Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FEZ options intelligence
STATE STREET SPDR EURO STOXX 50 ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 31 Jul 2026
Checked 2 Aug 2026 19:15 · complete available chain
Call-side pressure
Bullish pressure
FEZ currently carries bullish options pressure with a 40/100 conviction score. The nearest-chain expected move is 2.0%, with volume/open-interest participation at 0.06.
Expected move
2.0%
Near-term move context
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.55
Call-side skew
Trend fit
70
Options agree with trend context
Weekly backdrop
+3.1%
RS -0.1
Expected move
2.0%
Put-call volume
0.55
Volume / OI
0.06
Reference IV
0.46
Max pain
71.50
Underlying
69.77
Nearest expiry
7 Aug 2026
Contracts
306
Research Brief
FEZ has a bullish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 68.34–71.20; The largest call open-interest concentration is 69.00; the largest put concentration is 70.00. The most active strike by current volume is 69.50.
Priced range68.34–71.20
Call concentration69.00
Put concentration70.00
Max pain reference71.50
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
- 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 68.34 to 71.20. Max pain at 71.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
68.3469.77 ± 1.4371.20
Confirmation level
A close beyond 71.20 or below 68.34 at the 7 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 40/100
Pressure is 21/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure21 × 42%
+8.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement70 × 26%
+18.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility40 × 10%
+4.0
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 69.00; the largest put concentration is 70.00. The most active strike by current volume is 69.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
45.00-35.5%
1
0
50.00-28.3%
1
0
57.00-18.3%
1
0
58.00-16.9%
1
2
64.00-8.3%
0
1
66.50-4.7%
0
5
67.50-3.3%
0
9
68.00-2.5%
1
3
68.50-1.8%
1
0
69.00-1.1%
4
0
69.50-0.4%
0
47
70.000.3%
1
0
70.501.0%
4
44
71.502.5%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$804,954Delta change / 1% move
Positive peak71.00+$2.3M
Negative peak64.00-$4.0M
Nearest balance68.48Interpolated sign change
StrikeNegativePositiveNet / 1% move
64.00-8.3%
-$4.0M
64.50-7.6%
-$23,467
65.00-6.8%
-$391,888
66.00-5.4%
-$134,901
66.50-4.7%
-$627
67.00-4.0%
-$360,820
67.50-3.3%
-$4,554
68.00-2.5%
-$172,083
68.50-1.8%
+$8,136
69.00-1.1%
+$390,127
69.50-0.4%
+$7,622
70.000.3%
+$2.0M
70.501.0%
+$1,706
71.001.8%
+$2.3M
71.502.5%
-$17,745
72.003.2%
+$290,600
72.503.9%
+$47,055
73.004.6%
+$545,966
74.006.1%
+$74,441
75.007.5%
+$122,680
76.008.9%
+$16,693
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
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.46
7 Aug
7d
0.52
14 Aug
14d
0.18
21 Aug
21d
0.44
28 Aug
28d
0.21
18 Sep
49d
0.19
20 Nov
112d
0.20
15 Jan
168d
0.34
19 Feb
203d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
57
58
64
67
68
68
69
69
70
70
71
72
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move3.1%
30 Jul
Mixed · 38
3.1% through expiry
2.0% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 306 / 306
- 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
Call-heavy activity with trend alignment
Call concentration and the underlying trend align, but aggregate volume cannot establish whether calls were bought or sold.
Options pressure and weekly price action are pointing in the same constructive direction.
Call-heavy activity with trend alignment matters because it connects the options headline to the actual evidence: $3.4M of estimated gross traded notional, calls · 91+ days · itm, 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+21
1W price+3.1%
Call premium89%
Put premium11%
Notional split
C 89% / P 11%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
70/100
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 1065 contracts traded, $1.6M estimated gross traded notional, and 46% of visible notional.
$1.6M
Calls · 8-21 days · ITM
calls cluster with 1329 contracts traded, $1.1M estimated gross traded notional, and 33% of visible notional.
$1.1M
Calls · 91+ days · ATM
calls cluster with 1029 contracts traded, $268,132 estimated gross traded notional, and 8% of visible notional.
$268,132
Puts · 91+ days · OTM
puts cluster with 1016 contracts traded, $152,096 estimated gross traded notional, and 4% of visible notional.
$152,096
Puts · 91+ days · ITM
puts cluster with 98 contracts traded, $103,815 estimated gross traded notional, and 3% of visible notional.
$103,815
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
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
Close69.77
1W+3.1%
RS-0.1
Fair value+29.4%
Options pressure21
Speculation41
Volatility40
Trend fit70
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 12:21
Bullish
Pressure 75
Move 2.3%
30 Jul 11:58
Bearish
Pressure -24
Move 1.1%
31 Jul 11:35
Mixed
Pressure 16
Move 2.0%
2 Aug 17:59
Bearish
Pressure -28
Move 2.0%
2 Aug 18:15
Bullish
Pressure 21
Move 2.0%
Strike Map
Where activity is clustering
Strike45.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike57.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike58.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike64.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike66.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike67.50
Calls · V 0 · OI 0
Puts · V 4 · OI 5
Strike68.00
Calls · V 0 · OI 1
Puts · V 0 · OI 9
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts17
Avg IV0.46
Put-call0.67
Expiry14 Aug 2026
Contracts7
Avg IV0.52
Put-call2.00
Expiry21 Aug 2026
Contracts67
Avg IV0.18
Put-call0.43
Expiry28 Aug 2026
Contracts10
Avg IV0.44
Put-call0.50
Expiry18 Sep 2026
Contracts15
Avg IV0.21
Put-call6.60
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV0.78
Put IV0.56
Skew-0.22
14 Aug 2026Incomplete skew
Call IV-
Put IV0.41
Skew-
21 Aug 2026Put IV premium
Call IV0.16
Put IV0.22
Skew0.06
28 Aug 2026Put IV premium
Call IV0.26
Put IV0.43
Skew0.17
18 Sep 2026Balanced skew
Call IV0.18
Put IV0.20
Skew0.02
Contract Tape
Most active contracts
ContractFEZ260918P00068000
SidePut
Expiry18 Sep 2026
Strike68.00
Volume-
OI1110
IV0.19
ContractFEZ260918P00064000
SidePut
Expiry18 Sep 2026
Strike64.00
Volume-
OI726
IV0.24
ContractFEZ260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume-
OI709
IV0.32
ContractFEZ260918P00061000
SidePut
Expiry18 Sep 2026
Strike61.00
Volume-
OI250
IV0.33
ContractFEZ260821C00072500
SideCall
Expiry21 Aug 2026
Strike72.50
Volume-
OI105
IV0.16
ContractFEZ260918C00068000
SideCall
Expiry18 Sep 2026
Strike68.00
Volume-
OI76
IV0.23
ContractFEZ260828P00064500
SidePut
Expiry28 Aug 2026
Strike64.50
Volume-
OI72
IV0.52
ContractFEZ260807P00070000
SidePut
Expiry7 Aug 2026
Strike70.00
Volume-
OI47
IV0.37
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.