Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
GLL options intelligence
PROSHARES ULTRASHORT GOLD options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
56
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:42 · complete available chain
Call-side pressure
Bullish pressure
GLL currently carries bullish options pressure with a 56/100 conviction score. The nearest-chain expected move is 8.4%, with volume/open-interest participation at 0.07.
Expected move
8.4%
Wider near-term move priced
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.13
Call-side skew
Trend fit
13
Options are not fully confirming trend
Weekly backdrop
+0.4%
RS -7.9
Expected move
8.4%
Put-call volume
0.13
Volume / OI
0.07
Reference IV
0.45
Max pain
22.00
Underlying
26.50
Nearest expiry
21 Aug 2026
Contracts
182
Research Brief
GLL has a bullish chain read with 56/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 24.27–28.73; The largest call open-interest concentration is 28.00; the largest put concentration is 25.00. The most active strike by current volume is 29.00.
Priced range24.27–28.73
Call concentration28.00
Put concentration25.00
Max pain reference22.00
- 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 24.27 to 28.73. Max pain at 22.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
24.2726.50 ± 2.2328.73
Confirmation level
A close beyond 28.73 or below 24.27 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 56/100
Pressure is 87/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure87 × 42%
+36.6
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement13 × 26%
+3.3
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 28.00; the largest put concentration is 25.00. The most active strike by current volume is 29.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
13.00-50.9%
1
0
15.00-43.4%
1
0
16.00-39.6%
1
0
18.00-32.1%
6
3
20.00-24.5%
7
2
22.00-17.0%
54
3
23.00-13.2%
1
6
24.00-9.4%
0
19
25.00-5.7%
17
12
26.00-1.9%
21
3
27.001.9%
106
1
28.005.7%
202
0
29.009.4%
24
2
30.0013.2%
3
0
32.0020.8%
7
0
33.0024.5%
2
0
35.0032.1%
2
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+$148,483Delta change / 1% move
Positive peak20.00+$53,050
Negative peak22.00-$2,094
Nearest balance29.85Interpolated sign change
StrikeNegativePositiveNet / 1% move
13.00-50.9%
+$115
14.00-47.2%
+$7,552
15.00-43.4%
+$239
16.00-39.6%
+$347
17.00-35.8%
-$75
18.00-32.1%
+$271
19.00-28.3%
+$39,841
20.00-24.5%
+$53,050
21.00-20.8%
+$3,336
22.00-17.0%
-$2,094
23.00-13.2%
+$1,958
24.00-9.4%
+$5,611
25.00-5.7%
+$3,416
26.00-1.9%
+$5,676
27.001.9%
+$12,307
28.005.7%
+$13,767
29.009.4%
+$2,245
30.0013.2%
-$389
32.0020.8%
+$115
33.0024.5%
+$28
35.0032.1%
+$582
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.
0.45
21 Aug
21d
0.44
18 Sep
49d
0.49
16 Oct
77d
0.50
15 Jan
168d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
22
23
24
25
26
27
28
29
30
31
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
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
- 182 / 182
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
Call-side pressure is building before a meaningful weekly price response.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $766,155 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+87
1W price+0.4%
Call premium98%
Put premium2%
Notional split
C 98% / P 2%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
13/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 46-90 days · ITM
calls cluster with 596 contracts traded, $744,015 estimated gross traded notional, and 97% of visible notional.
$744,015
Puts · 46-90 days · ATM
puts cluster with 61 contracts traded, $14,370 estimated gross traded notional, and 2% of visible notional.
$14,370
Calls · 8-21 days · OTM
calls cluster with 106 contracts traded, $4,052 estimated gross traded notional, and 1% of visible notional.
$4,052
Calls · 8-21 days · ATM
calls cluster with 16 contracts traded, $1,400 estimated gross traded notional, and 0% of visible notional.
$1,400
Puts · 46-90 days · OTM
puts cluster with 31 contracts traded, $1,360 estimated gross traded notional, and 0% of visible notional.
$1,360
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
Close26.50
1W+0.4%
RS-7.9
Fair value-57.6%
Options pressure87
Speculation42
Volatility65
Trend fit13
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 12:28
Bullish
Pressure 57
Move 8.4%
30 Jul 12:05
Bullish
Pressure 80
Move 9.6%
31 Jul 11:44
Mixed
Pressure -10
Move 8.0%
3 Aug 10:42
Bullish
Pressure 87
Move 8.4%
Strike Map
Where activity is clustering
Strike13.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 6
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 7
Puts · V 0 · OI 3
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.45
Put-call0.02
Expiry18 Sep 2026
Contracts42
Avg IV0.44
Put-call0.17
Expiry16 Oct 2026
Contracts48
Avg IV0.49
Put-call0.15
Expiry15 Jan 2027
Contracts46
Avg IV0.50
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.46
Put IV0.46
Skew-
18 Sep 2026Call IV premium
Call IV0.63
Put IV0.53
Skew-0.10
16 Oct 2026Balanced skew
Call IV0.52
Put IV0.55
Skew0.03
15 Jan 2027Balanced skew
Call IV0.47
Put IV0.50
Skew0.03
Contract Tape
Most active contracts
ContractGLL261016C00014000
SideCall
Expiry16 Oct 2026
Strike14.00
Volume370
OI498
IV0.01
ContractGLL261016C00012000
SideCall
Expiry16 Oct 2026
Strike12.00
Volume161
OI177
IV1.04
ContractGLL260821C00029000
SideCall
Expiry21 Aug 2026
Strike29.00
Volume100
OI24
IV0.46
ContractGLL261016P00027000
SidePut
Expiry16 Oct 2026
Strike27.00
Volume60
OI1
IV0.45
ContractGLL261016C00019000
SideCall
Expiry16 Oct 2026
Strike19.00
Volume50
OI2908
IV0.53
ContractGLL261016P00022000
SidePut
Expiry16 Oct 2026
Strike22.00
Volume30
OI208
IV0.44
ContractGLL260821C00027000
SideCall
Expiry21 Aug 2026
Strike27.00
Volume16
OI106
IV0.42
ContractGLL261016C00020000
SideCall
Expiry16 Oct 2026
Strike20.00
Volume14
OI1365
IV0.49
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.