Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
ILMN options intelligence
Illumina Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 31 Jul 2026
Checked 2 Aug 2026 03:16 · complete available chain
Options-market disagreement
Mixed pressure
ILMN currently carries mixed options pressure with a 46/100 conviction score. The nearest-chain expected move is 9.1%, with volume/open-interest participation at 0.07.
Expected move
9.1%
Wider near-term move priced
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.95
Balanced tape
Trend fit
99
Options agree with trend context
Weekly backdrop
+5.7%
RS 43.4
Expected move
9.1%
Put-call volume
0.95
Volume / OI
0.07
Reference IV
0.47
Max pain
185.00
Underlying
205.10
Nearest expiry
21 Aug 2026
Contracts
494
Research Brief
ILMN has a mixed chain read with 46/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 186.40–223.80; The largest call open-interest concentration is 230.00; the largest put concentration is 185.00. The most active strike by current volume is 170.00.
Priced range186.40–223.80
Call concentration230.00
Put concentration185.00
Max pain reference185.00
- 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 186.40 to 223.80. Max pain at 185.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
186.40205.10 ± 18.70223.80
Confirmation level
A close beyond 223.80 or below 186.40 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 46/100
Pressure is 9/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.9
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement99 × 26%
+25.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility69 × 10%
+6.9
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 230.00; the largest put concentration is 185.00. The most active strike by current volume is 170.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
24
135.00-34.2%
11
83
150.00-26.9%
40
158
155.00-24.4%
2
60
160.00-22.0%
13
65
165.00-19.6%
16
51
170.00-17.1%
22
204
175.00-14.7%
21
162
180.00-12.2%
45
385
185.00-9.8%
69
151
190.00-7.4%
187
10
195.00-4.9%
61
54
200.00-2.5%
140
3
210.002.4%
382
2
220.007.3%
485
1
230.0012.1%
538
7
240.0017.0%
31
2
260.0026.8%
28
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.47
21 Aug
21d
0.46
18 Sep
49d
0.48
18 Dec
140d
0.49
15 Jan
168d
0.50
19 Mar
231d
0.50
17 Jun
321d
0.49
21 Jan
539d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
165
170
175
180
185
190
195
200
210
220
230
240
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
- 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 494 / 494
- 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: $1.1M of estimated gross traded notional, calls · 46-90 days · itm, 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+9
1W price+5.7%
Call premium81%
Put premium19%
Notional split
C 81% / P 19%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
99/100
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.
Calls · 46-90 days · ITM
calls cluster with 53 contracts traded, $240375 estimated gross traded notional, and 22% of visible notional.
$240375
Calls · 8-21 days · ITM
calls cluster with 93 contracts traded, $218535 estimated gross traded notional, and 20% of visible notional.
$218535
Calls · 8-21 days · ATM
calls cluster with 134 contracts traded, $119755 estimated gross traded notional, and 11% of visible notional.
$119755
Calls · 91+ days · ITM
calls cluster with 19 contracts traded, $119585 estimated gross traded notional, and 11% of visible notional.
$119585
Calls · 91+ days · OTM
calls cluster with 51 contracts traded, $95400 estimated gross traded notional, and 9% of visible notional.
$95400
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close205.10
1W+5.7%
RS43.4
Fair value+66.7%
Options pressure9
Speculation42
Volatility69
Trend fit99
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 10:15
Volatility
Pressure 71
Move 12.1%
30 Jul 10:12
Volatility
Pressure 34
Move 12.3%
30 Jul 15:22
Volatility
Pressure 22
Move 12.1%
30 Jul 15:44
Volatility
Pressure 31
Move 12.1%
30 Jul 19:58
Volatility
Pressure 27
Move 12.5%
30 Jul 21:49
Volatility
Pressure 22
Move 12.9%
31 Jul 17:18
Mixed
Pressure 4
Move 9.2%
31 Jul 18:13
Mixed
Pressure 8
Move 9.6%
Strike Map
Where activity is clustering
Strike110.00
Calls · V 0 · OI 5
Puts · V 0 · OI 12
Strike115.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike135.00
Calls · V 0 · OI 11
Puts · V 0 · OI 24
Strike140.00
Calls · V 3 · OI 14
Puts · V 0 · OI 13
Strike145.00
Calls · V 0 · OI 3
Puts · V 0 · OI 14
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts50
Avg IV0.47
Put-call1.12
Expiry18 Sep 2026
Contracts76
Avg IV0.46
Put-call0.50
Expiry18 Dec 2026
Contracts74
Avg IV0.48
Put-call1.55
Expiry15 Jan 2027
Contracts86
Avg IV0.49
Put-call0.21
Expiry19 Mar 2027
Contracts64
Avg IV0.50
Put-call1.17
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.46
Put IV0.47
Skew0.01
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.48
Skew0.04
18 Dec 2026Balanced skew
Call IV0.46
Put IV0.50
Skew0.04
15 Jan 2027Balanced skew
Call IV0.46
Put IV0.50
Skew0.04
19 Mar 2027Balanced skew
Call IV0.49
Put IV0.51
Skew0.02
Contract Tape
Most active contracts
ContractILMN260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume257
OI51
IV0.59
ContractILMN260821C00230000
SideCall
Expiry21 Aug 2026
Strike230.00
Volume140
OI538
IV0.47
ContractILMN260821C00210000
SideCall
Expiry21 Aug 2026
Strike210.00
Volume85
OI382
IV0.46
ContractILMN260821C00200000
SideCall
Expiry21 Aug 2026
Strike200.00
Volume49
OI140
IV0.46
ContractILMN260821P00180000
SidePut
Expiry21 Aug 2026
Strike180.00
Volume43
OI162
IV0.54
ContractILMN260821P00190000
SidePut
Expiry21 Aug 2026
Strike190.00
Volume42
OI151
IV0.47
ContractILMN260821P00160000
SidePut
Expiry21 Aug 2026
Strike160.00
Volume42
OI60
IV0.62
ContractILMN260918P00200000
SidePut
Expiry18 Sep 2026
Strike200.00
Volume34
OI4
IV0.45
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.