Ticker Options Intelligence

NET options intelligence

Cloudflare Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 47 Market data through 16 Sep 2026 Checked 17 Sep 2026 05:13 · complete available chain

Volatility expansion watch

Volatility pressure

NET currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 6.5%, with volume/open-interest participation at 0.04.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 6.5%

Wider near-term move priced

Activity / OI 0.04

Current volume is quieter versus prior open interest

Put-call 0.69

Call-side skew

Trend fit 82

Options agree with trend context

Weekly backdrop +9.9%

RS 27.1

Expected move 6.5%
Put-call volume 0.69
Volume / OI 0.04
Reference IV 0.72
Max pain 260.00
Underlying 306.53
Nearest expiry 18 Sep 2026
Contracts 1870

Research Brief

NET has a volatility chain read with 47/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 286.66–326.40; The largest call open-interest concentration is 260.00; the largest put concentration is 260.00. The most active strike by current volume is 267.50.

Priced range286.66–326.40
Call concentration260.00
Put concentration260.00
Max pain reference260.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
  • The current chain read already agrees with the stored weekly trend context.
What would weaken it
  • 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

Size, not direction · through 18 Sep

Options imply 286.66 to 326.40. Max pain at 260.00 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
286.66306.53 ± 19.87326.40
Confirmation level

A close beyond 326.40 or below 286.66 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 47/100

Evidence alignment, not probability

Pressure is 21/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure21 × 42%
+8.8

How strongly activity leans toward calls or puts.

Participation41 × 22%
+9.0

Volume relative to existing open interest and contract-level activity.

Trend agreement82 × 26%
+21.2

How closely the chain read agrees with the underlying trend backdrop.

Volatility76 × 10%
+7.6

The intensity of implied volatility and the priced move.

Reconstructed score46.7Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 260.00; the largest put concentration is 260.00. The most active strike by current volume is 267.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
2694
115.00-62.5%
16
1029
160.00-47.8%
1745
2080
170.00-44.5%
28
2356
200.00-34.8%
233
1281
240.00-21.7%
574
1189
250.00-18.4%
913
2891
260.00-15.2%
4592
1565
270.00-11.9%
1129
1318
280.00-8.7%
594
548
290.00-5.4%
1304
1079
300.00-2.1%
1799
268
310.001.1%
2101
277
320.004.4%
2271
86
330.007.7%
2231
111
350.0014.2%
2280
3
360.0017.4%
2232
0
380.0024.0%
2026
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Positive gamma proxy

Reported + model-estimated Greeks · 99% coverage

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+$36.2MDelta change / 1% move
Positive peak330.00+$5.5M
Negative peak270.00-$264,089
Nearest balance302.86Interpolated sign change
StrikeNegativePositiveNet / 1% move
282.50-7.8%
+$29,328
285.00-7.0%
+$67,434
287.50-6.2%
+$5,449
290.00-5.4%
+$898,600
292.50-4.6%
+$78,374
295.00-3.8%
+$32,157
297.50-2.9%
+$2,420
300.00-2.1%
+$1.6M
302.50-1.3%
-$42,195
305.00-0.5%
+$250,143
307.500.3%
+$118,415
310.001.1%
+$3.2M
312.501.9%
+$33,792
315.002.8%
+$913,196
317.503.6%
+$163,215
320.004.4%
+$5.4M
322.505.2%
-$33,305
325.006.0%
+$50,293
327.506.8%
+$93,801
330.007.7%
+$5.5M
332.508.5%
+$75,057
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

1.14× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.72 18 Sep 2d
0.59 25 Sep 9d
0.59 2 Oct 16d
0.58 9 Oct 23d
0.57 16 Oct 30d
0.58 23 Oct 37d
0.62 30 Oct 44d
0.66 20 Nov 65d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

248
253
258
265
270
275
280
285
293
298
303
308
313
320
325
330
335
340
348
353
360
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

28 matured · 7 directional

Across 7 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.

Directional follow-through100%
Moves contained by pricing71%
Average expiry move6.6%
10 Sep Volatility · 50 9.9% through expiry 11.4% priced · v2.0
9 Sep Volatility · 50 9.9% through expiry 12.4% priced · v2.0
8 Sep Bullish · 45 9.9% through expiry 5.0% priced · v2.0
4 Sep Mixed · 41 9.9% through expiry 5.2% priced · v2.0
2 Sep Volatility · 46 -7.0% through expiry 9.3% priced · v2.0
1 Sep Mixed · 42 -7.0% through expiry 6.1% priced · v2.0
28 Aug Bearish · 44 -7.0% through expiry 5.7% priced · v2.0
27 Aug Bullish · 47 2.3% through expiry 5.6% priced · v2.0
26 Aug Bullish · 47 2.3% through expiry 4.3% priced · v2.0
25 Aug Bullish · 47 2.3% through expiry 5.9% priced · v2.0
24 Aug Mixed · 42 2.3% through expiry 6.0% priced · v2.0
21 Aug Bullish · 45 2.3% through expiry 5.7% 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

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
16 Sep 2026
Calculation
v2.0
Contracts
1870 / 1870
  • 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

83/100
Primary intent Volatility expansion bet

The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Volatility expansion bet matters because it connects the options headline to the actual evidence: $28.6M of estimated gross traded notional, calls · 0-7 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+21
1W price+9.9%
Call premium84%
Put premium16%
Notional split C 84% / P 16% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.04 Volume divided by open interest across the visible chain.
Trend fit 82/100 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.
Conviction clusters Calls · 0-7 days · ITM
Calls · 0-7 days · ITM calls cluster with 512 contracts traded, $9.2M estimated gross traded notional, and 32% of visible notional.
$9.2M
Calls · 91+ days · OTM calls cluster with 1113 contracts traded, $6.5M estimated gross traded notional, and 23% of visible notional.
$6.5M
Calls · 91+ days · ITM calls cluster with 236 contracts traded, $3.8M estimated gross traded notional, and 13% of visible notional.
$3.8M
Puts · 91+ days · ITM puts cluster with 339 contracts traded, $3.3M estimated gross traded notional, and 11% of visible notional.
$3.3M
Calls · 46-90 days · ITM calls cluster with 224 contracts traded, $1.8M estimated gross traded notional, and 6% of visible notional.
$1.8M

Setup Classification

Opportunity and risk frame

Context, not advice
Positive Options-confirmed trend

Positioning agrees with the Sharemaestro trend backdrop.

Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Activity Anomaly

Normal range

27

Activity is broadly in line with recent stored snapshots.

Baseline: 32 completed sessions

Volume rank19th
Volume/OI rank3th
IV rank59th

Market Context

Underlying confirmation

Sharemaestro weekly
Close306.53
1W+9.9%
RS27.1
Fair value+108.1%
Options pressure21
Speculation41
Volatility76
Trend fit82

Today Versus Normal

Stored-options context

View history
Expected move 6.5% near normal
30d avg 7.0% · 18 sessions 67th
90d avg 7.8% · 32 sessions 53th
180d avg - · 32/60 sessions -
IV 0.72 near normal
30d avg 0.67 · 18 sessions 78th
90d avg 0.85 · 32 sessions 59th
180d avg - · 32/60 sessions -
Put-call 0.69 near normal
30d avg 0.82 · 18 sessions 44th
90d avg 0.94 · 32 sessions 41th
180d avg - · 32/60 sessions -
Volume/OI 0.04 muted
30d avg 0.07 · 18 sessions 6th
90d avg 0.08 · 32 sessions 3th
180d avg - · 32/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
13 Aug 10:01 Bullish
Pressure 20
Move 5.1%
14 Aug 10:01 Volatility
Pressure 18
Move 10.6%
14 Aug 19:07 Volatility
Pressure 10
Move 6.1%
18 Aug 10:00 Mixed
Pressure -15
Move 5.0%
19 Aug 09:32 Mixed
Pressure 11
Move 5.4%
20 Aug 10:00 Mixed
Pressure 6
Move 7.5%
21 Aug 13:01 Volatility
Pressure 9
Move 11.5%
24 Aug 06:17 Bullish
Pressure 22
Move 5.7%

Strike Map

Where activity is clustering

Full strike map
Strike80.00
Calls · V 50 · OI 23
Puts · V 0 · OI 297
Strike85.00
Calls · V 65 · OI 26
Puts · V 0 · OI 34
Strike90.00
Calls · V 34 · OI 27
Puts · V 0 · OI 26
Strike95.00
Calls · V 58 · OI 41
Puts · V 0 · OI 19
Strike100.00
Calls · V 19 · OI 37
Puts · V 0 · OI 69
Strike105.00
Calls · V 12 · OI 38
Puts · V 0 · OI 71
Strike110.00
Calls · V 12 · OI 223
Puts · V 0 · OI 118
Strike115.00
Calls · V 6 · OI 16
Puts · V 0 · OI 2694

Term Structure

Expiration activity

Volume and IV
Expiry18 Sep 2026
Contracts170
Avg IV0.72
Put-call0.85
Expiry25 Sep 2026
Contracts170
Avg IV0.59
Put-call1.12
Expiry2 Oct 2026
Contracts126
Avg IV0.59
Put-call0.56
Expiry9 Oct 2026
Contracts106
Avg IV0.58
Put-call0.32
Expiry16 Oct 2026
Contracts58
Avg IV0.57
Put-call0.94

Skew

Call/put IV balance

OTM demand
18 Sep 2026Balanced skew
Call IV0.69
Put IV0.68
Skew-0.01
25 Sep 2026Balanced skew
Call IV0.58
Put IV0.57
Skew-0.01
2 Oct 2026Balanced skew
Call IV0.56
Put IV0.57
Skew0.01
9 Oct 2026Balanced skew
Call IV0.56
Put IV0.57
Skew0.01
16 Oct 2026Balanced skew
Call IV0.56
Put IV0.56
Skew-

Contract Tape

Most active contracts

Full contract tape
ContractNET260918P00267500
SidePut
Expiry18 Sep 2026
Strike267.50
Volume508
OI76
IV1.12
ContractNET280121C00450000
SideCall
Expiry21 Jan 2028
Strike450.00
Volume442
OI114
IV0.62
ContractNET260918C00350000
SideCall
Expiry18 Sep 2026
Strike350.00
Volume310
OI2280
IV0.73
ContractNET260918C00335000
SideCall
Expiry18 Sep 2026
Strike335.00
Volume277
OI328
IV0.70
ContractNET280121C00440000
SideCall
Expiry21 Jan 2028
Strike440.00
Volume230
OI1047
IV0.62
ContractNET270617P00380000
SidePut
Expiry17 Jun 2027
Strike380.00
Volume230
OI35
IV0.61
ContractNET260918C00330000
SideCall
Expiry18 Sep 2026
Strike330.00
Volume165
OI2231
IV0.68
ContractNET260918C00340000
SideCall
Expiry18 Sep 2026
Strike340.00
Volume162
OI1561
IV0.66

Research Graph

Related research and context

Ticker deep links

Evidence context