Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
SPXC options intelligence
SPX Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 4 Aug 2026
Checked 4 Aug 2026 16:50 · complete available chain
Options-market disagreement
Mixed pressure
SPXC currently carries mixed options pressure with a 35/100 conviction score. The nearest-chain expected move is 8.3%, with volume/open-interest participation at 0.12.
Expected move
8.3%
Wider near-term move priced
Activity / OI
0.12
Current volume is quieter versus prior open interest
Put-call
0.73
Call-side skew
Trend fit
82
Options agree with trend context
Weekly backdrop
-0.2%
RS -3.4
Expected move
8.3%
Put-call volume
0.73
Volume / OI
0.12
Reference IV
0.53
Max pain
220.00
Underlying
219.62
Nearest expiry
21 Aug 2026
Contracts
160
Research Brief
SPXC has a mixed chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 201.42–237.82; The largest call open-interest concentration is 250.00; the largest put concentration is 210.00. The most active strike by current volume is 250.00.
Priced range201.42–237.82
Call concentration250.00
Put concentration210.00
Max pain reference220.00
- 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 201.42 to 237.82. Max pain at 220.00 sits inside that range, 0.2% above spot.
Spot
Max pain
201.42219.62 ± 18.20237.82
Confirmation level
A close beyond 237.82 or below 201.42 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 35/100
Pressure is 7/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure7 × 42%
+2.9
How strongly activity leans toward calls or puts.
Participation19 × 22%
+4.1
Volume relative to existing open interest and contract-level activity.
Trend agreement82 × 26%
+21.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility70 × 10%
+7.0
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 250.00; the largest put concentration is 210.00. The most active strike by current volume is 250.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
8
150.00-31.7%
0
6
155.00-29.4%
1
15
165.00-24.9%
0
10
170.00-22.6%
0
4
180.00-18.0%
42
2
185.00-15.8%
3
11
190.00-13.5%
1
9
195.00-11.2%
1
38
200.00-8.9%
14
260
210.00-4.4%
4
249
220.000.2%
19
9
230.004.7%
21
2
240.009.3%
16
0
250.0013.8%
139
0
260.0018.4%
16
0
280.0027.5%
7
0
340.0054.8%
4
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$302,985Delta change / 1% move
Positive peak250.00+$78,018
Negative peak220.00-$140,440
Nearest balance227.76Interpolated sign change
StrikeNegativePositiveNet / 1% move
145.00-34.0%
-$1,248
150.00-31.7%
-$2,033
155.00-29.4%
-$1,804
160.00-27.1%
-$1,983
165.00-24.9%
-$1,779
170.00-22.6%
-$73,350
175.00-20.3%
+$1,329
180.00-18.0%
+$876
185.00-15.8%
-$2,212
190.00-13.5%
-$103,530
195.00-11.2%
-$15,581
200.00-8.9%
-$22,931
210.00-4.4%
-$126,732
220.000.2%
-$140,440
230.004.7%
+$40,641
240.009.3%
+$18,389
250.0013.8%
+$78,018
260.0018.4%
+$9,755
270.0022.9%
+$5,031
280.0027.5%
+$5,253
290.0032.0%
+$1,695
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.
0.53
21 Aug
17d
0.47
18 Sep
45d
0.47
18 Dec
136d
0.47
19 Mar
227d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
180
185
190
195
200
210
220
230
240
250
260
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
- 160 / 160
- 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: $657,875 of estimated gross traded notional, calls · 91+ days · itm, 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+7
1W price-0.2%
Call premium68%
Put premium32%
Notional split
C 68% / P 32%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.12
Volume divided by open interest across the visible chain.
Trend fit
82/100
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 · ITM
calls cluster with 33 contracts traded, $185,855 estimated gross traded notional, and 28% of visible notional.
$185,855
Calls · 22-45 days · ITM
calls cluster with 30 contracts traded, $121,935 estimated gross traded notional, and 19% of visible notional.
$121,935
Calls · 8-21 days · ITM
calls cluster with 26 contracts traded, $84,130 estimated gross traded notional, and 13% of visible notional.
$84,130
Puts · 22-45 days · ITM
puts cluster with 8 contracts traded, $51,990 estimated gross traded notional, and 8% of visible notional.
$51,990
Puts · 91+ days · ITM
puts cluster with 11 contracts traded, $51,190 estimated gross traded notional, and 8% of visible notional.
$51,190
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Underlying price is close to the max-pain zone.
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
Close219.62
1W-0.2%
RS-3.4
Fair value+39.8%
Options pressure7
Speculation19
Volatility70
Trend fit82
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 - · 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
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:27
Bullish
Pressure 32
Move 11.6%
30 Jul 00:57
Mixed
Pressure 1
Move 15.8%
30 Jul 15:39
Volatility
Pressure 35
Move 12.8%
30 Jul 16:31
Volatility
Pressure 36
Move 12.8%
30 Jul 19:33
Volatility
Pressure -59
Move 12.2%
31 Jul 11:08
Volatility
Pressure -80
Move 12.3%
1 Aug 00:25
Bearish
Pressure -46
Move 8.6%
1 Aug 01:03
Bearish
Pressure -61
Move 8.6%
Strike Map
Where activity is clustering
Strike150.00
Calls · V 0 · OI 0
Puts · V 1 · OI 8
Strike155.00
Calls · V 2 · OI 1
Puts · V 5 · OI 6
Strike160.00
Calls · V 2 · OI 1
Puts · V 1 · OI 2
Strike165.00
Calls · V 0 · OI 0
Puts · V 3 · OI 15
Strike170.00
Calls · V 3 · OI 0
Puts · V 0 · OI 10
Strike175.00
Calls · V 0 · OI 3
Puts · V 0 · OI 1
Strike180.00
Calls · V 6 · OI 42
Puts · V 3 · OI 4
Strike185.00
Calls · V 5 · OI 3
Puts · V 1 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts40
Avg IV0.53
Put-call0.53
Expiry18 Sep 2026
Contracts52
Avg IV0.47
Put-call0.69
Expiry18 Dec 2026
Contracts46
Avg IV0.47
Put-call1.33
Expiry19 Mar 2027
Contracts22
Avg IV0.47
Put-call0.13
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.53
Put IV0.57
Skew0.04
18 Sep 2026Balanced skew
Call IV0.47
Put IV0.48
Skew0.01
18 Dec 2026Balanced skew
Call IV0.48
Put IV0.46
Skew-0.02
19 Mar 2027Balanced skew
Call IV0.49
Put IV0.45
Skew-0.04
Contract Tape
Most active contracts
ContractSPXC260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume-
OI10
IV0.73
ContractSPXC261218C00310000
SideCall
Expiry18 Dec 2026
Strike310.00
Volume-
OI6
IV0.54
ContractSPXC270319C00300000
SideCall
Expiry19 Mar 2027
Strike300.00
Volume-
OI5
IV0.48
ContractSPXC260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume-
OI3
IV0.59
ContractSPXC261218P00120000
SidePut
Expiry18 Dec 2026
Strike120.00
Volume-
OI2
IV0.62
ContractSPXC260918C00310000
SideCall
Expiry18 Sep 2026
Strike310.00
Volume-
OI2
IV0.79
ContractSPXC270319C00250000
SideCall
Expiry19 Mar 2027
Strike250.00
Volume-
OI1
IV0.48
ContractSPXC270319C00240000
SideCall
Expiry19 Mar 2027
Strike240.00
Volume-
OI1
IV0.49
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.