Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
TER options intelligence
Teradyne Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 1 Aug 2026 16:41 · complete available chain
Volatility expansion watch
Volatility pressure
TER currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 11.5%, with volume/open-interest participation at 0.17.
Expected move
11.5%
Wider near-term move priced
Activity / OI
0.17
Current volume is quieter versus prior open interest
Put-call
0.66
Call-side skew
Trend fit
87
Options agree with trend context
Weekly backdrop
+5.1%
RS 33.9
Expected move
11.5%
Put-call volume
0.66
Volume / OI
0.17
Reference IV
1.04
Max pain
335.00
Underlying
367.69
Nearest expiry
7 Aug 2026
Contracts
1892
Research Brief
TER has a volatility 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 325.54–409.84; The largest call open-interest concentration is 390.00; the largest put concentration is 240.00. The most active strike by current volume is 360.00.
Priced range325.54–409.84
Call concentration390.00
Put concentration240.00
Max pain reference335.00
- 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.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 325.54 to 409.84. Max pain at 335.00 sits inside that range, 8.9% below spot.
Spot
Max pain
325.54367.69 ± 42.15409.84
Confirmation level
A close beyond 409.84 or below 325.54 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 50/100
Pressure is 19/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure19 × 42%
+7.9
How strongly activity leans toward calls or puts.
Participation44 × 22%
+9.7
Volume relative to existing open interest and contract-level activity.
Trend agreement87 × 26%
+22.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 390.00; the largest put concentration is 240.00. The most active strike by current volume is 360.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
557
240.00-34.7%
1
17
280.00-23.8%
202
423
300.00-18.4%
16
434
320.00-13.0%
8
50
350.00-4.8%
10
10
355.00-3.5%
15
20
360.00-2.1%
36
1
362.50-1.4%
11
0
387.505.4%
2
8
390.006.1%
422
0
397.508.1%
1
8
400.008.8%
129
0
420.0014.2%
32
1
425.0015.6%
9
0
430.0016.9%
23
1
450.0022.4%
19
0
580.0057.7%
140
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.04
7 Aug
7d
1.01
14 Aug
14d
1.00
21 Aug
21d
0.99
28 Aug
28d
0.98
4 Sep
35d
0.95
11 Sep
42d
0.95
18 Sep
49d
0.94
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
295
303
310
318
325
330
338
345
353
360
368
375
383
390
398
405
410
418
425
433
440
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
- 1892 / 1892
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $24.1M of estimated gross traded notional, calls · 0-7 days · atm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+19
1W price+5.1%
Call premium60%
Put premium40%
Notional split
C 60% / P 40%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.17
Volume divided by open interest across the visible chain.
Trend fit
87/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 0-7 days · ATM
calls cluster with 1646 contracts traded, $4.2M estimated gross traded notional, and 17% of visible notional.
$4.2M
Puts · 0-7 days · OTM
puts cluster with 2153 contracts traded, $2.8M estimated gross traded notional, and 12% of visible notional.
$2.8M
Calls · 0-7 days · OTM
calls cluster with 3029 contracts traded, $2.7M estimated gross traded notional, and 11% of visible notional.
$2.7M
Calls · 8-21 days · OTM
calls cluster with 1465 contracts traded, $2.5M estimated gross traded notional, and 10% of visible notional.
$2.5M
Calls · 91+ days · OTM
calls cluster with 665 contracts traded, $2.2M estimated gross traded notional, and 9% of visible notional.
$2.2M
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.
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
Close367.69
1W+5.1%
RS33.9
Fair value+133.3%
Options pressure19
Speculation44
Volatility96
Trend fit87
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 10:06
Mixed
Pressure -4
Move 15.2%
30 Jul 09:32
Volatility
Pressure -12
Move 10.9%
30 Jul 15:35
Volatility
Pressure -32
Move 6.5%
31 Jul 11:30
Volatility
Pressure -28
Move 7.0%
31 Jul 13:54
Volatility
Pressure -34
Move 10.3%
31 Jul 15:25
Volatility
Pressure -16
Move 7.1%
31 Jul 16:34
Bearish
Pressure -20
Move 6.2%
31 Jul 17:30
Volatility
Pressure 15
Move 7.7%
Strike Map
Where activity is clustering
Strike185.00
Calls · V 0 · OI 1
Puts · V 0 · OI 3
Strike190.00
Calls · V 0 · OI 1
Puts · V 0 · OI 11
Strike195.00
Calls · V 0 · OI 2
Puts · V 0 · OI 4
Strike200.00
Calls · V 0 · OI 0
Puts · V 0 · OI 13
Strike205.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike210.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike215.00
Calls · V 0 · OI 0
Puts · V 0 · OI 20
Strike220.00
Calls · V 0 · OI 1
Puts · V 0 · OI 19
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts246
Avg IV1.04
Put-call0.65
Expiry14 Aug 2026
Contracts244
Avg IV1.01
Put-call2.73
Expiry21 Aug 2026
Contracts232
Avg IV1.00
Put-call0.36
Expiry28 Aug 2026
Contracts144
Avg IV0.99
Put-call1.20
Expiry4 Sep 2026
Contracts142
Avg IV0.98
Put-call1.41
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV1.03
Put IV1.08
Skew0.05
14 Aug 2026Balanced skew
Call IV1.01
Put IV1.03
Skew0.02
21 Aug 2026Balanced skew
Call IV0.99
Put IV0.99
Skew-
28 Aug 2026Balanced skew
Call IV0.98
Put IV1.00
Skew0.02
4 Sep 2026Balanced skew
Call IV0.98
Put IV0.98
Skew-
Contract Tape
Most active contracts
ContractTER260807C00360000
SideCall
Expiry7 Aug 2026
Strike360.00
Volume1533
OI36
IV1.06
ContractTER260807P00355000
SidePut
Expiry7 Aug 2026
Strike355.00
Volume1348
OI10
IV1.05
ContractTER260821C00420000
SideCall
Expiry21 Aug 2026
Strike420.00
Volume956
OI329
IV1.01
ContractTER260807C00387500
SideCall
Expiry7 Aug 2026
Strike387.50
Volume724
OI2
IV1.04
ContractTER260807C00397500
SideCall
Expiry7 Aug 2026
Strike397.50
Volume723
OI1
IV1.01
ContractTER260807C00420000
SideCall
Expiry7 Aug 2026
Strike420.00
Volume692
OI32
IV1.00
ContractTER260807P00362500
SidePut
Expiry7 Aug 2026
Strike362.50
Volume692
OI1
IV1.03
ContractTER260807P00350000
SidePut
Expiry7 Aug 2026
Strike350.00
Volume508
OI50
IV1.05
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.