Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
CHWY options intelligence
Chewy Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:42 · complete available chain
Options-market disagreement
Mixed pressure
CHWY currently carries mixed options pressure with a 32/100 conviction score. The nearest-chain expected move is 5.2%, with volume/open-interest participation at 0.03.
Expected move
5.2%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.91
Balanced tape
Trend fit
56
Options are not fully confirming trend
Weekly backdrop
+8.3%
RS -30.2
Expected move
5.2%
Put-call volume
0.91
Volume / OI
0.03
Reference IV
0.49
Max pain
22.00
Underlying
22.60
Nearest expiry
7 Aug 2026
Contracts
658
Research Brief
CHWY has a mixed chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 21.43–23.77; The largest call open-interest concentration is 23.00; the largest put concentration is 20.00. The most active strike by current volume is 24.50.
Priced range21.43–23.77
Call concentration23.00
Put concentration20.00
Max pain reference22.00
- A clear directional pressure reading develops and price begins to agree.
- 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 21.43 to 23.77. Max pain at 22.00 sits inside that range, 2.7% below spot.
Spot
Max pain
21.4322.60 ± 1.1723.77
Confirmation level
A close beyond 23.77 or below 21.43 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 32/100
Pressure is 8/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure8 × 42%
+3.4
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement56 × 26%
+14.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility55 × 10%
+5.5
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 23.00; the largest put concentration is 20.00. The most active strike by current volume is 24.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
25
13.00-42.5%
9
50
17.00-24.8%
4
205
18.00-20.4%
8
149
19.00-15.9%
253
66
19.50-13.7%
5
924
20.00-11.5%
119
34
20.50-9.3%
19
830
21.00-7.1%
162
330
21.50-4.9%
136
627
22.00-2.7%
665
23
22.50-0.4%
206
53
23.001.8%
752
0
23.504.0%
606
17
24.006.2%
733
4
24.508.4%
177
12
25.0010.6%
248
0
28.0023.9%
50
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.49
7 Aug
7d
0.51
14 Aug
14d
0.51
21 Aug
21d
0.54
28 Aug
28d
0.57
4 Sep
35d
0.55
11 Sep
42d
0.58
18 Sep
49d
0.58
16 Oct
77d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 658 / 658
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $554000 of estimated gross traded notional, calls · 91+ days · otm, 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+8
1W price+8.3%
Call premium74%
Put premium26%
Notional split
C 74% / P 26%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
56/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 383 contracts traded, $75757 estimated gross traded notional, and 14% of visible notional.
$75757
Calls · 8-21 days · ITM
calls cluster with 333 contracts traded, $63308 estimated gross traded notional, and 11% of visible notional.
$63308
Calls · 91+ days · ATM
calls cluster with 184 contracts traded, $56954 estimated gross traded notional, and 10% of visible notional.
$56954
Calls · 46-90 days · OTM
calls cluster with 495 contracts traded, $54011 estimated gross traded notional, and 10% of visible notional.
$54011
Puts · 8-21 days · OTM
puts cluster with 1553 contracts traded, $48716 estimated gross traded notional, and 9% of visible notional.
$48716
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
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
Close22.60
1W+8.3%
RS-30.2
Fair value-19.7%
Options pressure8
Speculation41
Volatility55
Trend fit56
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 10:29
Bullish
Pressure 37
Move 9.9%
30 Jul 07:57
Bullish
Pressure 53
Move 10.6%
31 Jul 09:04
Mixed
Pressure 18
Move 8.7%
31 Jul 15:30
Bullish
Pressure 23
Move 7.3%
31 Jul 19:05
Bullish
Pressure 38
Move 8.0%
31 Jul 21:49
Bullish
Pressure 25
Move 8.1%
1 Aug 08:47
Mixed
Pressure 8
Move 9.2%
1 Aug 14:42
Mixed
Pressure 8
Move 5.2%
Strike Map
Where activity is clustering
Strike9.00
Calls · V 1 · OI 0
Puts · V 0 · OI 2
Strike10.00
Calls · V 0 · OI 3
Puts · V 0 · OI 1
Strike11.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike12.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike13.00
Calls · V 11 · OI 9
Puts · V 0 · OI 25
Strike14.00
Calls · V 0 · OI 1
Puts · V 0 · OI 12
Strike15.00
Calls · V 7 · OI 2
Puts · V 0 · OI 27
Strike15.50
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts68
Avg IV0.49
Put-call0.28
Expiry14 Aug 2026
Contracts68
Avg IV0.51
Put-call0.93
Expiry21 Aug 2026
Contracts84
Avg IV0.51
Put-call3.87
Expiry28 Aug 2026
Contracts62
Avg IV0.54
Put-call5.00
Expiry4 Sep 2026
Contracts64
Avg IV0.57
Put-call0.62
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.48
Put IV0.51
Skew0.03
14 Aug 2026Balanced skew
Call IV0.51
Put IV0.54
Skew0.03
21 Aug 2026Balanced skew
Call IV0.50
Put IV0.54
Skew0.04
28 Aug 2026Balanced skew
Call IV0.52
Put IV0.53
Skew0.01
4 Sep 2026Put IV premium
Call IV0.59
Put IV1.11
Skew0.52
Contract Tape
Most active contracts
ContractCHWY260821P00020500
SidePut
Expiry21 Aug 2026
Strike20.50
Volume1001
OI283
IV0.55
ContractCHWY260807C00024500
SideCall
Expiry7 Aug 2026
Strike24.50
Volume515
OI177
IV0.50
ContractCHWY260828P00019000
SidePut
Expiry28 Aug 2026
Strike19.00
Volume450
OI14
IV0.59
ContractCHWY260814P00019500
SidePut
Expiry14 Aug 2026
Strike19.50
Volume241
OI52
IV0.52
ContractCHWY261016C00025000
SideCall
Expiry16 Oct 2026
Strike25.00
Volume206
OI1368
IV0.56
ContractCHWY270115C00027500
SideCall
Expiry15 Jan 2027
Strike27.50
Volume198
OI1512
IV0.56
ContractCHWY260807C00023500
SideCall
Expiry7 Aug 2026
Strike23.50
Volume198
OI606
IV0.48
ContractCHWY261120P00015000
SidePut
Expiry20 Nov 2026
Strike15.00
Volume191
OI404
IV0.65
Research Graph
Related research and context
Sharemaestro research
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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.