Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
NOVT options intelligence
Novanta Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 31 Jul 2026
Checked 2 Aug 2026 03:12 · complete available chain
Volatility expansion watch
Volatility pressure
NOVT currently carries volatility options pressure with a 60/100 conviction score. The nearest-chain expected move is 12.5%, with volume/open-interest participation at 0.04.
Expected move
12.5%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+0.7%
RS 1.8
Expected move
12.5%
Put-call volume
-
Volume / OI
0.04
Reference IV
0.65
Max pain
145.00
Underlying
142.55
Nearest expiry
21 Aug 2026
Contracts
264
Research Brief
NOVT has a volatility chain read with 60/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 124.70–160.40; The largest call open-interest concentration is 150.00; the largest put concentration is 145.00. The most active strike by current volume is 95.00.
Priced range124.70–160.40
Call concentration150.00
Put concentration145.00
Max pain reference145.00
- A clear directional pressure reading develops and price begins to agree.
- 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
Options imply 124.70 to 160.40. Max pain at 145.00 sits inside that range, 1.7% above spot.
Spot
Max pain
124.70142.55 ± 17.85160.40
Confirmation level
A close beyond 160.40 or below 124.70 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 60/100
Pressure is 100/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
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.
Volatility86 × 10%
+8.6
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 150.00; the largest put concentration is 145.00. The most active strike by current volume is 95.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
12
75.00-47.4%
0
5
85.00-40.4%
9
1
95.00-33.4%
0
10
100.00-29.8%
1
2
110.00-22.8%
3
32
120.00-15.8%
1
40
125.00-12.3%
9
7
130.00-8.8%
33
3
135.00-5.3%
17
4
140.00-1.8%
49
700
145.001.7%
6
1
150.005.2%
77
0
165.0015.7%
11
0
170.0019.3%
21
2
175.0022.8%
28
0
180.0026.3%
35
0
200.0040.3%
73
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.
0.65
21 Aug
21d
0.60
18 Sep
49d
0.59
20 Nov
112d
0.55
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
115
120
125
130
135
140
145
150
155
160
165
170
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
- 264 / 264
- 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 pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $129512 of estimated gross traded notional, puts · 91+ 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-100
1W price+0.7%
Call premium0%
Put premium100%
Notional split
C 0% / P 100%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · OTM
puts cluster with 227 contracts traded, $125832 estimated gross traded notional, and 97% of visible notional.
$125832
Puts · 8-21 days · OTM
puts cluster with 30 contracts traded, $3680 estimated gross traded notional, and 3% of visible notional.
$3680
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
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
Close142.55
1W+0.7%
RS1.8
Fair value-1.7%
Options pressure-100
Speculation41
Volatility86
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 - · 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
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:37
Bearish
Pressure -37
Move 13.4%
30 Jul 10:34
Volatility
Pressure -100
Move 13.4%
31 Jul 10:23
Volatility
Pressure -35
Move 12.5%
2 Aug 02:12
Volatility
Pressure -100
Move 12.5%
Strike Map
Where activity is clustering
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike80.00
Calls · V 0 · OI 1
Puts · V 0 · OI 8
Strike85.00
Calls · V 0 · OI 9
Puts · V 0 · OI 5
Strike90.00
Calls · V 0 · OI 6
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts70
Avg IV0.65
Put-call-
Expiry18 Sep 2026
Contracts64
Avg IV0.60
Put-call-
Expiry20 Nov 2026
Contracts70
Avg IV0.59
Put-call-
Expiry19 Feb 2027
Contracts60
Avg IV0.55
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.67
Put IV0.68
Skew0.01
18 Sep 2026Balanced skew
Call IV0.57
Put IV0.62
Skew0.05
20 Nov 2026Put IV premium
Call IV0.54
Put IV0.62
Skew0.08
19 Feb 2027Balanced skew
Call IV0.52
Put IV0.56
Skew0.04
Contract Tape
Most active contracts
ContractNOVT261120P00080000
SidePut
Expiry20 Nov 2026
Strike80.00
Volume96
OI204
IV0.80
ContractNOVT270219P00115000
SidePut
Expiry19 Feb 2027
Strike115.00
Volume96
OI-
IV0.57
ContractNOVT261120P00100000
SidePut
Expiry20 Nov 2026
Strike100.00
Volume29
OI318
IV0.68
ContractNOVT260821P00110000
SidePut
Expiry21 Aug 2026
Strike110.00
Volume10
OI2
IV0.40
ContractNOVT260821P00095000
SidePut
Expiry21 Aug 2026
Strike95.00
Volume10
OI1
IV0.59
ContractNOVT260821P00115000
SidePut
Expiry21 Aug 2026
Strike115.00
Volume10
OI-
IV0.34
ContractNOVT261120P00090000
SidePut
Expiry20 Nov 2026
Strike90.00
Volume6
OI438
IV0.74
ContractNOVT261120C00220000
SideCall
Expiry20 Nov 2026
Strike220.00
Volume-
OI852
IV0.26
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
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.