Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
DKS options intelligence
Dick’s Sporting Goods Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
62
Market data through 31 Jul 2026
Checked 1 Aug 2026 03:51 · complete available chain
Put-side pressure
Bearish pressure
DKS currently carries bearish options pressure with a 62/100 conviction score. The nearest-chain expected move is 9.5%, with volume/open-interest participation at 0.30.
Expected move
9.5%
Wider near-term move priced
Activity / OI
0.30
Current volume is quieter versus prior open interest
Put-call
12.87
Put-side skew
Trend fit
14
Options are not fully confirming trend
Weekly backdrop
-4.9%
RS -15.4
Expected move
9.5%
Put-call volume
12.87
Volume / OI
0.30
Reference IV
0.41
Max pain
220.00
Underlying
206.04
Nearest expiry
21 Aug 2026
Contracts
498
Research Brief
DKS has a bearish chain read with 62/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 186.51–225.57; The largest call open-interest concentration is 210.00; the largest put concentration is 220.00. The most active strike by current volume is 210.00.
Priced range186.51–225.57
Call concentration210.00
Put concentration220.00
Max pain reference220.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 186.51 to 225.57. Max pain at 220.00 sits inside that range, 6.8% above spot.
Spot
Max pain
186.51206.04 ± 19.53225.57
Confirmation level
A close beyond 225.57 or below 186.51 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 62/100
Pressure is 98/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure98 × 42%
+41.0
How strongly activity leans toward calls or puts.
Participation47 × 22%
+10.3
Volume relative to existing open interest and contract-level activity.
Trend agreement14 × 26%
+3.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility66 × 10%
+6.6
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 210.00; the largest put concentration is 220.00. The most active strike by current volume is 210.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
51
165.00-19.9%
1
101
170.00-17.5%
19
127
175.00-15.1%
0
364
180.00-12.6%
1
700
185.00-10.2%
19
306
190.00-7.8%
17
2362
195.00-5.4%
10
366
200.00-2.9%
53
522
210.001.9%
798
2436
220.006.8%
250
324
230.0011.6%
407
98
240.0016.5%
195
0
250.0021.3%
413
0
260.0026.2%
68
0
270.0031.0%
197
0
280.0035.9%
101
0
290.0040.7%
46
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.41
21 Aug
21d
0.48
18 Sep
49d
0.45
18 Dec
140d
0.44
15 Jan
168d
0.45
19 Mar
231d
0.45
17 Jun
321d
0.44
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
165
170
175
180
185
190
195
200
210
220
230
240
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
- 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 498 / 498
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Options pressure and weekly price action are both cautionary.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2.0M of estimated gross traded notional, puts · 46-90 days · otm, and a bearish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-98
1W price-4.9%
Call premium19%
Put premium81%
Notional split
C 19% / P 81%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.30
Volume divided by open interest across the visible chain.
Trend fit
14/100
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.
Puts · 46-90 days · OTM
puts cluster with 7175 contracts traded, $1.5M estimated gross traded notional, and 75% of visible notional.
$1.5M
Calls · 91+ days · ITM
calls cluster with 25 contracts traded, $76310 estimated gross traded notional, and 4% of visible notional.
$76310
Calls · 46-90 days · ITM
calls cluster with 25 contracts traded, $75565 estimated gross traded notional, and 4% of visible notional.
$75565
Calls · 8-21 days · ATM
calls cluster with 276 contracts traded, $71070 estimated gross traded notional, and 4% of visible notional.
$71070
Calls · 91+ days · OTM
calls cluster with 67 contracts traded, $54572 estimated gross traded notional, and 3% of visible notional.
$54572
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
Close195.91
1W-4.9%
RS-15.4
Fair value+3.1%
Options pressure-98
Speculation47
Volatility66
Trend fit14
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 10:19
Bullish
Pressure 46
Move 8.7%
30 Jul 10:14
Mixed
Pressure 14
Move 8.7%
31 Jul 10:06
Bearish
Pressure -46
Move 8.9%
1 Aug 02:51
Bearish
Pressure -98
Move 9.5%
Strike Map
Where activity is clustering
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike140.00
Calls · V 0 · OI 1
Puts · V 0 · OI 8
Strike145.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike150.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts66
Avg IV0.41
Put-call0.40
Expiry18 Sep 2026
Contracts72
Avg IV0.48
Put-call98.37
Expiry18 Dec 2026
Contracts72
Avg IV0.45
Put-call0.18
Expiry15 Jan 2027
Contracts82
Avg IV0.44
Put-call0.78
Expiry19 Mar 2027
Contracts62
Avg IV0.45
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.39
Put IV0.41
Skew0.02
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.45
Skew0.01
18 Dec 2026Balanced skew
Call IV0.43
Put IV0.47
Skew0.04
15 Jan 2027Balanced skew
Call IV0.43
Put IV0.46
Skew0.03
19 Mar 2027Balanced skew
Call IV0.42
Put IV0.46
Skew0.04
Contract Tape
Most active contracts
ContractDKS260918P00160000
SidePut
Expiry18 Sep 2026
Strike160.00
Volume7012
OI55
IV0.49
ContractDKS260821C00210000
SideCall
Expiry21 Aug 2026
Strike210.00
Volume276
OI798
IV0.39
ContractDKS260821P00175000
SidePut
Expiry21 Aug 2026
Strike175.00
Volume88
OI127
IV0.41
ContractDKS260918P00190000
SidePut
Expiry18 Sep 2026
Strike190.00
Volume53
OI795
IV0.49
ContractDKS261218C00250000
SideCall
Expiry18 Dec 2026
Strike250.00
Volume45
OI169
IV0.43
ContractDKS260918P00195000
SidePut
Expiry18 Sep 2026
Strike195.00
Volume28
OI711
IV0.47
ContractDKS260918P00180000
SidePut
Expiry18 Sep 2026
Strike180.00
Volume28
OI220
IV0.45
ContractDKS260918P00185000
SidePut
Expiry18 Sep 2026
Strike185.00
Volume28
OI47
IV0.49
Research Graph
Related research and context
Sharemaestro research
Related News
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.