Ticker Options Intelligence

UP options intelligence

Wheels Up Experience Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 54 Market data through 31 Jul 2026 Checked 2 Aug 2026 13:49 · complete available chain

Volatility expansion watch

Volatility pressure

UP currently carries volatility options pressure with a 54/100 conviction score. The nearest-chain expected move is 80.7%, with volume/open-interest participation at 0.12.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 80.7%

Wider near-term move priced

Activity / OI 0.12

Current volume is quieter versus prior open interest

Put-call 0.08

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop -5.1%

RS -71.6

Expected move 80.7%
Put-call volume 0.08
Volume / OI 0.12
Reference IV 5.22
Max pain 0.50
Underlying 5.75
Nearest expiry 21 Aug 2026
Contracts 48

Research Brief

UP has a volatility chain read with 54/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 1.11–10.39; The largest call open-interest concentration is 2.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50.

Priced range1.11–10.39
Call concentration2.50
Put concentration0.50
Max pain reference0.50
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • Volatility falls and the chain remains directionally mixed.
  • 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

Size, not direction · through 21 Aug

Options imply 1.11 to 10.39. Max pain at 0.50 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
1.115.75 ± 4.6410.39
Confirmation level

A close beyond 10.39 or below 1.11 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 54/100

Evidence alignment, not probability

Pressure is 96/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure96 × 42%
+40.3

How strongly activity leans toward calls or puts.

Participation18 × 22%
+4.0

Volume relative to existing open interest and contract-level activity.

Trend agreement0 × 26%
+0.0

How closely the chain read agrees with the underlying trend backdrop.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score53.9Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 2.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
114
0.50-91.3%
314
8
1.00-82.6%
271
16
1.50-73.9%
124
16
2.50-56.5%
1835
1
5.00-13.0%
295
0
7.5030.4%
10
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Positive gamma proxy

Model-estimated Greeks · 49% coverage

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+$926Delta change / 1% move
Positive peak7.50+$1,059
Negative peak2.00-$82
Nearest balance5.00Interpolated sign change
StrikeNegativePositiveNet / 1% move
0.50-91.3%
-$18
1.00-82.6%
-$10
1.50-73.9%
-$11
2.00-65.2%
-$82
2.50-56.5%
-$4
3.00-47.8%
-$7
3.50-39.1%
-$0
4.00-30.4%
-$0
4.50-21.7%
-$0
5.00-13.0%
-$0
7.5030.4%
+$1,059
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

4.84× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

5.22 21 Aug 21d
2.28 20 Nov 112d
2.29 15 Jan 168d
1.08 21 Jan 539d

Volatility by Strike

Smile incomplete

Nearest expiry, within 20% of spot

There is not enough comparable OTM call and put volatility to classify the smile.

5
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 matured · 0 directional

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

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
48 / 48
  • 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

86/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $49,260 of estimated gross traded notional, puts · 91+ days · otm, 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+96
1W price-5.1%
Call premium41%
Put premium59%
Notional split C 41% / P 59% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.12 Volume divided by open interest across the visible chain.
Trend fit 0/100 Agreement between options pressure and Sharemaestro market context.
Event window 4 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.
Conviction clusters Puts · 91+ days · OTM
Puts · 91+ days · OTM puts cluster with 157 contracts traded, $26,678 estimated gross traded notional, and 54% of visible notional.
$26,678
Calls · 91+ days · ITM calls cluster with 1972 contracts traded, $17,431 estimated gross traded notional, and 35% of visible notional.
$17,431
Calls · 8-21 days · ITM calls cluster with 212 contracts traded, $2,572 estimated gross traded notional, and 5% of visible notional.
$2,572
Puts · 8-21 days · OTM puts cluster with 25 contracts traded, $2,460 estimated gross traded notional, and 5% of visible notional.
$2,460
Calls · 8-21 days · OTM calls cluster with 6 contracts traded, $60 estimated gross traded notional, and 0% of visible notional.
$60

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

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

Sharemaestro weekly
Close5.75
1W-5.1%
RS-71.6
Fair value-83.0%
Options pressure96
Speculation18
Volatility96
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 80.7% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 5.22 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.08 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.12 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:36 Volatility
Pressure 96
Move 76.6%
30 Jul 11:16 Volatility
Pressure 96
Move 76.6%
30 Jul 15:31 Volatility
Pressure 96
Move 76.6%
30 Jul 15:47 Volatility
Pressure 96
Move 76.6%
30 Jul 19:39 Volatility
Pressure 96
Move 76.6%
1 Aug 19:53 Volatility
Pressure 96
Move 80.7%
2 Aug 12:49 Volatility
Pressure 96
Move 80.7%

Strike Map

Where activity is clustering

Full strike map
Strike0.50
Calls · V 200 · OI 314
Puts · V 7 · OI 114
Strike1.00
Calls · V 4 · OI 271
Puts · V 5 · OI 8
Strike1.50
Calls · V 2 · OI 124
Puts · V 10 · OI 16
Strike2.50
Calls · V 1 · OI 1835
Puts · V 2 · OI 16
Strike5.00
Calls · V 5 · OI 295
Puts · V 1 · OI 1
Strike7.50
Calls · V 6 · OI 10
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts11
Avg IV5.22
Put-call0.11
Expiry20 Nov 2026
Contracts7
Avg IV2.28
Put-call1.22
Expiry15 Jan 2027
Contracts18
Avg IV2.29
Put-call0.03
Expiry21 Jan 2028
Contracts12
Avg IV1.08
Put-call0.61

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.83
Put IV15.23
Skew14.41
20 Nov 2026Incomplete skew
Call IV-
Put IV5.72
Skew-
15 Jan 2027Incomplete skew
Call IV-
Put IV5.58
Skew-
21 Jan 2028Put IV premium
Call IV0.55
Put IV2.46
Skew1.91

Contract Tape

Most active contracts

Full contract tape
ContractUP261120P00002000
SidePut
Expiry20 Nov 2026
Strike2.00
Volume-
OI10
IV5.72
ContractUP261120C00001500
SideCall
Expiry20 Nov 2026
Strike1.50
Volume-
OI5
IV0.00
ContractUP270115P00003500
SidePut
Expiry15 Jan 2027
Strike3.50
Volume-
OI2
IV4.07
ContractUP270115P00004500
SidePut
Expiry15 Jan 2027
Strike4.50
Volume-
OI1
IV5.58
ContractUP261120C00002500
SideCall
Expiry20 Nov 2026
Strike2.50
Volume-
OI1
IV0.00
ContractUP270115C00002000
SideCall
Expiry15 Jan 2027
Strike2.00
Volume1704
OI2725
IV0.00
ContractUP260821C00000500
SideCall
Expiry21 Aug 2026
Strike0.50
Volume200
OI314
IV0.00
ContractUP280121C00001000
SideCall
Expiry21 Jan 2028
Strike1.00
Volume100
OI635
IV0.00