-call0.40
Expiry18 Dec 2026
Contracts44
Avg IV0.58
Put-call14.50
Expiry15 Jan 2027
Contracts40
Avg IV0.57
Put-call-
Expiry19 Mar 2027
Contracts28
Avg IV0.58
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Balanced skew
Call IV0.54
Put IV0.57
Skew0.03
18 Sep 2026Put IV premium
Call IV0.54
Put IV0.71
Skew0.17
18 Dec 2026Balanced skew
Call IV0.56
Put IV0.56
Skew-
15 Jan 2027Balanced skew
Call IV0.54
Put IV0.59
Skew0.05
19 Mar 2027Balanced skew
Call IV0.54
Put IV0.57
Skew0.03

Contract Tape

Most active contracts

Full contract tape
ContractPRGS260821C00047500
SideCall
Expiry21 Aug 2026
Strike47.50
Volume47
OI62
IV0.54
ContractPRGS261218P00040000
SidePut
Expiry18 Dec 2026
Strike40.00
Volume26
OI34
IV0.58
ContractPRGS260821C00050000
SideCall
Expiry21 Aug 2026
Strike50.00
Volume18
OI31
IV0.51
ContractPRGS260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume16
OI228
IV0.49
ContractPRGS260918C00032500
SideCall
Expiry18 Sep 2026
Strike32.50
Volume14
OI283
IV0.60
ContractPRGS260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume12
OI47
IV0.46
ContractPRGS260821C00042500
SideCall
Expiry21 Aug 2026
Strike42.50
Volume9
OI676
IV0.58
ContractPRGS260821P00037500
SidePut
Expiry21 Aug 2026
Strike37.50
Volume6
OI83
IV0.57