Ticker Options Intelligence

CDW options intelligence

CDW Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 47 Market data through 31 Jul 2026 Checked 31 Jul 2026 17:10 · complete available chain

Volatility expansion watch

Volatility pressure

CDW currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 14.2%, with volume/open-interest participation at 0.14.

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

Volatility expansion watch

Expected move 14.2%

Wider near-term move priced

Activity / OI 0.14

Current volume is quieter versus prior open interest

Put-call 0.38

Call-side skew

Trend fit 50

Options are not fully confirming trend

Weekly backdrop +10.5%

RS -2.0

Expected move 14.2%
Put-call volume 0.38
Volume / OI 0.14
Reference IV 0.61
Max pain 135.00
Underlying 133.82
Nearest expiry 21 Aug 2026
Contracts 170

Research Brief

CDW 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 114.82–152.82; The largest call open-interest concentration is 145.00; the largest put concentration is 115.00. The most active strike by current volume is 155.00.

Priced range114.82–152.82
Call concentration145.00
Put concentration115.00
Max pain reference135.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • 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

Size, not direction · through 21 Aug

Options imply 114.82 to 152.82. Max pain at 135.00 sits inside that range, 0.9% above spot.

Spot Max pain
114.82133.82 ± 19.00152.82
Confirmation level

A close beyond 152.82 or below 114.82 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

Evidence alignment, not probability

Pressure is 48/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure48 × 42%
+20.3

How strongly activity leans toward calls or puts.

Participation23 × 22%
+5.1

Volume relative to existing open interest and contract-level activity.

Trend agreement50 × 26%
+13.0

How closely the chain read agrees with the underlying trend backdrop.

Volatility83 × 10%
+8.3

The intensity of implied volatility and the priced move.

Reconstructed score46.7Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 145.00; the largest put concentration is 115.00. The most active strike by current volume is 155.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
0
90.00-32.7%
5
28
100.00-25.3%
0
12
105.00-21.5%
1
272
115.00-14.1%
2
31
120.00-10.3%
7
24
125.00-6.6%
20
50
130.00-2.9%
245
144
135.000.9%
399
189
140.004.6%
245
132
145.008.4%
1059
0
150.0012.1%
74
0
155.0015.8%
766
0
160.0019.6%
18
0
165.0023.3%
253
0
170.0027.0%
116
0
175.0030.8%
28
0
190.0042.0%
21
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.22× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.61 21 Aug 21d
0.51 18 Sep 49d
0.52 16 Oct 77d
0.51 18 Dec 140d
0.50 19 Mar 231d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

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

110
115
120
125
130
135
140
145
150
155
160
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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
  • Versioned calculationv2 observations only
  • Independent entryone read per market session
  • Point-in-time referencerequired at entry
  • Matched expiry closereported only after maturity

Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.

Evidence Quality

High

A99/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
170 / 170
  • 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

Earnings/event positioning

86/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $2.5M of estimated gross traded notional, calls · 8-21 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+48
1W price+10.5%
Call premium62%
Put premium38%
Notional split C 62% / P 38% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.14 Volume divided by open interest across the visible chain.
Trend fit 50/100 Agreement between options pressure and Sharemaestro market context.
Event window 5 Aug Matched earnings event is 4 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 8-21 days · OTM
Calls · 8-21 days · OTM calls cluster with 1241 contracts traded, $839182 estimated gross traded notional, and 33% of visible notional.
$839182
Puts · 46-90 days · ITM puts cluster with 401 contracts traded, $800260 estimated gross traded notional, and 32% of visible notional.
$800260
Calls · 8-21 days · ITM calls cluster with 96 contracts traded, $197270 estimated gross traded notional, and 8% of visible notional.
$197270
Calls · 46-90 days · OTM calls cluster with 269 contracts traded, $181705 estimated gross traded notional, and 7% of visible notional.
$181705
Calls · 91+ days · ITM calls cluster with 42 contracts traded, $148880 estimated gross traded notional, and 6% of visible notional.
$148880

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

Activity Anomaly

Warming up

-

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

Baseline: 3 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close147.81
1W+10.5%
RS-2.0
Fair value-17.2%
Options pressure48
Speculation23
Volatility83
Trend fit50

Today Versus Normal

Stored-options context

View history
Expected move 14.2% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.61 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.38 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.14 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:21 Mixed
Pressure 14
Move 14.4%
30 Jul 07:53 Mixed
Pressure 12
Move 15.2%
30 Jul 15:31 Volatility
Pressure 38
Move 12.9%
30 Jul 15:46 Volatility
Pressure 38
Move 13.1%
30 Jul 19:48 Volatility
Pressure 47
Move 13.5%
31 Jul 06:46 Volatility
Pressure 97
Move 14.3%
31 Jul 16:10 Volatility
Pressure 48
Move 14.2%

Strike Map

Where activity is clustering

Full strike map
Strike90.00
Calls · V 5 · OI 5
Puts · V 0 · OI 0
Strike95.00
Calls · V 0 · OI 0
Puts · V 3 · OI 3
Strike100.00
Calls · V 0 · OI 0
Puts · V 1 · OI 28
Strike105.00
Calls · V 0 · OI 1
Puts · V 2 · OI 12
Strike110.00
Calls · V 0 · OI 0
Puts · V 3 · OI 6
Strike115.00
Calls · V 0 · OI 2
Puts · V 4 · OI 272
Strike120.00
Calls · V 1 · OI 7
Puts · V 24 · OI 31
Strike125.00
Calls · V 2 · OI 20
Puts · V 3 · OI 24

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts28
Avg IV0.61
Put-call0.03
Expiry18 Sep 2026
Contracts46
Avg IV0.51
Put-call4.66
Expiry16 Oct 2026
Contracts30
Avg IV0.52
Put-call0.43
Expiry18 Dec 2026
Contracts53
Avg IV0.51
Put-call0.36
Expiry19 Mar 2027
Contracts13
Avg IV0.50
Put-call22.00

Skew

Call/put IV balance

OTM demand
21 Aug 2026Balanced skew
Call IV0.60
Put IV0.64
Skew0.04
18 Sep 2026Balanced skew
Call IV0.52
Put IV0.53
Skew0.02
16 Oct 2026Balanced skew
Call IV0.51
Put IV0.52
Skew0.01
18 Dec 2026Balanced skew
Call IV0.50
Put IV0.50
Skew0.00
19 Mar 2027Balanced skew
Call IV0.50
Put IV0.51
Skew0.01

Contract Tape

Most active contracts

Full contract tape
ContractCDW270319C00135000
SideCall
Expiry19 Mar 2027
Strike135.00
Volume-
OI15
IV0.51
ContractCDW260918C00080000
SideCall
Expiry18 Sep 2026
Strike80.00
Volume-
OI8
IV0.00
ContractCDW261016P00135000
SidePut
Expiry16 Oct 2026
Strike135.00
Volume-
OI8
IV0.51
ContractCDW270319C00140000
SideCall
Expiry19 Mar 2027
Strike140.00
Volume-
OI5
IV0.50
ContractCDW261016C00110000
SideCall
Expiry16 Oct 2026
Strike110.00
Volume-
OI3
IV0.00
ContractCDW261016P00145000
SidePut
Expiry16 Oct 2026
Strike145.00
Volume-
OI3
IV0.50
ContractCDW261016C00105000
SideCall
Expiry16 Oct 2026
Strike105.00
Volume-
OI2
IV0.00
ContractCDW270319P00160000
SidePut
Expiry19 Mar 2027
Strike160.00
Volume-
OI2
IV0.46