Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ENVX options intelligence
Enovix Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
39
Market data through 31 Jul 2026
Checked 31 Jul 2026 18:30 · complete available chain
Call-side pressure
Bullish pressure
ENVX currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 3.7%, with volume/open-interest participation at 0.04.
Expected move
3.7%
Near-term move context
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
0.37
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+3.5%
RS -51.2
Expected move
3.7%
Put-call volume
0.37
Volume / OI
0.04
Reference IV
2.38
Max pain
4.50
Underlying
3.95
Nearest expiry
31 Jul 2026
Contracts
310
Research Brief
ENVX has a bullish chain read with 39/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 3.80–4.10; The largest call open-interest concentration is 4.50; the largest put concentration is 3.50. The most active strike by current volume is 4.50.
Priced range3.80–4.10
Call concentration4.50
Put concentration3.50
Max pain reference4.50
- 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 3.80 to 4.10. Max pain at 4.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
3.803.95 ± 0.154.10
Confirmation level
A close beyond 4.10 or below 3.80 at the 31 Jul 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 39/100
Pressure is 54/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure54 × 42%
+22.9
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
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.
Volatility71 × 10%
+7.1
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 4.50; the largest put concentration is 3.50. The most active strike by current volume is 4.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
1.00-74.7%
18
3
2.00-49.4%
12
57
3.00-24.1%
1
3038
3.50-11.4%
11
570
4.001.3%
753
994
4.5013.9%
1127
95
5.0026.6%
765
68
5.5039.2%
628
25
6.0051.9%
877
14
6.5064.6%
134
1
7.0077.2%
589
1
7.5089.9%
331
3
8.00102.5%
463
1
8.50115.2%
20
12
9.00127.8%
17
0
9.50140.5%
40
1
10.00153.2%
39
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.
2.38
31 Jul
0d
1.31
7 Aug
7d
1.41
14 Aug
14d
1.25
21 Aug
21d
1.19
28 Aug
28d
1.22
4 Sep
35d
1.15
18 Sep
49d
1.21
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
4
4
5
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
- 310 / 310
- 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: $1.1M of estimated gross traded notional, puts · 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+54
1W price+3.5%
Call premium23%
Put premium77%
Notional split
C 23% / P 77%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
0/100
Agreement between options pressure and Sharemaestro market context.
Event window
12 Aug
Matched earnings event is 11 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · ITM
puts cluster with 393 contracts traded, $490046 estimated gross traded notional, and 46% of visible notional.
$490046
Calls · 91+ days · OTM
calls cluster with 1109 contracts traded, $101254 estimated gross traded notional, and 9% of visible notional.
$101254
Puts · 8-21 days · ITM
puts cluster with 482 contracts traded, $85988 estimated gross traded notional, and 8% of visible notional.
$85988
Puts · 91+ days · ATM
puts cluster with 809 contracts traded, $82068 estimated gross traded notional, and 8% of visible notional.
$82068
Puts · 46-90 days · ITM
puts cluster with 203 contracts traded, $59524 estimated gross traded notional, and 6% of visible notional.
$59524
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
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
Close4.09
1W+3.5%
RS-51.2
Fair value-53.1%
Options pressure54
Speculation41
Volatility71
Trend fit0
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 11:05
Bullish
Pressure 40
Move 9.1%
30 Jul 10:53
Bullish
Pressure 37
Move 12.5%
31 Jul 09:23
Volatility
Pressure 84
Move 8.6%
31 Jul 15:17
Bullish
Pressure 57
Move 2.4%
31 Jul 16:34
Bullish
Pressure 63
Move 3.4%
31 Jul 17:30
Bullish
Pressure 54
Move 3.7%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 2 · OI 18
Puts · V 0 · OI 0
Strike1.50
Calls · V 6 · OI 12
Puts · V 0 · OI 0
Strike2.00
Calls · V 9 · OI 12
Puts · V 1 · OI 3
Strike2.50
Calls · V 5 · OI 8
Puts · V 1 · OI 1
Strike3.00
Calls · V 0 · OI 1
Puts · V 1 · OI 57
Strike3.50
Calls · V 2 · OI 11
Puts · V 41 · OI 3038
Strike4.00
Calls · V 47 · OI 753
Puts · V 7 · OI 570
Strike4.50
Calls · V 21 · OI 1127
Puts · V 47 · OI 994
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts42
Avg IV2.38
Put-call1.12
Expiry7 Aug 2026
Contracts36
Avg IV1.31
Put-call0.75
Expiry14 Aug 2026
Contracts34
Avg IV1.41
Put-call1.61
Expiry21 Aug 2026
Contracts39
Avg IV1.25
Put-call0.05
Expiry28 Aug 2026
Contracts25
Avg IV1.19
Put-call1.26
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV1.09
Put IV1.63
Skew0.53
7 Aug 2026Put IV premium
Call IV0.94
Put IV1.16
Skew0.22
14 Aug 2026Put IV premium
Call IV1.26
Put IV1.40
Skew0.14
21 Aug 2026Put IV premium
Call IV1.18
Put IV1.31
Skew0.13
28 Aug 2026Put IV premium
Call IV1.09
Put IV1.22
Skew0.12
Contract Tape
Most active contracts
ContractENVX260821P00013000
SidePut
Expiry21 Aug 2026
Strike13.00
Volume-
OI-
IV3.02
ContractENVX261016P00001000
SidePut
Expiry16 Oct 2026
Strike1.00
Volume-
OI14
IV2.57
ContractENVX260807C00010000
SideCall
Expiry7 Aug 2026
Strike10.00
Volume-
OI10
IV3.98
ContractENVX260814C00009000
SideCall
Expiry14 Aug 2026
Strike9.00
Volume-
OI9
IV2.31
ContractENVX260821C00014000
SideCall
Expiry21 Aug 2026
Strike14.00
Volume-
OI8
IV3.09
ContractENVX260807C00009500
SideCall
Expiry7 Aug 2026
Strike9.50
Volume-
OI4
IV3.31
ContractENVX260807P00011000
SidePut
Expiry7 Aug 2026
Strike11.00
Volume-
OI3
IV3.75
ContractENVX260814P00012000
SidePut
Expiry14 Aug 2026
Strike12.00
Volume-
OI2
IV3.14
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.