Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
WAY options intelligence
Waystar Holding Corp. Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 12 Aug 2026
Checked 13 Aug 2026 12:20 · complete available chain
Call-side pressure
Bullish pressure
WAY currently carries bullish options pressure with a 33/100 conviction score. The nearest-chain expected move is 8.6%, with volume/open-interest participation at 0.00.
Expected move
8.6%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.44
Call-side skew
Trend fit
20
Options are not fully confirming trend
Weekly backdrop
+14.8%
RS -26.7
Expected move
8.6%
Put-call volume
0.44
Volume / OI
0.00
Reference IV
0.60
Max pain
20.00
Underlying
24.23
Nearest expiry
21 Aug 2026
Contracts
174
Research Brief
WAY has a bullish chain read with 33/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 22.15–26.31; The largest call open-interest concentration is 25.00; the largest put concentration is 20.00. The most active strike by current volume is 22.50.
Priced range22.15–26.31
Call concentration25.00
Put concentration20.00
Max pain reference20.00
- 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 22.15 to 26.31. Max pain at 20.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
22.1524.23 ± 2.0826.31
Confirmation level
A close beyond 26.31 or below 22.15 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 33/100
Pressure is 46/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure46 × 42%
+19.2
How strongly activity leans toward calls or puts.
Participation3 × 22%
+0.6
Volume relative to existing open interest and contract-level activity.
Trend agreement20 × 26%
+5.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility76 × 10%
+7.6
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 25.00; the largest put concentration is 20.00. The most active strike by current volume is 22.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
5.00-79.4%
0
0
7.50-69.0%
0
1
10.00-58.7%
0
1
12.50-48.4%
0
12
15.00-38.1%
0
64
17.50-27.8%
3
94
20.00-17.5%
39
15
22.50-7.1%
775
6
25.003.2%
2109
0
27.5013.5%
34
0
30.0023.8%
7
0
32.5034.1%
0
0
35.0044.4%
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+$457,844Delta change / 1% move
Positive peak25.00+$358,044
Negative peak20.00-$8,583
Nearest balance20.37Interpolated sign change
StrikeNegativePositiveNet / 1% move
5.00-79.4%
+$1
7.50-69.0%
-$1
10.00-58.7%
-$20
12.50-48.4%
-$185
15.00-38.1%
-$23
17.50-27.8%
+$2,495
20.00-17.5%
-$8,583
22.50-7.1%
+$49,030
25.003.2%
+$358,044
27.5013.5%
+$20,098
30.0023.8%
+$3,196
32.5034.1%
+$2,168
35.0044.4%
+$7,601
37.5054.8%
+$659
40.0065.1%
+$64
42.5075.4%
+$20,072
45.0085.7%
+$984
47.5096.0%
+$12
50.00106.4%
+$15
52.50116.7%
+$2,140
55.00127.0%
+$41
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.
0.60
21 Aug
9d
0.52
18 Sep
37d
0.56
18 Dec
128d
0.52
15 Jan
156d
0.58
19 Mar
219d
0.59
21 Jan
527d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
20
23
25
28
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 174 / 174
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $8,210 of estimated gross traded notional, calls · 91+ 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+46
1W price+14.8%
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
0.00
Volume divided by open interest across the visible chain.
Trend fit
20/100
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 24 contracts traded, $7,380 estimated gross traded notional, and 90% of visible notional.
$7,380
Puts · 22-45 days · OTM
puts cluster with 9 contracts traded, $368 estimated gross traded notional, and 4% of visible notional.
$368
Calls · 8-21 days · ITM
calls cluster with 1 contracts traded, $218 estimated gross traded notional, and 3% of visible notional.
$218
Puts · 91+ days · OTM
puts cluster with 1 contracts traded, $128 estimated gross traded notional, and 2% of visible notional.
$128
Calls · 8-21 days · OTM
calls cluster with 2 contracts traded, $72 estimated gross traded notional, and 1% of visible notional.
$72
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.
Options positioning is not confirming the underlying trend context.
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
Close24.23
1W+14.8%
RS-26.7
Fair value-21.7%
Options pressure46
Speculation3
Volatility76
Trend fit20
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:45
Volatility
Pressure 100
Move 16.7%
30 Jul 10:41
Volatility
Pressure 100
Move 17.7%
31 Jul 10:25
Bullish
Pressure 45
Move 10.7%
1 Aug 05:06
Bullish
Pressure 47
Move 11.1%
2 Aug 13:24
Bullish
Pressure 47
Move 11.3%
4 Aug 10:33
Bullish
Pressure 51
Move 17.2%
5 Aug 11:04
Bullish
Pressure 63
Move 17.8%
6 Aug 11:12
Volatility
Pressure -37
Move 19.2%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike12.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike17.50
Calls · V 0 · OI 3
Puts · V 0 · OI 64
Strike20.00
Calls · V 0 · OI 39
Puts · V 1 · OI 94
Strike22.50
Calls · V 1 · OI 775
Puts · V 1 · OI 15
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.60
Put-call0.67
Expiry18 Sep 2026
Contracts32
Avg IV0.52
Put-call-
Expiry18 Dec 2026
Contracts26
Avg IV0.56
Put-call0.04
Expiry15 Jan 2027
Contracts44
Avg IV0.52
Put-call-
Expiry19 Mar 2027
Contracts18
Avg IV0.58
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.53
Put IV0.64
Skew0.11
18 Sep 2026Balanced skew
Call IV0.48
Put IV0.50
Skew0.02
18 Dec 2026Put IV premium
Call IV0.53
Put IV0.60
Skew0.07
15 Jan 2027Balanced skew
Call IV0.48
Put IV0.48
Skew-
19 Mar 2027Put IV premium
Call IV0.52
Put IV0.64
Skew0.12
Contract Tape
Most active contracts
ContractWAY261218C00025000
SideCall
Expiry18 Dec 2026
Strike25.00
Volume24
OI72
IV0.54
ContractWAY260918P00020000
SidePut
Expiry18 Sep 2026
Strike20.00
Volume8
OI168
IV0.65
ContractWAY260821C00022500
SideCall
Expiry21 Aug 2026
Strike22.50
Volume1
OI775
IV0.48
ContractWAY260918P00022500
SidePut
Expiry18 Sep 2026
Strike22.50
Volume1
OI105
IV0.50
ContractWAY260821P00020000
SidePut
Expiry21 Aug 2026
Strike20.00
Volume1
OI94
IV0.59
ContractWAY260821C00027500
SideCall
Expiry21 Aug 2026
Strike27.50
Volume1
OI34
IV0.35
ContractWAY261218P00020000
SidePut
Expiry18 Dec 2026
Strike20.00
Volume1
OI29
IV0.60
ContractWAY260821P00022500
SidePut
Expiry21 Aug 2026
Strike22.50
Volume1
OI15
IV0.64
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.