Ticker Options Intelligence

SPSC options intelligence

SPS Commerce Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 49 Market data through 11 Aug 2026 Checked 12 Aug 2026 12:05 · complete available chain

Call-side pressure

Bullish pressure

SPSC currently carries bullish options pressure with a 49/100 conviction score. The nearest-chain expected move is 5.7%, with volume/open-interest participation at 0.01.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 5.7%

Near-term move context

Activity / OI 0.01

Current volume is quieter versus prior open interest

Put-call 0.00

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop -0.0%

RS -18.2

Expected move 5.7%
Put-call volume -
Volume / OI 0.01
Reference IV 0.37
Max pain 60.00
Underlying 73.38
Nearest expiry 21 Aug 2026
Contracts 114

Research Brief

SPSC has a bullish 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 69.18–77.58; The largest call open-interest concentration is 75.00; the largest put concentration is 60.00. The most active strike by current volume is 75.00.

Priced range69.18–77.58
Call concentration75.00
Put concentration60.00
Max pain reference60.00
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
What would weaken it
  • Price weakens while call pressure fades or reverses toward puts.
  • Options and the weekly trend are not yet giving the same message.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 21 Aug

Options imply 69.18 to 77.58. Max pain at 60.00 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
69.1873.38 ± 4.2077.58
Confirmation level

A close beyond 77.58 or below 69.18 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 49/100

Evidence alignment, not probability

Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure100 × 42%
+42.0

How strongly activity leans toward calls or puts.

Participation11 × 22%
+2.4

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.

Volatility49 × 10%
+4.9

The intensity of implied volatility and the priced move.

Reconstructed score49.3Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 75.00; the largest put concentration is 60.00. The most active strike by current volume is 75.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
0
30.00-59.1%
0
0
35.00-52.3%
1
2
40.00-45.5%
2
0
45.00-38.7%
0
1
50.00-31.9%
0
1
55.00-25.0%
2
46
60.00-18.2%
12
8
65.00-11.4%
9
0
70.00-4.6%
9
0
75.002.2%
16
0
80.009.0%
6
0
85.0015.8%
0
0
90.0022.6%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Positive gamma proxy

Reported Greeks · 92% coverage

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+$157,954Delta change / 1% move
Positive peak80.00+$97,808
Negative peak50.00-$2,410
Nearest balance53.80Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.00-59.1%
+$1
35.00-52.3%
+$43
40.00-45.5%
+$61
45.00-38.7%
+$86
50.00-31.9%
-$2,410
55.00-25.0%
+$763
60.00-18.2%
+$1,092
65.00-11.4%
+$46,227
70.00-4.6%
+$3,800
75.002.2%
+$9,597
80.009.0%
+$97,808
85.0015.8%
+$656
90.0022.6%
+$131
100.0036.3%
+$23
105.0043.1%
+$78
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

0.79× front/back

Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.

0.37 21 Aug 10d
0.45 18 Sep 38d
0.53 16 Oct 66d
0.47 15 Jan 157d

Volatility by Strike

Upside optionality premium

Nearest expiry, within 20% of spot

Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.

60
65
70
75
80
85
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 matured · 0 directional

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
  • Auditable calculationoriginal version retained
  • Independent entryone read per market session
  • Point-in-time referencerequired at entry
  • Matched expiry closereported only after maturity

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

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
11 Aug 2026
Calculation
v2.0
Contracts
114 / 114
  • 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

Multi-expiry position-maintenance candidate

66/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow before price confirmation

Call-side pressure is building before a meaningful weekly price response.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $14,888 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.

Options pressure+100
1W price-0.0%
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 0.01 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. Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Conviction clusters Calls · 46-90 days · ITM
Calls · 46-90 days · ITM calls cluster with 7 contracts traded, $10,205 estimated gross traded notional, and 69% of visible notional.
$10,205
Calls · 91+ days · ITM calls cluster with 1 contracts traded, $1,515 estimated gross traded notional, and 10% of visible notional.
$1,515
Calls · 22-45 days · ATM calls cluster with 2 contracts traded, $965 estimated gross traded notional, and 6% of visible notional.
$965
Calls · 91+ days · ATM calls cluster with 1 contracts traded, $945 estimated gross traded notional, and 6% of visible notional.
$945
Calls · 91+ days · OTM calls cluster with 1 contracts traded, $740 estimated gross traded notional, and 5% of visible notional.
$740

Setup Classification

Opportunity and risk frame

Context, not advice
Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Activity Anomaly

Warming up

-

9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 9 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close73.38
1W-0.0%
RS-18.2
Fair value-47.8%
Options pressure100
Speculation11
Volatility49
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 5.7% history building
30d avg - · 9/10 sessions -
90d avg - · 9/30 sessions -
180d avg - · 9/60 sessions -
IV 0.37 history building
30d avg - · 9/10 sessions -
90d avg - · 9/30 sessions -
180d avg - · 9/60 sessions -
Put-call 0.00 history building
30d avg - · 9/10 sessions -
90d avg - · 9/30 sessions -
180d avg - · 9/60 sessions -
Volume/OI 0.01 history building
30d avg - · 9/10 sessions -
90d avg - · 9/30 sessions -
180d avg - · 9/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:00 Bullish
Pressure 58
Move 11.5%
30 Jul 10:49 Volatility
Pressure 100
Move 13.9%
31 Jul 10:33 Volatility
Pressure 89
Move 15.8%
3 Aug 05:18 Bearish
Pressure -75
Move 10.5%
3 Aug 15:23 Volatility
Pressure -49
Move 17.2%
3 Aug 18:56 Volatility
Pressure -49
Move 17.5%
4 Aug 11:56 Bullish
Pressure 51
Move 10.0%
4 Aug 17:14 Volatility
Pressure -50
Move 14.8%

Strike Map

Where activity is clustering

Full strike map
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 2
Puts · V 0 · OI 2
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike55.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike60.00
Calls · V 0 · OI 12
Puts · V 0 · OI 46
Strike65.00
Calls · V 0 · OI 9
Puts · V 0 · OI 8

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts26
Avg IV0.37
Put-call-
Expiry18 Sep 2026
Contracts26
Avg IV0.45
Put-call-
Expiry16 Oct 2026
Contracts30
Avg IV0.53
Put-call-
Expiry15 Jan 2027
Contracts32
Avg IV0.47
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Call IV premium
Call IV1.05
Put IV0.19
Skew-0.86
18 Sep 2026Put IV premium
Call IV0.41
Put IV0.55
Skew0.15
16 Oct 2026Put IV premium
Call IV0.44
Put IV0.57
Skew0.13
15 Jan 2027Put IV premium
Call IV0.41
Put IV0.49
Skew0.08

Contract Tape

Most active contracts

Full contract tape
ContractSPSC261016C00065000
SideCall
Expiry16 Oct 2026
Strike65.00
Volume4
OI3
IV0.57
ContractSPSC261016C00060000
SideCall
Expiry16 Oct 2026
Strike60.00
Volume3
OI11
IV0.53
ContractSPSC260821C00075000
SideCall
Expiry21 Aug 2026
Strike75.00
Volume2
OI16
IV0.32
ContractSPSC260918C00075000
SideCall
Expiry18 Sep 2026
Strike75.00
Volume2
OI2
IV0.49
ContractSPSC270115C00080000
SideCall
Expiry15 Jan 2027
Strike80.00
Volume1
OI1027
IV0.46
ContractSPSC270115C00065000
SideCall
Expiry15 Jan 2027
Strike65.00
Volume1
OI617
IV0.47
ContractSPSC270115C00075000
SideCall
Expiry15 Jan 2027
Strike75.00
Volume1
OI4
IV0.46
ContractSPSC260918C00080000
SideCall
Expiry18 Sep 2026
Strike80.00
Volume1
OI1
IV0.41

Evidence context