Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
PLAY options intelligence
Dave & Buster’s Entertainment options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
60
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:45 · complete available chain
Volatility expansion watch
Volatility pressure
PLAY currently carries volatility options pressure with a 60/100 conviction score. The nearest-chain expected move is 20.0%, with volume/open-interest participation at 0.02.
Expected move
20.0%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.01
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-3.1%
RS -44.8
Expected move
20.0%
Put-call volume
0.01
Volume / OI
0.02
Reference IV
0.78
Max pain
11.00
Underlying
9.87
Nearest expiry
21 Aug 2026
Contracts
236
Research Brief
PLAY has a volatility chain read with 60/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 7.90–11.84; The largest call open-interest concentration is 12.00; the largest put concentration is 11.00. The most active strike by current volume is 13.00.
Priced range7.90–11.84
Call concentration12.00
Put concentration11.00
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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 7.90 to 11.84. Max pain at 11.00 sits inside that range, 11.4% above spot.
Spot
Max pain
7.909.87 ± 1.9711.84
Confirmation level
A close beyond 11.84 or below 7.90 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 60/100
Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility94 × 10%
+9.4
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 12.00; the largest put concentration is 11.00. The most active strike by current volume is 13.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
4.00-59.5%
1
0
5.00-49.3%
3
59
6.00-39.2%
0
304
7.00-29.1%
0
810
8.00-18.9%
0
807
9.00-8.8%
155
1092
10.001.3%
189
1180
11.0011.4%
1023
119
12.0021.6%
3469
97
13.0031.7%
1946
0
14.0041.8%
1089
0
15.0052.0%
158
1
16.0062.1%
72
0
17.0072.2%
2
1
18.0082.4%
1
1
19.0092.5%
0
1
20.00102.6%
3
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.78
21 Aug
22d
0.91
18 Sep
50d
0.89
16 Oct
78d
0.86
15 Jan
169d
0.76
17 Dec
505d
0.80
21 Jan
540d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
8
9
10
11
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
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 236 / 236
- 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: $139158 of estimated gross traded notional, calls · 91+ days · otm, 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+100
1W price-3.1%
Call premium99%
Put premium1%
Notional split
C 99% / P 1%
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
0/100
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 · OTM
calls cluster with 696 contracts traded, $96778 estimated gross traded notional, and 70% of visible notional.
$96778
Calls · 46-90 days · ITM
calls cluster with 101 contracts traded, $33415 estimated gross traded notional, and 24% of visible notional.
$33415
Calls · 8-21 days · OTM
calls cluster with 147 contracts traded, $5820 estimated gross traded notional, and 4% of visible notional.
$5820
Calls · 8-21 days · ATM
calls cluster with 13 contracts traded, $1852 estimated gross traded notional, and 1% of visible notional.
$1852
Calls · 46-90 days · OTM
calls cluster with 3 contracts traded, $422 estimated gross traded notional, and 0% of visible notional.
$422
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
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close9.87
1W-3.1%
RS-44.8
Fair value-67.6%
Options pressure100
Speculation40
Volatility94
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:27
Bullish
Pressure 41
Move 17.2%
30 Jul 11:12
Bullish
Pressure 77
Move 14.7%
31 Jul 10:45
Volatility
Pressure 100
Move 20.0%
Strike Map
Where activity is clustering
Strike4.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 59
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 304
Strike8.00
Calls · V 0 · OI 0
Puts · V 1 · OI 810
Strike9.00
Calls · V 0 · OI 155
Puts · V 2 · OI 807
Strike10.00
Calls · V 13 · OI 189
Puts · V 2 · OI 1092
Strike11.00
Calls · V 22 · OI 1023
Puts · V 0 · OI 1180
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts34
Avg IV0.78
Put-call0.03
Expiry18 Sep 2026
Contracts34
Avg IV0.91
Put-call-
Expiry16 Oct 2026
Contracts44
Avg IV0.89
Put-call0.02
Expiry15 Jan 2027
Contracts64
Avg IV0.86
Put-call3.00
Expiry17 Dec 2027
Contracts34
Avg IV0.76
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.77
Put IV0.92
Skew0.16
18 Sep 2026Put IV premium
Call IV0.84
Put IV0.96
Skew0.12
16 Oct 2026Put IV premium
Call IV0.81
Put IV0.96
Skew0.15
15 Jan 2027Put IV premium
Call IV0.80
Put IV0.92
Skew0.13
17 Dec 2027Call IV premium
Call IV0.78
Put IV0.31
Skew-0.47
Contract Tape
Most active contracts
ContractPLAY271217C00027000
SideCall
Expiry17 Dec 2027
Strike27.00
Volume170
OI16
IV0.79
ContractPLAY280121C00027000
SideCall
Expiry21 Jan 2028
Strike27.00
Volume170
OI4
IV0.75
ContractPLAY280121C00025000
SideCall
Expiry21 Jan 2028
Strike25.00
Volume106
OI64
IV0.77
ContractPLAY271217C00025000
SideCall
Expiry17 Dec 2027
Strike25.00
Volume106
OI51
IV0.78
ContractPLAY261016C00008000
SideCall
Expiry16 Oct 2026
Strike8.00
Volume100
OI196
IV0.81
ContractPLAY260821C00013000
SideCall
Expiry21 Aug 2026
Strike13.00
Volume83
OI1946
IV0.77
ContractPLAY280121C00030000
SideCall
Expiry21 Jan 2028
Strike30.00
Volume64
OI141
IV0.78
ContractPLAY271217C00030000
SideCall
Expiry17 Dec 2027
Strike30.00
Volume64
OI118
IV0.78
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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Earnings
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.