Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
GS options intelligence
Goldman Sachs Group Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 18 Sep 2026
Checked 18 Sep 2026 20:20 · partial chain
Volatility expansion watch
Volatility pressure
GS currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 8.4%, with volume/open-interest participation at 0.30.
Expected move
8.4%
Wider near-term move priced
Activity / OI
0.30
Current volume is quieter versus prior open interest
Put-call
0.48
Call-side skew
Trend fit
57
Options are not fully confirming trend
Weekly backdrop
-8.5%
RS -4.7
Expected move
8.4%
Put-call volume
0.48
Volume / OI
0.30
Reference IV
0.82
Max pain
970.00
Underlying
1029.18
Nearest expiry
18 Sep 2026
Contracts
980
Research Brief
GS has a volatility chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 942.83–1,115.53; The largest call open-interest concentration is 1,100.00; the largest put concentration is 1,000.00. The most active strike by current volume is 790.00.
Priced range942.83–1,115.53
Call concentration1100.00
Put concentration1000.00
Max pain reference970.00
- A clear directional pressure reading develops and price begins to agree.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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 942.83 to 1,115.53. Max pain at 970.00 sits inside that range, 5.8% below spot.
Spot
Max pain
942.831029.18 ± 86.351115.53
Confirmation level
A close beyond 1,115.53 or below 942.83 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 49/100
Pressure is 36/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure36 × 42%
+15.0
How strongly activity leans toward calls or puts.
Participation47 × 22%
+10.3
Volume relative to existing open interest and contract-level activity.
Trend agreement57 × 26%
+14.7
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 1,100.00; the largest put concentration is 1,000.00. The most active strike by current volume is 790.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
651
760.00-26.2%
0
302
790.00-23.2%
0
1382
800.00-22.3%
3
566
835.00-18.9%
1
233
840.00-18.4%
1
673
940.00-8.7%
318
890
945.00-8.2%
227
1154
950.00-7.7%
470
465
955.00-7.2%
283
837
960.00-6.7%
852
922
970.00-5.8%
788
416
980.00-4.8%
1169
1900
1000.00-2.8%
2036
30
1050.002.0%
1106
8
1100.006.9%
5312
0
1200.0016.6%
2128
0
1300.0026.3%
1112
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+$165.4MDelta change / 1% move
Positive peak1100.00+$19.0M
Negative peak985.00-$1.4M
Nearest balance989.07Interpolated sign change
StrikeNegativePositiveNet / 1% move
990.00-3.8%
+$322,803
995.00-3.3%
+$741,165
1000.00-2.8%
+$1.6M
1005.00-2.3%
+$7.7M
1010.00-1.9%
+$6.9M
1015.00-1.4%
+$12.6M
1020.00-0.9%
+$10.6M
1022.50-0.6%
+$575,564
1025.00-0.4%
+$4.4M
1027.50-0.2%
+$948,118
1030.000.1%
+$7.2M
1032.500.3%
+$460,260
1035.000.6%
+$3.7M
1037.500.8%
+$840,641
1040.001.1%
+$15.2M
1042.501.3%
+$469,808
1045.001.5%
+$8.4M
1050.002.0%
+$16.9M
1055.002.5%
+$2.2M
1060.003.0%
+$3.6M
1065.003.5%
+$3.3M
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.
0.82
18 Sep
0d
0.34
25 Sep
7d
0.30
2 Oct
14d
0.29
9 Oct
21d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
825
845
870
890
910
935
955
975
995
1020
1030
1040
1060
1080
1100
1120
1145
1165
1185
1210
1230
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 21 stored directional transitions, the next stored price moved in the labelled direction 57% of the time.
Directional follow-through57%
Moves contained by pricing81%
Average expiry move2.2%
18 Sep
Volatility · 49
-8.5% through expiry
8.4% priced · v2.0
17 Sep
Bullish · 47
-8.5% through expiry
7.5% priced · v2.0
16 Sep
Bullish · 46
-8.5% through expiry
5.2% priced · v2.0
15 Sep
Bullish · 46
-8.5% through expiry
5.8% priced · v2.0
14 Sep
Mixed · 40
-8.5% through expiry
4.8% priced · v2.0
11 Sep
Mixed · 40
-9.3% through expiry
3.7% priced · v2.0
10 Sep
Bullish · 46
-0.9% through expiry
2.3% priced · v2.0
9 Sep
Mixed · 40
-0.9% through expiry
2.2% priced · v2.0
8 Sep
Bullish · 48
-0.9% through expiry
2.6% priced · v2.0
4 Sep
Mixed · 39
-0.9% through expiry
2.9% priced · v2.0
3 Sep
Bullish · 43
0.4% through expiry
1.4% priced · v2.0
2 Sep
Bullish · 46
0.4% through expiry
3.7% 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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes99%
Open interest99%
- Chain status
- Retained chain subset
- Market date
- 18 Sep 2026
- Calculation
- v2.0
- Contracts
- 980 / 980
- 100% of provider contracts were retained for this snapshot.
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: $255.4M of estimated gross traded notional, calls · 0-7 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+36
1W price-8.5%
Call premium89%
Put premium11%
Notional split
C 89% / P 11%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.30
Volume divided by open interest across the visible chain.
Trend fit
57/100
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 · 0-7 days · ITM
calls cluster with 18056 contracts traded, $226.5M estimated gross traded notional, and 89% of visible notional.
$226.5M
Puts · 0-7 days · ITM
puts cluster with 584 contracts traded, $10.8M estimated gross traded notional, and 4% of visible notional.
$10.8M
Puts · 0-7 days · OTM
puts cluster with 7753 contracts traded, $5.3M estimated gross traded notional, and 2% of visible notional.
$5.3M
Puts · 8-21 days · ITM
puts cluster with 318 contracts traded, $4.9M estimated gross traded notional, and 2% of visible notional.
$4.9M
Puts · 0-7 days · ATM
puts cluster with 345 contracts traded, $3.2M estimated gross traded notional, and 1% of visible notional.
$3.2M
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
Above normal
Activity is running above the recent historical baseline.
Baseline: 37 completed sessions
Volume rank46th
Volume/OI rank76th
IV rank100th
Market Context
Underlying confirmation
Close942.00
1W-8.5%
RS-4.7
Fair value+48.1%
Options pressure36
Speculation47
Volatility90
Trend fit57
Today Versus Normal
Stored-options context
30d avg 3.3% · 21 sessions
100th
90d avg 3.3% · 37 sessions
100th
180d avg - · 37/60 sessions
-
30d avg 0.34 · 21 sessions
100th
90d avg 0.34 · 37 sessions
100th
180d avg - · 37/60 sessions
-
30d avg 0.87 · 21 sessions
33th
90d avg 1.20 · 37 sessions
19th
180d avg - · 37/60 sessions
-
30d avg 0.31 · 21 sessions
62th
90d avg 0.26 · 37 sessions
76th
180d avg - · 37/60 sessions
-
Pressure Trail
Recent pressure and volatility
10 Sep 17:40
Bullish
Pressure 53
Move 2.0%
10 Sep 18:42
Bullish
Pressure 50
Move 2.3%
11 Sep 13:50
Bullish
Pressure 43
Move 1.1%
11 Sep 15:20
Bullish
Pressure 50
Move 1.5%
11 Sep 16:50
Bullish
Pressure 52
Move 0.8%
11 Sep 18:30
Bullish
Pressure 50
Move 0.6%
12 Sep 15:38
Mixed
Pressure 18
Move 3.7%
14 Sep 14:30
Bullish
Pressure 54
Move 3.7%
Strike Map
Where activity is clustering
Strike300.00
Calls · V 170 · OI 0
Puts · V 1 · OI 329
Strike310.00
Calls · V 0 · OI 0
Puts · V 8 · OI 59
Strike320.00
Calls · V 5 · OI 0
Puts · V 5 · OI 49
Strike330.00
Calls · V 0 · OI 0
Puts · V 1 · OI 25
Strike340.00
Calls · V 0 · OI 0
Puts · V 11 · OI 51
Strike350.00
Calls · V 5 · OI 0
Puts · V 4 · OI 96
Strike360.00
Calls · V 1 · OI 2
Puts · V 2 · OI 95
Strike370.00
Calls · V 0 · OI 0
Puts · V 3 · OI 121
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts378
Avg IV0.82
Put-call0.38
Expiry25 Sep 2026
Contracts221
Avg IV0.34
Put-call0.68
Expiry2 Oct 2026
Contracts205
Avg IV0.30
Put-call1.21
Expiry9 Oct 2026
Contracts176
Avg IV0.29
Put-call1.08
Skew
Call/put IV balance
18 Sep 2026Call IV premium
Call IV0.91
Put IV0.55
Skew-0.36
25 Sep 2026Call IV premium
Call IV0.45
Put IV0.28
Skew-0.17
2 Oct 2026Call IV premium
Call IV0.35
Put IV0.27
Skew-0.08
9 Oct 2026Balanced skew
Call IV0.32
Put IV0.29
Skew-0.04
Contract Tape
Most active contracts
ContractGS260925P01200000
SidePut
Expiry25 Sep 2026
Strike1200.00
Volume-
OI-
IV0.61
ContractGS261009P01240000
SidePut
Expiry9 Oct 2026
Strike1240.00
Volume-
OI-
IV0.58
ContractGS260925P01250000
SidePut
Expiry25 Sep 2026
Strike1250.00
Volume-
OI-
IV0.87
ContractGS261002P01280000
SidePut
Expiry2 Oct 2026
Strike1280.00
Volume-
OI-
IV0.68
ContractGS261009P01260000
SidePut
Expiry9 Oct 2026
Strike1260.00
Volume-
OI-
IV0.60
ContractGS261009P01300000
SidePut
Expiry9 Oct 2026
Strike1300.00
Volume-
OI-
IV0.66
ContractGS260925P01170000
SidePut
Expiry25 Sep 2026
Strike1170.00
Volume-
OI-
IV0.69
ContractGS261009C01330000
SideCall
Expiry9 Oct 2026
Strike1330.00
Volume-
OI10
IV0.70
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.