Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
CRS options intelligence
Carpenter Technology Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 2 Aug 2026 03:01 · complete available chain
Volatility expansion watch
Volatility pressure
CRS currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 10.7%, with volume/open-interest participation at 0.07.
Expected move
10.7%
Wider near-term move priced
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.47
Call-side skew
Trend fit
67
Options agree with trend context
Weekly backdrop
-13.9%
RS 28.8
Expected move
10.7%
Put-call volume
0.47
Volume / OI
0.07
Reference IV
0.56
Max pain
550.00
Underlying
519.66
Nearest expiry
21 Aug 2026
Contracts
772
Research Brief
CRS has a volatility chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 464.26–575.06; The largest call open-interest concentration is 660.00; the largest put concentration is 520.00. The most active strike by current volume is 660.00.
Priced range464.26–575.06
Call concentration660.00
Put concentration520.00
Max pain reference550.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 464.26 to 575.06. Max pain at 550.00 sits inside that range, 5.8% above spot.
Spot
Max pain
464.26519.66 ± 55.40575.06
Confirmation level
A close beyond 575.06 or below 464.26 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 50/100
Pressure is 37/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure37 × 42%
+15.4
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement67 × 26%
+17.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility79 × 10%
+7.9
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 660.00; the largest put concentration is 520.00. The most active strike by current volume is 660.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
27
450.00-13.4%
38
132
480.00-7.6%
3
220
500.00-3.8%
116
289
520.000.1%
164
76
530.002.0%
22
96
540.003.9%
34
117
550.005.8%
213
143
560.007.8%
228
147
570.009.7%
48
60
580.0011.6%
170
55
590.0013.5%
138
9
600.0015.5%
173
72
610.0017.4%
152
1
620.0019.3%
47
0
640.0023.2%
200
0
650.0025.1%
38
1
660.0027.0%
279
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.56
21 Aug
21d
0.56
18 Sep
49d
0.56
16 Oct
77d
0.56
18 Dec
140d
0.55
15 Jan
168d
0.56
19 Mar
231d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
420
430
440
450
460
470
480
490
500
510
520
530
540
550
560
570
580
590
600
610
620
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
- 772 / 772
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $2.2M of estimated gross traded notional, puts · 8-21 days · itm, 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+37
1W price-13.9%
Call premium50%
Put premium50%
Notional split
C 50% / P 50%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
67/100
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.
Puts · 8-21 days · ITM
puts cluster with 120 contracts traded, $688255 estimated gross traded notional, and 31% of visible notional.
$688255
Calls · 46-90 days · OTM
calls cluster with 125 contracts traded, $504270 estimated gross traded notional, and 23% of visible notional.
$504270
Puts · 46-90 days · ATM
puts cluster with 80 contracts traded, $322215 estimated gross traded notional, and 15% of visible notional.
$322215
Calls · 8-21 days · ATM
calls cluster with 54 contracts traded, $139050 estimated gross traded notional, and 6% of visible notional.
$139050
Calls · 46-90 days · ITM
calls cluster with 4 contracts traded, $117915 estimated gross traded notional, and 5% of visible notional.
$117915
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close519.66
1W-13.9%
RS28.8
Fair value+141.0%
Options pressure37
Speculation42
Volatility79
Trend fit67
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 10:16
Volatility
Pressure 40
Move 14.0%
30 Jul 10:12
Volatility
Pressure 48
Move 15.9%
30 Jul 15:22
Volatility
Pressure 44
Move 16.0%
30 Jul 15:38
Volatility
Pressure 44
Move 16.3%
30 Jul 19:58
Volatility
Pressure 47
Move 17.1%
30 Jul 20:18
Volatility
Pressure 47
Move 16.9%
31 Jul 04:36
Volatility
Pressure 66
Move 16.7%
2 Aug 02:01
Volatility
Pressure 37
Move 10.7%
Strike Map
Where activity is clustering
Strike160.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike165.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike170.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike185.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike190.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike195.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts152
Avg IV0.56
Put-call0.39
Expiry18 Sep 2026
Contracts162
Avg IV0.56
Put-call1.65
Expiry16 Oct 2026
Contracts120
Avg IV0.56
Put-call0.08
Expiry18 Dec 2026
Contracts134
Avg IV0.56
Put-call-
Expiry15 Jan 2027
Contracts98
Avg IV0.55
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.55
Put IV0.54
Skew-0.01
18 Sep 2026Balanced skew
Call IV0.52
Put IV0.55
Skew0.03
16 Oct 2026Balanced skew
Call IV0.52
Put IV0.56
Skew0.04
18 Dec 2026Put IV premium
Call IV0.52
Put IV0.58
Skew0.06
15 Jan 2027Balanced skew
Call IV0.52
Put IV0.57
Skew0.05
Contract Tape
Most active contracts
ContractCRS260821C00660000
SideCall
Expiry21 Aug 2026
Strike660.00
Volume204
OI279
IV0.56
ContractCRS260821P00570000
SidePut
Expiry21 Aug 2026
Strike570.00
Volume100
OI147
IV0.51
ContractCRS260918P00520000
SidePut
Expiry18 Sep 2026
Strike520.00
Volume79
OI7
IV0.55
ContractCRS261016C00540000
SideCall
Expiry16 Oct 2026
Strike540.00
Volume75
OI28
IV0.55
ContractCRS260918C00540000
SideCall
Expiry18 Sep 2026
Strike540.00
Volume42
OI5
IV0.56
ContractCRS260821C00530000
SideCall
Expiry21 Aug 2026
Strike530.00
Volume40
OI22
IV0.57
ContractCRS260821C00600000
SideCall
Expiry21 Aug 2026
Strike600.00
Volume36
OI173
IV0.53
ContractCRS260821C00550000
SideCall
Expiry21 Aug 2026
Strike550.00
Volume29
OI213
IV0.56
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Carpenter Technology Corporation (CRS) extends 12-week advance to 40.6%31 Jul 2026 03:29
Carpenter Technology Corporation (CRS) adds 8.2% in latest weekly reading28 Jul 2026 13:59
Carpenter Technology Corporation (CRS) turnover jumps as specialty-metals rally extends2 Jul 2026 13:09
Carpenter Technology Corporation (CRS) now up 55.7% over twelve weeks24 Jun 2026 00:45
Carpenter Technology Corporation (CRS) adds another 4.4% in weekly specialty-metals advance23 Jun 2026 03:15
Carpenter Technology Corporation (CRS) posts 16.1% weekly gain in specialty-metals advance18 Jun 2026 16:37
Earnings
No upcoming matched earnings event.
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.