Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FHN options intelligence
First Horizon Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 29 Jul 2026
Checked 30 Jul 2026 05:26 · complete available chain
Call-side pressure
Bullish pressure
FHN currently carries bullish options pressure with a 43/100 conviction score. The nearest-chain expected move is 4.9%, with volume/open-interest participation at 0.00.
Expected move
4.9%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.09
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-1.0%
RS 2.3
Expected move
4.9%
Put-call volume
0.09
Volume / OI
0.00
Reference IV
0.26
Max pain
24.00
Underlying
25.53
Nearest expiry
21 Aug 2026
Contracts
210
Research Brief
FHN has a bullish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 24.28–26.78; The largest call open-interest concentration is 28.00; the largest put concentration is 18.00. The most active strike by current volume is 26.00.
Priced range24.28–26.78
Call concentration28.00
Put concentration18.00
Max pain reference24.00
- 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 24.28 to 26.78. Max pain at 24.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
24.2825.53 ± 1.2526.78
Confirmation level
A close beyond 26.78 or below 24.28 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 43/100
Pressure is 94/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure94 × 42%
+39.6
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.1
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.
Volatility37 × 10%
+3.7
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 28.00; the largest put concentration is 18.00. The most active strike by current volume is 26.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
12
15.00-41.2%
0
12
16.00-37.3%
0
2578
18.00-29.5%
2
41
19.00-25.6%
5
152
20.00-21.7%
19
105
21.00-17.7%
64
314
22.00-13.8%
49
317
23.00-9.9%
112
833
24.00-6.0%
1833
429
25.00-2.1%
1982
408
26.001.8%
3866
25
27.005.8%
1867
6
28.009.7%
15325
0
29.0013.6%
1725
0
30.0017.5%
303
0
31.0021.4%
19
0
35.0037.1%
55
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.
0.26
21 Aug
22d
0.26
18 Sep
50d
0.28
20 Nov
113d
0.28
15 Jan
169d
0.27
19 Feb
204d
0.28
21 Jan
540d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
21
22
23
24
25
26
27
28
29
30
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
No independently verifiable option-expiry outcomes have matured yet. Legacy snapshots without a point-in-time market reference and repeated same-session snapshots are deliberately excluded.
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
- 29 Jul 2026
- Calculation
- v1.x legacy
- Contracts
- 210 / 210
- 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.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $9110 of estimated gross traded notional, calls · 22-45 days · atm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+94
1W price-1.0%
Call premium97%
Put premium3%
Notional split
C 97% / P 3%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
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 · 22-45 days · ATM
calls cluster with 123 contracts traded, $7505 estimated gross traded notional, and 82% of visible notional.
$7505
Calls · 91+ days · OTM
calls cluster with 13 contracts traded, $640 estimated gross traded notional, and 7% of visible notional.
$640
Calls · 91+ days · ATM
calls cluster with 1 contracts traded, $255 estimated gross traded notional, and 3% of visible notional.
$255
Calls · 22-45 days · ITM
calls cluster with 1 contracts traded, $202 estimated gross traded notional, and 2% of visible notional.
$202
Calls · 46-90 days · OTM
calls cluster with 5 contracts traded, $160 estimated gross traded notional, and 2% of visible notional.
$160
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
1 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 1 completed session
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close25.53
1W-1.0%
RS2.3
Fair value+41.3%
Options pressure94
Speculation0
Volatility37
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:26
Bullish
Pressure 100
Move 5.0%
30 Jul 04:26
Bullish
Pressure 94
Move 4.9%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike17.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike18.00
Calls · V 0 · OI 2
Puts · V 0 · OI 2578
Strike19.00
Calls · V 0 · OI 5
Puts · V 0 · OI 41
Strike20.00
Calls · V 0 · OI 19
Puts · V 0 · OI 152
Strike21.00
Calls · V 0 · OI 64
Puts · V 0 · OI 105
Strike22.00
Calls · V 0 · OI 49
Puts · V 0 · OI 314
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts40
Avg IV0.26
Put-call0.09
Expiry18 Sep 2026
Contracts34
Avg IV0.26
Put-call-
Expiry20 Nov 2026
Contracts40
Avg IV0.28
Put-call0.08
Expiry15 Jan 2027
Contracts38
Avg IV0.28
Put-call-
Expiry19 Feb 2027
Contracts38
Avg IV0.27
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.24
Put IV0.24
Skew-
18 Sep 2026Balanced skew
Call IV0.25
Put IV0.28
Skew0.03
20 Nov 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
15 Jan 2027Balanced skew
Call IV0.26
Put IV0.30
Skew0.04
19 Feb 2027Balanced skew
Call IV0.26
Put IV0.30
Skew0.04
Contract Tape
Most active contracts
ContractFHN260821C00026000
SideCall
Expiry21 Aug 2026
Strike26.00
Volume121
OI3866
IV0.26
ContractFHN261120C00029000
SideCall
Expiry20 Nov 2026
Strike29.00
Volume10
OI1744
IV0.27
ContractFHN260821P00024000
SidePut
Expiry21 Aug 2026
Strike24.00
Volume7
OI833
IV0.29
ContractFHN260821C00027000
SideCall
Expiry21 Aug 2026
Strike27.00
Volume4
OI1867
IV0.24
ContractFHN260821P00025000
SidePut
Expiry21 Aug 2026
Strike25.00
Volume4
OI429
IV0.24
ContractFHN260918C00028000
SideCall
Expiry18 Sep 2026
Strike28.00
Volume4
OI110
IV0.25
ContractFHN261120C00030000
SideCall
Expiry20 Nov 2026
Strike30.00
Volume3
OI180
IV0.25
ContractFHN260821C00025000
SideCall
Expiry21 Aug 2026
Strike25.00
Volume2
OI1982
IV0.30
Research Graph
Related research and context
Sharemaestro research
Related News
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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.