Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
ZETA options intelligence
Zeta Global Holdings Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
54
Market data through 31 Jul 2026
Checked 2 Aug 2026 18:11 · complete available chain
Volatility expansion watch
Volatility pressure
ZETA currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 14.0%, with volume/open-interest participation at 0.04.
Expected move
14.0%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
0.21
Call-side skew
Trend fit
21
Options are not fully confirming trend
Weekly backdrop
+12.9%
RS 4.9
Expected move
14.0%
Put-call volume
0.21
Volume / OI
0.04
Reference IV
1.26
Max pain
20.00
Underlying
21.60
Nearest expiry
7 Aug 2026
Contracts
516
Research Brief
ZETA has a volatility chain read with 54/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 18.57–24.63; The largest call open-interest concentration is 22.00; the largest put concentration is 17.00. The most active strike by current volume is 22.00.
Priced range18.57–24.63
Call concentration22.00
Put concentration17.00
Max pain reference20.00
- 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.
- 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 18.57 to 24.63. Max pain at 20.00 sits inside that range, 7.4% below spot.
Spot
Max pain
18.5721.60 ± 3.0324.63
Confirmation level
A close beyond 24.63 or below 18.57 at the 7 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 54/100
Pressure is 72/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure72 × 42%
+30.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement21 × 26%
+5.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 22.00; the largest put concentration is 17.00. The most active strike by current volume is 22.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
921
17.00-21.3%
30
222
17.50-19.0%
60
387
18.00-16.7%
78
829
19.00-12.0%
191
291
19.50-9.7%
86
781
20.00-7.4%
823
400
20.50-5.1%
225
355
21.00-2.8%
415
187
21.50-0.5%
646
67
22.001.9%
1961
68
22.504.2%
479
36
23.006.5%
860
82
23.508.8%
230
6
24.0011.1%
1750
0
25.0015.7%
1901
1
26.0020.4%
314
1
27.0025.0%
301
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+$2.5MDelta change / 1% move
Positive peak22.50+$640,290
Negative peak17.50-$185,104
Nearest balance20.86Interpolated sign change
StrikeNegativePositiveNet / 1% move
16.50-23.6%
-$10,238
17.00-21.3%
-$27,876
17.50-19.0%
-$185,104
18.00-16.7%
-$26,934
18.50-14.4%
-$6,625
19.00-12.0%
-$33,224
19.50-9.7%
-$8,672
20.00-7.4%
+$522,509
20.50-5.1%
-$19,719
21.00-2.8%
+$7,481
21.50-0.5%
+$14,069
22.001.9%
+$135,064
22.504.2%
+$640,290
23.006.5%
+$75,649
23.508.8%
+$9,453
24.0011.1%
+$86,437
24.5013.4%
+$7,880
25.0015.7%
+$627,429
25.5018.1%
+$7,410
26.0020.4%
+$27,732
26.5022.7%
+$3,214
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.
1.26
7 Aug
7d
1.07
14 Aug
14d
0.94
21 Aug
21d
0.90
28 Aug
28d
0.87
4 Sep
35d
0.83
11 Sep
42d
0.82
18 Sep
49d
0.80
18 Dec
140d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move12.9%
30 Jul
Volatility · 51
12.9% through expiry
12.4% 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 516 / 516
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $2.2M 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+72
1W price+12.9%
Call premium91%
Put premium9%
Notional split
C 91% / P 9%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
21/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 0 days away.
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 1867 contracts traded, $962,199 estimated gross traded notional, and 44% of visible notional.
$962,199
Calls · 0-7 days · ATM
calls cluster with 1969 contracts traded, $267,735 estimated gross traded notional, and 12% of visible notional.
$267,735
Calls · 91+ days · ITM
calls cluster with 291 contracts traded, $243,802 estimated gross traded notional, and 11% of visible notional.
$243,802
Calls · 0-7 days · OTM
calls cluster with 3372 contracts traded, $219,958 estimated gross traded notional, and 10% of visible notional.
$219,958
Calls · 8-21 days · OTM
calls cluster with 1051 contracts traded, $94,765 estimated gross traded notional, and 4% of visible notional.
$94,765
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
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
Close21.60
1W+12.9%
RS4.9
Fair value+29.6%
Options pressure72
Speculation41
Volatility96
Trend fit21
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 10:39
Volatility
Pressure 41
Move 15.3%
30 Jul 10:35
Volatility
Pressure 39
Move 18.1%
31 Jul 10:23
Volatility
Pressure 61
Move 12.4%
31 Jul 15:50
Volatility
Pressure 46
Move 11.5%
2 Aug 17:11
Volatility
Pressure 72
Move 14.0%
Strike Map
Where activity is clustering
Strike12.00
Calls · V 0 · OI 1
Puts · V 2 · OI 25
Strike13.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike13.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 46
Strike14.50
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike15.00
Calls · V 3 · OI 7
Puts · V 0 · OI 160
Strike15.50
Calls · V 0 · OI 0
Puts · V 0 · OI 144
Strike16.00
Calls · V 0 · OI 2
Puts · V 49 · OI 179
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts76
Avg IV1.26
Put-call0.22
Expiry14 Aug 2026
Contracts72
Avg IV1.07
Put-call0.19
Expiry21 Aug 2026
Contracts82
Avg IV0.94
Put-call0.32
Expiry28 Aug 2026
Contracts56
Avg IV0.90
Put-call0.67
Expiry4 Sep 2026
Contracts56
Avg IV0.87
Put-call1.53
Skew
Call/put IV balance
7 Aug 2026Call IV premium
Call IV1.68
Put IV1.33
Skew-0.35
14 Aug 2026Balanced skew
Call IV1.12
Put IV1.08
Skew-0.04
21 Aug 2026Balanced skew
Call IV0.94
Put IV0.95
Skew0.01
28 Aug 2026Call IV premium
Call IV0.95
Put IV0.88
Skew-0.07
4 Sep 2026Balanced skew
Call IV0.84
Put IV0.88
Skew0.04
Contract Tape
Most active contracts
ContractZETA260807C00022000
SideCall
Expiry7 Aug 2026
Strike22.00
Volume1873
OI1961
IV1.27
ContractZETA260807C00025000
SideCall
Expiry7 Aug 2026
Strike25.00
Volume1544
OI1901
IV1.31
ContractZETA260807C00023000
SideCall
Expiry7 Aug 2026
Strike23.00
Volume523
OI860
IV1.28
ContractZETA280121C00025000
SideCall
Expiry21 Jan 2028
Strike25.00
Volume506
OI3858
IV0.78
ContractZETA280121C00030000
SideCall
Expiry21 Jan 2028
Strike30.00
Volume427
OI5386
IV0.80
ContractZETA260807P00017500
SidePut
Expiry7 Aug 2026
Strike17.50
Volume397
OI222
IV1.28
ContractZETA260821C00025000
SideCall
Expiry21 Aug 2026
Strike25.00
Volume367
OI3834
IV0.94
ContractZETA260807C00022500
SideCall
Expiry7 Aug 2026
Strike22.50
Volume349
OI479
IV1.30
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
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.