Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CVX options intelligence
Chevron Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:45 · complete available chain
Call-side pressure
Bullish pressure
CVX currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 3.2%, with volume/open-interest participation at 0.10.
Expected move
3.2%
Near-term move context
Activity / OI
0.10
Current volume is quieter versus prior open interest
Put-call
0.44
Call-side skew
Trend fit
51
Options are not fully confirming trend
Weekly backdrop
+1.0%
RS 6.9
Expected move
3.2%
Put-call volume
0.44
Volume / OI
0.10
Reference IV
0.31
Max pain
190.00
Underlying
196.83
Nearest expiry
7 Aug 2026
Contracts
765
Research Brief
CVX 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 190.61–203.05; The largest call open-interest concentration is 200.00; the largest put concentration is 185.00. The most active strike by current volume is 215.00.
Priced range190.61–203.05
Call concentration200.00
Put concentration185.00
Max pain reference190.00
- 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.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 190.61 to 203.05. Max pain at 190.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
190.61196.83 ± 6.22203.05
Confirmation level
A close beyond 203.05 or below 190.61 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 44/100
Pressure is 43/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure43 × 42%
+18.1
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement51 × 26%
+13.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility34 × 10%
+3.4
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 200.00; the largest put concentration is 185.00. The most active strike by current volume is 215.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
906
155.00-21.3%
4
248
170.00-13.6%
61
594
175.00-11.1%
280
264
180.00-8.6%
260
1019
185.00-6.0%
145
319
187.50-4.7%
81
681
190.00-3.5%
820
117
192.50-2.2%
280
263
195.00-0.9%
1407
48
197.500.3%
238
4
200.001.6%
2120
1
202.502.9%
158
3
205.004.2%
492
2
207.505.4%
219
0
210.006.7%
402
0
212.508.0%
1007
0
215.009.2%
1176
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.31
7 Aug
7d
0.30
14 Aug
14d
0.30
21 Aug
21d
0.30
28 Aug
28d
0.31
4 Sep
35d
0.29
18 Sep
49d
0.28
16 Oct
77d
0.28
18 Dec
140d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
160
163
168
170
173
178
180
183
188
190
195
198
200
205
208
210
215
218
220
230
235
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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 quotes99%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 765 / 765
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options pressure and weekly price action are pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $28.0M 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+43
1W price+1.0%
Call premium73%
Put premium27%
Notional split
C 73% / P 27%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.10
Volume divided by open interest across the visible chain.
Trend fit
51/100
Agreement between options pressure and Sharemaestro market context.
Event window
7 Aug
Matched earnings event is 5 days away.
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 1159 contracts traded, $8.1M estimated gross traded notional, and 29% of visible notional.
$8.1M
Puts · 91+ days · OTM
puts cluster with 5581 contracts traded, $2.1M estimated gross traded notional, and 8% of visible notional.
$2.1M
Puts · 91+ days · ITM
puts cluster with 352 contracts traded, $1.9M estimated gross traded notional, and 7% of visible notional.
$1.9M
Calls · 0-7 days · ATM
calls cluster with 5781 contracts traded, $1.7M estimated gross traded notional, and 6% of visible notional.
$1.7M
Calls · 91+ days · OTM
calls cluster with 2246 contracts traded, $1.6M estimated gross traded notional, and 6% of visible notional.
$1.6M
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close196.83
1W+1.0%
RS6.9
Fair value+31.0%
Options pressure43
Speculation42
Volatility34
Trend fit51
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 15:44
Bullish
Pressure 24
Move 3.3%
29 Jul 16:07
Bullish
Pressure 19
Move 3.3%
29 Jul 16:31
Bullish
Pressure 22
Move 3.3%
29 Jul 16:52
Bullish
Pressure 23
Move 3.3%
29 Jul 17:14
Bullish
Pressure 22
Move 3.3%
29 Jul 17:40
Bullish
Pressure 23
Move 3.3%
29 Jul 18:01
Bullish
Pressure 23
Move 3.4%
29 Jul 18:27
Mixed
Pressure 13
Move 3.6%
Strike Map
Where activity is clustering
Strike95.00
Calls · V 0 · OI 0
Puts · V 2 · OI 50
Strike100.00
Calls · V 0 · OI 0
Puts · V 1 · OI 10
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 69
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 20
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 80
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 49
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts65
Avg IV0.31
Put-call0.11
Expiry14 Aug 2026
Contracts41
Avg IV0.30
Put-call0.42
Expiry21 Aug 2026
Contracts76
Avg IV0.30
Put-call0.51
Expiry28 Aug 2026
Contracts38
Avg IV0.30
Put-call1.02
Expiry4 Sep 2026
Contracts14
Avg IV0.31
Put-call0.02
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.33
Put IV0.30
Skew-0.03
14 Aug 2026Balanced skew
Call IV0.30
Put IV0.30
Skew0.00
21 Aug 2026Balanced skew
Call IV0.28
Put IV0.31
Skew0.04
28 Aug 2026Balanced skew
Call IV0.28
Put IV0.31
Skew0.03
4 Sep 2026Balanced skew
Call IV0.29
Put IV0.33
Skew0.04
Contract Tape
Most active contracts
ContractCVX260807P00125000
SidePut
Expiry7 Aug 2026
Strike125.00
Volume-
OI80
IV1.40
ContractCVX260807P00110000
SidePut
Expiry7 Aug 2026
Strike110.00
Volume-
OI69
IV1.71
ContractCVX260918P00280000
SidePut
Expiry18 Sep 2026
Strike280.00
Volume-
OI51
IV1.26
ContractCVX260904C00170000
SideCall
Expiry4 Sep 2026
Strike170.00
Volume-
OI50
IV0.47
ContractCVX260807P00130000
SidePut
Expiry7 Aug 2026
Strike130.00
Volume-
OI49
IV1.92
ContractCVX260807P00120000
SidePut
Expiry7 Aug 2026
Strike120.00
Volume-
OI20
IV1.52
ContractCVX260821P00105000
SidePut
Expiry21 Aug 2026
Strike105.00
Volume-
OI20
IV1.57
ContractCVX260814P00100000
SidePut
Expiry14 Aug 2026
Strike100.00
Volume-
OI20
IV1.43
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
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.