Ticker Options Intelligence

CIEN options intelligence

Ciena Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 49 Market data through 31 Jul 2026 Checked 2 Aug 2026 12:59 · partial chain

Volatility expansion watch

Volatility pressure

CIEN currently carries volatility options pressure with a 49/100 conviction score. The nearest-chain expected move is 11.3%, with volume/open-interest participation at 0.11.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 11.3%

Wider near-term move priced

Activity / OI 0.11

Current volume is quieter versus prior open interest

Put-call 1.47

Put-side skew

Trend fit 89

Options agree with trend context

Weekly backdrop -3.6%

RS 15.2

Expected move 11.3%
Put-call volume 1.47
Volume / OI 0.11
Reference IV 0.97
Max pain 385.00
Underlying 377.05
Nearest expiry 7 Aug 2026
Contracts 2000

Research Brief

CIEN 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 334.50–419.60; The largest call open-interest concentration is 525.00; the largest put concentration is 385.00. The most active strike by current volume is 400.00.

Priced range334.50–419.60
Call concentration525.00
Put concentration385.00
Max pain reference385.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
  • The current chain read already agrees with the stored weekly trend context.
What would weaken it
  • 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

Size, not direction · through 7 Aug

Options imply 334.50 to 419.60. Max pain at 385.00 sits inside that range, 2.1% above spot.

Spot Max pain
334.50377.05 ± 42.55419.60
Confirmation level

A close beyond 419.60 or below 334.50 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 49/100

Evidence alignment, not probability

Pressure is 17/100 toward puts; conviction uses its strength, while the signal label carries its direction.

Directional pressure17 × 42%
+7.3

How strongly activity leans toward calls or puts.

Participation43 × 22%
+9.4

Volume relative to existing open interest and contract-level activity.

Trend agreement89 × 26%
+23.0

How closely the chain read agrees with the underlying trend backdrop.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score49.3Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 525.00; the largest put concentration is 385.00. The most active strike by current volume is 400.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
107
330.00-12.5%
83
86
350.00-7.2%
54
196
370.00-1.9%
12
438
385.002.1%
20
37
400.006.1%
103
3
425.0012.7%
63
13
430.0014.0%
700
20
455.0020.7%
663
79
470.0024.7%
73
7
475.0026.0%
164
1
480.0027.3%
518
70
500.0032.6%
94
0
510.0035.3%
1225
0
525.0039.2%
1255
0
600.0059.1%
358
0
610.0061.8%
650
0
625.0065.8%
89
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.15× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.97 7 Aug 7d
0.93 14 Aug 14d
0.88 21 Aug 21d
0.90 28 Aug 28d
0.95 4 Sep 35d
0.95 11 Sep 42d
0.95 18 Sep 49d
0.90 16 Oct 77d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

303
310
318
325
333
340
348
355
363
370
378
383
390
398
405
413
420
428
435
443
450
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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

Good

B79/100
Retained chain77%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Retained chain subset
Market date
31 Jul 2026
Calculation
v2.0
Contracts
2000 / 2594
  • 77% of provider contracts were retained for this snapshot.

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

92/100
Primary intent Volatility expansion bet

The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Volatility expansion bet matters because it connects the options headline to the actual evidence: $14.8M of estimated gross traded notional, puts · 91+ 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-17
1W price-3.6%
Call premium36%
Put premium64%
Notional split C 36% / P 64% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.11 Volume divided by open interest across the visible chain.
Trend fit 89/100 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.
Conviction clusters Puts · 91+ days · ATM
Puts · 91+ days · ATM puts cluster with 341 contracts traded, $2.8M estimated gross traded notional, and 19% of visible notional.
$2.8M
Puts · 8-21 days · OTM puts cluster with 2127 contracts traded, $2.5M estimated gross traded notional, and 17% of visible notional.
$2.5M
Calls · 46-90 days · OTM calls cluster with 361 contracts traded, $1.4M estimated gross traded notional, and 9% of visible notional.
$1.4M
Puts · 46-90 days · ITM puts cluster with 144 contracts traded, $1.2M estimated gross traded notional, and 8% of visible notional.
$1.2M
Calls · 0-7 days · OTM calls cluster with 1495 contracts traded, $1.2M estimated gross traded notional, and 8% of visible notional.
$1.2M

Setup Classification

Opportunity and risk frame

Context, not advice
Positive Options-confirmed trend

Positioning agrees with the Sharemaestro trend backdrop.

Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

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

Sharemaestro weekly
Close377.05
1W-3.6%
RS15.2
Fair value+165.1%
Options pressure-17
Speculation43
Volatility96
Trend fit89

Today Versus Normal

Stored-options context

View history
Expected move 11.3% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.97 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 1.47 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.11 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:04 Volatility
Pressure 23
Move 11.8%
30 Jul 10:03 Volatility
Pressure 21
Move 15.2%
31 Jul 10:39 Volatility
Pressure -13
Move 6.1%
31 Jul 19:57 Mixed
Pressure -11
Move 3.1%
2 Aug 11:59 Volatility
Pressure -17
Move 11.3%

Strike Map

Where activity is clustering

Full strike map
Strike240.00
Calls · V 0 · OI 0
Puts · V 1 · OI 22
Strike242.50
Calls · V 0 · OI 0
Puts · V 0 · OI 22
Strike245.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike247.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike250.00
Calls · V 0 · OI 0
Puts · V 10 · OI 0
Strike252.50
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike255.00
Calls · V 0 · OI 0
Puts · V 0 · OI 8
Strike257.50
Calls · V 0 · OI 0
Puts · V 0 · OI 9

Term Structure

Expiration activity

Volume and IV
Expiry7 Aug 2026
Contracts298
Avg IV0.97
Put-call0.68
Expiry14 Aug 2026
Contracts272
Avg IV0.93
Put-call1.05
Expiry21 Aug 2026
Contracts162
Avg IV0.88
Put-call6.42
Expiry28 Aug 2026
Contracts180
Avg IV0.90
Put-call5.12
Expiry4 Sep 2026
Contracts154
Avg IV0.95
Put-call0.43

Skew

Call/put IV balance

OTM demand
7 Aug 2026Put IV premium
Call IV0.90
Put IV1.04
Skew0.14
14 Aug 2026Balanced skew
Call IV0.90
Put IV0.95
Skew0.05
21 Aug 2026Put IV premium
Call IV0.86
Put IV0.93
Skew0.07
28 Aug 2026Balanced skew
Call IV0.90
Put IV0.93
Skew0.03
4 Sep 2026Balanced skew
Call IV0.94
Put IV0.96
Skew0.02

Contract Tape

Most active contracts

Full contract tape
ContractCIEN260821P00325000
SidePut
Expiry21 Aug 2026
Strike325.00
Volume1106
OI29
IV0.90
ContractCIEN260807C00400000
SideCall
Expiry7 Aug 2026
Strike400.00
Volume793
OI103
IV0.96
ContractCIEN260807P00350000
SidePut
Expiry7 Aug 2026
Strike350.00
Volume681
OI86
IV0.98
ContractCIEN260821P00335000
SidePut
Expiry21 Aug 2026
Strike335.00
Volume588
OI67
IV0.93
ContractCIEN270115P00380000
SidePut
Expiry15 Jan 2027
Strike380.00
Volume267
OI33
IV0.83
ContractCIEN261016C00400000
SideCall
Expiry16 Oct 2026
Strike400.00
Volume203
OI78
IV0.85
ContractCIEN260821C00600000
SideCall
Expiry21 Aug 2026
Strike600.00
Volume162
OI43
IV0.79
ContractCIEN260828P00260000
SidePut
Expiry28 Aug 2026
Strike260.00
Volume151
OI34
IV0.96