Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
KGC options intelligence
Kinross Gold Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 11 Aug 2026
Checked 12 Aug 2026 11:45 · complete available chain
Call-side pressure
Bullish pressure
KGC currently carries bullish options pressure with a 35/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.02.
Expected move
4.7%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.62
Call-side skew
Trend fit
31
Options are not fully confirming trend
Weekly backdrop
+19.7%
RS -10.7
Expected move
4.7%
Put-call volume
0.62
Volume / OI
0.02
Reference IV
0.55
Max pain
25.00
Underlying
27.64
Nearest expiry
14 Aug 2026
Contracts
764
Research Brief
KGC has a bullish chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 26.34–28.94; The largest call open-interest concentration is 26.00; the largest put concentration is 26.00. The most active strike by current volume is 27.00.
Priced range26.34–28.94
Call concentration26.00
Put concentration26.00
Max pain reference25.00
- 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 26.34 to 28.94. Max pain at 25.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
26.3427.64 ± 1.3028.94
Confirmation level
A close beyond 28.94 or below 26.34 at the 14 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 35/100
Pressure is 29/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure29 × 42%
+12.1
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement31 × 26%
+8.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility57 × 10%
+5.7
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 26.00; the largest put concentration is 26.00. The most active strike by current volume is 27.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
24
20.50-25.8%
12
52
22.00-20.4%
13
4
22.50-18.6%
301
145
23.00-16.8%
11
2
23.50-15.0%
65
21
24.00-13.2%
259
3
24.50-11.4%
133
90
25.00-9.6%
93
126
25.50-7.7%
38
647
26.00-5.9%
546
37
26.50-4.1%
43
65
27.00-2.3%
68
12
27.50-0.5%
202
13
28.001.3%
80
1
28.503.1%
163
0
29.004.9%
220
25
30.008.5%
97
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+$1.9MDelta change / 1% move
Positive peak35.00+$582,577
Negative peak25.00-$174,375
Nearest balance29.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
22.00-20.4%
-$140,722
22.50-18.6%
+$6,923
23.00-16.8%
-$19,323
23.50-15.0%
+$1,824
24.00-13.2%
+$37,874
24.50-11.4%
+$21,533
25.00-9.6%
-$174,375
25.50-7.7%
+$52,109
26.00-5.9%
+$125,466
26.50-4.1%
+$11,271
27.00-2.3%
+$21,383
27.50-0.5%
+$99,896
28.001.3%
+$287,315
28.503.1%
+$21,484
29.004.9%
+$104,513
29.506.7%
-$380
30.008.5%
+$243,270
30.5010.3%
+$168
31.0012.2%
+$55,752
32.0015.8%
+$183,822
33.0019.4%
+$68,967
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.
0.55
14 Aug
3d
0.53
21 Aug
10d
0.51
28 Aug
17d
0.51
4 Sep
24d
0.48
11 Sep
31d
0.48
18 Sep
38d
0.48
25 Sep
45d
0.50
16 Oct
66d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
31
32
33
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 5 stored directional transitions, the next stored price moved in the labelled direction 80% of the time.
Directional follow-through80%
Moves contained by pricing0%
Average expiry move16.9%
6 Aug
Bullish · 44
19.7% through expiry
12.4% priced · v2.0
5 Aug
Bullish · 43
19.7% through expiry
12.7% priced · v2.0
4 Aug
Bullish · 32
19.7% through expiry
4.7% priced · v2.0
3 Aug
Mixed · 31
19.7% through expiry
4.8% priced · v2.0
31 Jul
Bullish · 33
19.7% through expiry
5.2% priced · v2.0
30 Jul
Bullish · 37
-3.1% through expiry
3.0% 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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 764 / 764
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $886,848 of estimated gross traded notional, calls · 22-45 days · itm, 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+29
1W price+19.7%
Call premium81%
Put premium19%
Notional split
C 81% / P 19%
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
31/100
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 · 22-45 days · ITM
calls cluster with 557 contracts traded, $340,817 estimated gross traded notional, and 38% of visible notional.
$340,817
Calls · 91+ days · OTM
calls cluster with 485 contracts traded, $82,822 estimated gross traded notional, and 9% of visible notional.
$82,822
Calls · 91+ days · ITM
calls cluster with 150 contracts traded, $82,175 estimated gross traded notional, and 9% of visible notional.
$82,175
Puts · 22-45 days · OTM
puts cluster with 733 contracts traded, $68,708 estimated gross traded notional, and 8% of visible notional.
$68,708
Calls · 0-7 days · ITM
calls cluster with 168 contracts traded, $58,594 estimated gross traded notional, and 7% of visible notional.
$58,594
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 10 completed sessions
Volume rank20th
Volume/OI rank20th
IV rank40th
Market Context
Underlying confirmation
Close27.64
1W+19.7%
RS-10.7
Fair value+81.9%
Options pressure29
Speculation41
Volatility57
Trend fit31
Today Versus Normal
Stored-options context
30d avg 6.5% · 10 sessions
20th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.70 · 10 sessions
40th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.50 · 10 sessions
60th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.03 · 10 sessions
20th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:12
Bullish
Pressure 18
Move 6.6%
30 Jul 10:07
Bullish
Pressure 58
Move 5.0%
31 Jul 03:48
Bullish
Pressure 45
Move 3.0%
2 Aug 18:35
Bullish
Pressure 26
Move 5.2%
4 Aug 10:06
Mixed
Pressure 17
Move 4.8%
5 Aug 10:14
Bullish
Pressure 20
Move 4.7%
5 Aug 21:03
Bullish
Pressure 58
Move 12.7%
7 Aug 10:26
Bullish
Pressure 61
Move 12.4%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 3 · OI 23
Puts · V 0 · OI 0
Strike16.00
Calls · V 3 · OI 16
Puts · V 1 · OI 0
Strike17.00
Calls · V 7 · OI 18
Puts · V 0 · OI 4
Strike17.50
Calls · V 8 · OI 2
Puts · V 0 · OI 0
Strike18.00
Calls · V 8 · OI 3
Puts · V 0 · OI 0
Strike18.50
Calls · V 2 · OI 1
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 3
Puts · V 0 · OI 4
Strike19.50
Calls · V 0 · OI 4
Puts · V 0 · OI 5
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts68
Avg IV0.55
Put-call0.52
Expiry21 Aug 2026
Contracts86
Avg IV0.53
Put-call0.29
Expiry28 Aug 2026
Contracts64
Avg IV0.51
Put-call0.31
Expiry4 Sep 2026
Contracts64
Avg IV0.51
Put-call0.13
Expiry11 Sep 2026
Contracts62
Avg IV0.48
Put-call0.16
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.54
Put IV0.61
Skew0.07
21 Aug 2026Balanced skew
Call IV0.45
Put IV0.42
Skew-0.03
28 Aug 2026Balanced skew
Call IV0.49
Put IV0.54
Skew0.05
4 Sep 2026Balanced skew
Call IV0.48
Put IV0.51
Skew0.03
11 Sep 2026Balanced skew
Call IV0.51
Put IV0.47
Skew-0.04
Contract Tape
Most active contracts
ContractKGC260918P00026000
SidePut
Expiry18 Sep 2026
Strike26.00
Volume493
OI77
IV0.48
ContractKGC260918C00020000
SideCall
Expiry18 Sep 2026
Strike20.00
Volume424
OI466
IV0.01
ContractKGC270219P00020000
SidePut
Expiry19 Feb 2027
Strike20.00
Volume400
OI1279
IV0.52
ContractKGC261016C00030000
SideCall
Expiry16 Oct 2026
Strike30.00
Volume316
OI15
IV0.50
ContractKGC270115C00035000
SideCall
Expiry15 Jan 2027
Strike35.00
Volume252
OI17322
IV0.49
ContractKGC260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume210
OI124
IV0.48
ContractKGC260918C00028000
SideCall
Expiry18 Sep 2026
Strike28.00
Volume98
OI1251
IV0.46
ContractKGC260814P00027000
SidePut
Expiry14 Aug 2026
Strike27.00
Volume96
OI65
IV0.59
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.