Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
DGX options intelligence
Quest Diagnostics Incorporated options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 31 Jul 2026
Checked 1 Aug 2026 17:24 · complete available chain
Options-market disagreement
Mixed pressure
DGX currently carries mixed options pressure with a 33/100 conviction score. The nearest-chain expected move is 5.1%, with volume/open-interest participation at 0.02.
Expected move
5.1%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.81
Balanced tape
Trend fit
82
Options agree with trend context
Weekly backdrop
+2.3%
RS 12.3
Expected move
5.1%
Put-call volume
0.81
Volume / OI
0.02
Reference IV
0.26
Max pain
210.00
Underlying
233.01
Nearest expiry
21 Aug 2026
Contracts
202
Research Brief
DGX has a mixed 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 221.24–244.78; The largest call open-interest concentration is 220.00; the largest put concentration is 210.00. The most active strike by current volume is 220.00.
Priced range221.24–244.78
Call concentration220.00
Put concentration210.00
Max pain reference210.00
- 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 221.24 to 244.78. Max pain at 210.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
221.24233.01 ± 11.77244.78
Confirmation level
A close beyond 244.78 or below 221.24 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 14/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure14 × 42%
+5.8
How strongly activity leans toward calls or puts.
Participation11 × 22%
+2.4
Volume relative to existing open interest and contract-level activity.
Trend agreement82 × 26%
+21.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility39 × 10%
+3.9
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 220.00; the largest put concentration is 210.00. The most active strike by current volume is 220.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
27
145.00-37.8%
0
49
150.00-35.6%
24
8
155.00-33.5%
14
23
160.00-31.3%
1
95
170.00-27.0%
20
43
175.00-24.9%
10
117
180.00-22.8%
14
70
185.00-20.6%
20
1047
190.00-18.5%
26
24
195.00-16.3%
37
94
200.00-14.2%
67
1346
210.00-9.9%
1355
507
220.00-5.6%
1551
539
230.00-1.3%
1016
300
240.003.0%
344
0
250.007.3%
39
0
260.0011.6%
287
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.
0.26
21 Aug
21d
0.24
18 Sep
49d
0.27
20 Nov
112d
0.27
19 Feb
203d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
190
195
200
210
220
230
240
250
260
270
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
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: $77680 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+14
1W price+2.3%
Call premium80%
Put premium20%
Notional split
C 80% / P 20%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
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 5 contracts traded, $19125 estimated gross traded notional, and 25% of visible notional.
$19125
Calls · 91+ days · OTM
calls cluster with 84 contracts traded, $18235 estimated gross traded notional, and 23% of visible notional.
$18235
Calls · 8-21 days · OTM
calls cluster with 54 contracts traded, $16792 estimated gross traded notional, and 22% of visible notional.
$16792
Puts · 8-21 days · OTM
puts cluster with 64 contracts traded, $8480 estimated gross traded notional, and 11% of visible notional.
$8480
Puts · 46-90 days · OTM
puts cluster with 56 contracts traded, $5040 estimated gross traded notional, and 6% of visible notional.
$5040
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close233.01
1W+2.3%
RS12.3
Fair value+46.3%
Options pressure14
Speculation11
Volatility39
Trend fit82
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 10:18
Mixed
Pressure 5
Move 5.8%
30 Jul 10:13
Bearish
Pressure -88
Move 5.5%
30 Jul 21:28
Bullish
Pressure 27
Move 5.5%
31 Jul 10:11
Bullish
Pressure 82
Move 5.5%
31 Jul 13:45
Bullish
Pressure 27
Move 6.4%
31 Jul 14:34
Bullish
Pressure 19
Move 5.4%
31 Jul 16:59
Mixed
Pressure 16
Move 5.3%
31 Jul 22:58
Bullish
Pressure 21
Move 5.2%
Strike Map
Where activity is clustering
Strike125.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike135.00
Calls · V 0 · OI 5
Puts · V 0 · OI 2
Strike140.00
Calls · V 0 · OI 3
Puts · V 0 · OI 1
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 27
Strike150.00
Calls · V 0 · OI 24
Puts · V 0 · OI 49
Strike155.00
Calls · V 0 · OI 14
Puts · V 0 · OI 8
Strike160.00
Calls · V 0 · OI 1
Puts · V 0 · OI 23
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.26
Put-call1.14
Expiry18 Sep 2026
Contracts50
Avg IV0.24
Put-call5.09
Expiry20 Nov 2026
Contracts52
Avg IV0.27
Put-call0.07
Expiry19 Feb 2027
Contracts54
Avg IV0.27
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.32
Put IV0.26
Skew-0.06
18 Sep 2026Balanced skew
Call IV0.24
Put IV0.23
Skew-0.01
20 Nov 2026Balanced skew
Call IV0.26
Put IV0.29
Skew0.03
19 Feb 2027Balanced skew
Call IV0.25
Put IV0.28
Skew0.03
Contract Tape
Most active contracts
ContractDGX261120C00290000
SideCall
Expiry20 Nov 2026
Strike290.00
Volume70
OI95
IV0.25
ContractDGX260821P00220000
SidePut
Expiry21 Aug 2026
Strike220.00
Volume64
OI507
IV0.26
ContractDGX260918P00210000
SidePut
Expiry18 Sep 2026
Strike210.00
Volume56
OI207
IV0.23
ContractDGX260821C00240000
SideCall
Expiry21 Aug 2026
Strike240.00
Volume51
OI344
IV0.27
ContractDGX270219C00270000
SideCall
Expiry19 Feb 2027
Strike270.00
Volume14
OI11
IV0.26
ContractDGX260918C00250000
SideCall
Expiry18 Sep 2026
Strike250.00
Volume7
OI147
IV0.24
ContractDGX260821C00230000
SideCall
Expiry21 Aug 2026
Strike230.00
Volume5
OI1016
IV0.27
ContractDGX261120C00200000
SideCall
Expiry20 Nov 2026
Strike200.00
Volume5
OI43
IV0.30
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.