Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
ARTY options intelligence
ISHARES FUTURE AI & TECH ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:06 · complete available chain
Put-side pressure
Bearish pressure
ARTY currently carries bearish options pressure with a 40/100 conviction score. The nearest-chain expected move is 9.0%, with volume/open-interest participation at 0.02.
Expected move
9.0%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
1.87
Put-side skew
Trend fit
80
Options agree with trend context
Weekly backdrop
-0.1%
RS 13.9
Expected move
9.0%
Put-call volume
1.87
Volume / OI
0.02
Reference IV
0.48
Max pain
70.00
Underlying
66.65
Nearest expiry
21 Aug 2026
Contracts
242
Research Brief
ARTY has a bearish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 60.67–72.63; The largest call open-interest concentration is 75.00; the largest put concentration is 71.00. The most active strike by current volume is 66.00.
Priced range60.67–72.63
Call concentration75.00
Put concentration71.00
Max pain reference70.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
Priced Move
Where the chain says movement becomes exceptional
Options imply 60.67 to 72.63. Max pain at 70.00 sits inside that range, 5.0% above spot.
Spot
Max pain
60.6766.65 ± 5.9872.63
Confirmation level
A close beyond 72.63 or below 60.67 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 40/100
Pressure is 23/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure23 × 42%
+9.8
How strongly activity leans toward calls or puts.
Participation11 × 22%
+2.4
Volume relative to existing open interest and contract-level activity.
Trend agreement80 × 26%
+20.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility69 × 10%
+6.9
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 75.00; the largest put concentration is 71.00. The most active strike by current volume is 66.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5
61.00-8.5%
9
5
65.00-2.5%
9
3
66.00-1.0%
1
8
68.002.0%
10
3
69.003.5%
3
1
70.005.0%
17
15
71.006.5%
25
0
72.008.0%
13
1
73.009.5%
21
0
74.0011.0%
3
11
75.0012.5%
80
0
76.0014.0%
4
3
77.0015.5%
2
2
78.0017.0%
1
1
79.0018.5%
7
0
82.0023.0%
79
0
85.0027.5%
10
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$87,128Delta change / 1% move
Positive peak80.00+$23,420
Negative peak60.00-$13,887
Nearest balance66.68Interpolated sign change
StrikeNegativePositiveNet / 1% move
57.00-14.5%
+$165
58.00-13.0%
-$4,717
59.00-11.5%
-$10,103
60.00-10.0%
-$13,887
61.00-8.5%
+$539
62.00-7.0%
+$308
63.00-5.5%
-$4,028
64.00-4.0%
+$4,086
65.00-2.5%
+$16,056
66.00-1.0%
-$462
67.000.5%
+$220
68.002.0%
+$382
69.003.5%
$0
70.005.0%
+$17,986
71.006.5%
+$1,720
72.008.0%
+$2,506
73.009.5%
+$3,676
74.0011.0%
+$118
75.0012.5%
+$10,500
76.0014.0%
+$107
77.0015.5%
+$2,788
Positive call-side proxy Negative put-side proxyHighlighted row is nearest spot strike
Scenario proxy = gamma × open interest × 100 shares × spot² × 1%. Calls are positive and puts negative by convention. Missing Greeks use a Black-Scholes estimate from stored IV with zero rate and dividend assumptions. Open interest does not reveal who is long or short, so this is not observed dealer positioning or a forecast.
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.48
21 Aug
21d
0.46
18 Sep
49d
0.45
18 Dec
140d
0.44
19 Mar
231d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Eligible snapshots must have a dated market session, stored signal, and point-in-time market reference. Each observation uses one read per market session and the first stored weekly close on or immediately after expiry; its original calculation version is retained. 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
- 242 / 242
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is present before a decisive weekly price breakdown.
Put-heavy activity matters because it connects the options headline to the actual evidence: $8,470 of estimated gross traded notional, puts · 46-90 days · otm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-23
1W price-0.1%
Call premium45%
Put premium55%
Notional split
C 45% / P 55%
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
80/100
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.
Puts · 46-90 days · OTM
puts cluster with 19 contracts traded, $1,972 estimated gross traded notional, and 23% of visible notional.
$1,972
Calls · 91+ days · OTM
calls cluster with 5 contracts traded, $1,752 estimated gross traded notional, and 21% of visible notional.
$1,752
Puts · 8-21 days · ATM
puts cluster with 6 contracts traded, $1,648 estimated gross traded notional, and 19% of visible notional.
$1,648
Calls · 8-21 days · ATM
calls cluster with 3 contracts traded, $1,035 estimated gross traded notional, and 12% of visible notional.
$1,035
Calls · 46-90 days · OTM
calls cluster with 5 contracts traded, $810 estimated gross traded notional, and 10% of visible notional.
$810
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
Close66.65
1W-0.1%
RS13.9
Fair value+62.7%
Options pressure-23
Speculation11
Volatility69
Trend fit80
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 11:58
Bullish
Pressure 42
Move 10.0%
30 Jul 11:33
Volatility
Pressure 97
Move 11.7%
31 Jul 11:05
Bullish
Pressure 89
Move 9.3%
3 Aug 10:06
Bearish
Pressure -23
Move 9.0%
Strike Map
Where activity is clustering
Strike59.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike61.00
Calls · V 0 · OI 9
Puts · V 0 · OI 5
Strike62.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike63.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike64.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike65.00
Calls · V 1 · OI 9
Puts · V 1 · OI 5
Strike66.00
Calls · V 1 · OI 1
Puts · V 4 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts56
Avg IV0.48
Put-call1.20
Expiry18 Sep 2026
Contracts70
Avg IV0.46
Put-call4.00
Expiry18 Dec 2026
Contracts78
Avg IV0.45
Put-call0.40
Expiry19 Mar 2027
Contracts38
Avg IV0.44
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.48
Put IV0.49
Skew0.01
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.47
Skew0.03
18 Dec 2026Balanced skew
Call IV0.45
Put IV0.46
Skew0.01
19 Mar 2027Balanced skew
Call IV0.44
Put IV0.45
Skew0.01
Contract Tape
Most active contracts
ContractARTY260918P00055000
SidePut
Expiry18 Sep 2026
Strike55.00
Volume18
OI21
IV0.22
ContractARTY260821P00066000
SidePut
Expiry21 Aug 2026
Strike66.00
Volume4
OI3
IV0.48
ContractARTY261218C00080000
SideCall
Expiry18 Dec 2026
Strike80.00
Volume3
OI232
IV0.43
ContractARTY260918C00085000
SideCall
Expiry18 Sep 2026
Strike85.00
Volume2
OI143
IV0.54
ContractARTY261218P00059000
SidePut
Expiry18 Dec 2026
Strike59.00
Volume2
OI127
IV0.44
ContractARTY261218C00075000
SideCall
Expiry18 Dec 2026
Strike75.00
Volume2
OI48
IV0.41
ContractARTY260918C00075000
SideCall
Expiry18 Sep 2026
Strike75.00
Volume2
OI35
IV0.44
ContractARTY260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume1
OI141
IV0.47
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.