Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
FLEX options intelligence
Flex Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 31 Jul 2026 16:51 · complete available chain
Volatility expansion watch
Volatility pressure
FLEX currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 15.4%, with volume/open-interest participation at 0.06.
Expected move
15.4%
Wider near-term move priced
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.72
Call-side skew
Trend fit
88
Options agree with trend context
Weekly backdrop
-4.0%
RS 31.0
Expected move
15.4%
Put-call volume
0.72
Volume / OI
0.06
Reference IV
0.79
Max pain
115.00
Underlying
118.51
Nearest expiry
21 Aug 2026
Contracts
461
Research Brief
FLEX has a volatility chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 100.21–136.81; The largest call open-interest concentration is 140.00; the largest put concentration is 105.00. The most active strike by current volume is 105.00.
Priced range100.21–136.81
Call concentration140.00
Put concentration105.00
Max pain reference115.00
- 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 100.21 to 136.81. Max pain at 115.00 sits inside that range, 3.0% below spot.
Spot
Max pain
100.21118.51 ± 18.30136.81
Confirmation level
A close beyond 136.81 or below 100.21 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 50/100
Pressure is 20/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure20 × 42%
+8.6
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement88 × 26%
+22.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 140.00; the largest put concentration is 105.00. The most active strike by current volume is 105.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
656
50.00-57.8%
7
1752
85.00-28.3%
60
741
90.00-24.1%
1205
634
95.00-19.8%
30
2717
100.00-15.6%
62
4130
105.00-11.4%
451
1720
110.00-7.2%
515
1692
115.00-3.0%
684
370
120.001.3%
1236
713
125.005.5%
928
280
130.009.7%
734
257
135.0013.9%
2788
243
140.0018.1%
4126
160
150.0026.6%
1510
47
160.0035.0%
1413
68
165.0039.2%
1098
2
170.0043.4%
779
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.
0.79
21 Aug
21d
0.77
18 Sep
49d
0.76
16 Oct
77d
0.80
20 Nov
112d
0.78
15 Jan
168d
0.70
19 Feb
203d
0.74
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
95
100
105
110
115
120
125
130
135
140
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
- 461 / 461
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $6.7M of estimated gross traded notional, calls · 91+ days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+20
1W price-4.0%
Call premium67%
Put premium33%
Notional split
C 67% / P 33%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
88/100
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.
Calls · 91+ days · ITM
calls cluster with 412 contracts traded, $1.6M estimated gross traded notional, and 24% of visible notional.
$1.6M
Calls · 46-90 days · ITM
calls cluster with 348 contracts traded, $1.0M estimated gross traded notional, and 16% of visible notional.
$1.0M
Calls · 91+ days · OTM
calls cluster with 603 contracts traded, $971600 estimated gross traded notional, and 15% of visible notional.
$971600
Puts · 91+ days · ITM
puts cluster with 182 contracts traded, $952085 estimated gross traded notional, and 14% of visible notional.
$952085
Calls · 8-21 days · ITM
calls cluster with 113 contracts traded, $450515 estimated gross traded notional, and 7% of visible notional.
$450515
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
Close113.75
1W-4.0%
RS31.0
Fair value+138.0%
Options pressure20
Speculation41
Volatility96
Trend fit88
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 10:07
Mixed
Pressure 2
Move 19.8%
30 Jul 10:05
Volatility
Pressure 5
Move 19.4%
31 Jul 10:02
Volatility
Pressure 29
Move 15.3%
31 Jul 15:51
Volatility
Pressure 20
Move 15.4%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 3 · OI 6
Strike35.00
Calls · V 0 · OI 2
Puts · V 5 · OI 8
Strike40.00
Calls · V 1 · OI 4
Puts · V 2 · OI 11
Strike45.00
Calls · V 2 · OI 17
Puts · V 2 · OI 4
Strike50.00
Calls · V 5 · OI 7
Puts · V 18 · OI 656
Strike55.00
Calls · V 23 · OI 30
Puts · V 10 · OI 27
Strike60.00
Calls · V 2 · OI 9
Puts · V 1 · OI 53
Strike65.00
Calls · V 19 · OI 36
Puts · V 6 · OI 86
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts68
Avg IV0.79
Put-call1.62
Expiry18 Sep 2026
Contracts65
Avg IV0.77
Put-call0.43
Expiry16 Oct 2026
Contracts63
Avg IV0.76
Put-call0.13
Expiry20 Nov 2026
Contracts70
Avg IV0.80
Put-call0.60
Expiry15 Jan 2027
Contracts83
Avg IV0.78
Put-call1.49
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.80
Put IV0.82
Skew0.02
18 Sep 2026Balanced skew
Call IV0.77
Put IV0.73
Skew-0.04
16 Oct 2026Call IV premium
Call IV0.78
Put IV0.70
Skew-0.08
20 Nov 2026Call IV premium
Call IV0.84
Put IV0.76
Skew-0.08
15 Jan 2027Balanced skew
Call IV0.78
Put IV0.76
Skew-0.01
Contract Tape
Most active contracts
ContractFLEX270115P00027000
SidePut
Expiry15 Jan 2027
Strike27.00
Volume-
OI125
IV1.32
ContractFLEX280121P00150000
SidePut
Expiry21 Jan 2028
Strike150.00
Volume-
OI80
IV0.65
ContractFLEX280121P00170000
SidePut
Expiry21 Jan 2028
Strike170.00
Volume-
OI70
IV0.53
ContractFLEX270115P00200000
SidePut
Expiry15 Jan 2027
Strike200.00
Volume-
OI67
IV0.68
ContractFLEX280121P00190000
SidePut
Expiry21 Jan 2028
Strike190.00
Volume-
OI53
IV0.62
ContractFLEX270115P00180000
SidePut
Expiry15 Jan 2027
Strike180.00
Volume-
OI20
IV0.44
ContractFLEX270115P00220000
SidePut
Expiry15 Jan 2027
Strike220.00
Volume-
OI16
IV0.00
ContractFLEX280121P00160000
SidePut
Expiry21 Jan 2028
Strike160.00
Volume-
OI10
IV0.66
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Flex Ltd (FLEX) loses 12.2% in week as four-week slide reaches 19.2%20 Jul 2026 15:29
Flex Ltd (FLEX) four-week pullback reaches -2.7%6 Jul 2026 08:10
Flex Ltd (FLEX) turnover spikes while weekly tape turns lower23 Jun 2026 22:30
Flex Ltd (FLEX) gives back ground but keeps its active weekly trend19 Jun 2026 02:02
Flex Ltd (FLEX) stalls after 142.9% 12-week climb17 Jun 2026 22:37
Flex Ltd (FLEX) posts weekly loss with trend still active17 Jun 2026 01:36
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.