Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
DRV options intelligence
DIREXION DAILY REAL ESTATE BEAR 3X ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:06 · complete available chain
Call-side pressure
Bullish pressure
DRV currently carries bullish options pressure with a 52/100 conviction score. The nearest-chain expected move is 9.9%, with volume/open-interest participation at 0.01.
Expected move
9.9%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.03
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+6.0%
RS -27.8
Expected move
9.9%
Put-call volume
0.03
Volume / OI
0.01
Reference IV
0.36
Max pain
17.00
Underlying
16.84
Nearest expiry
21 Aug 2026
Contracts
192
Research Brief
DRV has a bullish chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 15.16–18.52; The largest call open-interest concentration is 19.00; the largest put concentration is 22.00. The most active strike by current volume is 20.00.
Priced range15.16–18.52
Call concentration19.00
Put concentration22.00
Max pain reference17.00
- 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 15.16 to 18.52. Max pain at 17.00 sits inside that range, 1.0% above spot.
Spot
Max pain
15.1616.84 ± 1.6818.52
Confirmation level
A close beyond 18.52 or below 15.16 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 52/100
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.
Participation16 × 22%
+3.6
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.
Volatility65 × 10%
+6.5
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 19.00; the largest put concentration is 22.00. The most active strike by current volume is 20.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
15.00-10.9%
48
5
16.00-5.0%
19
26
17.001.0%
127
15
18.006.9%
42
8
19.0012.8%
198
3
20.0018.8%
103
3
21.0024.7%
39
27
22.0030.6%
79
2
23.0036.6%
75
20
25.0048.5%
58
20
27.0060.3%
12
0
28.0066.3%
5
0
30.0078.1%
51
0
34.00101.9%
24
0
36.00113.8%
11
0
37.00119.7%
9
0
40.00137.5%
117
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+$71,735Delta change / 1% move
Positive peak16.00+$44,058
Negative peak27.00-$110
Nearest balance15.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
13.00-22.8%
+$0
14.00-16.9%
-$22
15.00-10.9%
-$53
16.00-5.0%
+$44,058
17.001.0%
+$7,606
18.006.9%
+$3,053
19.0012.8%
+$11,312
20.0018.8%
+$2,519
21.0024.7%
+$359
22.0030.6%
+$962
23.0036.6%
+$825
24.0042.5%
+$329
25.0048.5%
+$266
26.0054.4%
+$58
27.0060.3%
-$110
28.0066.3%
+$103
29.0072.2%
+$31
30.0078.1%
+$99
31.0084.1%
+$7
32.0090.0%
+$1
34.00101.9%
+$30
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.
0.36
21 Aug
21d
0.43
18 Sep
49d
0.46
20 Nov
112d
0.43
19 Feb
203d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
14
15
16
17
18
19
20
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 192 / 192
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $3,642 of estimated gross traded notional, calls · 91+ days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+100
1W price+6.0%
Call premium87%
Put premium13%
Notional split
C 87% / P 13%
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.
Calls · 91+ days · ITM
calls cluster with 2 contracts traded, $980 estimated gross traded notional, and 27% of visible notional.
$980
Calls · 8-21 days · ITM
calls cluster with 3 contracts traded, $810 estimated gross traded notional, and 22% of visible notional.
$810
Calls · 8-21 days · OTM
calls cluster with 28 contracts traded, $700 estimated gross traded notional, and 19% of visible notional.
$700
Puts · 91+ days · ITM
puts cluster with 1 contracts traded, $470 estimated gross traded notional, and 13% of visible notional.
$470
Calls · 91+ days · ATM
calls cluster with 1 contracts traded, $228 estimated gross traded notional, and 6% of visible notional.
$228
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.
Options positioning is not confirming the underlying trend context.
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
Close17.85
1W+6.0%
RS-27.8
Fair value-38.9%
Options pressure100
Speculation16
Volatility65
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:13
Bullish
Pressure 100
Move 9.9%
30 Jul 11:38
Bullish
Pressure 100
Move 9.2%
30 Jul 17:09
Volatility
Pressure 100
Move 11.6%
31 Jul 17:14
Volatility
Pressure 100
Move 9.9%
31 Jul 18:13
Volatility
Pressure 100
Move 9.9%
31 Jul 19:13
Volatility
Pressure 100
Move 9.9%
1 Aug 14:06
Bullish
Pressure 100
Move 9.9%
Strike Map
Where activity is clustering
Strike13.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 3 · OI 48
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 19
Puts · V 0 · OI 5
Strike17.00
Calls · V 0 · OI 127
Puts · V 0 · OI 26
Strike18.00
Calls · V 0 · OI 42
Puts · V 0 · OI 15
Strike19.00
Calls · V 0 · OI 198
Puts · V 0 · OI 8
Strike20.00
Calls · V 28 · OI 103
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts52
Avg IV0.36
Put-call-
Expiry18 Sep 2026
Contracts48
Avg IV0.43
Put-call-
Expiry20 Nov 2026
Contracts44
Avg IV0.46
Put-call-
Expiry19 Feb 2027
Contracts48
Avg IV0.43
Put-call1.00
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.49
Put IV0.24
Skew-0.25
18 Sep 2026Balanced skew
Call IV0.52
Put IV0.56
Skew0.04
20 Nov 2026Call IV premium
Call IV0.59
Put IV0.52
Skew-0.07
19 Feb 2027Call IV premium
Call IV0.53
Put IV0.42
Skew-0.11
Contract Tape
Most active contracts
ContractDRV260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume28
OI103
IV0.24
ContractDRV260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume3
OI48
IV0.01
ContractDRV261120C00013000
SideCall
Expiry20 Nov 2026
Strike13.00
Volume2
OI3
IV0.01
ContractDRV260918C00019000
SideCall
Expiry18 Sep 2026
Strike19.00
Volume2
OI1
IV0.47
ContractDRV260918C00017000
SideCall
Expiry18 Sep 2026
Strike17.00
Volume1
OI8
IV0.43
ContractDRV260918C00020000
SideCall
Expiry18 Sep 2026
Strike20.00
Volume1
OI2
IV0.47
ContractDRV261120C00017000
SideCall
Expiry20 Nov 2026
Strike17.00
Volume1
OI1
IV0.44
ContractDRV270219C00029000
SideCall
Expiry19 Feb 2027
Strike29.00
Volume1
OI1
IV0.61
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.