Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
GRPM options intelligence
INVESCO EXCHANGE TRADED FD TR S&P MIDCAP 400 GARP ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
28
Market data through 2 Sep 2026
Checked 3 Sep 2026 13:25 · complete available chain
Options-market disagreement
Mixed pressure
GRPM currently carries mixed options pressure with a 28/100 conviction score. The nearest-chain expected move is 2.6%, with volume/open-interest participation at 0.00.
Expected move
2.6%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
81
Options agree with trend context
Weekly backdrop
+0.8%
RS 6.2
Expected move
2.6%
Put-call volume
-
Volume / OI
-
Reference IV
0.12
Max pain
118.00
Underlying
145.76
Nearest expiry
18 Sep 2026
Contracts
328
Research Brief
GRPM has a mixed chain read with 28/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 141.99–149.52; The largest call open-interest concentration is 118.00; the largest put concentration is 118.00. The most active strike by current volume is 118.00.
Priced range141.99–149.52
Call concentration118.00
Put concentration118.00
Max pain reference118.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 141.99 to 149.52. Max pain at 118.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
141.99145.76 ± 3.77149.52
Confirmation level
A close beyond 149.52 or below 141.99 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 28/100
Pressure is 12/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure12 × 42%
+5.0
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement81 × 26%
+21.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility19 × 10%
+1.9
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 118.00; the largest put concentration is 118.00. The most active strike by current volume is 118.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
118.00-19.0%
0
0
119.00-18.4%
0
0
120.00-17.7%
0
0
121.00-17.0%
0
0
122.00-16.3%
0
0
123.00-15.6%
0
0
124.00-14.9%
0
0
125.00-14.2%
0
0
126.00-13.6%
0
0
127.00-12.9%
0
0
128.00-12.2%
0
0
129.00-11.5%
0
0
130.00-10.8%
0
0
131.00-10.1%
0
0
132.00-9.4%
0
0
133.00-8.8%
0
0
134.00-8.1%
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+$1,318Delta change / 1% move
Positive peak155.00+$1,318
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
117.00-19.7%
+$0
121.00-17.0%
+$0
128.00-12.2%
+$0
155.006.3%
+$1,318
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.
0.12
18 Sep
16d
0.14
16 Oct
44d
0.19
15 Jan
135d
0.19
16 Apr
226d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
118
120
122
124
126
128
130
132
134
136
138
139
141
143
145
147
149
151
153
155
157
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
6 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move6.2%
19 Aug
Mixed · 27
0.9% through expiry
0.7% priced · v2.0
5 Aug
Mixed · 28
6.8% through expiry
3.0% priced · v2.0
4 Aug
Mixed · 28
6.8% through expiry
3.2% priced · v2.0
3 Aug
Mixed · 28
6.8% through expiry
3.2% priced · v2.0
31 Jul
Mixed · 28
6.8% through expiry
3.6% priced · v2.0
30 Jul
Mixed · 29
8.8% through expiry
4.3% 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 2 Sep 2026
- Calculation
- v2.0
- Contracts
- 328 / 328
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+12
1W price+0.8%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
81/100
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.
No high-conviction option cluster is visible in this snapshot.
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Activity Anomaly
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close145.76
1W+0.8%
RS6.2
Fair value+29.5%
Options pressure12
Speculation0
Volatility19
Trend fit81
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:29
Mixed
Pressure 12
Move 5.2%
30 Jul 12:06
Mixed
Pressure 12
Move 4.0%
31 Jul 11:45
Mixed
Pressure 12
Move 4.3%
3 Aug 10:43
Mixed
Pressure 12
Move 3.6%
4 Aug 11:54
Mixed
Pressure 12
Move 3.2%
5 Aug 12:23
Mixed
Pressure 12
Move 3.2%
6 Aug 12:30
Mixed
Pressure 12
Move 3.0%
20 Aug 02:13
Mixed
Pressure 12
Move 0.7%
Strike Map
Where activity is clustering
Strike118.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike119.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike121.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike122.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike123.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike124.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts80
Avg IV0.12
Put-call-
Expiry16 Oct 2026
Contracts108
Avg IV0.14
Put-call-
Expiry15 Jan 2027
Contracts82
Avg IV0.19
Put-call-
Expiry16 Apr 2027
Contracts58
Avg IV0.19
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.04
Put IV0.19
Skew0.15
16 Oct 2026Put IV premium
Call IV0.01
Put IV0.22
Skew0.20
15 Jan 2027Put IV premium
Call IV0.15
Put IV0.21
Skew0.06
16 Apr 2027Balanced skew
Call IV0.16
Put IV0.21
Skew0.05
Contract Tape
Most active contracts
ContractGRPM261016C00121000
SideCall
Expiry16 Oct 2026
Strike121.00
Volume-
OI7
IV0.01
ContractGRPM270115C00117000
SideCall
Expiry15 Jan 2027
Strike117.00
Volume-
OI5
IV0.01
ContractGRPM270416C00155000
SideCall
Expiry16 Apr 2027
Strike155.00
Volume-
OI3
IV0.16
ContractGRPM261016C00128000
SideCall
Expiry16 Oct 2026
Strike128.00
Volume-
OI1
IV0.01
ContractGRPM260918P00120000
SidePut
Expiry18 Sep 2026
Strike120.00
Volume-
OI-
IV0.33
ContractGRPM260918C00121000
SideCall
Expiry18 Sep 2026
Strike121.00
Volume-
OI-
IV0.01
ContractGRPM260918C00119000
SideCall
Expiry18 Sep 2026
Strike119.00
Volume-
OI-
IV0.01
ContractGRPM260918P00122000
SidePut
Expiry18 Sep 2026
Strike122.00
Volume-
OI-
IV0.31
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.