Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
LRCX options intelligence
Lam Research Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 17 Aug 2026
Checked 17 Aug 2026 19:10 · complete available chain
Volatility expansion watch
Volatility pressure
LRCX currently carries volatility options pressure with a 50/100 conviction score. The nearest-chain expected move is 6.7%, with volume/open-interest participation at 0.09.
Expected move
6.7%
Wider near-term move priced
Activity / OI
0.09
Current volume is quieter versus prior open interest
Put-call
2.96
Put-side skew
Trend fit
44
Options are not fully confirming trend
Weekly backdrop
+6.7%
RS 31.1
Expected move
6.7%
Put-call volume
2.96
Volume / OI
0.09
Reference IV
0.67
Max pain
320.00
Underlying
332.36
Nearest expiry
21 Aug 2026
Contracts
1993
Research Brief
LRCX 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 310.18–354.54; The largest call open-interest concentration is 310.00; the largest put concentration is 240.00. The most active strike by current volume is 240.00.
Priced range310.18–354.54
Call concentration310.00
Put concentration240.00
Max pain reference320.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 310.18 to 354.54. Max pain at 320.00 sits inside that range, 3.7% below spot.
Spot
Max pain
310.18332.36 ± 22.18354.54
Confirmation level
A close beyond 354.54 or below 310.18 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 50/100
Pressure is 51/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure51 × 42%
+21.4
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement44 × 26%
+11.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility73 × 10%
+7.3
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 310.00; the largest put concentration is 240.00. The most active strike by current volume is 240.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2614
210.00-36.8%
45
13548
240.00-27.8%
673
7593
250.00-24.8%
4044
2943
280.00-15.8%
324
2245
290.00-12.7%
802
1263
300.00-9.7%
1800
1695
310.00-6.7%
4989
2361
317.50-4.5%
186
1129
320.00-3.7%
2125
2516
330.00-0.7%
2020
1637
340.002.3%
1795
1577
350.005.3%
3671
35
355.006.8%
2555
5508
360.008.3%
1557
484
370.0011.3%
2525
3559
400.0020.4%
4888
0
500.0050.4%
2515
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$23.0MDelta change / 1% move
Positive peak310.00+$4.8M
Negative peak317.50-$3.4M
Nearest balance332.59Interpolated sign change
StrikeNegativePositiveNet / 1% move
305.00-8.2%
-$393,271
307.50-7.5%
+$136,288
310.00-6.7%
+$4.8M
312.50-6.0%
-$151,459
315.00-5.2%
-$333,458
317.50-4.5%
-$3.4M
320.00-3.7%
+$922,757
322.50-3.0%
+$455,834
325.00-2.2%
-$520,127
327.50-1.5%
-$161,532
330.00-0.7%
-$1.7M
332.500.0%
-$19,002
335.000.8%
+$518,007
337.501.5%
-$80,100
340.002.3%
+$2.7M
342.503.1%
+$43,515
345.003.8%
+$3.9M
347.504.6%
+$63,969
350.005.3%
+$4.7M
352.506.1%
+$63,640
355.006.8%
+$4.2M
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.
0.67
21 Aug
4d
0.64
28 Aug
11d
0.63
4 Sep
18d
0.60
11 Sep
25d
0.61
18 Sep
32d
0.61
25 Sep
39d
0.62
2 Oct
46d
0.62
16 Oct
60d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
270
280
285
290
295
300
305
310
315
320
325
330
335
340
345
350
355
365
375
385
395
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
11 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing73%
Average expiry move6.3%
13 Aug
Volatility · 48
6.7% through expiry
10.0% priced · v2.0
12 Aug
Mixed · 45
6.7% through expiry
6.4% priced · v2.0
11 Aug
Volatility · 48
6.7% through expiry
6.1% priced · v2.0
10 Aug
Mixed · 44
6.7% through expiry
6.9% priced · v2.0
7 Aug
Volatility · 46
6.7% through expiry
8.0% priced · v2.0
6 Aug
Volatility · 50
6.3% through expiry
5.6% priced · v2.0
5 Aug
Mixed · 44
6.3% through expiry
8.8% priced · v2.0
4 Aug
Volatility · 46
6.3% through expiry
11.6% priced · v2.0
3 Aug
Volatility · 46
6.3% through expiry
8.8% priced · v2.0
31 Jul
Volatility · 47
6.3% through expiry
10.3% priced · v2.0
30 Jul
Mixed · 43
-4.0% through expiry
5.5% priced · v2.0
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
- 17 Aug 2026
- Calculation
- v2.0
- Contracts
- 1993 / 1993
- 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: $134.1M of estimated gross traded notional, puts · 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-51
1W price+6.7%
Call premium44%
Put premium56%
Notional split
C 44% / P 56%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.09
Volume divided by open interest across the visible chain.
Trend fit
44/100
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 · 91+ days · ITM
puts cluster with 3238 contracts traded, $57.7M estimated gross traded notional, and 43% of visible notional.
$57.7M
Calls · 91+ days · ITM
calls cluster with 1780 contracts traded, $34.3M estimated gross traded notional, and 26% of visible notional.
$34.3M
Calls · 91+ days · OTM
calls cluster with 3021 contracts traded, $10.7M estimated gross traded notional, and 8% of visible notional.
$10.7M
Puts · 91+ days · OTM
puts cluster with 4902 contracts traded, $5.0M estimated gross traded notional, and 4% of visible notional.
$5.0M
Calls · 0-7 days · ITM
calls cluster with 580 contracts traded, $3.2M estimated gross traded notional, and 2% of visible notional.
$3.2M
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.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 14 completed sessions
Volume rank50th
Volume/OI rank50th
IV rank7th
Market Context
Underlying confirmation
Close332.36
1W+6.7%
RS31.1
Fair value+157.8%
Options pressure-51
Speculation42
Volatility73
Trend fit44
Today Versus Normal
Stored-options context
30d avg 9.0% · 14 sessions
36th
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg 0.97 · 14 sessions
7th
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg 1.27 · 14 sessions
100th
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg 0.10 · 14 sessions
50th
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
Pressure Trail
Recent pressure and volatility
7 Aug 17:50
Mixed
Pressure 1
Move 5.9%
7 Aug 19:20
Mixed
Pressure 2
Move 6.0%
10 Aug 02:52
Volatility
Pressure 12
Move 8.0%
10 Aug 14:40
Mixed
Pressure -1
Move 7.1%
10 Aug 16:00
Mixed
Pressure -7
Move 7.0%
10 Aug 17:30
Mixed
Pressure -9
Move 7.0%
10 Aug 19:00
Mixed
Pressure -12
Move 6.9%
11 Aug 14:00
Volatility
Pressure -17
Move 6.7%
Strike Map
Where activity is clustering
Strike110.00
Calls · V 5 · OI 18
Puts · V 2 · OI 825
Strike115.00
Calls · V 14 · OI 14
Puts · V 2 · OI 447
Strike120.00
Calls · V 1 · OI 3
Puts · V 1 · OI 46
Strike125.00
Calls · V 1 · OI 3
Puts · V 12 · OI 1983
Strike130.00
Calls · V 2 · OI 7
Puts · V 1 · OI 1444
Strike135.00
Calls · V 1 · OI 20
Puts · V 11 · OI 25
Strike140.00
Calls · V 1 · OI 66
Puts · V 1 · OI 47
Strike145.00
Calls · V 1 · OI 3
Puts · V 6 · OI 393
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts179
Avg IV0.67
Put-call4.77
Expiry28 Aug 2026
Contracts153
Avg IV0.64
Put-call1.53
Expiry4 Sep 2026
Contracts112
Avg IV0.63
Put-call1.41
Expiry11 Sep 2026
Contracts98
Avg IV0.60
Put-call1.14
Expiry18 Sep 2026
Contracts142
Avg IV0.61
Put-call4.34
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.67
Put IV0.65
Skew-0.03
28 Aug 2026Balanced skew
Call IV0.65
Put IV0.61
Skew-0.04
4 Sep 2026Call IV premium
Call IV0.65
Put IV0.60
Skew-0.05
11 Sep 2026Balanced skew
Call IV0.61
Put IV0.59
Skew-0.02
18 Sep 2026Call IV premium
Call IV0.64
Put IV0.58
Skew-0.05
Contract Tape
Most active contracts
ContractLRCX260821P00560000
SidePut
Expiry21 Aug 2026
Strike560.00
Volume-
OI-
IV2.00
ContractLRCX260821P00225000
SidePut
Expiry21 Aug 2026
Strike225.00
Volume-
OI126
IV1.72
ContractLRCX260828P00287500
SidePut
Expiry28 Aug 2026
Strike287.50
Volume-
OI56
IV0.66
ContractLRCX260828C00322500
SideCall
Expiry28 Aug 2026
Strike322.50
Volume-
OI45
IV0.67
ContractLRCX261002C00380000
SideCall
Expiry2 Oct 2026
Strike380.00
Volume-
OI29
IV0.63
ContractLRCX260925C00470000
SideCall
Expiry25 Sep 2026
Strike470.00
Volume-
OI25
IV0.63
ContractLRCX270319P00580000
SidePut
Expiry19 Mar 2027
Strike580.00
Volume-
OI20
IV0.54
ContractLRCX260828P00165000
SidePut
Expiry28 Aug 2026
Strike165.00
Volume-
OI17
IV2.14
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
Lam Research Corp (LRCX) stretches four-week gain to 27.5%24 Jun 2026 01:45
Lam Research Corp (LRCX) reclaims attention in chip equipment after a 20.9% weekly rise19 Jun 2026 04:22
Lam Research Corp (LRCX) records 20.9% weekly advance on heavier turnover18 Jun 2026 08:22
Lam Research Corp (LRCX) jumps 20.9% in latest weekly move17 Jun 2026 09:50
Lam Research Corp (LRCX) weekly setup shows strength across multiple time frames15 Jun 2026 14:51
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.