Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
LULG options intelligence
Leverage Shares 2X Long LULU Daily ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 16 Sep 2026
Checked 17 Sep 2026 11:42 · complete available chain
Options-market disagreement
Mixed pressure
LULG currently carries mixed options pressure with a 38/100 conviction score. The nearest-chain expected move is 9.8%, with volume/open-interest participation at 0.03.
Expected move
9.8%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
1.14
Balanced tape
Trend fit
97
Options agree with trend context
Weekly backdrop
-2.8%
Sharemaestro weekly context
Expected move
9.8%
Put-call volume
1.14
Volume / OI
0.03
Reference IV
1.75
Max pain
4.00
Underlying
4.09
Nearest expiry
18 Sep 2026
Contracts
168
Research Brief
LULG has a mixed chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 3.69–4.49; The largest call open-interest concentration is 7.00; the largest put concentration is 4.00. The most active strike by current volume is 4.00.
Priced range3.69–4.49
Call concentration7.00
Put concentration4.00
Max pain reference4.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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
Options imply 3.69 to 4.49. Max pain at 4.00 sits inside that range, 2.2% below spot.
Spot
Max pain
3.694.09 ± 0.404.49
Confirmation level
A close beyond 4.49 or below 3.69 at the 18 Sep 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 38/100
Pressure is 3/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure3 × 42%
+1.4
How strongly activity leans toward calls or puts.
Participation9 × 22%
+1.9
Volume relative to existing open interest and contract-level activity.
Trend agreement97 × 26%
+25.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility95 × 10%
+9.5
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 7.00; the largest put concentration is 4.00. The most active strike by current volume is 4.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
1.00-75.6%
0
0
2.00-51.1%
4
0
3.00-26.7%
22
65
4.00-2.2%
57
10
5.0022.2%
220
37
6.0046.7%
29
31
7.0071.1%
383
1
8.0095.6%
113
2
9.00120.0%
95
0
10.00144.5%
6
0
11.00168.9%
0
0
12.00193.4%
0
0
13.00217.8%
0
0
14.00242.3%
9
0
15.00266.7%
0
0
22.00437.9%
1
0
25.00511.2%
1
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+$3,021Delta change / 1% move
Positive peak4.00+$1,020
Negative peak12.00-$1
Nearest balance11.73Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-75.6%
+$1
2.00-51.1%
+$66
3.00-26.7%
+$287
4.00-2.2%
+$1,020
5.0022.2%
+$895
6.0046.7%
+$169
7.0071.1%
+$395
8.0095.6%
+$113
9.00120.0%
+$62
10.00144.5%
+$7
11.00168.9%
+$3
12.00193.4%
-$1
14.00242.3%
+$3
15.00266.7%
+$0
19.00364.5%
+$0
22.00437.9%
+$0
23.00462.3%
+$0
25.00511.2%
+$0
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.75
18 Sep
2d
0.67
16 Oct
30d
0.85
18 Dec
93d
0.87
19 Mar
184d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
4
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing83%
Average expiry move10.0%
16 Sep
Mixed · 38
-2.8% through expiry
9.8% priced · v2.0
14 Sep
Volatility · 48
-2.8% through expiry
9.6% priced · v2.0
10 Sep
Volatility · 50
-6.9% through expiry
9.4% priced · v2.0
8 Sep
Volatility · 50
-6.9% through expiry
15.8% priced · v2.0
4 Sep
Volatility · 61
-6.9% through expiry
14.1% priced · v2.0
2 Sep
Volatility · 50
-38.6% through expiry
21.2% priced · v2.0
31 Aug
Volatility · 45
-38.6% through expiry
23.9% priced · v2.0
5 Aug
Mixed · 34
1.7% through expiry
8.6% priced · v2.0
4 Aug
Volatility · 50
1.7% through expiry
11.7% priced · v2.0
3 Aug
Volatility · 50
1.7% through expiry
27.4% priced · v2.0
31 Jul
Bullish · 40
1.7% through expiry
15.6% priced · v2.0
30 Jul
Mixed · 37
9.5% through expiry
17.6% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 168 / 168
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $3,153 of estimated gross traded notional, puts · 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+3
1W price-2.8%
Call premium35%
Put premium65%
Notional split
C 35% / P 65%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
97/100
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 2 contracts traded, $695 estimated gross traded notional, and 22% of visible notional.
$695
Puts · 0-7 days · ITM
puts cluster with 1 contracts traded, $515 estimated gross traded notional, and 16% of visible notional.
$515
Puts · 0-7 days · ATM
puts cluster with 25 contracts traded, $500 estimated gross traded notional, and 16% of visible notional.
$500
Calls · 22-45 days · ITM
calls cluster with 2 contracts traded, $375 estimated gross traded notional, and 12% of visible notional.
$375
Calls · 91+ days · OTM
calls cluster with 9 contracts traded, $279 estimated gross traded notional, and 9% of visible notional.
$279
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.
Underlying price is close to the max-pain zone.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 13 completed sessions
Volume rank54th
Volume/OI rank46th
IV rank100th
Market Context
Underlying confirmation
Close3.98
1W-2.8%
RS-
Fair value-68.5%
Options pressure3
Speculation9
Volatility95
Trend fit97
Today Versus Normal
Stored-options context
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg - · 6/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:43
Volatility
Pressure 100
Move 25.9%
30 Jul 12:39
Bearish
Pressure -90
Move 9.7%
31 Jul 12:05
Mixed
Pressure -4
Move 17.6%
3 Aug 11:02
Bullish
Pressure 30
Move 15.6%
3 Aug 14:53
Volatility
Pressure 68
Move 27.4%
5 Aug 11:34
Volatility
Pressure 100
Move 11.7%
6 Aug 11:48
Mixed
Pressure 10
Move 8.6%
1 Sep 10:27
Volatility
Pressure 32
Move 23.9%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike2.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0
Strike3.00
Calls · V 0 · OI 22
Puts · V 0 · OI 0
Strike4.00
Calls · V 10 · OI 57
Puts · V 25 · OI 65
Strike5.00
Calls · V 0 · OI 220
Puts · V 0 · OI 10
Strike6.00
Calls · V 0 · OI 29
Puts · V 0 · OI 37
Strike7.00
Calls · V 0 · OI 383
Puts · V 0 · OI 31
Strike8.00
Calls · V 0 · OI 113
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts70
Avg IV1.75
Put-call2.60
Expiry16 Oct 2026
Contracts26
Avg IV0.67
Put-call-
Expiry18 Dec 2026
Contracts46
Avg IV0.85
Put-call0.40
Expiry19 Mar 2027
Contracts26
Avg IV0.87
Put-call1.00
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV2.01
Put IV2.01
Skew0.01
16 Oct 2026Balanced skew
Call IV0.51
Put IV0.52
Skew0.01
18 Dec 2026Call IV premium
Call IV1.17
Put IV0.88
Skew-0.28
19 Mar 2027Put IV premium
Call IV0.31
Put IV1.22
Skew0.92
Contract Tape
Most active contracts
ContractLULG260918P00004000
SidePut
Expiry18 Sep 2026
Strike4.00
Volume25
OI65
IV0.90
ContractLULG260918C00004000
SideCall
Expiry18 Sep 2026
Strike4.00
Volume10
OI57
IV0.49
ContractLULG261016C00004000
SideCall
Expiry16 Oct 2026
Strike4.00
Volume7
OI134
IV0.94
ContractLULG261218C00005000
SideCall
Expiry18 Dec 2026
Strike5.00
Volume5
OI134
IV1.17
ContractLULG270319C00013000
SideCall
Expiry19 Mar 2027
Strike13.00
Volume4
OI-
IV0.71
ContractLULG261016C00002000
SideCall
Expiry16 Oct 2026
Strike2.00
Volume2
OI20
IV1.48
ContractLULG270319P00003000
SidePut
Expiry19 Mar 2027
Strike3.00
Volume2
OI6
IV0.22
ContractLULG270319P00004000
SidePut
Expiry19 Mar 2027
Strike4.00
Volume1
OI21
IV1.22
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.