Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BIB options intelligence
PROSHARES ULTRA NASDAQ BIOTECHNOLOGY options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:07 · complete available chain
Call-side pressure
Bullish pressure
BIB currently carries bullish options pressure with a 52/100 conviction score. The nearest-chain expected move is 8.6%, with volume/open-interest participation at 0.02.
Expected move
8.6%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.00
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-1.3%
RS 13.6
Expected move
8.6%
Put-call volume
-
Volume / OI
0.02
Reference IV
0.44
Max pain
88.00
Underlying
96.61
Nearest expiry
21 Aug 2026
Contracts
322
Research Brief
BIB has a bullish chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 88.33–104.88; The largest call open-interest concentration is 105.00; the largest put concentration is 80.00. The most active strike by current volume is 40.00.
Priced range88.33–104.88
Call concentration105.00
Put concentration80.00
Max pain reference88.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 88.33 to 104.88. Max pain at 88.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
88.3396.61 ± 8.27104.88
Confirmation level
A close beyond 104.88 or below 88.33 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 52/100
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.
Participation16 × 22%
+3.6
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.
Volatility65 × 10%
+6.5
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 105.00; the largest put concentration is 80.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
60.00-37.9%
1
7
65.00-32.7%
0
2
76.00-21.3%
3
2
78.00-19.3%
0
3
79.00-18.2%
3
18
80.00-17.2%
2
1
81.00-16.2%
2
2
82.00-15.1%
0
1
83.00-14.1%
2
2
85.00-12.0%
1
3
87.00-9.9%
0
2
89.00-7.9%
10
3
90.00-6.8%
6
3
98.001.4%
0
0
100.003.5%
8
0
105.008.7%
14
0
110.0013.9%
8
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+$16,490Delta change / 1% move
Positive peak105.00+$4,879
Negative peak98.00-$1,083
Nearest balance97.25Interpolated sign change
StrikeNegativePositiveNet / 1% move
83.00-14.1%
+$229
84.00-13.1%
+$143
85.00-12.0%
+$203
86.00-11.0%
+$149
87.00-9.9%
-$121
88.00-8.9%
-$438
89.00-7.9%
+$1,987
90.00-6.8%
+$495
91.00-5.8%
+$149
92.00-4.8%
-$607
93.00-3.7%
+$1,226
94.00-2.7%
-$317
95.00-1.7%
-$83
97.000.4%
+$370
98.001.4%
-$1,083
99.002.5%
-$575
100.003.5%
+$3,276
105.008.7%
+$4,879
108.0011.8%
+$198
109.0012.8%
+$192
110.0013.9%
+$3,717
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.
0.44
21 Aug
21d
0.46
18 Sep
49d
0.46
20 Nov
112d
0.49
19 Feb
203d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
78
79
80
82
83
84
86
87
88
89
90
92
93
94
96
97
98
99
100
110
115
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
- 322 / 322
- 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
Directional flow, confirmation needed
There is useful activity, but aggregate chain data does not isolate participant intent.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Directional flow, confirmation needed matters because it connects the options headline to the actual evidence: $1,012 of estimated gross traded notional, calls · 46-90 days · otm, and a bullish flow against weak 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-1.3%
Call premium100%
Put premium0%
Notional split
C 100% / P 0%
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 · 46-90 days · OTM
calls cluster with 4 contracts traded, $1,012 estimated gross traded notional, and 100% of visible notional.
$1,012
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close96.61
1W-1.3%
RS13.6
Fair value+57.3%
Options pressure100
Speculation16
Volatility65
Trend fit0
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 12:00
Volatility
Pressure 78
Move 10.4%
30 Jul 11:34
Bullish
Pressure 27
Move 9.5%
31 Jul 11:12
Bearish
Pressure -57
Move 9.7%
3 Aug 10:07
Bullish
Pressure 100
Move 8.6%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike69.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts92
Avg IV0.44
Put-call-
Expiry18 Sep 2026
Contracts62
Avg IV0.46
Put-call-
Expiry20 Nov 2026
Contracts86
Avg IV0.46
Put-call-
Expiry19 Feb 2027
Contracts82
Avg IV0.49
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.48
Put IV0.52
Skew0.04
18 Sep 2026Balanced skew
Call IV0.47
Put IV0.46
Skew-0.01
20 Nov 2026Balanced skew
Call IV0.44
Put IV0.49
Skew0.05
19 Feb 2027Put IV premium
Call IV0.44
Put IV0.51
Skew0.07
Contract Tape
Most active contracts
ContractBIB260918C00109000
SideCall
Expiry18 Sep 2026
Strike109.00
Volume2
OI1
IV0.45
ContractBIB260918C00110000
SideCall
Expiry18 Sep 2026
Strike110.00
Volume1
OI3
IV0.47
ContractBIB260918C00108000
SideCall
Expiry18 Sep 2026
Strike108.00
Volume1
OI1
IV0.45
ContractBIB260821P00080000
SidePut
Expiry21 Aug 2026
Strike80.00
Volume-
OI18
IV0.31
ContractBIB270219C00110000
SideCall
Expiry19 Feb 2027
Strike110.00
Volume-
OI14
IV0.47
ContractBIB260821C00105000
SideCall
Expiry21 Aug 2026
Strike105.00
Volume-
OI14
IV0.48
ContractBIB261120C00074000
SideCall
Expiry20 Nov 2026
Strike74.00
Volume-
OI12
IV0.47
ContractBIB261120C00110000
SideCall
Expiry20 Nov 2026
Strike110.00
Volume-
OI10
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.