Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
FSS options intelligence
Federal Signal Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 1 Aug 2026 22:41 · complete available chain
Call-side pressure
Bullish pressure
FSS currently carries bullish options pressure with a 50/100 conviction score. The nearest-chain expected move is 7.5%, with volume/open-interest participation at 0.16.
Expected move
7.5%
Wider near-term move priced
Activity / OI
0.16
Current volume is quieter versus prior open interest
Put-call
0.01
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+5.1%
RS -1.1
Expected move
7.5%
Put-call volume
0.01
Volume / OI
0.16
Reference IV
0.41
Max pain
120.00
Underlying
124.95
Nearest expiry
21 Aug 2026
Contracts
202
Research Brief
FSS has a bullish chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 115.60–134.30; The largest call open-interest concentration is 130.00; the largest put concentration is 110.00. The most active strike by current volume is 125.00.
Priced range115.60–134.30
Call concentration130.00
Put concentration110.00
Max pain reference120.00
- 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 115.60 to 134.30. Max pain at 120.00 sits inside that range, 4.0% below spot.
Spot
Max pain
115.60124.95 ± 9.35134.30
Confirmation level
A close beyond 134.30 or below 115.60 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 50/100
Pressure is 94/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure94 × 42%
+39.6
How strongly activity leans toward calls or puts.
Participation19 × 22%
+4.3
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility59 × 10%
+5.9
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 130.00; the largest put concentration is 110.00. The most active strike by current volume is 125.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
75.00-40.0%
2
11
85.00-32.0%
0
14
90.00-28.0%
0
7
95.00-24.0%
0
3
100.00-20.0%
0
17
105.00-16.0%
13
509
110.00-12.0%
4
3
115.00-8.0%
25
61
120.00-4.0%
138
61
125.000.0%
31
1
130.004.0%
191
0
135.008.0%
1
0
140.0012.0%
6
0
145.0016.0%
1
2
150.0020.0%
0
0
155.0024.0%
2
0
165.0032.1%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.41
21 Aug
21d
0.37
18 Sep
49d
0.41
20 Nov
112d
0.39
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
100
105
110
115
120
125
130
135
140
145
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
- 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
- 202 / 202
- 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 activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Options pressure and weekly price action are pointing in the same constructive direction.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $103208 of estimated gross traded notional, calls · 46-90 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+94
1W price+5.1%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.16
Volume divided by open interest across the visible chain.
Trend fit
0/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 46-90 days · OTM
calls cluster with 283 contracts traded, $97635 estimated gross traded notional, and 95% of visible notional.
$97635
Calls · 8-21 days · ATM
calls cluster with 6 contracts traded, $2970 estimated gross traded notional, and 3% of visible notional.
$2970
Calls · 91+ days · OTM
calls cluster with 1 contracts traded, $1340 estimated gross traded notional, and 1% of visible notional.
$1340
Calls · 8-21 days · ITM
calls cluster with 1 contracts traded, $1205 estimated gross traded notional, and 1% of visible notional.
$1205
Puts · 8-21 days · OTM
puts cluster with 2 contracts traded, $58 estimated gross traded notional, and 0% of visible notional.
$58
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.
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
Close124.95
1W+5.1%
RS-1.1
Fair value+32.7%
Options pressure94
Speculation19
Volatility59
Trend fit0
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 10:33
Volatility
Pressure 82
Move 11.6%
30 Jul 10:31
Volatility
Pressure -85
Move 13.2%
30 Jul 15:22
Bearish
Pressure -58
Move 8.6%
30 Jul 19:34
Bearish
Pressure -41
Move 8.8%
31 Jul 03:41
Bullish
Pressure 55
Move 8.9%
1 Aug 21:41
Bullish
Pressure 94
Move 7.5%
Strike Map
Where activity is clustering
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike75.00
Calls · V 0 · OI 2
Puts · V 0 · OI 1
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 14
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts44
Avg IV0.41
Put-call0.29
Expiry18 Sep 2026
Contracts46
Avg IV0.37
Put-call-
Expiry20 Nov 2026
Contracts56
Avg IV0.41
Put-call-
Expiry19 Feb 2027
Contracts56
Avg IV0.39
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.37
Put IV0.46
Skew0.10
18 Sep 2026Balanced skew
Call IV0.36
Put IV0.39
Skew0.03
20 Nov 2026Balanced skew
Call IV0.39
Put IV0.42
Skew0.04
19 Feb 2027Balanced skew
Call IV0.37
Put IV0.40
Skew0.03
Contract Tape
Most active contracts
ContractFSS260918C00135000
SideCall
Expiry18 Sep 2026
Strike135.00
Volume283
OI143
IV0.38
ContractFSS260821C00125000
SideCall
Expiry21 Aug 2026
Strike125.00
Volume6
OI31
IV0.41
ContractFSS260821P00100000
SidePut
Expiry21 Aug 2026
Strike100.00
Volume2
OI3
IV0.35
ContractFSS270219C00130000
SideCall
Expiry19 Feb 2027
Strike130.00
Volume1
OI87
IV0.39
ContractFSS260821C00115000
SideCall
Expiry21 Aug 2026
Strike115.00
Volume1
OI25
IV0.48
ContractFSS260821P00110000
SidePut
Expiry21 Aug 2026
Strike110.00
Volume-
OI509
IV0.57
ContractFSS260821C00130000
SideCall
Expiry21 Aug 2026
Strike130.00
Volume-
OI191
IV0.37
ContractFSS261120P00125000
SidePut
Expiry20 Nov 2026
Strike125.00
Volume-
OI166
IV0.41
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.