Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
UVIX options intelligence
2x Long VIX Futures ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 3 Aug 2026
Checked 4 Aug 2026 13:12 · complete available chain
Options-market disagreement
Mixed pressure
UVIX currently carries mixed options pressure with a 35/100 conviction score. The nearest-chain expected move is 8.8%, with volume/open-interest participation at 0.57.
Expected move
8.8%
Wider near-term move priced
Activity / OI
0.57
Current volume is elevated versus prior open interest
Put-call
1.00
Balanced tape
Trend fit
39
Options are not fully confirming trend
Weekly backdrop
-10.2%
RS -66.4
Expected move
8.8%
Put-call volume
1.00
Volume / OI
0.57
Reference IV
1.01
Max pain
56.00
Underlying
55.72
Nearest expiry
7 Aug 2026
Contracts
774
Research Brief
UVIX has a mixed chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 50.83–60.61; The largest call open-interest concentration is 60.00; the largest put concentration is 55.00. The most active strike by current volume is 56.00.
Priced range50.83–60.61
Call concentration60.00
Put concentration55.00
Max pain reference56.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 50.83 to 60.61. Max pain at 56.00 sits inside that range, 0.5% above spot.
Spot
Max pain
50.8355.72 ± 4.8960.61
Confirmation level
A close beyond 60.61 or below 50.83 at the 7 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 35/100
Pressure is 8/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure8 × 42%
+3.5
How strongly activity leans toward calls or puts.
Participation53 × 22%
+11.7
Volume relative to existing open interest and contract-level activity.
Trend agreement39 × 26%
+10.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility91 × 10%
+9.1
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 60.00; the largest put concentration is 55.00. The most active strike by current volume is 56.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
13
50.00-10.3%
22
134
52.00-6.7%
13
31
53.00-4.9%
3
130
54.00-3.1%
52
157
55.00-1.3%
67
35
56.000.5%
187
18
57.002.3%
81
10
58.004.1%
89
11
59.005.9%
68
24
60.007.7%
423
3
61.009.5%
62
9
65.0016.7%
263
84
70.0025.6%
138
0
79.0041.8%
112
4
80.0043.6%
160
4
81.0045.4%
104
5
95.0070.5%
120
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+$695,667Delta change / 1% move
Positive peak62.50+$127,333
Negative peak52.00-$25,875
Nearest balance55.51Interpolated sign change
StrikeNegativePositiveNet / 1% move
49.50-11.2%
-$388
50.00-10.3%
-$16,789
51.00-8.5%
+$9,560
52.00-6.7%
-$25,875
53.00-4.9%
+$22,184
53.50-4.0%
+$942
54.00-3.1%
-$15,970
55.00-1.3%
-$19,312
55.50-0.4%
-$727
56.000.5%
+$38,840
56.501.4%
+$568
57.002.3%
+$9,510
57.503.2%
-$8,581
58.004.1%
+$25,319
58.505.0%
-$11,878
59.005.9%
-$692
59.506.8%
+$840
60.007.7%
+$86,092
60.508.6%
+$8,923
61.009.5%
+$29,553
61.5010.4%
+$3,241
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.
1.01
7 Aug
4d
1.05
14 Aug
11d
1.11
21 Aug
18d
1.18
28 Aug
25d
1.23
4 Sep
32d
1.27
11 Sep
39d
1.32
18 Sep
46d
1.52
18 Dec
137d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
45
46
47
48
49
50
51
53
54
56
58
59
60
60
61
62
63
64
65
66
67
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move10.2%
30 Jul
Volatility · 55
-10.2% through expiry
6.7% 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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 774 / 774
- 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
Likely noise
There is useful activity, but aggregate chain data does not isolate participant intent.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $3.7M of estimated gross traded notional, puts · 0-7 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+8
1W price-10.2%
Call premium47%
Put premium53%
Notional split
C 47% / P 53%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.57
Volume divided by open interest across the visible chain.
Trend fit
39/100
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.
Puts · 0-7 days · ATM
puts cluster with 3622 contracts traded, $1.1M estimated gross traded notional, and 28% of visible notional.
$1.1M
Calls · 8-21 days · OTM
calls cluster with 3977 contracts traded, $1.0M estimated gross traded notional, and 27% of visible notional.
$1.0M
Puts · 0-7 days · OTM
puts cluster with 1514 contracts traded, $258,744 estimated gross traded notional, and 7% of visible notional.
$258,744
Puts · 91+ days · ATM
puts cluster with 114 contracts traded, $226,385 estimated gross traded notional, and 6% of visible notional.
$226,385
Calls · 91+ days · OTM
calls cluster with 122 contracts traded, $220,588 estimated gross traded notional, and 6% of visible notional.
$220,588
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close55.72
1W-10.2%
RS-66.4
Fair value-96.1%
Options pressure8
Speculation53
Volatility91
Trend fit39
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:20
Volatility
Pressure 78
Move 10.7%
30 Jul 13:08
Volatility
Pressure 66
Move 15.2%
31 Jul 12:44
Volatility
Pressure 81
Move 6.7%
3 Aug 10:58
Volatility
Pressure 67
Move 10.0%
4 Aug 12:12
Mixed
Pressure 8
Move 8.8%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 14 · OI 1
Puts · V 16 · OI 6
Strike45.00
Calls · V 4 · OI 8
Puts · V 8 · OI 9
Strike45.50
Calls · V 7 · OI 0
Puts · V 0 · OI 0
Strike46.00
Calls · V 2 · OI 0
Puts · V 0 · OI 0
Strike46.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike47.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike48.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts128
Avg IV1.01
Put-call4.17
Expiry14 Aug 2026
Contracts138
Avg IV1.05
Put-call0.06
Expiry21 Aug 2026
Contracts92
Avg IV1.11
Put-call0.01
Expiry28 Aug 2026
Contracts78
Avg IV1.18
Put-call0.12
Expiry4 Sep 2026
Contracts82
Avg IV1.23
Put-call1.38
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV1.16
Put IV0.86
Skew-0.29
14 Aug 2026Call IV premium
Call IV1.27
Put IV0.89
Skew-0.38
21 Aug 2026Call IV premium
Call IV1.42
Put IV1.00
Skew-0.42
28 Aug 2026Call IV premium
Call IV1.56
Put IV1.01
Skew-0.55
4 Sep 2026Call IV premium
Call IV1.66
Put IV1.08
Skew-0.59
Contract Tape
Most active contracts
ContractUVIX260807P00056000
SidePut
Expiry7 Aug 2026
Strike56.00
Volume2400
OI35
IV1.03
ContractUVIX260814C00062000
SideCall
Expiry14 Aug 2026
Strike62.00
Volume1429
OI87
IV1.21
ContractUVIX260807P00054000
SidePut
Expiry7 Aug 2026
Strike54.00
Volume1264
OI130
IV0.96
ContractUVIX260821C00062500
SideCall
Expiry21 Aug 2026
Strike62.50
Volume1222
OI7
IV1.22
ContractUVIX260807P00055000
SidePut
Expiry7 Aug 2026
Strike55.00
Volume1211
OI157
IV1.00
ContractUVIX260814C00061500
SideCall
Expiry14 Aug 2026
Strike61.50
Volume421
OI5
IV1.21
ContractUVIX260821C00062000
SideCall
Expiry21 Aug 2026
Strike62.00
Volume416
OI154
IV1.24
ContractUVIX260821C00063000
SideCall
Expiry21 Aug 2026
Strike63.00
Volume204
OI1326
IV1.25
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.