Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
O options intelligence
Realty Income Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 16 Sep 2026
Checked 17 Sep 2026 14:21 · complete available chain
Options-market disagreement
Mixed pressure
O currently carries mixed options pressure with a 32/100 conviction score. The nearest-chain expected move is 4.8%, with volume/open-interest participation at 0.08.
Expected move
4.8%
Near-term move context
Activity / OI
0.08
Current volume is quieter versus prior open interest
Put-call
0.77
Balanced tape
Trend fit
47
Options are not fully confirming trend
Weekly backdrop
-4.8%
RS -13.4
Expected move
4.8%
Put-call volume
0.77
Volume / OI
0.08
Reference IV
0.31
Max pain
60.00
Underlying
59.50
Nearest expiry
18 Sep 2026
Contracts
380
Research Brief
O has a mixed chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 56.66–62.34; The largest call open-interest concentration is 62.50; the largest put concentration is 60.00. The most active strike by current volume is 60.00.
Priced range56.66–62.34
Call concentration62.50
Put concentration60.00
Max pain reference60.00
- A clear directional pressure reading develops and price begins to agree.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
- 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 56.66 to 62.34. Max pain at 60.00 sits inside that range, 0.8% above spot.
Spot
Max pain
56.6659.50 ± 2.8462.34
Confirmation level
A close beyond 62.34 or below 56.66 at the 18 Sep 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 32/100
Pressure is 16/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure16 × 42%
+6.6
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement47 × 26%
+12.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility41 × 10%
+4.1
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 62.50; the largest put concentration is 60.00. The most active strike by current volume is 60.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
162
30.00-49.6%
0
169
32.50-45.4%
0
142
42.50-28.6%
0
284
45.00-24.4%
10
410
47.50-20.2%
0
650
50.00-16.0%
0
1222
52.50-11.8%
2
1669
55.00-7.6%
9
3367
57.50-3.4%
83
5632
60.000.8%
1484
877
62.505.0%
6576
223
65.009.2%
5114
0
67.5013.4%
3213
0
70.0017.6%
2705
0
72.5021.8%
674
0
75.0026.1%
1151
10
85.0042.9%
196
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$7.5MDelta change / 1% move
Positive peak65.00+$1.4M
Negative peak57.50-$7.9M
Nearest balance61.31Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.00-49.6%
-$1,084
32.50-45.4%
-$2,530
35.00-41.2%
-$470
37.50-37.0%
-$7,910
40.00-32.8%
-$19,931
42.50-28.6%
-$28,325
45.00-24.4%
-$135,190
47.50-20.2%
-$87,886
50.00-16.0%
-$361,955
52.50-11.8%
-$291,880
55.00-7.6%
-$1.2M
57.50-3.4%
-$7.9M
60.000.8%
-$848,262
62.505.0%
+$771,032
65.009.2%
+$1.4M
67.5013.4%
+$550,097
70.0017.6%
+$375,321
72.5021.8%
+$61,278
75.0026.1%
+$163,015
80.0034.5%
+$24,326
85.0042.9%
+$2,392
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.31
18 Sep
2d
0.19
16 Oct
30d
0.18
18 Dec
93d
0.18
15 Jan
121d
0.18
19 Mar
184d
0.18
17 Jun
274d
0.18
17 Sep
366d
0.18
21 Jan
492d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
50
53
55
58
60
63
65
68
70
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 17 stored directional transitions, the next stored price moved in the labelled direction 12% of the time.
Directional follow-through12%
Moves contained by pricing50%
Average expiry move4.3%
16 Sep
Mixed · 32
-4.8% through expiry
4.8% priced · v2.0
15 Sep
Mixed · 32
-4.8% through expiry
2.5% priced · v2.0
14 Sep
Mixed · 30
-4.8% through expiry
1.8% priced · v2.0
11 Sep
Mixed · 25
-4.8% through expiry
1.8% priced · v2.0
10 Sep
Bearish · 51
-7.5% through expiry
2.0% priced · v2.0
8 Sep
Bullish · 32
-7.5% through expiry
2.7% priced · v2.0
4 Sep
Bearish · 33
-7.5% through expiry
3.1% priced · v2.0
1 Sep
Bullish · 31
-8.6% through expiry
3.0% priced · v2.0
28 Aug
Mixed · 25
-8.6% through expiry
2.8% priced · v2.0
27 Aug
Mixed · 43
-9.5% through expiry
3.0% priced · v2.0
26 Aug
Bullish · 42
-9.5% through expiry
3.0% priced · v2.0
25 Aug
Bullish · 40
-9.5% through expiry
2.9% priced · v2.0
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
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 380 / 380
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $1.7M of estimated gross traded notional, calls · 91+ days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+16
1W price-4.8%
Call premium44%
Put premium56%
Notional split
C 44% / P 56%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.08
Volume divided by open interest across the visible chain.
Trend fit
47/100
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 · 91+ days · ATM
calls cluster with 2298 contracts traded, $337,528 estimated gross traded notional, and 20% of visible notional.
$337,528
Puts · 0-7 days · ATM
puts cluster with 1115 contracts traded, $312,200 estimated gross traded notional, and 19% of visible notional.
$312,200
Puts · 22-45 days · OTM
puts cluster with 1893 contracts traded, $212,186 estimated gross traded notional, and 13% of visible notional.
$212,186
Calls · 91+ days · ITM
calls cluster with 630 contracts traded, $210,425 estimated gross traded notional, and 13% of visible notional.
$210,425
Puts · 91+ days · OTM
puts cluster with 1274 contracts traded, $174,476 estimated gross traded notional, and 10% of visible notional.
$174,476
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Underlying price is close to the max-pain zone.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 31 completed sessions
Volume rank100th
Volume/OI rank100th
IV rank90th
Market Context
Underlying confirmation
Close56.66
1W-4.8%
RS-13.4
Fair value+4.7%
Options pressure16
Speculation42
Volatility41
Trend fit47
Today Versus Normal
Stored-options context
30d avg 2.4% · 17 sessions
100th
90d avg 2.8% · 31 sessions
97th
180d avg - · 31/60 sessions
-
30d avg 0.22 · 17 sessions
82th
90d avg 0.22 · 31 sessions
90th
180d avg - · 31/60 sessions
-
30d avg 0.90 · 17 sessions
47th
90d avg 0.76 · 31 sessions
58th
180d avg - · 31/60 sessions
-
30d avg 0.04 · 17 sessions
100th
90d avg 0.04 · 31 sessions
100th
180d avg - · 31/60 sessions
-
Pressure Trail
Recent pressure and volatility
2 Aug 18:38
Mixed
Pressure 13
Move 3.8%
4 Aug 01:36
Bullish
Pressure 42
Move 3.9%
5 Aug 10:01
Bullish
Pressure 40
Move 5.5%
5 Aug 18:33
Bullish
Pressure 23
Move 4.9%
6 Aug 06:11
Mixed
Pressure 5
Move 4.7%
6 Aug 20:37
Bullish
Pressure 61
Move 4.4%
10 Aug 10:10
Bullish
Pressure 26
Move 2.5%
11 Aug 10:22
Bullish
Pressure 20
Move 2.2%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 1 · OI 0
Puts · V 0 · OI 162
Strike32.50
Calls · V 0 · OI 0
Puts · V 0 · OI 169
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 57
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 78
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 142
Strike45.00
Calls · V 0 · OI 10
Puts · V 0 · OI 284
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 410
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts42
Avg IV0.31
Put-call2.12
Expiry16 Oct 2026
Contracts32
Avg IV0.19
Put-call1.53
Expiry18 Dec 2026
Contracts46
Avg IV0.18
Put-call0.49
Expiry15 Jan 2027
Contracts48
Avg IV0.18
Put-call0.46
Expiry19 Mar 2027
Contracts44
Avg IV0.18
Put-call0.11
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.32
Put IV0.27
Skew-0.05
16 Oct 2026Balanced skew
Call IV0.15
Put IV0.19
Skew0.04
18 Dec 2026Put IV premium
Call IV0.15
Put IV0.21
Skew0.06
15 Jan 2027Put IV premium
Call IV0.14
Put IV0.22
Skew0.08
19 Mar 2027Put IV premium
Call IV0.14
Put IV0.22
Skew0.08
Contract Tape
Most active contracts
ContractO261016P00057500
SidePut
Expiry16 Oct 2026
Strike57.50
Volume1581
OI1391
IV0.18
ContractO270319C00060000
SideCall
Expiry19 Mar 2027
Strike60.00
Volume1418
OI939
IV0.14
ContractO260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume1115
OI5632
IV0.01
ContractO261016C00060000
SideCall
Expiry16 Oct 2026
Strike60.00
Volume849
OI793
IV0.15
ContractO261218C00060000
SideCall
Expiry18 Dec 2026
Strike60.00
Volume368
OI1292
IV0.15
ContractO260918C00057500
SideCall
Expiry18 Sep 2026
Strike57.50
Volume361
OI83
IV0.18
ContractO270115C00060000
SideCall
Expiry15 Jan 2027
Strike60.00
Volume343
OI2448
IV0.14
ContractO260918P00057500
SidePut
Expiry18 Sep 2026
Strike57.50
Volume282
OI3367
IV0.13
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.