Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
SA options intelligence
Seabridge Gold Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
59
Market data through 31 Jul 2026
Checked 1 Aug 2026 09:49 · complete available chain
Volatility expansion watch
Volatility pressure
SA currently carries volatility options pressure with a 59/100 conviction score. The nearest-chain expected move is 14.4%, with volume/open-interest participation at 0.02.
Expected move
14.4%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.06
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-0.7%
RS -12.7
Expected move
14.4%
Put-call volume
0.06
Volume / OI
0.02
Reference IV
0.75
Max pain
25.00
Underlying
25.98
Nearest expiry
21 Aug 2026
Contracts
282
Research Brief
SA has a volatility chain read with 59/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 22.23–29.73; The largest call open-interest concentration is 30.00; the largest put concentration is 25.00. The most active strike by current volume is 15.00.
Priced range22.23–29.73
Call concentration30.00
Put concentration25.00
Max pain reference25.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 22.23 to 29.73. Max pain at 25.00 sits inside that range, 3.8% below spot.
Spot
Max pain
22.2325.98 ± 3.7529.73
Confirmation level
A close beyond 29.73 or below 22.23 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 59/100
Pressure is 98/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure98 × 42%
+41.3
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
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.
Volatility93 × 10%
+9.3
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 30.00; the largest put concentration is 25.00. The most active strike by current volume is 15.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
361
19.00-26.9%
0
395
22.00-15.3%
0
409
24.00-7.6%
12
519
25.00-3.8%
646
121
27.003.9%
1367
68
28.007.8%
370
105
29.0011.6%
2030
47
30.0015.5%
4723
126
31.0019.3%
197
40
32.0023.2%
627
30
33.0027.0%
293
0
36.0038.6%
1271
0
37.0042.4%
660
0
39.0050.1%
400
0
40.0054.0%
1408
0
45.0073.2%
1341
0
50.0092.5%
844
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.
0.75
21 Aug
21d
0.64
18 Sep
49d
0.73
20 Nov
112d
0.74
15 Jan
168d
0.70
19 Feb
203d
0.70
21 Jan
539d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
21
22
23
24
25
26
27
28
29
30
31
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
- 282 / 282
- 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: $421218 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+98
1W price-0.7%
Call premium98%
Put premium2%
Notional split
C 98% / P 2%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
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.
Calls · 91+ days · ITM
calls cluster with 194 contracts traded, $198600 estimated gross traded notional, and 47% of visible notional.
$198600
Calls · 46-90 days · ITM
calls cluster with 150 contracts traded, $100380 estimated gross traded notional, and 24% of visible notional.
$100380
Calls · 8-21 days · ITM
calls cluster with 63 contracts traded, $66990 estimated gross traded notional, and 16% of visible notional.
$66990
Calls · 91+ days · OTM
calls cluster with 164 contracts traded, $37085 estimated gross traded notional, and 9% of visible notional.
$37085
Calls · 91+ days · ATM
calls cluster with 10 contracts traded, $5500 estimated gross traded notional, and 1% of visible notional.
$5500
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
Close25.81
1W-0.7%
RS-12.7
Fair value+42.9%
Options pressure98
Speculation40
Volatility93
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 10:50
Volatility
Pressure 97
Move 15.1%
30 Jul 10:41
Bullish
Pressure 67
Move 16.9%
31 Jul 11:10
Volatility
Pressure 100
Move 11.6%
31 Jul 18:44
Bullish
Pressure 53
Move 14.3%
1 Aug 08:49
Volatility
Pressure 98
Move 14.4%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 60 · OI 120
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike18.00
Calls · V 0 · OI 130
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 361
Strike20.00
Calls · V 0 · OI 11
Puts · V 0 · OI 22
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 395
Strike23.00
Calls · V 0 · OI 1
Puts · V 1 · OI 166
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts54
Avg IV0.75
Put-call0.28
Expiry18 Sep 2026
Contracts40
Avg IV0.64
Put-call0.04
Expiry20 Nov 2026
Contracts54
Avg IV0.73
Put-call0.02
Expiry15 Jan 2027
Contracts54
Avg IV0.74
Put-call0.01
Expiry19 Feb 2027
Contracts52
Avg IV0.70
Put-call0.10
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.77
Put IV0.71
Skew-0.06
18 Sep 2026Balanced skew
Call IV0.67
Put IV0.65
Skew-0.02
20 Nov 2026Call IV premium
Call IV0.74
Put IV0.59
Skew-0.15
15 Jan 2027Balanced skew
Call IV0.74
Put IV0.79
Skew0.05
19 Feb 2027Call IV premium
Call IV0.80
Put IV0.69
Skew-0.11
Contract Tape
Most active contracts
ContractSA270115C00015000
SideCall
Expiry15 Jan 2027
Strike15.00
Volume120
OI241
IV0.82
ContractSA260918C00025000
SideCall
Expiry18 Sep 2026
Strike25.00
Volume76
OI345
IV0.67
ContractSA270115C00021000
SideCall
Expiry15 Jan 2027
Strike21.00
Volume73
OI76
IV0.72
ContractSA260918C00034000
SideCall
Expiry18 Sep 2026
Strike34.00
Volume67
OI6307
IV0.72
ContractSA260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume60
OI120
IV1.52
ContractSA260918C00015000
SideCall
Expiry18 Sep 2026
Strike15.00
Volume60
OI68
IV1.33
ContractSA280121C00050000
SideCall
Expiry21 Jan 2028
Strike50.00
Volume52
OI365
IV0.64
ContractSA261120C00050000
SideCall
Expiry20 Nov 2026
Strike50.00
Volume51
OI495
IV0.81
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.