Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
PXJ options intelligence
INVESCO EXCHANGE TRADED FD TR OIL&GAS SERVICES ETF (R/S) options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 21 Aug 2026
Checked 22 Aug 2026 04:20 · complete available chain
Call-side pressure
Bullish pressure
PXJ currently carries bullish options pressure with a 50/100 conviction score. The nearest-chain expected move is 1.2%, with volume/open-interest participation at 0.11.
Expected move
1.2%
Near-term move context
Activity / OI
0.11
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
+0.2%
RS 16.7
Expected move
1.2%
Put-call volume
-
Volume / OI
0.11
Reference IV
0.24
Max pain
32.00
Underlying
46.27
Nearest expiry
21 Aug 2026
Contracts
208
Research Brief
PXJ has a bullish 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 45.70–46.84; The largest call open-interest concentration is 40.00; the largest put concentration is 32.00. The most active strike by current volume is 40.00.
Priced range45.70–46.84
Call concentration40.00
Put concentration32.00
Max pain reference32.00
- Price holds or improves while call-side concentration remains elevated.
- 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
Options imply 45.70 to 46.84. Max pain at 32.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
45.7046.27 ± 0.5746.84
Confirmation level
A close beyond 46.84 or below 45.70 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 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.
Participation27 × 22%
+5.9
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.
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 40.00; the largest put concentration is 32.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
32.00-30.8%
0
0
33.00-28.7%
0
0
34.00-26.5%
0
0
35.00-24.4%
0
0
36.00-22.2%
0
0
37.00-20.0%
0
0
38.00-17.9%
0
0
39.00-15.7%
6
0
40.00-13.6%
14
0
41.00-11.4%
0
0
42.00-9.2%
4
0
43.00-7.1%
1
0
44.00-4.9%
0
0
45.00-2.7%
0
0
46.00-0.6%
0
0
47.001.6%
0
0
48.003.7%
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+$2,578Delta change / 1% move
Positive peak40.00+$791
Negative peak45.00-$100
Nearest balance44.66Interpolated sign change
StrikeNegativePositiveNet / 1% move
29.00-37.3%
+$29
35.00-24.4%
+$3
36.00-22.2%
+$122
38.00-17.9%
+$170
39.00-15.7%
+$578
40.00-13.6%
+$791
41.00-11.4%
+$83
42.00-9.2%
+$413
43.00-7.1%
+$487
45.00-2.7%
-$100
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.
0.24
21 Aug
0d
0.26
18 Sep
28d
0.26
16 Oct
56d
0.27
18 Dec
119d
0.31
19 Mar
210d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
38
39
40
41
42
43
44
45
46
47
48
49
50
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing50%
Average expiry move6.0%
21 Aug
Bullish · 50
0.2% through expiry
1.2% priced · v2.0
18 Aug
Mixed · 29
0.2% through expiry
1.7% priced · v2.0
4 Aug
Mixed · 28
9.0% through expiry
2.1% priced · v2.0
3 Aug
Mixed · 28
9.0% through expiry
2.0% priced · v2.0
31 Jul
Mixed · 31
9.0% through expiry
7.5% priced · v2.0
30 Jul
Mixed · 32
8.8% through expiry
9.4% 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
- 21 Aug 2026
- Calculation
- v2.0
- Contracts
- 208 / 208
- 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
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Call-side pressure is building before a meaningful weekly price response.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $3,915 of estimated gross traded notional, calls · 22-45 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+0.2%
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
0.11
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.
Calls · 22-45 days · ITM
calls cluster with 3 contracts traded, $1,980 estimated gross traded notional, and 51% of visible notional.
$1,980
Calls · 0-7 days · ITM
calls cluster with 3 contracts traded, $1,935 estimated gross traded notional, and 49% of visible notional.
$1,935
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
7 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 7 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close46.35
1W+0.2%
RS16.7
Fair value+53.9%
Options pressure100
Speculation27
Volatility21
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:55
Mixed
Pressure 12
Move 8.7%
30 Jul 12:48
Mixed
Pressure 12
Move 9.5%
31 Jul 12:22
Mixed
Pressure 12
Move 9.4%
3 Aug 11:12
Mixed
Pressure 12
Move 7.5%
4 Aug 12:23
Mixed
Pressure 12
Move 2.0%
5 Aug 12:51
Mixed
Pressure 12
Move 2.1%
19 Aug 08:21
Mixed
Pressure 12
Move 1.7%
22 Aug 03:20
Bullish
Pressure 100
Move 1.2%
Strike Map
Where activity is clustering
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
Strike37.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike38.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike39.00
Calls · V 0 · OI 6
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.24
Put-call-
Expiry18 Sep 2026
Contracts42
Avg IV0.26
Put-call-
Expiry16 Oct 2026
Contracts38
Avg IV0.26
Put-call-
Expiry18 Dec 2026
Contracts46
Avg IV0.27
Put-call-
Expiry19 Mar 2027
Contracts44
Avg IV0.31
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.17
Put IV0.10
Skew-0.07
18 Sep 2026Call IV premium
Call IV0.12
Put IV0.06
Skew-0.06
16 Oct 2026Balanced skew
Call IV0.31
Put IV0.32
Skew0.01
18 Dec 2026Balanced skew
Call IV0.32
Put IV0.33
Skew0.01
19 Mar 2027Balanced skew
Call IV0.31
Put IV0.35
Skew0.04
Contract Tape
Most active contracts
ContractPXJ260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume3
OI14
IV1.78
ContractPXJ260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume3
OI1
IV0.37
ContractPXJ260918C00039000
SideCall
Expiry18 Sep 2026
Strike39.00
Volume-
OI8
IV0.39
ContractPXJ260821C00039000
SideCall
Expiry21 Aug 2026
Strike39.00
Volume-
OI6
IV2.01
ContractPXJ260918C00036000
SideCall
Expiry18 Sep 2026
Strike36.00
Volume-
OI5
IV0.53
ContractPXJ260918C00038000
SideCall
Expiry18 Sep 2026
Strike38.00
Volume-
OI5
IV0.43
ContractPXJ261218C00043000
SideCall
Expiry18 Dec 2026
Strike43.00
Volume-
OI4
IV0.32
ContractPXJ260821C00042000
SideCall
Expiry21 Aug 2026
Strike42.00
Volume-
OI4
IV1.56
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.