Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ICE options intelligence
Intercontinental Exchange Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 29 Jul 2026
Checked 30 Jul 2026 11:02 · complete available chain
Call-side pressure
Bullish pressure
ICE currently carries bullish options pressure with a 43/100 conviction score. The nearest-chain expected move is 6.6%, with volume/open-interest participation at 0.09.
Expected move
6.6%
Wider near-term move priced
Activity / OI
0.09
Current volume is quieter versus prior open interest
Put-call
0.47
Call-side skew
Trend fit
26
Options are not fully confirming trend
Weekly backdrop
+4.4%
RS -14.8
Expected move
6.6%
Put-call volume
0.47
Volume / OI
0.09
Reference IV
0.74
Max pain
135.00
Underlying
145.79
Nearest expiry
31 Jul 2026
Contracts
1048
Research Brief
ICE has a bullish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 136.24–155.34; The largest call open-interest concentration is 155.00; the largest put concentration is 140.00. The most active strike by current volume is 155.00.
Priced range136.24–155.34
Call concentration155.00
Put concentration140.00
Max pain reference135.00
- 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.
- 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 136.24 to 155.34. Max pain at 135.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
136.24145.79 ± 9.55155.34
Confirmation level
A close beyond 155.34 or below 136.24 at the 31 Jul 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 43/100
Pressure is 45/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure45 × 42%
+18.8
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement26 × 26%
+6.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility78 × 10%
+7.8
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 155.00; the largest put concentration is 140.00. The most active strike by current volume is 155.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
39
120.00-17.7%
28
92
125.00-14.3%
53
41
135.00-7.4%
334
89
138.00-5.3%
9
103
140.00-4.0%
6
13
142.00-2.6%
3
31
143.00-1.9%
2
60
145.00-0.5%
2005
0
146.000.1%
153
51
147.000.8%
192
19
148.001.5%
2
0
149.002.2%
113
25
150.002.9%
598
0
155.006.3%
2056
0
157.508.0%
11
0
167.5014.9%
3
0
170.0016.6%
58
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.74
31 Jul
1d
0.46
7 Aug
8d
0.40
14 Aug
15d
0.39
21 Aug
22d
0.38
28 Aug
29d
0.37
4 Sep
36d
0.34
18 Sep
50d
0.33
18 Dec
141d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
117
119
121
123
125
127
129
131
133
135
137
140
142
144
146
148
150
155
160
165
170
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
No independently verifiable option-expiry outcomes have matured yet. Legacy snapshots without a point-in-time market reference and repeated same-session snapshots are deliberately excluded.
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 29 Jul 2026
- Calculation
- v1.x legacy
- Contracts
- 1048 / 1048
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $1.8M of estimated gross traded notional, calls · 8-21 days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+45
1W price+4.4%
Call premium83%
Put premium17%
Notional split
C 83% / P 17%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.09
Volume divided by open interest across the visible chain.
Trend fit
26/100
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 · 8-21 days · OTM
calls cluster with 1014 contracts traded, $377822 estimated gross traded notional, and 21% of visible notional.
$377822
Calls · 0-7 days · OTM
calls cluster with 1745 contracts traded, $372350 estimated gross traded notional, and 20% of visible notional.
$372350
Calls · 91+ days · OTM
calls cluster with 311 contracts traded, $366658 estimated gross traded notional, and 20% of visible notional.
$366658
Calls · 91+ days · ITM
calls cluster with 24 contracts traded, $89530 estimated gross traded notional, and 5% of visible notional.
$89530
Puts · 0-7 days · ITM
puts cluster with 541 contracts traded, $82580 estimated gross traded notional, and 5% of visible notional.
$82580
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
1 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 1 completed session
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close145.79
1W+4.4%
RS-14.8
Fair value-1.1%
Options pressure45
Speculation42
Volatility78
Trend fit26
Today Versus Normal
Stored-options context
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:04
Bullish
Pressure 86
Move 6.1%
30 Jul 10:02
Bullish
Pressure 45
Move 6.6%
Strike Map
Where activity is clustering
Strike70.00
Calls · V 0 · OI 0
Puts · V 1 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike105.00
Calls · V 0 · OI 0
Puts · V 1 · OI 8
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts122
Avg IV0.74
Put-call0.64
Expiry7 Aug 2026
Contracts124
Avg IV0.46
Put-call0.07
Expiry14 Aug 2026
Contracts124
Avg IV0.40
Put-call0.45
Expiry21 Aug 2026
Contracts102
Avg IV0.39
Put-call0.29
Expiry28 Aug 2026
Contracts108
Avg IV0.38
Put-call0.78
Skew
Call/put IV balance
31 Jul 2026Balanced skew
Call IV0.61
Put IV0.65
Skew0.04
7 Aug 2026Put IV premium
Call IV0.39
Put IV0.47
Skew0.09
14 Aug 2026Balanced skew
Call IV0.41
Put IV0.38
Skew-0.04
21 Aug 2026Balanced skew
Call IV0.38
Put IV0.38
Skew-
28 Aug 2026Balanced skew
Call IV0.35
Put IV0.39
Skew0.04
Contract Tape
Most active contracts
ContractICE260731C00155000
SideCall
Expiry31 Jul 2026
Strike155.00
Volume1154
OI2056
IV0.69
ContractICE260807C00155000
SideCall
Expiry7 Aug 2026
Strike155.00
Volume896
OI27
IV0.41
ContractICE260731P00150000
SidePut
Expiry31 Jul 2026
Strike150.00
Volume423
OI25
IV0.62
ContractICE260731P00142000
SidePut
Expiry31 Jul 2026
Strike142.00
Volume395
OI13
IV0.79
ContractICE260731C00167500
SideCall
Expiry31 Jul 2026
Strike167.50
Volume391
OI3
IV0.82
ContractICE260821C00155000
SideCall
Expiry21 Aug 2026
Strike155.00
Volume117
OI1646
IV0.34
ContractICE260731P00155000
SidePut
Expiry31 Jul 2026
Strike155.00
Volume110
OI-
IV0.56
ContractICE270115C00200000
SideCall
Expiry15 Jan 2027
Strike200.00
Volume93
OI175
IV0.31
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.