Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
IT options intelligence
Gartner Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:11 · complete available chain
Options-market disagreement
Mixed pressure
IT currently carries mixed options pressure with a 34/100 conviction score. The nearest-chain expected move is 16.4%, with volume/open-interest participation at 0.02.
Expected move
16.4%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
1.05
Balanced tape
Trend fit
58
Options are not fully confirming trend
Weekly backdrop
+0.2%
RS -35.5
Expected move
16.4%
Put-call volume
1.05
Volume / OI
0.02
Reference IV
0.71
Max pain
140.00
Underlying
140.50
Nearest expiry
21 Aug 2026
Contracts
312
Research Brief
IT has a mixed chain read with 34/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 117.45–163.55; The largest call open-interest concentration is 160.00; the largest put concentration is 105.00. The most active strike by current volume is 135.00.
Priced range117.45–163.55
Call concentration160.00
Put concentration105.00
Max pain reference140.00
- 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 117.45 to 163.55. Max pain at 140.00 sits inside that range, 0.4% below spot.
Spot
Max pain
117.45140.50 ± 23.05163.55
Confirmation level
A close beyond 163.55 or below 117.45 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 34/100
Pressure is 4/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure4 × 42%
+1.6
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement58 × 26%
+15.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility90 × 10%
+9.0
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 160.00; the largest put concentration is 105.00. The most active strike by current volume is 135.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
303
105.00-25.3%
0
121
110.00-21.7%
0
129
120.00-14.6%
4
40
125.00-11.0%
2
139
130.00-7.5%
30
19
135.00-3.9%
161
10
140.00-0.4%
155
23
145.003.2%
69
4
150.006.8%
48
124
155.0010.3%
30
57
160.0013.9%
2051
9
165.0017.4%
31
5
170.0021.0%
59
2
175.0024.6%
194
0
180.0028.1%
29
1
190.0035.2%
28
0
195.0038.8%
42
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.
0.71
21 Aug
22d
0.61
18 Sep
50d
0.57
18 Dec
141d
0.56
19 Mar
232d
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
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 312 / 312
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $271448 of estimated gross traded notional, calls · 91+ days · otm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+4
1W price+0.2%
Call premium61%
Put premium39%
Notional split
C 61% / P 39%
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
58/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 3 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 91+ days · OTM
calls cluster with 46 contracts traded, $53820 estimated gross traded notional, and 20% of visible notional.
$53820
Calls · 8-21 days · ITM
calls cluster with 7 contracts traded, $32695 estimated gross traded notional, and 12% of visible notional.
$32695
Calls · 46-90 days · OTM
calls cluster with 50 contracts traded, $28760 estimated gross traded notional, and 11% of visible notional.
$28760
Calls · 91+ days · ITM
calls cluster with 3 contracts traded, $25620 estimated gross traded notional, and 9% of visible notional.
$25620
Calls · 8-21 days · OTM
calls cluster with 36 contracts traded, $21348 estimated gross traded notional, and 8% of visible notional.
$21348
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close140.50
1W+0.2%
RS-35.5
Fair value-61.4%
Options pressure4
Speculation40
Volatility90
Trend fit58
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:26
Volatility
Pressure 88
Move 18.1%
30 Jul 10:22
Volatility
Pressure 86
Move 22.3%
31 Jul 10:11
Mixed
Pressure 4
Move 16.4%
Strike Map
Where activity is clustering
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike95.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 28
Strike105.00
Calls · V 5 · OI 0
Puts · V 0 · OI 303
Strike110.00
Calls · V 0 · OI 0
Puts · V 2 · OI 121
Strike115.00
Calls · V 0 · OI 1
Puts · V 1 · OI 25
Strike120.00
Calls · V 0 · OI 4
Puts · V 1 · OI 129
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts50
Avg IV0.71
Put-call1.62
Expiry18 Sep 2026
Contracts84
Avg IV0.61
Put-call0.66
Expiry18 Dec 2026
Contracts116
Avg IV0.57
Put-call0.77
Expiry19 Mar 2027
Contracts62
Avg IV0.56
Put-call2.00
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.72
Put IV0.75
Skew0.03
18 Sep 2026Balanced skew
Call IV0.60
Put IV0.63
Skew0.03
18 Dec 2026Balanced skew
Call IV0.55
Put IV0.57
Skew0.02
19 Mar 2027Balanced skew
Call IV0.54
Put IV0.56
Skew0.02
Contract Tape
Most active contracts
ContractIT260821P00135000
SidePut
Expiry21 Aug 2026
Strike135.00
Volume32
OI19
IV0.75
ContractIT260918C00195000
SideCall
Expiry18 Sep 2026
Strike195.00
Volume26
OI300
IV0.56
ContractIT261218C00195000
SideCall
Expiry18 Dec 2026
Strike195.00
Volume19
OI157
IV0.56
ContractIT260821P00140000
SidePut
Expiry21 Aug 2026
Strike140.00
Volume17
OI10
IV0.78
ContractIT260918C00155000
SideCall
Expiry18 Sep 2026
Strike155.00
Volume11
OI81
IV0.62
ContractIT261218P00120000
SidePut
Expiry18 Dec 2026
Strike120.00
Volume11
OI48
IV0.61
ContractIT261218P00095000
SidePut
Expiry18 Dec 2026
Strike95.00
Volume11
OI15
IV0.62
ContractIT260918P00100000
SidePut
Expiry18 Sep 2026
Strike100.00
Volume10
OI142
IV0.65
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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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.