Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BTDR options intelligence
Bitdeer Technologies Group Class A Ordinary Shares options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 14 Aug 2026
Checked 17 Aug 2026 12:23 · complete available chain
Volatility expansion watch
Volatility pressure
BTDR currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 10.4%, with volume/open-interest participation at 0.02.
Expected move
10.4%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.22
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-16.1%
RS -40.9
Expected move
10.4%
Put-call volume
0.22
Volume / OI
0.02
Reference IV
0.94
Max pain
12.00
Underlying
9.13
Nearest expiry
21 Aug 2026
Contracts
700
Research Brief
BTDR has a volatility chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 8.18–10.08; The largest call open-interest concentration is 12.00; the largest put concentration is 10.00. The most active strike by current volume is 9.50.
Priced range8.18–10.08
Call concentration12.00
Put concentration10.00
Max pain reference12.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 8.18 to 10.08. Max pain at 12.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
8.189.13 ± 0.9510.08
Confirmation level
A close beyond 10.08 or below 8.18 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 47/100
Pressure is 68/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure68 × 42%
+28.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
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.
Volatility96 × 10%
+9.6
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 12.00; the largest put concentration is 10.00. The most active strike by current volume is 9.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5181
8.50-6.9%
241
7968
9.00-1.4%
206
201
9.504.1%
264
8396
10.009.5%
536
1449
10.5015.0%
169
7486
11.0020.5%
5533
1986
12.0031.4%
9235
3487
13.0042.4%
2500
219
14.0053.3%
3517
504
14.5058.8%
1109
104
15.0064.3%
5875
186
16.0075.2%
6989
624
17.0086.2%
1093
81
18.0097.2%
934
3
20.00119.1%
4998
2
24.00162.9%
2516
1
25.00173.8%
962
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$372,163Delta change / 1% move
Positive peak15.00+$108,465
Negative peak9.00-$240,513
Nearest balance11.01Interpolated sign change
StrikeNegativePositiveNet / 1% move
4.00-56.2%
-$4,796
5.00-45.2%
-$37,899
5.50-39.8%
-$2
6.00-34.3%
-$46,788
6.50-28.8%
-$71
7.00-23.3%
-$3,169
7.50-17.9%
-$178,740
8.00-12.4%
-$20,490
8.50-6.9%
-$117,689
9.00-1.4%
-$240,513
9.504.1%
-$1,144
10.009.5%
-$110,809
10.5015.0%
-$20,682
11.0020.5%
-$536
11.5026.0%
+$34,582
12.0031.4%
+$19,092
12.5036.9%
+$30,062
13.0042.4%
-$10,255
13.5047.9%
+$233
14.0053.3%
+$4,314
14.5058.8%
-$533
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.94
21 Aug
7d
0.95
28 Aug
14d
0.96
4 Sep
21d
0.95
11 Sep
28d
0.95
18 Sep
35d
1.01
25 Sep
42d
1.03
2 Oct
49d
1.02
16 Oct
63d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
8
8
9
9
10
10
11
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 3 stored directional transitions, the next stored price moved in the labelled direction 67% of the time.
Directional follow-through67%
Moves contained by pricing91%
Average expiry move9.7%
13 Aug
Mixed · 39
-16.1% through expiry
21.0% priced · v2.0
12 Aug
Mixed · 37
-16.1% through expiry
20.3% priced · v2.0
11 Aug
Volatility · 46
-16.1% through expiry
20.1% priced · v2.0
10 Aug
Mixed · 37
-16.1% through expiry
20.9% priced · v2.0
7 Aug
Bullish · 45
-16.1% through expiry
15.9% priced · v2.0
6 Aug
Mixed · 35
3.4% through expiry
5.7% priced · v2.0
5 Aug
Mixed · 37
3.4% through expiry
15.0% priced · v2.0
4 Aug
Mixed · 38
3.4% through expiry
15.7% priced · v2.0
3 Aug
Bullish · 43
3.4% through expiry
15.0% priced · v2.0
31 Jul
Bullish · 39
3.4% through expiry
14.0% priced · v2.0
30 Jul
Volatility · 59
-9.0% through expiry
9.1% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 14 Aug 2026
- Calculation
- v2.0
- Contracts
- 700 / 700
- 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: $1.3M of estimated gross traded notional, calls · 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+68
1W price-16.1%
Call premium79%
Put premium21%
Notional split
C 79% / P 21%
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
0/100
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.
Calls · 91+ days · OTM
calls cluster with 4680 contracts traded, $608,870 estimated gross traded notional, and 49% of visible notional.
$608,870
Calls · 91+ days · ITM
calls cluster with 456 contracts traded, $169,930 estimated gross traded notional, and 14% of visible notional.
$169,930
Puts · 0-7 days · ITM
puts cluster with 285 contracts traded, $88,545 estimated gross traded notional, and 7% of visible notional.
$88,545
Puts · 91+ days · ITM
puts cluster with 48 contracts traded, $46,520 estimated gross traded notional, and 4% of visible notional.
$46,520
Puts · 8-21 days · ITM
puts cluster with 146 contracts traded, $44,352 estimated gross traded notional, and 4% of visible notional.
$44,352
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.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 13 completed sessions
Volume rank0th
Volume/OI rank0th
IV rank0th
Market Context
Underlying confirmation
Close9.13
1W-16.1%
RS-40.9
Fair value-18.9%
Options pressure68
Speculation41
Volatility96
Trend fit0
Today Versus Normal
Stored-options context
30d avg 16.1% · 13 sessions
15th
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg 1.55 · 13 sessions
0th
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg 0.63 · 13 sessions
23th
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg 0.10 · 13 sessions
0th
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:43
Volatility
Pressure 77
Move 13.8%
30 Jul 10:39
Volatility
Pressure 77
Move 22.5%
30 Jul 14:59
Volatility
Pressure 66
Move 11.9%
30 Jul 19:36
Volatility
Pressure 96
Move 9.1%
31 Jul 13:00
Volatility
Pressure 96
Move 9.1%
31 Jul 23:42
Volatility
Pressure 73
Move 8.9%
2 Aug 08:35
Bullish
Pressure 37
Move 15.0%
2 Aug 18:33
Bullish
Pressure 40
Move 14.0%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 1 · OI 24
Puts · V 0 · OI 0
Strike2.00
Calls · V 4 · OI 12
Puts · V 0 · OI 1
Strike3.00
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike5.00
Calls · V 1 · OI 5
Puts · V 0 · OI 5
Strike5.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 22
Strike6.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts84
Avg IV0.94
Put-call0.42
Expiry28 Aug 2026
Contracts84
Avg IV0.95
Put-call0.44
Expiry4 Sep 2026
Contracts72
Avg IV0.96
Put-call5.13
Expiry11 Sep 2026
Contracts72
Avg IV0.95
Put-call11.86
Expiry18 Sep 2026
Contracts58
Avg IV0.95
Put-call0.28
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.92
Put IV0.92
Skew-
28 Aug 2026Balanced skew
Call IV0.97
Put IV0.95
Skew-0.02
4 Sep 2026Balanced skew
Call IV1.04
Put IV1.05
Skew0.01
11 Sep 2026Balanced skew
Call IV0.97
Put IV0.97
Skew-
18 Sep 2026Call IV premium
Call IV1.01
Put IV0.94
Skew-0.07
Contract Tape
Most active contracts
ContractBTDR261218C00015000
SideCall
Expiry18 Dec 2026
Strike15.00
Volume3020
OI7332
IV1.09
ContractBTDR260821C00009500
SideCall
Expiry21 Aug 2026
Strike9.50
Volume775
OI264
IV0.89
ContractBTDR260821C00010000
SideCall
Expiry21 Aug 2026
Strike10.00
Volume556
OI536
IV0.92
ContractBTDR261218C00012500
SideCall
Expiry18 Dec 2026
Strike12.50
Volume450
OI153
IV1.07
ContractBTDR270115C00010000
SideCall
Expiry15 Jan 2027
Strike10.00
Volume410
OI7641
IV1.09
ContractBTDR260821P00008500
SidePut
Expiry21 Aug 2026
Strike8.50
Volume351
OI5181
IV0.92
ContractBTDR270115C00007500
SideCall
Expiry15 Jan 2027
Strike7.50
Volume345
OI1342
IV1.06
ContractBTDR260918C00016000
SideCall
Expiry18 Sep 2026
Strike16.00
Volume281
OI674
IV1.14
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.