Ticker Options Intelligence

VRNS options intelligence

Varonis Systems options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 44 Market data through 31 Jul 2026 Checked 2 Aug 2026 11:05 · complete available chain

Put-side pressure

Bearish pressure

VRNS currently carries bearish options pressure with a 44/100 conviction score. The nearest-chain expected move is 15.1%, with volume/open-interest participation at 0.03.

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

Put-side pressure

Expected move 15.1%

Wider near-term move priced

Activity / OI 0.03

Current volume is quieter versus prior open interest

Put-call 2.27

Put-side skew

Trend fit 63

Options agree with trend context

Weekly backdrop -12.7%

RS -3.6

Expected move 15.1%
Put-call volume 2.27
Volume / OI 0.03
Reference IV 0.84
Max pain 45.00
Underlying 39.95
Nearest expiry 21 Aug 2026
Contracts 190

Research Brief

VRNS has a bearish chain read with 44/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 33.90–46.00; The largest call open-interest concentration is 55.00; the largest put concentration is 40.00. The most active strike by current volume is 40.00.

Priced range33.90–46.00
Call concentration55.00
Put concentration40.00
Max pain reference45.00
What would confirm it
  • Price remains weak while put-side concentration persists.
  • The current chain read already agrees with the stored weekly trend context.
What would weaken it
  • Price recovers while put pressure fades or reverses toward calls.
  • 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 33.90 to 46.00. Max pain at 45.00 sits inside that range, 12.6% above spot.

Spot Max pain
33.9039.95 ± 6.0546.00
Confirmation level

A close beyond 46.00 or below 33.90 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 44/100

Evidence alignment, not probability

Pressure is 35/100 toward puts; conviction uses its strength, while the signal label carries its direction.

Directional pressure35 × 42%
+14.8

How strongly activity leans toward calls or puts.

Participation14 × 22%
+3.1

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

Trend agreement63 × 26%
+16.3

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 score43.9Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 55.00; the largest put concentration is 40.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
0
17.50-56.2%
0
0
20.00-49.9%
0
0
22.50-43.7%
0
0
25.00-37.4%
25
46
30.00-24.9%
1
102
35.00-12.4%
11
8004
40.000.1%
220
856
45.0012.6%
214
13
50.0025.2%
1481
0
55.0037.7%
2527
0
60.0050.2%
151
0
65.0062.7%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.71× front/back

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

0.84 21 Aug 21d
0.60 18 Sep 49d
0.56 18 Dec 140d
0.50 15 Jan 168d
0.53 19 Mar 231d
0.51 17 Jun 321d
0.49 21 Jan 539d

Volatility by Strike

Upside optionality premium

Nearest expiry, within 20% of spot

Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.

35
40
45
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
190 / 190
  • 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

95/100
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 Bearish flow confirms price

Options pressure and weekly price action are both cautionary.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $279160 of estimated gross traded notional, puts · 8-21 days · atm, 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-35
1W price-12.7%
Call premium18%
Put premium82%
Notional split C 18% / P 82% 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 63/100 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 · 8-21 days · ATM
Puts · 8-21 days · ATM puts cluster with 858 contracts traded, $227370 estimated gross traded notional, and 81% of visible notional.
$227370
Calls · 8-21 days · OTM calls cluster with 366 contracts traded, $46052 estimated gross traded notional, and 16% of visible notional.
$46052
Calls · 8-21 days · ATM calls cluster with 14 contracts traded, $4760 estimated gross traded notional, and 2% of visible notional.
$4760
Puts · 8-21 days · ITM puts cluster with 1 contracts traded, $535 estimated gross traded notional, and 0% of visible notional.
$535
Puts · 46-90 days · OTM puts cluster with 3 contracts traded, $442 estimated gross traded notional, and 0% of visible notional.
$442

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.

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
Close39.95
1W-12.7%
RS-3.6
Fair value-6.5%
Options pressure-35
Speculation14
Volatility96
Trend fit63

Today Versus Normal

Stored-options context

View history
Expected move 15.1% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.84 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 2.27 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.03 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 10:44 Volatility
Pressure -61
Move 20.9%
30 Jul 10:40 Volatility
Pressure -82
Move 16.1%
31 Jul 10:25 Mixed
Pressure -5
Move 13.8%
2 Aug 10:05 Bearish
Pressure -35
Move 15.1%

Strike Map

Where activity is clustering

Full strike map
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 25
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 1
Puts · V 0 · OI 46
Strike35.00
Calls · V 0 · OI 11
Puts · V 0 · OI 102
Strike40.00
Calls · V 14 · OI 220
Puts · V 858 · OI 8004
Strike45.00
Calls · V 361 · OI 214
Puts · V 1 · OI 856

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts24
Avg IV0.84
Put-call2.26
Expiry18 Sep 2026
Contracts28
Avg IV0.60
Put-call-
Expiry18 Dec 2026
Contracts30
Avg IV0.56
Put-call-
Expiry15 Jan 2027
Contracts30
Avg IV0.50
Put-call-
Expiry19 Mar 2027
Contracts24
Avg IV0.53
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.78
Put IV1.43
Skew0.65
18 Sep 2026Put IV premium
Call IV0.50
Put IV0.63
Skew0.13
18 Dec 2026Balanced skew
Call IV0.51
Put IV0.55
Skew0.04
15 Jan 2027Put IV premium
Call IV0.43
Put IV0.54
Skew0.11
19 Mar 2027Balanced skew
Call IV0.48
Put IV0.53
Skew0.05

Contract Tape

Most active contracts

Full contract tape
ContractVRNS260821P00040000
SidePut
Expiry21 Aug 2026
Strike40.00
Volume858
OI8004
IV0.70
ContractVRNS260821C00045000
SideCall
Expiry21 Aug 2026
Strike45.00
Volume361
OI214
IV0.78
ContractVRNS260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume14
OI220
IV0.88
ContractVRNS260821C00055000
SideCall
Expiry21 Aug 2026
Strike55.00
Volume5
OI2527
IV0.52
ContractVRNS260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume3
OI5
IV0.63
ContractVRNS260821P00045000
SidePut
Expiry21 Aug 2026
Strike45.00
Volume1
OI856
IV0.48
ContractVRNS270115P00025000
SidePut
Expiry15 Jan 2027
Strike25.00
Volume-
OI2513
IV0.77
ContractVRNS260918C00050000
SideCall
Expiry18 Sep 2026
Strike50.00
Volume-
OI2351
IV0.55