Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
MTRN options intelligence
Materion Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 22 Sep 2026
Checked 22 Sep 2026 16:33 · partial chain
Volatility expansion watch
Volatility pressure
MTRN currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 10.8%, with volume/open-interest participation at 0.27.
Expected move
10.8%
Wider near-term move priced
Activity / OI
0.27
Current volume is quieter versus prior open interest
Put-call
0.28
Call-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
-2.3%
RS 31.3
Expected move
10.8%
Put-call volume
0.28
Volume / OI
0.27
Reference IV
0.55
Max pain
240.00
Underlying
251.53
Nearest expiry
16 Oct 2026
Contracts
140
Research Brief
MTRN has a volatility chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 224.38–278.68; The largest call open-interest concentration is 290.00; the largest put concentration is 220.00. The most active strike by current volume is 280.00.
Priced range224.38–278.68
Call concentration290.00
Put concentration220.00
Max pain reference240.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 224.38 to 278.68. Max pain at 240.00 sits inside that range, 4.6% below spot.
Spot
Max pain
224.38251.53 ± 27.15278.68
Confirmation level
A close beyond 278.68 or below 224.38 at the 16 Oct 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 50/100
Pressure is 62/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure62 × 42%
+26.1
How strongly activity leans toward calls or puts.
Participation23 × 22%
+5.0
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility79 × 10%
+7.9
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 290.00; the largest put concentration is 220.00. The most active strike by current volume is 280.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
170.00-32.4%
0
3
175.00-30.4%
0
4
185.00-26.5%
1
3
190.00-24.5%
0
3
200.00-20.5%
0
2
210.00-16.5%
0
14
220.00-12.5%
0
0
240.00-4.6%
2
2
260.003.4%
2
0
270.007.3%
2
0
280.0011.3%
4
0
290.0015.3%
6
1
300.0019.3%
3
0
310.0023.2%
3
0
320.0027.2%
6
0
330.0031.2%
6
0
340.0035.2%
5
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+$51,280Delta change / 1% move
Positive peak310.00+$18,053
Negative peak220.00-$23,082
Nearest balance271.23Interpolated sign change
StrikeNegativePositiveNet / 1% move
165.00-34.4%
-$811
170.00-32.4%
-$160
175.00-30.4%
-$658
180.00-28.4%
+$1,157
185.00-26.5%
-$569
190.00-24.5%
+$9,300
195.00-22.5%
+$3,392
200.00-20.5%
+$193
210.00-16.5%
+$2,846
220.00-12.5%
-$23,082
230.00-8.6%
+$13,409
240.00-4.6%
+$10,552
250.00-0.6%
+$4,996
260.003.4%
+$3,473
270.007.3%
+$2,067
280.0011.3%
-$14,769
290.0015.3%
+$8,002
300.0019.3%
+$5,128
310.0023.2%
+$18,053
320.0027.2%
+$2,377
330.0031.2%
+$877
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.55
16 Oct
24d
0.57
20 Nov
59d
0.60
18 Dec
87d
0.58
19 Mar
178d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
210
220
240
260
270
280
290
300
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 12 stored directional transitions, the next stored price moved in the labelled direction 58% of the time.
Directional follow-through58%
Moves contained by pricing71%
Average expiry move9.9%
16 Sep
Mixed · 36
-2.3% through expiry
7.5% priced · v2.0
14 Sep
Bearish · 40
-2.3% through expiry
10.7% priced · v2.0
11 Sep
Bearish · 49
-2.3% through expiry
5.4% priced · v2.0
9 Sep
Bullish · 43
3.0% through expiry
9.0% priced · v2.0
8 Sep
Volatility · 49
3.0% through expiry
9.7% priced · v2.0
4 Sep
Bullish · 49
3.0% through expiry
7.8% priced · v2.0
2 Sep
Bullish · 52
5.8% through expiry
8.5% priced · v2.0
31 Aug
Volatility · 46
5.8% through expiry
9.5% priced · v2.0
28 Aug
Bearish · 38
5.8% through expiry
9.4% priced · v2.0
27 Aug
Volatility · 46
8.4% through expiry
11.6% priced · v2.0
24 Aug
Volatility · 48
8.4% through expiry
11.0% priced · v2.0
21 Aug
Bearish · 42
8.4% through expiry
11.5% 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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 22 Sep 2026
- Calculation
- v2.0
- Contracts
- 140 / 140
- 100% of provider contracts were retained for this snapshot.
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: $1.0M of estimated gross traded notional, calls · 46-90 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+62
1W price-2.3%
Call premium93%
Put premium7%
Notional split
C 93% / P 7%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.27
Volume divided by open interest across the visible chain.
Trend fit
43/100
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 · 46-90 days · ITM
calls cluster with 107 contracts traded, $832,545 estimated gross traded notional, and 81% of visible notional.
$832,545
Calls · 91+ days · ITM
calls cluster with 10 contracts traded, $66,430 estimated gross traded notional, and 6% of visible notional.
$66,430
Puts · 46-90 days · ITM
puts cluster with 7 contracts traded, $50,850 estimated gross traded notional, and 5% of visible notional.
$50,850
Calls · 46-90 days · OTM
calls cluster with 24 contracts traded, $20,340 estimated gross traded notional, and 2% of visible notional.
$20,340
Puts · 46-90 days · OTM
puts cluster with 23 contracts traded, $11,672 estimated gross traded notional, and 1% of visible notional.
$11,672
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.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 27 completed sessions
Volume rank81th
Volume/OI rank100th
IV rank52th
Market Context
Underlying confirmation
Close251.53
1W-2.3%
RS31.3
Fair value+93.4%
Options pressure62
Speculation23
Volatility79
Trend fit43
Today Versus Normal
Stored-options context
30d avg 9.3% · 12 sessions
75th
90d avg - · 27/30 sessions
-
180d avg - · 27/60 sessions
-
30d avg 0.53 · 12 sessions
75th
90d avg - · 27/30 sessions
-
180d avg - · 27/60 sessions
-
30d avg 1.47 · 12 sessions
25th
90d avg - · 27/30 sessions
-
180d avg - · 27/60 sessions
-
30d avg 0.04 · 12 sessions
100th
90d avg - · 27/30 sessions
-
180d avg - · 27/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:51
Volatility
Pressure 71
Move 15.9%
30 Jul 11:29
Volatility
Pressure 43
Move 23.9%
31 Jul 11:01
Volatility
Pressure 94
Move 15.9%
1 Aug 11:30
Volatility
Pressure 100
Move 15.3%
2 Aug 18:15
Volatility
Pressure 100
Move 12.4%
4 Aug 10:40
Volatility
Pressure -25
Move 11.5%
5 Aug 11:11
Volatility
Pressure 100
Move 12.8%
6 Aug 11:14
Volatility
Pressure 14
Move 16.6%
Strike Map
Where activity is clustering
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike185.00
Calls · V 1 · OI 1
Puts · V 1 · OI 4
Strike190.00
Calls · V 0 · OI 0
Puts · V 2 · OI 3
Strike200.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike210.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike220.00
Calls · V 0 · OI 0
Puts · V 1 · OI 14
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts21
Avg IV0.55
Put-call0.47
Expiry20 Nov 2026
Contracts3
Avg IV0.57
Put-call-
Expiry18 Dec 2026
Contracts72
Avg IV0.60
Put-call0.20
Expiry19 Mar 2027
Contracts44
Avg IV0.58
Put-call0.50
Skew
Call/put IV balance
16 Oct 2026Balanced skew
Call IV0.57
Put IV0.62
Skew0.05
20 Nov 2026Incomplete skew
Call IV-
Put IV0.54
Skew-
18 Dec 2026Put IV premium
Call IV0.58
Put IV0.73
Skew0.15
19 Mar 2027Call IV premium
Call IV0.59
Put IV0.53
Skew-0.06
Contract Tape
Most active contracts
ContractMTRN261218P00250000
SidePut
Expiry18 Dec 2026
Strike250.00
Volume-
OI10
IV0.54
ContractMTRN270319P00220000
SidePut
Expiry19 Mar 2027
Strike220.00
Volume-
OI5
IV0.53
ContractMTRN270319C00290000
SideCall
Expiry19 Mar 2027
Strike290.00
Volume-
OI5
IV0.55
ContractMTRN270319P00280000
SidePut
Expiry19 Mar 2027
Strike280.00
Volume-
OI3
IV0.52
ContractMTRN261016P00175000
SidePut
Expiry16 Oct 2026
Strike175.00
Volume-
OI3
IV0.88
ContractMTRN270319P00300000
SidePut
Expiry19 Mar 2027
Strike300.00
Volume-
OI2
IV0.51
ContractMTRN270319C00180000
SideCall
Expiry19 Mar 2027
Strike180.00
Volume-
OI2
IV0.62
ContractMTRN261218P00330000
SidePut
Expiry18 Dec 2026
Strike330.00
Volume-
OI2
IV0.77
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.