Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
STEP options intelligence
Stepstone Group Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
25
Market data through 16 Sep 2026
Checked 17 Sep 2026 13:24 · complete available chain
Options-market disagreement
Mixed pressure
STEP currently carries mixed options pressure with a 25/100 conviction score. The nearest-chain expected move is 7.4%, with volume/open-interest participation at 0.00.
Expected move
7.4%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
50
Options are not fully confirming trend
Weekly backdrop
-5.3%
RS -23.0
Expected move
7.4%
Put-call volume
-
Volume / OI
-
Reference IV
0.69
Max pain
45.00
Underlying
48.92
Nearest expiry
18 Sep 2026
Contracts
108
Research Brief
STEP has a mixed chain read with 25/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 45.28–52.56; The largest call open-interest concentration is 75.00; the largest put concentration is 30.00. The most active strike by current volume is 22.50.
Priced range45.28–52.56
Call concentration75.00
Put concentration30.00
Max pain reference45.00
- 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 45.28 to 52.56. Max pain at 45.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
45.2848.92 ± 3.6452.56
Confirmation level
A close beyond 52.56 or below 45.28 at the 18 Sep 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 25/100
Pressure is 10/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure10 × 42%
+4.4
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement50 × 26%
+13.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility78 × 10%
+7.8
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 75.00; the largest put concentration is 30.00. The most active strike by current volume is 22.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
49
22.50-54.0%
0
126
25.00-48.9%
0
956
30.00-38.7%
0
49
35.00-28.5%
0
38
40.00-18.2%
102
44
45.00-8.0%
142
120
50.002.2%
340
34
55.0012.4%
90
9
60.0022.6%
31
0
65.0032.9%
79
0
70.0043.1%
1
0
75.0053.3%
5001
0
80.0063.5%
14
0
85.0073.8%
0
0
90.0084.0%
0
0
95.0094.2%
0
0
100.00104.4%
0
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+$552,073Delta change / 1% move
Positive peak65.00+$481,798
Negative peak45.00-$8,888
Nearest balance46.03Interpolated sign change
StrikeNegativePositiveNet / 1% move
22.50-54.0%
+$225
25.00-48.9%
-$78
30.00-38.7%
+$5,488
35.00-28.5%
+$2,248
40.00-18.2%
+$9,081
45.00-8.0%
-$8,888
50.002.2%
+$34,131
55.0012.4%
+$8,830
60.0022.6%
-$1,273
65.0032.9%
+$481,798
70.0043.1%
-$368
75.0053.3%
+$20,830
80.0063.5%
+$50
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.
0.69
18 Sep
2d
0.47
16 Oct
30d
0.51
18 Dec
93d
0.49
19 Mar
184d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
40
45
50
55
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 12 stored directional transitions, the next stored price moved in the labelled direction 42% of the time.
Directional follow-through42%
Moves contained by pricing68%
Average expiry move8.3%
16 Sep
Mixed · 25
-5.3% through expiry
7.4% priced · v2.0
14 Sep
Bullish · 46
-5.3% through expiry
3.4% priced · v2.0
11 Sep
Bullish · 58
-5.3% through expiry
8.7% priced · v2.0
9 Sep
Bearish · 51
-9.1% through expiry
7.4% priced · v2.0
4 Sep
Bearish · 48
-9.1% through expiry
7.7% priced · v2.0
2 Sep
Bullish · 50
-8.0% through expiry
6.7% priced · v2.0
31 Aug
Bullish · 53
-8.0% through expiry
10.7% priced · v2.0
21 Aug
Bullish · 32
-7.4% through expiry
11.1% priced · v2.0
20 Aug
Mixed · 22
-1.4% through expiry
3.0% priced · v2.0
14 Aug
Bearish · 60
-1.4% through expiry
6.4% priced · v2.0
13 Aug
Bullish · 40
7.0% through expiry
5.7% priced · v2.0
11 Aug
Bullish · 38
7.0% through expiry
13.6% priced · v2.0
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 108 / 108
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, 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+10
1W price-5.3%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
50/100
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.
No high-conviction option cluster is visible in this snapshot.
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.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 20 completed sessions
Volume rank10th
Volume/OI rank10th
IV rank85th
Market Context
Underlying confirmation
Close46.31
1W-5.3%
RS-23.0
Fair value-4.4%
Options pressure10
Speculation0
Volatility78
Trend fit50
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 16/30 sessions
-
180d avg - · 16/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 20/30 sessions
-
180d avg - · 20/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:35
Volatility
Pressure -49
Move 15.8%
30 Jul 10:33
Mixed
Pressure 8
Move 14.8%
30 Jul 14:59
Volatility
Pressure -48
Move 14.2%
31 Jul 17:14
Volatility
Pressure -48
Move 13.0%
31 Jul 19:56
Volatility
Pressure -45
Move 13.4%
1 Aug 02:04
Volatility
Pressure -92
Move 14.6%
3 Aug 13:03
Volatility
Pressure -92
Move 14.2%
4 Aug 11:04
Mixed
Pressure -5
Move 15.0%
Strike Map
Where activity is clustering
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 49
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 126
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 956
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 49
Strike40.00
Calls · V 0 · OI 102
Puts · V 0 · OI 38
Strike45.00
Calls · V 0 · OI 142
Puts · V 0 · OI 44
Strike50.00
Calls · V 0 · OI 340
Puts · V 0 · OI 120
Strike55.00
Calls · V 0 · OI 90
Puts · V 0 · OI 34
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts38
Avg IV0.69
Put-call-
Expiry16 Oct 2026
Contracts20
Avg IV0.47
Put-call-
Expiry18 Dec 2026
Contracts26
Avg IV0.51
Put-call-
Expiry19 Mar 2027
Contracts24
Avg IV0.49
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.25
Put IV0.45
Skew0.20
16 Oct 2026Put IV premium
Call IV0.51
Put IV0.58
Skew0.07
18 Dec 2026Put IV premium
Call IV0.45
Put IV0.60
Skew0.15
19 Mar 2027Put IV premium
Call IV0.43
Put IV0.56
Skew0.13
Contract Tape
Most active contracts
ContractSTEP270319C00065000
SideCall
Expiry19 Mar 2027
Strike65.00
Volume-
OI10000
IV0.43
ContractSTEP260918C00075000
SideCall
Expiry18 Sep 2026
Strike75.00
Volume-
OI5001
IV2.19
ContractSTEP260918P00030000
SidePut
Expiry18 Sep 2026
Strike30.00
Volume-
OI956
IV2.47
ContractSTEP261218P00045000
SidePut
Expiry18 Dec 2026
Strike45.00
Volume-
OI489
IV0.53
ContractSTEP261218C00030000
SideCall
Expiry18 Dec 2026
Strike30.00
Volume-
OI468
IV0.76
ContractSTEP261016C00055000
SideCall
Expiry16 Oct 2026
Strike55.00
Volume-
OI400
IV0.19
ContractSTEP260918C00050000
SideCall
Expiry18 Sep 2026
Strike50.00
Volume-
OI340
IV0.25
ContractSTEP260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume-
OI142
IV0.80
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.