Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
NAVN options intelligence
Navan, Inc. Class A Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 12 Aug 2026
Checked 13 Aug 2026 12:23 · complete available chain
Options-market disagreement
Mixed pressure
NAVN currently carries mixed options pressure with a 45/100 conviction score. The nearest-chain expected move is 17.2%, with volume/open-interest participation at 0.04.
Expected move
17.2%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
1.06
Balanced tape
Trend fit
92
Options agree with trend context
Weekly backdrop
+9.2%
Sharemaestro weekly context
Expected move
17.2%
Put-call volume
1.06
Volume / OI
0.04
Reference IV
1.22
Max pain
25.00
Underlying
29.08
Nearest expiry
21 Aug 2026
Contracts
96
Research Brief
NAVN has a mixed chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 24.08–34.08; The largest call open-interest concentration is 30.00; the largest put concentration is 25.00. The most active strike by current volume is 25.00.
Priced range24.08–34.08
Call concentration30.00
Put concentration25.00
Max pain reference25.00
- 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 24.08 to 34.08. Max pain at 25.00 sits inside that range, 14.0% below spot.
Spot
Max pain
24.0829.08 ± 5.0034.08
Confirmation level
A close beyond 34.08 or below 24.08 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 45/100
Pressure is 5/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure5 × 42%
+2.1
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement92 × 26%
+23.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 30.00; the largest put concentration is 25.00. The most active strike by current volume is 25.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
2.50-91.4%
0
4
5.00-82.8%
0
4
7.50-74.2%
0
6
10.00-65.6%
0
202
12.50-57.0%
0
49
15.00-48.4%
2
154
17.50-39.8%
3
550
20.00-31.2%
55
127
22.50-22.6%
138
1090
25.00-14.0%
1007
234
30.003.2%
1551
0
35.0020.4%
776
1
40.0037.6%
20
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+$350,241Delta change / 1% move
Positive peak35.00+$140,497
Negative peak7.50-$1,649
Nearest balance9.82Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50-91.4%
+$6
5.00-82.8%
+$21
7.50-74.2%
-$1,649
10.00-65.6%
+$131
12.50-57.0%
+$188
15.00-48.4%
+$735
17.50-39.8%
+$1,632
20.00-31.2%
+$50,606
22.50-22.6%
+$855
25.00-14.0%
+$19,436
30.003.2%
+$132,257
35.0020.4%
+$140,497
40.0037.6%
+$5,526
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.
1.22
21 Aug
9d
0.95
18 Sep
37d
0.86
16 Oct
65d
0.83
15 Jan
156d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
25
30
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 96 / 96
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $165,150 of estimated gross traded notional, calls · 8-21 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+5
1W price+9.2%
Call premium72%
Put premium28%
Notional split
C 72% / P 28%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
92/100
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 · 8-21 days · ITM
calls cluster with 138 contracts traded, $62,315 estimated gross traded notional, and 38% of visible notional.
$62,315
Puts · 91+ days · OTM
puts cluster with 200 contracts traded, $25,500 estimated gross traded notional, and 15% of visible notional.
$25,500
Calls · 8-21 days · OTM
calls cluster with 219 contracts traded, $24,685 estimated gross traded notional, and 15% of visible notional.
$24,685
Calls · 91+ days · OTM
calls cluster with 36 contracts traded, $20,675 estimated gross traded notional, and 13% of visible notional.
$20,675
Puts · 46-90 days · OTM
puts cluster with 200 contracts traded, $14,500 estimated gross traded notional, and 9% of visible notional.
$14,500
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close29.08
1W+9.2%
RS-
Fair value+71.2%
Options pressure5
Speculation41
Volatility96
Trend fit92
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:39
Volatility
Pressure 57
Move 27.6%
30 Jul 10:35
Bearish
Pressure -42
Move 27.8%
31 Jul 10:23
Volatility
Pressure -84
Move 28.1%
2 Aug 18:39
Volatility
Pressure 99
Move 20.9%
4 Aug 10:43
Volatility
Pressure 91
Move 21.8%
5 Aug 11:13
Volatility
Pressure 56
Move 21.7%
6 Aug 11:20
Volatility
Pressure 55
Move 21.5%
10 Aug 11:05
Volatility
Pressure 89
Move 17.7%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike7.50
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike12.50
Calls · V 0 · OI 0
Puts · V 0 · OI 202
Strike15.00
Calls · V 0 · OI 2
Puts · V 0 · OI 49
Strike17.50
Calls · V 0 · OI 3
Puts · V 0 · OI 154
Strike20.00
Calls · V 3 · OI 55
Puts · V 2 · OI 550
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV1.22
Put-call0.13
Expiry18 Sep 2026
Contracts18
Avg IV0.95
Put-call0.08
Expiry16 Oct 2026
Contracts26
Avg IV0.86
Put-call40.00
Expiry15 Jan 2027
Contracts26
Avg IV0.83
Put-call5.41
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV1.10
Put IV1.13
Skew0.03
18 Sep 2026Put IV premium
Call IV0.94
Put IV1.01
Skew0.07
16 Oct 2026Balanced skew
Call IV0.80
Put IV0.84
Skew0.05
15 Jan 2027Balanced skew
Call IV0.81
Put IV0.84
Skew0.03
Contract Tape
Most active contracts
ContractNAVN270115P00017500
SidePut
Expiry15 Jan 2027
Strike17.50
Volume200
OI127
IV0.88
ContractNAVN261016P00020000
SidePut
Expiry16 Oct 2026
Strike20.00
Volume200
OI16
IV0.87
ContractNAVN260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume148
OI1551
IV1.11
ContractNAVN260821C00025000
SideCall
Expiry21 Aug 2026
Strike25.00
Volume134
OI1007
IV1.15
ContractNAVN260821C00035000
SideCall
Expiry21 Aug 2026
Strike35.00
Volume71
OI776
IV1.10
ContractNAVN270115C00030000
SideCall
Expiry15 Jan 2027
Strike30.00
Volume35
OI168
IV0.82
ContractNAVN260821P00025000
SidePut
Expiry21 Aug 2026
Strike25.00
Volume26
OI1090
IV1.13
ContractNAVN260918C00030000
SideCall
Expiry18 Sep 2026
Strike30.00
Volume22
OI682
IV0.90
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.