Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FNDA options intelligence
SCHWAB FUNDAMENTAL U.S. SMALL COMPANY ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 17 Sep 2026
Checked 18 Sep 2026 12:26 · complete available chain
Call-side pressure
Bullish pressure
FNDA currently carries bullish options pressure with a 40/100 conviction score. The nearest-chain expected move is 1.2%, with volume/open-interest participation at 0.07.
Expected move
1.2%
Near-term move context
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
2
Options are not fully confirming trend
Weekly backdrop
-2.1%
RS -1.8
Expected move
1.2%
Put-call volume
-
Volume / OI
0.07
Reference IV
0.23
Max pain
38.00
Underlying
36.42
Nearest expiry
18 Sep 2026
Contracts
190
Research Brief
FNDA has a bullish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 35.98–36.86; The largest call open-interest concentration is 29.00; the largest put concentration is 38.00. The most active strike by current volume is 29.00.
Priced range35.98–36.86
Call concentration29.00
Put concentration38.00
Max pain reference38.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price weakens while call pressure fades or reverses toward puts.
- 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 35.98 to 36.86. Max pain at 38.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
35.9836.42 ± 0.4436.86
Confirmation level
A close beyond 36.86 or below 35.98 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 40/100
Pressure is 88/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure88 × 42%
+37.0
How strongly activity leans toward calls or puts.
Participation2 × 22%
+0.4
Volume relative to existing open interest and contract-level activity.
Trend agreement2 × 26%
+0.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility21 × 10%
+2.1
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 29.00; the largest put concentration is 38.00. The most active strike by current volume is 29.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
29.00-20.4%
0
0
30.00-17.6%
0
0
31.00-14.9%
0
0
32.00-12.1%
0
0
33.00-9.4%
0
0
34.00-6.6%
0
0
35.00-3.9%
0
0
36.00-1.2%
0
0
37.001.6%
0
10
38.004.3%
0
0
39.007.1%
0
0
40.009.8%
0
0
41.0012.6%
0
0
42.0015.3%
0
0
43.0018.1%
0
0
44.0020.8%
0
0
45.0023.6%
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+$408Delta change / 1% move
Positive peak37.00+$216
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
32.00-12.1%
+$192
37.001.6%
+$216
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.
0.23
18 Sep
1d
0.09
16 Oct
29d
0.14
20 Nov
64d
0.12
19 Feb
155d
0.14
21 May
246d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 2 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing60%
Average expiry move1.4%
5 Aug
Mixed · 28
1.5% through expiry
2.4% priced · v2.0
4 Aug
Mixed · 27
1.5% through expiry
1.0% priced · v2.0
3 Aug
Bullish · 44
1.5% through expiry
1.5% priced · v2.0
31 Jul
Mixed · 27
1.5% through expiry
1.6% priced · v2.0
30 Jul
Bullish · 46
1.0% through expiry
2.1% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 17 Sep 2026
- Calculation
- v2.0
- Contracts
- 190 / 190
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $55 of estimated gross traded notional, calls · 46-90 days · atm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+88
1W price-2.1%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
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
2/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 46-90 days · ATM
calls cluster with 1 contracts traded, $55 estimated gross traded notional, and 100% of visible notional.
$55
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 13 completed sessions
Volume rank100th
Volume/OI rank85th
IV rank100th
Market Context
Underlying confirmation
Close36.42
1W-2.1%
RS-1.8
Fair value+22.6%
Options pressure88
Speculation2
Volatility21
Trend fit2
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:22
Mixed
Pressure 12
Move 3.0%
30 Jul 12:00
Mixed
Pressure 12
Move 2.1%
31 Jul 11:42
Bullish
Pressure 100
Move 2.1%
3 Aug 10:34
Mixed
Pressure 12
Move 1.6%
4 Aug 11:51
Bullish
Pressure 100
Move 1.5%
5 Aug 12:14
Mixed
Pressure 12
Move 1.0%
6 Aug 12:27
Mixed
Pressure 12
Move 2.4%
1 Sep 10:46
Mixed
Pressure -12
Move 1.7%
Strike Map
Where activity is clustering
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike31.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike32.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike34.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike36.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts38
Avg IV0.23
Put-call-
Expiry16 Oct 2026
Contracts38
Avg IV0.09
Put-call-
Expiry20 Nov 2026
Contracts38
Avg IV0.14
Put-call-
Expiry19 Feb 2027
Contracts38
Avg IV0.12
Put-call-
Expiry21 May 2027
Contracts38
Avg IV0.14
Put-call-
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.32
Put IV0.30
Skew-0.02
16 Oct 2026Balanced skew
Call IV0.05
Put IV0.01
Skew-0.04
20 Nov 2026Balanced skew
Call IV0.15
Put IV0.17
Skew0.02
19 Feb 2027Put IV premium
Call IV0.01
Put IV0.19
Skew0.18
21 May 2027Put IV premium
Call IV0.02
Put IV0.20
Skew0.18
Contract Tape
Most active contracts
ContractFNDA261120C00037000
SideCall
Expiry20 Nov 2026
Strike37.00
Volume1
OI-
IV0.15
ContractFNDA260918P00038000
SidePut
Expiry18 Sep 2026
Strike38.00
Volume-
OI10
IV0.01
ContractFNDA261120C00032000
SideCall
Expiry20 Nov 2026
Strike32.00
Volume-
OI3
IV0.23
ContractFNDA261016C00037000
SideCall
Expiry16 Oct 2026
Strike37.00
Volume-
OI1
IV0.05
ContractFNDA260918P00031000
SidePut
Expiry18 Sep 2026
Strike31.00
Volume-
OI-
IV1.26
ContractFNDA260918C00032000
SideCall
Expiry18 Sep 2026
Strike32.00
Volume-
OI-
IV1.63
ContractFNDA260918C00030000
SideCall
Expiry18 Sep 2026
Strike30.00
Volume-
OI-
IV2.31
ContractFNDA260918P00033000
SidePut
Expiry18 Sep 2026
Strike33.00
Volume-
OI-
IV0.79
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
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.