Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
NET options intelligence
Cloudflare Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 29 Jul 2026
Checked 30 Jul 2026 11:02 · complete available chain
Volatility expansion watch
Volatility pressure
NET currently carries volatility options pressure with a 48/100 conviction score. The nearest-chain expected move is 5.4%, with volume/open-interest participation at 0.05.
Expected move
5.4%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
0.49
Call-side skew
Trend fit
62
Options agree with trend context
Weekly backdrop
-5.6%
RS 15.5
Expected move
5.4%
Put-call volume
0.49
Volume / OI
0.05
Reference IV
0.80
Max pain
265.00
Underlying
262.15
Nearest expiry
31 Jul 2026
Contracts
1584
Research Brief
NET has a volatility chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 247.99–276.31; The largest call open-interest concentration is 265.00; the largest put concentration is 250.00. The most active strike by current volume is 277.50.
Priced range247.99–276.31
Call concentration265.00
Put concentration250.00
Max pain reference265.00
- 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.
- 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 247.99 to 276.31. Max pain at 265.00 sits inside that range, 1.1% above spot.
Spot
Max pain
247.99262.15 ± 14.16276.31
Confirmation level
A close beyond 276.31 or below 247.99 at the 31 Jul 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 48/100
Pressure is 36/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure36 × 42%
+15.1
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement62 × 26%
+16.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility78 × 10%
+7.8
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 265.00; the largest put concentration is 250.00. The most active strike by current volume is 277.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2023
175.00-33.2%
3
552
240.00-8.4%
80
400
245.00-6.5%
75
709
247.50-5.6%
0
4833
250.00-4.6%
2099
862
252.50-3.7%
5
1260
255.00-2.7%
46
278
257.50-1.8%
22
449
260.00-0.8%
287
2770
265.001.1%
3121
188
270.003.0%
427
61
272.503.9%
371
294
275.004.9%
324
18
277.505.9%
81
5
290.0010.6%
780
5
300.0014.4%
396
0
320.0022.1%
69
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.80
31 Jul
1d
1.06
7 Aug
8d
0.89
14 Aug
15d
0.79
21 Aug
22d
0.76
28 Aug
29d
0.73
4 Sep
36d
0.69
18 Sep
50d
0.69
20 Nov
113d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
210
218
223
228
233
238
243
248
253
258
263
268
273
278
283
288
293
298
303
308
313
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
- 1584 / 1584
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $11.0M of estimated gross traded notional, calls · 46-90 days · otm, 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+36
1W price-5.6%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
62/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 6 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 46-90 days · OTM
calls cluster with 965 contracts traded, $2.2M estimated gross traded notional, and 20% of visible notional.
$2.2M
Calls · 91+ days · OTM
calls cluster with 360 contracts traded, $2.1M estimated gross traded notional, and 19% of visible notional.
$2.1M
Calls · 46-90 days · ITM
calls cluster with 124 contracts traded, $979240 estimated gross traded notional, and 9% of visible notional.
$979240
Calls · 91+ days · ITM
calls cluster with 104 contracts traded, $806078 estimated gross traded notional, and 7% of visible notional.
$806078
Calls · 22-45 days · OTM
calls cluster with 900 contracts traded, $736328 estimated gross traded notional, and 7% of visible notional.
$736328
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.
Underlying price is close to the max-pain zone.
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
Close262.15
1W-5.6%
RS15.5
Fair value+91.5%
Options pressure36
Speculation41
Volatility78
Trend fit62
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 10:03
Bullish
Pressure 29
Move 5.1%
30 Jul 10:02
Volatility
Pressure 36
Move 5.4%
Strike Map
Where activity is clustering
Strike130.00
Calls · V 0 · OI 1
Puts · V 1 · OI 68
Strike135.00
Calls · V 0 · OI 2
Puts · V 0 · OI 120
Strike140.00
Calls · V 0 · OI 2
Puts · V 91 · OI 219
Strike145.00
Calls · V 1 · OI 2
Puts · V 10 · OI 204
Strike150.00
Calls · V 2 · OI 3
Puts · V 99 · OI 116
Strike155.00
Calls · V 0 · OI 1
Puts · V 0 · OI 56
Strike160.00
Calls · V 0 · OI 7
Puts · V 0 · OI 65
Strike165.00
Calls · V 0 · OI 1
Puts · V 10 · OI 9
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts144
Avg IV0.80
Put-call0.42
Expiry7 Aug 2026
Contracts164
Avg IV1.06
Put-call3.16
Expiry14 Aug 2026
Contracts112
Avg IV0.89
Put-call0.39
Expiry21 Aug 2026
Contracts146
Avg IV0.79
Put-call0.70
Expiry28 Aug 2026
Contracts90
Avg IV0.76
Put-call0.18
Skew
Call/put IV balance
31 Jul 2026Balanced skew
Call IV0.80
Put IV0.75
Skew-0.05
7 Aug 2026Balanced skew
Call IV1.04
Put IV1.04
Skew-
14 Aug 2026Balanced skew
Call IV0.86
Put IV0.89
Skew0.03
21 Aug 2026Balanced skew
Call IV0.80
Put IV0.79
Skew-0.01
28 Aug 2026Balanced skew
Call IV0.75
Put IV0.79
Skew0.04
Contract Tape
Most active contracts
ContractNET260731C00277500
SideCall
Expiry31 Jul 2026
Strike277.50
Volume712
OI81
IV0.78
ContractNET260918C00270000
SideCall
Expiry18 Sep 2026
Strike270.00
Volume655
OI999
IV0.69
ContractNET260731C00290000
SideCall
Expiry31 Jul 2026
Strike290.00
Volume437
OI780
IV0.73
ContractNET260821C00330000
SideCall
Expiry21 Aug 2026
Strike330.00
Volume425
OI492
IV0.81
ContractNET260731C00320000
SideCall
Expiry31 Jul 2026
Strike320.00
Volume419
OI69
IV0.79
ContractNET260821P00220000
SidePut
Expiry21 Aug 2026
Strike220.00
Volume304
OI435
IV0.80
ContractNET260731C00312500
SideCall
Expiry31 Jul 2026
Strike312.50
Volume296
OI66
IV0.69
ContractNET260731C00300000
SideCall
Expiry31 Jul 2026
Strike300.00
Volume287
OI396
IV0.51
Research Graph
Related research and context
Sharemaestro research
Related News
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.