Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
DLLL options intelligence
GRANITESHARES 2X LONG DELL DAILY ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
84
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:57 · complete available chain
Volatility expansion watch
Volatility pressure
DLLL currently carries volatility options pressure with a 84/100 conviction score. The nearest-chain expected move is 31.4%, with volume/open-interest participation at 1.39.
Expected move
31.4%
Wider near-term move priced
Activity / OI
1.39
Current volume is elevated versus prior open interest
Put-call
0.01
Call-side skew
Trend fit
62
Options agree with trend context
Weekly backdrop
-16.0%
RS 159.0
Expected move
31.4%
Put-call volume
0.01
Volume / OI
1.39
Reference IV
1.62
Max pain
18.75
Underlying
20.52
Nearest expiry
21 Aug 2026
Contracts
544
Research Brief
DLLL has a volatility chain read with 84/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 14.07–26.97; The largest call open-interest concentration is 37.50; the largest put concentration is 18.75. The most active strike by current volume is 23.13.
Priced range14.07–26.97
Call concentration37.50
Put concentration18.75
Max pain reference18.75
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 14.07 to 26.97. Max pain at 18.75 sits inside that range, 8.6% below spot.
Spot
Max pain
14.0720.52 ± 6.4526.97
Confirmation level
A close beyond 26.97 or below 14.07 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 84/100
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.
Participation72 × 22%
+15.9
Volume relative to existing open interest and contract-level activity.
Trend agreement62 × 26%
+16.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 37.50; the largest put concentration is 18.75. The most active strike by current volume is 23.13. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
408
1.88-90.8%
8
113
3.50-82.9%
0
39
10.00-51.3%
80
151
15.00-26.9%
59
503
18.75-8.6%
23
126
20.00-2.5%
66
125
21.253.6%
82
9
21.886.6%
147
43
23.1312.7%
50
34
25.0021.8%
118
11
25.6324.9%
106
74
26.8831.0%
31
1
27.5034.0%
159
24
30.0046.2%
232
0
35.0070.6%
158
27
36.2576.7%
80
0
37.5082.7%
277
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+$44,708Delta change / 1% move
Positive peak38.00+$26,326
Negative peak18.75-$10,058
Nearest balance20.48Interpolated sign change
StrikeNegativePositiveNet / 1% move
16.25-20.8%
-$447
16.88-17.7%
+$12
17.00-17.2%
+$20
17.50-14.7%
+$107
18.00-12.3%
+$11
18.13-11.6%
-$31
18.75-8.6%
-$10,058
19.00-7.4%
+$11
19.38-5.6%
+$210
20.00-2.5%
-$551
20.630.5%
+$170
21.253.6%
-$1,123
21.504.8%
+$90
21.886.6%
+$2,715
22.007.2%
+$42
22.509.6%
+$1,525
23.0012.1%
-$10
23.1312.7%
+$849
23.7515.7%
-$385
24.0017.0%
+$276
24.3818.8%
+$938
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.
1.62
21 Aug
21d
1.74
18 Sep
49d
1.64
20 Nov
112d
1.61
19 Feb
203d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
17
18
18
19
19
20
21
21
22
23
23
24
24
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 544 / 544
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $5.9M of estimated gross traded notional, calls · 91+ 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+100
1W price-16.0%
Call premium99%
Put premium1%
Notional split
C 99% / P 1%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.39
Volume divided by open interest across the visible chain.
Trend fit
62/100
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 · OTM
calls cluster with 14020 contracts traded, $5.3M estimated gross traded notional, and 90% of visible notional.
$5.3M
Calls · 46-90 days · OTM
calls cluster with 3123 contracts traded, $492,045 estimated gross traded notional, and 8% of visible notional.
$492,045
Calls · 91+ days · ITM
calls cluster with 51 contracts traded, $57,630 estimated gross traded notional, and 1% of visible notional.
$57,630
Puts · 91+ days · OTM
puts cluster with 160 contracts traded, $35,000 estimated gross traded notional, and 1% of visible notional.
$35,000
Calls · 8-21 days · OTM
calls cluster with 71 contracts traded, $12,668 estimated gross traded notional, and 0% of visible notional.
$12,668
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close20.52
1W-16.0%
RS159.0
Fair value+240.5%
Options pressure100
Speculation72
Volatility96
Trend fit62
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 12:12
Bullish
Pressure 35
Move 34.7%
30 Jul 11:48
Volatility
Pressure 100
Move 37.6%
30 Jul 14:43
Volatility
Pressure 93
Move 32.2%
30 Jul 15:01
Volatility
Pressure 93
Move 31.6%
30 Jul 18:02
Mixed
Pressure 17
Move 31.6%
3 Aug 10:57
Volatility
Pressure 100
Move 31.4%
Strike Map
Where activity is clustering
Strike1.88
Calls · V 0 · OI 8
Puts · V 0 · OI 408
Strike2.00
Calls · V 0 · OI 0
Puts · V 8 · OI 18
Strike2.13
Calls · V 0 · OI 0
Puts · V 0 · OI 8
Strike2.25
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike2.38
Calls · V 0 · OI 0
Puts · V 0 · OI 16
Strike2.50
Calls · V 0 · OI 0
Puts · V 0 · OI 8
Strike2.63
Calls · V 0 · OI 0
Puts · V 0 · OI 16
Strike2.75
Calls · V 0 · OI 8
Puts · V 0 · OI 8
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts166
Avg IV1.62
Put-call0.19
Expiry18 Sep 2026
Contracts76
Avg IV1.74
Put-call0.00
Expiry20 Nov 2026
Contracts150
Avg IV1.64
Put-call0.01
Expiry19 Feb 2027
Contracts152
Avg IV1.61
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV1.73
Put IV1.53
Skew-0.20
18 Sep 2026Call IV premium
Call IV1.75
Put IV1.66
Skew-0.09
20 Nov 2026Call IV premium
Call IV1.67
Put IV1.60
Skew-0.08
19 Feb 2027Call IV premium
Call IV1.68
Put IV1.61
Skew-0.08
Contract Tape
Most active contracts
ContractDLLL261120C00037500
SideCall
Expiry20 Nov 2026
Strike37.50
Volume14009
OI48
IV1.67
ContractDLLL260918C00038000
SideCall
Expiry18 Sep 2026
Strike38.00
Volume3121
OI2519
IV1.75
ContractDLLL261120P00013750
SidePut
Expiry20 Nov 2026
Strike13.75
Volume80
OI400
IV1.69
ContractDLLL261120P00010000
SidePut
Expiry20 Nov 2026
Strike10.00
Volume80
OI183
IV1.49
ContractDLLL270219C00015000
SideCall
Expiry19 Feb 2027
Strike15.00
Volume49
OI99
IV1.67
ContractDLLL260821C00023130
SideCall
Expiry21 Aug 2026
Strike23.13
Volume34
OI50
IV1.62
ContractDLLL260821C00027500
SideCall
Expiry21 Aug 2026
Strike27.50
Volume21
OI159
IV1.75
ContractDLLL260821C00016880
SideCall
Expiry21 Aug 2026
Strike16.88
Volume14
OI15
IV1.67
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.