Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
WULX options intelligence
Tradr 2X Long WULF Daily ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
63
Market data through 4 Aug 2026
Checked 4 Aug 2026 21:53 · complete available chain
Volatility expansion watch
Volatility pressure
WULX currently carries volatility options pressure with a 63/100 conviction score. The nearest-chain expected move is 43.2%, with volume/open-interest participation at 0.63.
Expected move
43.2%
Wider near-term move priced
Activity / OI
0.63
Current volume is elevated versus prior open interest
Put-call
0.09
Call-side skew
Trend fit
6
Options are not fully confirming trend
Weekly backdrop
-13.1%
Sharemaestro weekly context
Expected move
43.2%
Put-call volume
0.09
Volume / OI
0.63
Reference IV
2.20
Max pain
27.00
Underlying
20.67
Nearest expiry
21 Aug 2026
Contracts
87
Research Brief
WULX has a volatility chain read with 63/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 11.74–29.59; The largest call open-interest concentration is 30.00; the largest put concentration is 22.00. The most active strike by current volume is 30.00.
Priced range11.74–29.59
Call concentration30.00
Put concentration22.00
Max pain reference27.00
- A clear directional pressure reading develops and price begins to agree.
- 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
Options imply 11.74 to 29.59. Max pain at 27.00 sits inside that range, 30.7% above spot.
Spot
Max pain
11.7420.67 ± 8.9229.59
Confirmation level
A close beyond 29.59 or below 11.74 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 63/100
Pressure is 94/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure94 × 42%
+39.5
How strongly activity leans toward calls or puts.
Participation55 × 22%
+12.0
Volume relative to existing open interest and contract-level activity.
Trend agreement6 × 26%
+1.5
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 22.00. The most active strike by current volume is 30.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
1.00-95.2%
0
2
2.00-90.3%
0
1
19.00-8.1%
2
1
20.00-3.2%
14
42
22.006.5%
1
20
27.0030.7%
30
3
28.0035.5%
0
2
30.0045.2%
830
3
31.0050.0%
0
3
32.0054.9%
0
1
35.0069.4%
6
0
36.0074.2%
4
12
40.0093.6%
1
0
45.00117.8%
0
0
50.00142.0%
0
0
54.00161.3%
1
0
60.00190.3%
1
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+$13,380Delta change / 1% move
Positive peak30.00+$12,879
Negative peak22.00-$645
Nearest balance21.26Interpolated sign change
StrikeNegativePositiveNet / 1% move
10.00-51.6%
+$92
12.00-41.9%
+$6
15.00-27.4%
-$8
16.00-22.6%
-$9
17.00-17.7%
-$20
18.00-12.9%
-$26
19.00-8.1%
+$24
20.00-3.2%
+$184
21.001.6%
+$228
22.006.5%
-$645
23.0011.3%
+$10
25.0021.0%
+$127
27.0030.7%
+$103
28.0035.5%
-$50
30.0045.2%
+$12,879
31.0050.0%
-$44
32.0054.9%
-$42
34.0064.5%
+$11
35.0069.4%
+$134
36.0074.2%
+$45
38.0083.9%
+$14
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.
2.20
21 Aug
17d
1.82
18 Sep
45d
1.64
18 Dec
136d
1.78
19 Mar
227d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
19
20
22
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
- 4 Aug 2026
- Calculation
- v2.0
- Contracts
- 87 / 87
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $276,318 of estimated gross traded notional, calls · 8-21 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+94
1W price-13.1%
Call premium70%
Put premium30%
Notional split
C 70% / P 30%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.63
Volume divided by open interest across the visible chain.
Trend fit
6/100
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.
Calls · 8-21 days · OTM
calls cluster with 595 contracts traded, $134,752 estimated gross traded notional, and 49% of visible notional.
$134,752
Puts · 8-21 days · ITM
puts cluster with 39 contracts traded, $54,625 estimated gross traded notional, and 20% of visible notional.
$54,625
Calls · 91+ days · OTM
calls cluster with 41 contracts traded, $28,210 estimated gross traded notional, and 10% of visible notional.
$28,210
Calls · 22-45 days · OTM
calls cluster with 61 contracts traded, $18,478 estimated gross traded notional, and 7% of visible notional.
$18,478
Puts · 91+ days · ITM
puts cluster with 4 contracts traded, $15,965 estimated gross traded notional, and 6% of visible notional.
$15,965
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
5 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 5 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close20.67
1W-13.1%
RS-
Fair value-31.4%
Options pressure94
Speculation55
Volatility96
Trend fit6
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 13:26
Mixed
Pressure 14
Move 41.5%
30 Jul 13:13
Volatility
Pressure 45
Move 47.1%
31 Jul 12:53
Volatility
Pressure 100
Move 41.0%
31 Jul 23:04
Volatility
Pressure 93
Move 46.6%
3 Aug 08:45
Volatility
Pressure 100
Move 41.6%
3 Aug 14:58
Volatility
Pressure 98
Move 42.8%
4 Aug 20:53
Volatility
Pressure 94
Move 43.2%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 0 · OI 0
Puts · V 1 · OI 1
Strike2.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike19.00
Calls · V 2 · OI 2
Puts · V 0 · OI 1
Strike20.00
Calls · V 0 · OI 14
Puts · V 0 · OI 1
Strike22.00
Calls · V 0 · OI 1
Puts · V 5 · OI 42
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike26.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike27.00
Calls · V 20 · OI 30
Puts · V 3 · OI 20
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts33
Avg IV2.20
Put-call0.07
Expiry18 Sep 2026
Contracts32
Avg IV1.82
Put-call0.22
Expiry18 Dec 2026
Contracts19
Avg IV1.64
Put-call0.27
Expiry19 Mar 2027
Contracts3
Avg IV1.78
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV2.15
Put IV2.38
Skew0.23
18 Sep 2026Put IV premium
Call IV0.00
Put IV1.96
Skew1.96
18 Dec 2026Balanced skew
Call IV1.86
Put IV1.83
Skew-0.04
19 Mar 2027Incomplete skew
Call IV1.79
Put IV-
Skew-
Contract Tape
Most active contracts
ContractWULX261218C00010000
SideCall
Expiry18 Dec 2026
Strike10.00
Volume-
OI25
IV1.77
ContractWULX260821C00020000
SideCall
Expiry21 Aug 2026
Strike20.00
Volume-
OI14
IV2.06
ContractWULX260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume-
OI5
IV2.00
ContractWULX261218C00043000
SideCall
Expiry18 Dec 2026
Strike43.00
Volume-
OI5
IV1.87
ContractWULX260918C00020000
SideCall
Expiry18 Sep 2026
Strike20.00
Volume-
OI3
IV1.93
ContractWULX260821P00028000
SidePut
Expiry21 Aug 2026
Strike28.00
Volume-
OI3
IV2.07
ContractWULX260918P00050000
SidePut
Expiry18 Sep 2026
Strike50.00
Volume-
OI3
IV2.04
ContractWULX261218C00038000
SideCall
Expiry18 Dec 2026
Strike38.00
Volume-
OI2
IV1.88
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.