Primary read
Bullish
Speculative participation surge
Ticker Options Intelligence
FHI options intelligence
Federated Investors Inc B options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
62
Market data through 4 Aug 2026
Checked 5 Aug 2026 13:52 · complete available chain
Speculative participation surge
Bullish pressure
FHI currently carries bullish options pressure with a 62/100 conviction score. The nearest-chain expected move is 3.7%, with volume/open-interest participation at 1.61.
Expected move
3.7%
Near-term move context
Activity / OI
1.61
Current volume is elevated versus prior open interest
Put-call
0.04
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+3.5%
RS 2.8
Expected move
3.7%
Put-call volume
0.04
Volume / OI
1.61
Reference IV
0.17
Max pain
60.00
Underlying
59.96
Nearest expiry
21 Aug 2026
Contracts
140
Research Brief
FHI has a bullish chain read with 62/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 57.75–62.17; The largest call open-interest concentration is 60.00; the largest put concentration is 60.00. The most active strike by current volume is 52.50.
Priced range57.75–62.17
Call concentration60.00
Put concentration60.00
Max pain reference60.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 57.75 to 62.17. Max pain at 60.00 sits inside that range, 0.1% above spot.
Spot
Max pain
57.7559.96 ± 2.2162.17
Confirmation level
A close beyond 62.17 or below 57.75 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 62/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation77 × 22%
+17.0
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.
Volatility27 × 10%
+2.7
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 60.00; the largest put concentration is 60.00. The most active strike by current volume is 52.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
35.00-41.6%
0
0
37.50-37.5%
0
1
40.00-33.3%
0
0
42.50-29.1%
0
0
45.00-24.9%
0
0
47.50-20.8%
0
0
50.00-16.6%
0
4
52.50-12.4%
0
2
55.00-8.3%
0
2
57.50-4.1%
2
8
60.000.1%
6
0
62.504.2%
1
0
65.008.4%
0
0
67.5012.6%
0
0
70.0016.7%
0
0
75.0025.1%
0
0
80.0033.4%
0
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+$60,458Delta change / 1% move
Positive peak60.00+$48,032
Negative peak55.00-$296
Nearest balance56.02Interpolated sign change
StrikeNegativePositiveNet / 1% move
32.50-45.8%
-$15
40.00-33.3%
-$2
42.50-29.1%
+$0
47.50-20.8%
-$6
50.00-16.6%
-$23
52.50-12.4%
-$142
55.00-8.3%
-$296
57.50-4.1%
+$429
60.000.1%
+$48,032
62.504.2%
+$1,163
65.008.4%
+$11,082
67.5012.6%
+$133
70.0016.7%
-$105
75.0025.1%
+$208
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.17
21 Aug
17d
0.17
18 Sep
45d
0.27
16 Oct
73d
0.24
15 Jan
164d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
50
53
55
58
60
63
65
68
70
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 4 Aug 2026
- Calculation
- v2.0
- Contracts
- 140 / 140
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Options pressure and weekly price action are pointing in the same constructive direction.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $21,008 of estimated gross traded notional, calls · 46-90 days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+100
1W price+3.5%
Call premium94%
Put premium6%
Notional split
C 94% / P 6%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.61
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 · 46-90 days · OTM
calls cluster with 300 contracts traded, $17,250 estimated gross traded notional, and 82% of visible notional.
$17,250
Calls · 91+ days · OTM
calls cluster with 5 contracts traded, $2,300 estimated gross traded notional, and 11% of visible notional.
$2,300
Puts · 46-90 days · ITM
puts cluster with 1 contracts traded, $500 estimated gross traded notional, and 2% of visible notional.
$500
Puts · 8-21 days · OTM
puts cluster with 8 contracts traded, $296 estimated gross traded notional, and 1% of visible notional.
$296
Puts · 22-45 days · ATM
puts cluster with 2 contracts traded, $270 estimated gross traded notional, and 1% of visible notional.
$270
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
5 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 5 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close59.96
1W+3.5%
RS2.8
Fair value+46.2%
Options pressure100
Speculation77
Volatility27
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:43
Mixed
Pressure 8
Move 6.2%
30 Jul 10:39
Bullish
Pressure 100
Move 7.0%
30 Jul 15:23
Bullish
Pressure 37
Move 6.1%
30 Jul 15:39
Bullish
Pressure 37
Move 5.6%
31 Jul 12:22
Bearish
Pressure -35
Move 7.8%
31 Jul 14:19
Bullish
Pressure 45
Move 5.6%
2 Aug 17:18
Bullish
Pressure 70
Move 5.6%
3 Aug 21:35
Volatility
Pressure 45
Move 11.3%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike52.50
Calls · V 0 · OI 0
Puts · V 4 · OI 4
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts34
Avg IV0.17
Put-call-
Expiry18 Sep 2026
Contracts34
Avg IV0.17
Put-call2.00
Expiry16 Oct 2026
Contracts36
Avg IV0.27
Put-call0.00
Expiry15 Jan 2027
Contracts36
Avg IV0.24
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.37
Put IV0.24
Skew-0.13
18 Sep 2026Put IV premium
Call IV0.09
Put IV0.15
Skew0.06
16 Oct 2026Put IV premium
Call IV0.28
Put IV0.50
Skew0.22
15 Jan 2027Put IV premium
Call IV0.25
Put IV0.36
Skew0.11
Contract Tape
Most active contracts
ContractFHI261016C00075000
SideCall
Expiry16 Oct 2026
Strike75.00
Volume300
OI2
IV0.28
ContractFHI270115C00065000
SideCall
Expiry15 Jan 2027
Strike65.00
Volume5
OI15
IV0.24
ContractFHI260821P00052500
SidePut
Expiry21 Aug 2026
Strike52.50
Volume4
OI4
IV0.40
ContractFHI260821P00057500
SidePut
Expiry21 Aug 2026
Strike57.50
Volume4
OI2
IV0.24
ContractFHI260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume2
OI-
IV0.39
ContractFHI260918C00065000
SideCall
Expiry18 Sep 2026
Strike65.00
Volume1
OI3
IV0.26
ContractFHI260821P00062500
SidePut
Expiry21 Aug 2026
Strike62.50
Volume1
OI-
IV0.45
ContractFHI261016P00067500
SidePut
Expiry16 Oct 2026
Strike67.50
Volume1
OI-
IV0.33
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.