Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CALX options intelligence
Calix Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:32 · complete available chain
Call-side pressure
Bullish pressure
CALX currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 9.8%, with volume/open-interest participation at 0.02.
Expected move
9.8%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.12
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.3%
RS -35.7
Expected move
9.8%
Put-call volume
0.12
Volume / OI
0.02
Reference IV
0.40
Max pain
40.00
Underlying
36.00
Nearest expiry
21 Aug 2026
Contracts
250
Research Brief
CALX has a bullish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 32.47–39.53; The largest call open-interest concentration is 45.00; the largest put concentration is 40.00. The most active strike by current volume is 35.00.
Priced range32.47–39.53
Call concentration45.00
Put concentration40.00
Max pain reference40.00
- 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 32.47 to 39.53. Max pain at 40.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
32.4736.00 ± 3.5339.53
Confirmation level
A close beyond 39.53 or below 32.47 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 44/100
Pressure is 83/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure83 × 42%
+35.0
How strongly activity leans toward calls or puts.
Participation9 × 22%
+2.0
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.
Volatility67 × 10%
+6.7
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 45.00; the largest put concentration is 40.00. The most active strike by current volume is 35.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
151
20.00-44.4%
0
0
22.50-37.5%
0
15
25.00-30.6%
6
77
27.50-23.6%
4
68
30.00-16.7%
2
419
32.50-9.7%
1
211
35.00-2.8%
54
67
37.504.2%
191
898
40.0011.1%
468
0
42.5018.1%
250
0
45.0025.0%
1340
0
47.5031.9%
418
0
50.0038.9%
125
0
55.0052.8%
43
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.40
21 Aug
22d
0.47
18 Sep
50d
0.49
16 Oct
78d
0.49
15 Jan
169d
0.51
19 Feb
204d
0.56
21 May
295d
0.54
20 Aug
386d
0.54
19 Nov
477d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
30
33
35
38
40
43
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 250 / 250
- 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.
Call-side pressure is building before a meaningful weekly price response.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $27295 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+83
1W price-0.3%
Call premium94%
Put premium6%
Notional split
C 94% / P 6%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 50 contracts traded, $16305 estimated gross traded notional, and 60% of visible notional.
$16305
Calls · 46-90 days · OTM
calls cluster with 44 contracts traded, $5445 estimated gross traded notional, and 20% of visible notional.
$5445
Calls · 91+ days · ITM
calls cluster with 3 contracts traded, $3245 estimated gross traded notional, and 12% of visible notional.
$3245
Puts · 46-90 days · OTM
puts cluster with 5 contracts traded, $758 estimated gross traded notional, and 3% of visible notional.
$758
Puts · 8-21 days · OTM
puts cluster with 6 contracts traded, $735 estimated gross traded notional, and 3% of visible notional.
$735
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.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close35.90
1W-0.3%
RS-35.7
Fair value-15.9%
Options pressure83
Speculation9
Volatility67
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:57
Bullish
Pressure 19
Move 11.7%
30 Jul 10:47
Bullish
Pressure 80
Move 11.5%
31 Jul 10:32
Bullish
Pressure 83
Move 9.8%
Strike Map
Where activity is clustering
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 151
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 6
Puts · V 0 · OI 15
Strike27.50
Calls · V 0 · OI 4
Puts · V 0 · OI 77
Strike30.00
Calls · V 1 · OI 2
Puts · V 1 · OI 68
Strike32.50
Calls · V 0 · OI 1
Puts · V 1 · OI 419
Strike35.00
Calls · V 0 · OI 54
Puts · V 4 · OI 211
Strike37.50
Calls · V 0 · OI 191
Puts · V 0 · OI 67
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts28
Avg IV0.40
Put-call6.00
Expiry18 Sep 2026
Contracts26
Avg IV0.47
Put-call0.36
Expiry16 Oct 2026
Contracts44
Avg IV0.49
Put-call-
Expiry15 Jan 2027
Contracts32
Avg IV0.49
Put-call0.02
Expiry19 Feb 2027
Contracts30
Avg IV0.51
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.48
Put IV0.51
Skew0.03
18 Sep 2026Balanced skew
Call IV0.51
Put IV0.49
Skew-0.02
16 Oct 2026Balanced skew
Call IV0.47
Put IV0.51
Skew0.04
15 Jan 2027Put IV premium
Call IV0.45
Put IV0.52
Skew0.07
19 Feb 2027Call IV premium
Call IV0.54
Put IV0.46
Skew-0.08
Contract Tape
Most active contracts
ContractCALX270115C00040000
SideCall
Expiry15 Jan 2027
Strike40.00
Volume49
OI70
IV0.50
ContractCALX261016C00042500
SideCall
Expiry16 Oct 2026
Strike42.50
Volume30
OI44
IV0.47
ContractCALX260918C00037500
SideCall
Expiry18 Sep 2026
Strike37.50
Volume14
OI13
IV0.51
ContractCALX260821P00035000
SidePut
Expiry21 Aug 2026
Strike35.00
Volume4
OI211
IV0.50
ContractCALX260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume3
OI14
IV0.49
ContractCALX270115C00027500
SideCall
Expiry15 Jan 2027
Strike27.50
Volume2
OI5
IV0.64
ContractCALX260821P00032500
SidePut
Expiry21 Aug 2026
Strike32.50
Volume1
OI419
IV0.51
ContractCALX260821P00030000
SidePut
Expiry21 Aug 2026
Strike30.00
Volume1
OI68
IV0.58
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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Earnings
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.