Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BDRY options intelligence
AMPLIFY COMMODITY TRUST BREAKWAVE DRY BULK SHIPPING ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 31 Jul 2026
Checked 2 Aug 2026 19:39 · complete available chain
Volatility expansion watch
Volatility pressure
BDRY currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 11.9%, with volume/open-interest participation at 0.00.
Expected move
11.9%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
12
Options are not fully confirming trend
Weekly backdrop
+6.8%
RS 22.1
Expected move
11.9%
Put-call volume
-
Volume / OI
0.00
Reference IV
0.49
Max pain
11.00
Underlying
13.42
Nearest expiry
21 Aug 2026
Contracts
190
Research Brief
BDRY has a volatility chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 11.82–15.02; The largest call open-interest concentration is 19.00; the largest put concentration is 4.00. The most active strike by current volume is 11.00.
Priced range11.82–15.02
Call concentration19.00
Put concentration4.00
Max pain reference11.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
- 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 11.82 to 15.02. Max pain at 11.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
11.8213.42 ± 1.6015.02
Confirmation level
A close beyond 15.02 or below 11.82 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 49/100
Pressure is 88/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure88 × 42%
+37.0
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement12 × 26%
+3.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility75 × 10%
+7.5
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 19.00; the largest put concentration is 4.00. The most active strike by current volume is 11.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
50
3.00-77.6%
0
551
4.00-70.2%
0
50
5.00-62.7%
0
100
6.00-55.3%
0
0
7.00-47.8%
0
0
8.00-40.4%
0
230
9.00-32.9%
4
0
10.00-25.5%
2
1
11.00-18.0%
41
12
12.00-10.6%
14
5
13.00-3.1%
63
0
14.004.3%
27
0
15.0011.8%
5
0
16.0019.2%
1
0
17.0026.7%
0
0
19.0041.6%
71
0
20.0049.0%
5
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.
0.49
21 Aug
21d
0.37
18 Sep
49d
0.42
20 Nov
112d
0.42
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.
11
12
13
14
15
16
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
- 190 / 190
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $4562 of estimated gross traded notional, calls · 91+ days · itm, 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+88
1W price+6.8%
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
0.00
Volume divided by open interest across the visible chain.
Trend fit
12/100
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.
Calls · 91+ days · ITM
calls cluster with 7 contracts traded, $4248 estimated gross traded notional, and 93% of visible notional.
$4248
Calls · 8-21 days · ITM
calls cluster with 2 contracts traded, $315 estimated gross traded notional, and 7% of visible notional.
$315
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
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
Close13.42
1W+6.8%
RS22.1
Fair value+46.2%
Options pressure88
Speculation8
Volatility75
Trend fit12
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 12:00
Bullish
Pressure 88
Move 8.6%
30 Jul 11:34
Bullish
Pressure 88
Move 10.1%
31 Jul 11:12
Bullish
Pressure 21
Move 10.5%
2 Aug 18:39
Volatility
Pressure 88
Move 11.9%
Strike Map
Where activity is clustering
Strike3.00
Calls · V 0 · OI 0
Puts · V 0 · OI 50
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 551
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 50
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 100
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 4
Puts · V 0 · OI 230
Strike10.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.49
Put-call-
Expiry18 Sep 2026
Contracts46
Avg IV0.37
Put-call-
Expiry20 Nov 2026
Contracts50
Avg IV0.42
Put-call-
Expiry19 Feb 2027
Contracts48
Avg IV0.42
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.43
Put IV0.80
Skew0.36
18 Sep 2026Put IV premium
Call IV0.06
Put IV0.70
Skew0.63
20 Nov 2026Put IV premium
Call IV0.44
Put IV0.76
Skew0.31
19 Feb 2027Put IV premium
Call IV0.02
Put IV0.59
Skew0.57
Contract Tape
Most active contracts
ContractBDRY261120C00009000
SideCall
Expiry20 Nov 2026
Strike9.00
Volume2
OI62
IV0.01
ContractBDRY261120C00006000
SideCall
Expiry20 Nov 2026
Strike6.00
Volume2
OI2
IV0.01
ContractBDRY260821C00011000
SideCall
Expiry21 Aug 2026
Strike11.00
Volume1
OI41
IV0.01
ContractBDRY260821C00012000
SideCall
Expiry21 Aug 2026
Strike12.00
Volume1
OI14
IV0.01
ContractBDRY261120C00004000
SideCall
Expiry20 Nov 2026
Strike4.00
Volume1
OI10
IV0.01
ContractBDRY270219C00012000
SideCall
Expiry19 Feb 2027
Strike12.00
Volume1
OI6
IV0.28
ContractBDRY270219C00005000
SideCall
Expiry19 Feb 2027
Strike5.00
Volume1
OI2
IV0.01
ContractBDRY260821P00004000
SidePut
Expiry21 Aug 2026
Strike4.00
Volume-
OI551
IV2.11
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.