Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
WDC options intelligence
Western Digital Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 31 Jul 2026
Checked 1 Aug 2026 19:35 · partial chain
Options-market disagreement
Mixed pressure
WDC currently carries mixed options pressure with a 43/100 conviction score. The nearest-chain expected move is 14.1%, with volume/open-interest participation at 0.20.
Expected move
14.1%
Wider near-term move priced
Activity / OI
0.20
Current volume is quieter versus prior open interest
Put-call
0.83
Balanced tape
Trend fit
80
Options agree with trend context
Weekly backdrop
+4.8%
RS 81.1
Expected move
14.1%
Put-call volume
0.83
Volume / OI
0.20
Reference IV
1.29
Max pain
520.00
Underlying
544.84
Nearest expiry
7 Aug 2026
Contracts
2000
Research Brief
WDC has a mixed chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 467.92–621.76; The largest call open-interest concentration is 800.00; the largest put concentration is 490.00. The most active strike by current volume is 740.00.
Priced range467.92–621.76
Call concentration800.00
Put concentration490.00
Max pain reference520.00
- 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 467.92 to 621.76. Max pain at 520.00 sits inside that range, 4.6% below spot.
Spot
Max pain
467.92544.84 ± 76.92621.76
Confirmation level
A close beyond 621.76 or below 467.92 at the 7 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 43/100
Pressure is 7/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure7 × 42%
+2.9
How strongly activity leans toward calls or puts.
Participation45 × 22%
+9.8
Volume relative to existing open interest and contract-level activity.
Trend agreement80 × 26%
+20.8
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 800.00; the largest put concentration is 490.00. The most active strike by current volume is 740.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
430
400.00-26.6%
47
80
440.00-19.2%
16
314
450.00-17.4%
75
642
490.00-10.1%
29
133
500.00-8.2%
86
76
550.000.9%
160
12
575.005.5%
139
71
600.0010.1%
353
21
625.0014.7%
528
60
645.0018.4%
621
75
650.0019.3%
224
1
680.0024.8%
676
4
700.0028.5%
954
0
740.0035.8%
66
1
800.0046.8%
1089
0
900.0065.2%
616
0
1040.0090.9%
761
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.29
7 Aug
7d
1.09
14 Aug
14d
1.03
21 Aug
21d
1.02
28 Aug
28d
0.99
4 Sep
35d
0.96
11 Sep
42d
0.96
18 Sep
49d
0.96
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
438
448
460
470
480
493
503
513
523
535
545
555
568
578
588
598
610
620
630
643
653
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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
Good
Retained chain51%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 2000 / 3906
- 51% of provider contracts were retained for this snapshot.
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
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $85.6M of estimated gross traded notional, calls · 8-21 days · otm, 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+7
1W price+4.8%
Call premium57%
Put premium43%
Notional split
C 57% / P 43%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.20
Volume divided by open interest across the visible chain.
Trend fit
80/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 3 days away.
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 7169 contracts traded, $19.2M estimated gross traded notional, and 22% of visible notional.
$19.2M
Puts · 22-45 days · OTM
puts cluster with 2754 contracts traded, $12.0M estimated gross traded notional, and 14% of visible notional.
$12.0M
Calls · 8-21 days · ITM
calls cluster with 694 contracts traded, $7.5M estimated gross traded notional, and 9% of visible notional.
$7.5M
Puts · 8-21 days · OTM
puts cluster with 3318 contracts traded, $5.5M estimated gross traded notional, and 6% of visible notional.
$5.5M
Puts · 0-7 days · OTM
puts cluster with 4899 contracts traded, $4.5M estimated gross traded notional, and 5% of visible notional.
$4.5M
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
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
Close544.84
1W+4.8%
RS81.1
Fair value+329.9%
Options pressure7
Speculation45
Volatility96
Trend fit80
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 10:00
Bearish
Pressure -30
Move 14.0%
30 Jul 10:00
Mixed
Pressure -13
Move 12.8%
30 Jul 15:33
Mixed
Pressure 6
Move 7.6%
30 Jul 15:49
Mixed
Pressure 6
Move 7.6%
30 Jul 17:50
Mixed
Pressure -2
Move 6.9%
30 Jul 19:35
Mixed
Pressure -7
Move 7.3%
1 Aug 02:32
Mixed
Pressure -15
Move 5.0%
1 Aug 18:35
Mixed
Pressure 7
Move 14.1%
Strike Map
Where activity is clustering
Strike230.00
Calls · V 2 · OI 0
Puts · V 0 · OI 4
Strike240.00
Calls · V 0 · OI 0
Puts · V 4 · OI 11
Strike280.00
Calls · V 0 · OI 0
Puts · V 2 · OI 291
Strike290.00
Calls · V 0 · OI 3
Puts · V 0 · OI 58
Strike300.00
Calls · V 0 · OI 4
Puts · V 66 · OI 115
Strike302.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike305.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike307.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts402
Avg IV1.29
Put-call0.97
Expiry14 Aug 2026
Contracts368
Avg IV1.09
Put-call2.61
Expiry21 Aug 2026
Contracts254
Avg IV1.03
Put-call0.32
Expiry28 Aug 2026
Contracts230
Avg IV1.02
Put-call3.44
Expiry4 Sep 2026
Contracts216
Avg IV0.99
Put-call2.50
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV1.31
Put IV1.26
Skew-0.05
14 Aug 2026Put IV premium
Call IV1.10
Put IV1.16
Skew0.06
21 Aug 2026Balanced skew
Call IV1.06
Put IV1.10
Skew0.04
28 Aug 2026Balanced skew
Call IV1.00
Put IV1.03
Skew0.03
4 Sep 2026Balanced skew
Call IV0.98
Put IV1.01
Skew0.03
Contract Tape
Most active contracts
ContractWDC260821C00590000
SideCall
Expiry21 Aug 2026
Strike590.00
Volume2335
OI2548
IV1.03
ContractWDC260821C00630000
SideCall
Expiry21 Aug 2026
Strike630.00
Volume1277
OI134
IV1.02
ContractWDC260807C00740000
SideCall
Expiry7 Aug 2026
Strike740.00
Volume624
OI66
IV0.69
ContractWDC260807C00800000
SideCall
Expiry7 Aug 2026
Strike800.00
Volume597
OI1089
IV1.27
ContractWDC260821C00450000
SideCall
Expiry21 Aug 2026
Strike450.00
Volume541
OI696
IV1.13
ContractWDC260828P00520000
SidePut
Expiry28 Aug 2026
Strike520.00
Volume481
OI72
IV1.01
ContractWDC260904P00520000
SidePut
Expiry4 Sep 2026
Strike520.00
Volume479
OI57
IV0.99
ContractWDC260807P00400000
SidePut
Expiry7 Aug 2026
Strike400.00
Volume467
OI430
IV1.33
Research Graph
Related research and context
Sharemaestro research
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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.