Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
EETH options intelligence
PROSHARES ETHER ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 3 Aug 2026
Checked 4 Aug 2026 12:42 · complete available chain
Put-side pressure
Bearish pressure
EETH currently carries bearish options pressure with a 60/100 conviction score. The nearest-chain expected move is 14.4%, with volume/open-interest participation at 0.00.
Expected move
14.4%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
41
Options are not fully confirming trend
Weekly backdrop
+0.2%
RS -41.1
Expected move
14.4%
Put-call volume
-
Volume / OI
0.00
Reference IV
0.24
Max pain
22.00
Underlying
22.73
Nearest expiry
21 Aug 2026
Contracts
218
Research Brief
EETH has a bearish chain read with 60/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 19.45–26.01; The largest call open-interest concentration is 25.00; the largest put concentration is 22.00. The most active strike by current volume is 12.00.
Priced range19.45–26.01
Call concentration25.00
Put concentration22.00
Max pain reference22.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 19.45 to 26.01. Max pain at 22.00 sits inside that range, 3.2% below spot.
Spot
Max pain
19.4522.73 ± 3.2826.01
Confirmation level
A close beyond 26.01 or below 19.45 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 60/100
Pressure is 100/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement41 × 26%
+10.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility57 × 10%
+5.7
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 25.00; the largest put concentration is 22.00. The most active strike by current volume is 12.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
12.00-47.2%
0
0
13.00-42.8%
0
0
14.00-38.4%
0
0
15.00-34.0%
0
0
16.00-29.6%
0
0
17.00-25.2%
0
0
18.00-20.8%
0
0
19.00-16.4%
0
0
20.00-12.0%
0
0
21.00-7.6%
1
1
22.00-3.2%
0
1
23.001.2%
5
0
24.005.6%
0
0
25.0010.0%
6
0
26.0014.4%
0
0
30.0032.0%
1
0
31.0036.4%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$4,818Delta change / 1% move
Positive peak23.00+$2,740
Negative peak19.00-$450
Nearest balance25.79Interpolated sign change
StrikeNegativePositiveNet / 1% move
15.00-34.0%
-$285
16.00-29.6%
-$3
17.00-25.2%
-$175
18.00-20.8%
-$239
19.00-16.4%
-$450
20.00-12.0%
+$2,550
21.00-7.6%
+$35
22.00-3.2%
+$205
23.001.2%
+$2,740
24.005.6%
+$126
25.0010.0%
+$284
26.0014.4%
-$74
27.0018.8%
+$18
28.0023.2%
+$36
29.0027.6%
-$10
30.0032.0%
+$245
31.0036.4%
+$21
32.0040.8%
+$21
33.0045.2%
+$59
34.0049.6%
+$7
35.0054.0%
-$21
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.24
21 Aug
18d
0.31
18 Sep
46d
0.48
16 Oct
74d
0.56
15 Jan
165d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
19
20
21
22
23
24
25
26
27
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. 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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 218 / 218
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is present before a decisive weekly price breakdown.
Put-heavy activity matters because it connects the options headline to the actual evidence: $525 of estimated gross traded notional, puts · 91+ days · itm, and a bearish 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-100
1W price+0.2%
Call premium0%
Put premium100%
Notional split
C 0% / P 100%
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
41/100
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.
Puts · 91+ days · ITM
puts cluster with 1 contracts traded, $525 estimated gross traded notional, and 100% of visible notional.
$525
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.
Put pressure is building after the stock has already moved below fair value.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close22.73
1W+0.2%
RS-41.1
Fair value-37.4%
Options pressure-100
Speculation8
Volatility57
Trend fit41
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:14
Bullish
Pressure 50
Move 14.6%
30 Jul 11:50
Mixed
Pressure 0
Move 14.2%
31 Jul 11:25
Bullish
Pressure 100
Move 5.1%
3 Aug 10:24
Bullish
Pressure 100
Move 14.4%
4 Aug 11:42
Bearish
Pressure -100
Move 14.4%
4 Aug 21:52
Mixed
Pressure 6
Move 14.3%
Strike Map
Where activity is clustering
Strike12.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike13.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts42
Avg IV0.24
Put-call-
Expiry18 Sep 2026
Contracts42
Avg IV0.31
Put-call-
Expiry16 Oct 2026
Contracts64
Avg IV0.48
Put-call-
Expiry15 Jan 2027
Contracts70
Avg IV0.56
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.03
Put IV0.09
Skew0.06
18 Sep 2026Balanced skew
Call IV0.01
Put IV0.06
Skew0.05
16 Oct 2026Put IV premium
Call IV0.06
Put IV0.70
Skew0.63
15 Jan 2027Put IV premium
Call IV0.62
Put IV0.69
Skew0.07
Contract Tape
Most active contracts
ContractEETH270115P00025000
SidePut
Expiry15 Jan 2027
Strike25.00
Volume1
OI1
IV0.68
ContractEETH261016P00015000
SidePut
Expiry16 Oct 2026
Strike15.00
Volume-
OI117
IV0.40
ContractEETH261016C00020000
SideCall
Expiry16 Oct 2026
Strike20.00
Volume-
OI100
IV0.33
ContractEETH261016C00035000
SideCall
Expiry16 Oct 2026
Strike35.00
Volume-
OI98
IV0.38
ContractEETH261016P00020000
SidePut
Expiry16 Oct 2026
Strike20.00
Volume-
OI91
IV0.14
ContractEETH261016C00015000
SideCall
Expiry16 Oct 2026
Strike15.00
Volume-
OI77
IV0.01
ContractEETH261016P00019000
SidePut
Expiry16 Oct 2026
Strike19.00
Volume-
OI56
IV0.19
ContractEETH261016P00018000
SidePut
Expiry16 Oct 2026
Strike18.00
Volume-
OI51
IV0.24
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
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.