Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
DT options intelligence
Dynatrace Holdings LLC options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 3 Aug 2026
Checked 3 Aug 2026 20:01 · complete available chain
Volatility expansion watch
Volatility pressure
DT currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 13.4%, with volume/open-interest participation at 0.03.
Expected move
13.4%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.52
Call-side skew
Trend fit
61
Options agree with trend context
Weekly backdrop
+6.5%
RS -5.1
Expected move
13.4%
Put-call volume
0.52
Volume / OI
0.03
Reference IV
0.74
Max pain
42.50
Underlying
44.32
Nearest expiry
21 Aug 2026
Contracts
183
Research Brief
DT has a volatility chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 38.40–50.24; The largest call open-interest concentration is 45.00; the largest put concentration is 42.50. The most active strike by current volume is 45.00.
Priced range38.40–50.24
Call concentration45.00
Put concentration42.50
Max pain reference42.50
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
- 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 38.40 to 50.24. Max pain at 42.50 sits inside that range, 4.1% below spot.
Spot
Max pain
38.4044.32 ± 5.9250.24
Confirmation level
A close beyond 50.24 or below 38.40 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 47/100
Pressure is 40/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure40 × 42%
+16.8
How strongly activity leans toward calls or puts.
Participation25 × 22%
+5.4
Volume relative to existing open interest and contract-level activity.
Trend agreement61 × 26%
+15.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility92 × 10%
+9.2
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 45.00; the largest put concentration is 42.50. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
7
17.50-60.5%
11
0
20.00-54.9%
2
54
25.00-43.6%
0
256
27.50-38.0%
1
68
30.00-32.3%
0
734
32.50-26.7%
147
264
35.00-21.0%
35
759
37.50-15.4%
187
640
40.00-9.7%
1065
2488
42.50-4.1%
2122
439
45.001.5%
5832
238
47.507.2%
3238
49
50.0012.8%
5736
0
52.5018.5%
865
0
55.0024.1%
2737
0
60.0035.4%
119
0
65.0046.7%
39
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+$1.8MDelta change / 1% move
Positive peak45.00+$633,856
Negative peak42.50-$143,487
Nearest balance42.96Interpolated sign change
StrikeNegativePositiveNet / 1% move
20.00-54.9%
+$170
22.50-49.2%
-$706
25.00-43.6%
-$640
27.50-38.0%
-$5,788
30.00-32.3%
-$3,409
32.50-26.7%
-$10,383
35.00-21.0%
+$41,592
37.50-15.4%
-$39,976
40.00-9.7%
+$40,995
42.50-4.1%
-$143,487
45.001.5%
+$633,856
47.507.2%
+$325,385
50.0012.8%
+$548,055
52.5018.5%
+$109,211
55.0024.1%
+$205,426
57.5029.7%
+$12,000
60.0035.4%
+$9,662
62.5041.0%
+$1,424
65.0046.7%
+$47,882
67.5052.3%
+$17,101
70.0057.9%
+$16,014
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.
0.74
21 Aug
18d
0.58
18 Sep
46d
0.57
20 Nov
109d
0.55
15 Jan
165d
0.57
19 Feb
200d
0.51
21 Jan
536d
0.52
15 Dec
865d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
38
40
43
45
48
50
53
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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 183 / 183
- 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: $714,798 of estimated gross traded notional, calls · 91+ days · itm, 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+40
1W price+6.5%
Call premium67%
Put premium33%
Notional split
C 67% / P 33%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
61/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 1 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 · ITM
calls cluster with 78 contracts traded, $145,250 estimated gross traded notional, and 20% of visible notional.
$145,250
Calls · 8-21 days · ITM
calls cluster with 179 contracts traded, $140,125 estimated gross traded notional, and 20% of visible notional.
$140,125
Puts · 91+ days · ITM
puts cluster with 63 contracts traded, $128,088 estimated gross traded notional, and 18% of visible notional.
$128,088
Calls · 91+ days · OTM
calls cluster with 243 contracts traded, $99,942 estimated gross traded notional, and 14% of visible notional.
$99,942
Calls · 8-21 days · ATM
calls cluster with 136 contracts traded, $41,140 estimated gross traded notional, and 6% of visible notional.
$41,140
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.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close44.32
1W+6.5%
RS-5.1
Fair value-7.7%
Options pressure40
Speculation25
Volatility92
Trend fit61
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:25
Volatility
Pressure -76
Move 13.5%
30 Jul 10:21
Volatility
Pressure 52
Move 14.2%
30 Jul 16:25
Mixed
Pressure 7
Move 13.8%
31 Jul 13:11
Volatility
Pressure 28
Move 14.8%
31 Jul 13:56
Bullish
Pressure 26
Move 14.0%
31 Jul 15:59
Volatility
Pressure 57
Move 14.1%
2 Aug 21:36
Volatility
Pressure 98
Move 13.5%
3 Aug 19:01
Volatility
Pressure 40
Move 13.4%
Strike Map
Where activity is clustering
Strike17.50
Calls · V 12 · OI 11
Puts · V 1 · OI 7
Strike20.00
Calls · V 1 · OI 2
Puts · V 1 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 1 · OI 0
Strike25.00
Calls · V 1 · OI 0
Puts · V 1 · OI 54
Strike27.50
Calls · V 0 · OI 1
Puts · V 10 · OI 256
Strike30.00
Calls · V 1 · OI 0
Puts · V 2 · OI 68
Strike32.50
Calls · V 1 · OI 147
Puts · V 2 · OI 734
Strike35.00
Calls · V 6 · OI 35
Puts · V 40 · OI 264
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts35
Avg IV0.74
Put-call0.45
Expiry18 Sep 2026
Contracts17
Avg IV0.58
Put-call2.27
Expiry20 Nov 2026
Contracts28
Avg IV0.57
Put-call0.69
Expiry15 Jan 2027
Contracts51
Avg IV0.55
Put-call0.49
Expiry19 Feb 2027
Contracts13
Avg IV0.57
Put-call0.73
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.74
Put IV0.74
Skew0.00
18 Sep 2026Balanced skew
Call IV0.57
Put IV0.55
Skew-0.02
20 Nov 2026Call IV premium
Call IV0.59
Put IV0.52
Skew-0.07
15 Jan 2027Call IV premium
Call IV0.56
Put IV0.51
Skew-0.05
19 Feb 2027Balanced skew
Call IV0.58
Put IV0.53
Skew-0.05
Contract Tape
Most active contracts
ContractDT260918P00037500
SidePut
Expiry18 Sep 2026
Strike37.50
Volume-
OI51
IV0.63
ContractDT260918P00030000
SidePut
Expiry18 Sep 2026
Strike30.00
Volume-
OI35
IV0.80
ContractDT260918P00032500
SidePut
Expiry18 Sep 2026
Strike32.50
Volume-
OI6
IV1.02
ContractDT281215C00060000
SideCall
Expiry15 Dec 2028
Strike60.00
Volume-
OI5
IV0.52
ContractDT270219P00032500
SidePut
Expiry19 Feb 2027
Strike32.50
Volume-
OI4
IV0.57
ContractDT261120P00050000
SidePut
Expiry20 Nov 2026
Strike50.00
Volume-
OI3
IV0.72
ContractDT270219C00042500
SideCall
Expiry19 Feb 2027
Strike42.50
Volume-
OI3
IV0.60
ContractDT270219P00040000
SidePut
Expiry19 Feb 2027
Strike40.00
Volume-
OI2
IV0.53
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.