Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
RACE options intelligence
Ferrari NV options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 12 Aug 2026
Checked 12 Aug 2026 15:52 · complete available chain
Options-market disagreement
Mixed pressure
RACE currently carries mixed options pressure with a 38/100 conviction score. The nearest-chain expected move is 2.3%, with volume/open-interest participation at 0.12.
Expected move
2.3%
Near-term move context
Activity / OI
0.12
Current volume is quieter versus prior open interest
Put-call
0.98
Balanced tape
Trend fit
94
Options agree with trend context
Weekly backdrop
+4.7%
RS -3.0
Expected move
2.3%
Put-call volume
0.98
Volume / OI
0.12
Reference IV
0.40
Max pain
400.00
Underlying
412.26
Nearest expiry
14 Aug 2026
Contracts
608
Research Brief
RACE has a mixed chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 402.69–421.83; The largest call open-interest concentration is 425.00; the largest put concentration is 390.00. The most active strike by current volume is 390.00.
Priced range402.69–421.83
Call concentration425.00
Put concentration390.00
Max pain reference400.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 402.69 to 421.83. Max pain at 400.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
402.69412.26 ± 9.57421.83
Confirmation level
A close beyond 421.83 or below 402.69 at the 14 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 38/100
Pressure is 1/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure1 × 42%
+0.3
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
Volume relative to existing open interest and contract-level activity.
Trend agreement94 × 26%
+24.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility38 × 10%
+3.8
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 425.00; the largest put concentration is 390.00. The most active strike by current volume is 390.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4
330.00-20.0%
0
11
352.50-14.5%
0
5
380.00-7.8%
1
58
390.00-5.4%
6
12
397.50-3.6%
1
8
400.00-3.0%
4
8
405.00-1.8%
4
0
407.50-1.2%
21
1
410.00-0.5%
11
0
412.500.1%
79
0
415.000.7%
21
0
417.501.3%
6
0
420.001.9%
31
0
425.003.1%
119
0
427.503.7%
31
0
430.004.3%
43
0
435.005.5%
37
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+$6.8MDelta change / 1% move
Positive peak410.00+$1.6M
Negative peak330.00-$540,216
Nearest balance403.48Interpolated sign change
StrikeNegativePositiveNet / 1% move
385.00-6.6%
+$37,650
387.50-6.0%
-$28,545
390.00-5.4%
-$37,258
392.50-4.8%
+$1,954
395.00-4.2%
+$23,746
397.50-3.6%
+$26,978
400.00-3.0%
+$707,396
402.50-2.4%
-$78,464
405.00-1.8%
+$121,527
407.50-1.2%
+$163,273
410.00-0.5%
+$1.6M
412.500.1%
+$376,016
415.000.7%
+$305,318
417.501.3%
+$23,264
420.001.9%
+$451,862
422.502.5%
+$7,010
425.003.1%
+$639,141
427.503.7%
+$208,903
430.004.3%
+$1.0M
435.005.5%
+$388,836
440.006.7%
+$285,786
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.40
14 Aug
2d
0.28
21 Aug
9d
0.30
28 Aug
16d
0.33
4 Sep
23d
0.32
11 Sep
30d
0.29
18 Sep
37d
0.42
16 Oct
65d
0.33
20 Nov
100d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
330
348
350
358
360
365
368
380
385
398
403
405
410
413
418
420
425
428
435
440
480
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 50% of the time.
Directional follow-through50%
Moves contained by pricing0%
Average expiry move5.5%
6 Aug
Mixed · 38
4.7% through expiry
0.8% priced · v2.0
5 Aug
Bearish · 45
4.7% through expiry
3.1% priced · v2.0
4 Aug
Mixed · 43
4.7% through expiry
3.3% priced · v2.0
3 Aug
Bullish · 46
4.7% through expiry
3.6% priced · v2.0
31 Jul
Mixed · 39
4.7% through expiry
3.7% priced · v2.0
30 Jul
Mixed · 44
9.4% through expiry
5.4% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 608 / 608
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $8.3M of estimated gross traded notional, puts · 91+ days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-1
1W price+4.7%
Call premium43%
Put premium57%
Notional split
C 43% / P 57%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.12
Volume divided by open interest across the visible chain.
Trend fit
94/100
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.
Puts · 91+ days · ATM
puts cluster with 500 contracts traded, $3.0M estimated gross traded notional, and 37% of visible notional.
$3.0M
Calls · 91+ days · ITM
calls cluster with 202 contracts traded, $1.5M estimated gross traded notional, and 19% of visible notional.
$1.5M
Puts · 91+ days · OTM
puts cluster with 602 contracts traded, $720,716 estimated gross traded notional, and 9% of visible notional.
$720,716
Calls · 8-21 days · ITM
calls cluster with 240 contracts traded, $598,445 estimated gross traded notional, and 7% of visible notional.
$598,445
Calls · 22-45 days · ITM
calls cluster with 62 contracts traded, $478,755 estimated gross traded notional, and 6% of visible notional.
$478,755
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 11 completed sessions
Volume rank100th
Volume/OI rank100th
IV rank55th
Market Context
Underlying confirmation
Close412.26
1W+4.7%
RS-3.0
Fair value+4.6%
Options pressure-1
Speculation43
Volatility38
Trend fit94
Today Versus Normal
Stored-options context
30d avg 4.2% · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.51 · 11 sessions
55th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.99 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.06 · 11 sessions
100th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:06
Volatility
Pressure -16
Move 9.8%
30 Jul 10:04
Volatility
Pressure -5
Move 9.1%
31 Jul 10:02
Mixed
Pressure -5
Move 5.4%
3 Aug 06:44
Mixed
Pressure 10
Move 3.7%
3 Aug 14:03
Mixed
Pressure -15
Move 4.1%
3 Aug 15:22
Mixed
Pressure -13
Move 3.2%
4 Aug 09:38
Bullish
Pressure 54
Move 3.6%
4 Aug 14:25
Mixed
Pressure -11
Move 3.0%
Strike Map
Where activity is clustering
Strike330.00
Calls · V 0 · OI 0
Puts · V 4 · OI 4
Strike345.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike347.50
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike350.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike352.50
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike357.50
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike360.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike362.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts39
Avg IV0.40
Put-call0.57
Expiry21 Aug 2026
Contracts102
Avg IV0.28
Put-call0.41
Expiry28 Aug 2026
Contracts36
Avg IV0.30
Put-call0.50
Expiry4 Sep 2026
Contracts19
Avg IV0.33
Put-call0.57
Expiry11 Sep 2026
Contracts5
Avg IV0.32
Put-call0.13
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.50
Put IV0.56
Skew0.06
21 Aug 2026Balanced skew
Call IV0.31
Put IV0.28
Skew-0.03
28 Aug 2026Call IV premium
Call IV0.43
Put IV0.31
Skew-0.11
4 Sep 2026Balanced skew
Call IV0.36
Put IV0.32
Skew-0.03
11 Sep 2026Balanced skew
Call IV0.30
Put IV0.30
Skew0.01
Contract Tape
Most active contracts
ContractRACE280616P00430000
SidePut
Expiry16 Jun 2028
Strike430.00
Volume-
OI200
IV0.29
ContractRACE270219P00380000
SidePut
Expiry19 Feb 2027
Strike380.00
Volume-
OI120
IV0.31
ContractRACE260821C00365000
SideCall
Expiry21 Aug 2026
Strike365.00
Volume-
OI93
IV0.60
ContractRACE280121P00390000
SidePut
Expiry21 Jan 2028
Strike390.00
Volume-
OI66
IV0.30
ContractRACE260821C00427500
SideCall
Expiry21 Aug 2026
Strike427.50
Volume-
OI48
IV0.29
ContractRACE271217P00280000
SidePut
Expiry17 Dec 2027
Strike280.00
Volume-
OI38
IV0.43
ContractRACE271217P00210000
SidePut
Expiry17 Dec 2027
Strike210.00
Volume-
OI28
IV0.40
ContractRACE261016C00560000
SideCall
Expiry16 Oct 2026
Strike560.00
Volume-
OI28
IV0.38
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.