Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ZION options intelligence
Zions Bancorporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 10 Aug 2026
Checked 11 Aug 2026 14:28 · complete available chain
Call-side pressure
Bullish pressure
ZION currently carries bullish options pressure with a 38/100 conviction score. The nearest-chain expected move is 3.4%, with volume/open-interest participation at 0.00.
Expected move
3.4%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.20
Call-side skew
Trend fit
28
Options are not fully confirming trend
Weekly backdrop
+0.9%
RS 4.4
Expected move
3.4%
Put-call volume
0.20
Volume / OI
0.00
Reference IV
0.26
Max pain
70.00
Underlying
70.32
Nearest expiry
21 Aug 2026
Contracts
444
Research Brief
ZION has a bullish chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 67.92–72.72; The largest call open-interest concentration is 67.50; the largest put concentration is 67.50. The most active strike by current volume is 70.00.
Priced range67.92–72.72
Call concentration67.50
Put concentration67.50
Max pain reference70.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 67.92 to 72.72. Max pain at 70.00 sits inside that range, 0.5% below spot.
Spot
Max pain
67.9270.32 ± 2.4072.72
Confirmation level
A close beyond 72.72 or below 67.92 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 38/100
Pressure is 64/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure64 × 42%
+27.1
How strongly activity leans toward calls or puts.
Participation2 × 22%
+0.3
Volume relative to existing open interest and contract-level activity.
Trend agreement28 × 26%
+7.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility32 × 10%
+3.2
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 67.50; the largest put concentration is 67.50. The most active strike by current volume is 70.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
45.00-36.0%
0
6
47.50-32.5%
0
4
50.00-28.9%
0
229
55.00-21.8%
1
145
57.50-18.2%
5
726
60.00-14.7%
3
65
62.50-11.1%
2
521
65.00-7.6%
36
775
67.50-4.0%
361
653
70.00-0.5%
309
17
72.503.1%
156
9
75.006.7%
85
0
77.5010.2%
346
0
80.0013.8%
19
0
82.5017.3%
7
0
85.0020.9%
0
0
90.0028.0%
0
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+$709,356Delta change / 1% move
Positive peak75.00+$713,185
Negative peak67.50-$260,329
Nearest balance68.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
42.50-39.6%
-$1,240
45.00-36.0%
-$7,583
47.50-32.5%
-$38,742
50.00-28.9%
-$10,253
52.50-25.3%
-$195,135
55.00-21.8%
-$55,864
57.50-18.2%
-$19,379
60.00-14.7%
+$23,101
62.50-11.1%
-$41,770
65.00-7.6%
-$98,691
67.50-4.0%
-$260,329
70.00-0.5%
+$177,242
72.503.1%
+$353,851
75.006.7%
+$713,185
77.5010.2%
+$58,543
80.0013.8%
+$80,041
82.5017.3%
+$24,247
85.0020.9%
+$15,704
90.0028.0%
+$2,076
95.0035.1%
+$476
100.0042.2%
+$3,228
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.26
21 Aug
11d
0.26
18 Sep
39d
0.26
16 Oct
67d
0.29
20 Nov
102d
0.29
15 Jan
158d
0.29
19 Feb
193d
0.30
21 May
284d
0.31
21 Jan
529d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
58
60
63
65
68
70
73
75
78
80
83
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
- 10 Aug 2026
- Calculation
- v2.0
- Contracts
- 444 / 444
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Call-side pressure is building before a meaningful weekly price response.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $21,644 of estimated gross traded notional, calls · 8-21 days · atm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+64
1W price+0.9%
Call premium90%
Put premium10%
Notional split
C 90% / P 10%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
28/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 8-21 days · ATM
calls cluster with 55 contracts traded, $6,875 estimated gross traded notional, and 32% of visible notional.
$6,875
Calls · 8-21 days · ITM
calls cluster with 20 contracts traded, $6,250 estimated gross traded notional, and 29% of visible notional.
$6,250
Calls · 46-90 days · ITM
calls cluster with 4 contracts traded, $2,750 estimated gross traded notional, and 13% of visible notional.
$2,750
Calls · 22-45 days · ITM
calls cluster with 2 contracts traded, $1,230 estimated gross traded notional, and 6% of visible notional.
$1,230
Calls · 91+ days · OTM
calls cluster with 3 contracts traded, $835 estimated gross traded notional, and 4% of visible notional.
$835
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close70.32
1W+0.9%
RS4.4
Fair value+44.8%
Options pressure64
Speculation2
Volatility32
Trend fit28
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 10:29
Bearish
Pressure -38
Move 5.7%
30 Jul 10:24
Bullish
Pressure 58
Move 5.5%
30 Jul 22:54
Mixed
Pressure 2
Move 5.2%
31 Jul 08:00
Bullish
Pressure 28
Move 5.2%
31 Jul 19:33
Mixed
Pressure 1
Move 4.9%
1 Aug 08:58
Mixed
Pressure -3
Move 4.9%
3 Aug 11:07
Mixed
Pressure -3
Move 4.9%
4 Aug 13:34
Bullish
Pressure 68
Move 4.6%
Strike Map
Where activity is clustering
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike55.00
Calls · V 0 · OI 1
Puts · V 0 · OI 229
Strike57.50
Calls · V 0 · OI 5
Puts · V 0 · OI 145
Strike60.00
Calls · V 0 · OI 3
Puts · V 1 · OI 726
Strike62.50
Calls · V 0 · OI 2
Puts · V 2 · OI 65
Strike65.00
Calls · V 0 · OI 36
Puts · V 0 · OI 521
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts38
Avg IV0.26
Put-call0.13
Expiry18 Sep 2026
Contracts50
Avg IV0.26
Put-call0.25
Expiry16 Oct 2026
Contracts50
Avg IV0.26
Put-call0.60
Expiry20 Nov 2026
Contracts52
Avg IV0.29
Put-call3.00
Expiry15 Jan 2027
Contracts56
Avg IV0.29
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.20
Put IV0.33
Skew0.13
18 Sep 2026Put IV premium
Call IV0.22
Put IV0.30
Skew0.08
16 Oct 2026Put IV premium
Call IV0.22
Put IV0.31
Skew0.09
20 Nov 2026Put IV premium
Call IV0.25
Put IV0.34
Skew0.09
15 Jan 2027Put IV premium
Call IV0.24
Put IV0.35
Skew0.11
Contract Tape
Most active contracts
ContractZION260821C00070000
SideCall
Expiry21 Aug 2026
Strike70.00
Volume55
OI309
IV0.18
ContractZION260821C00067500
SideCall
Expiry21 Aug 2026
Strike67.50
Volume20
OI361
IV0.01
ContractZION260821C00075000
SideCall
Expiry21 Aug 2026
Strike75.00
Volume7
OI85
IV0.22
ContractZION260821P00070000
SidePut
Expiry21 Aug 2026
Strike70.00
Volume6
OI653
IV0.30
ContractZION260918C00075000
SideCall
Expiry18 Sep 2026
Strike75.00
Volume4
OI501
IV0.22
ContractZION260918C00070000
SideCall
Expiry18 Sep 2026
Strike70.00
Volume3
OI160
IV0.22
ContractZION260821C00072500
SideCall
Expiry21 Aug 2026
Strike72.50
Volume3
OI156
IV0.20
ContractZION260821P00067500
SidePut
Expiry21 Aug 2026
Strike67.50
Volume2
OI775
IV0.33
Research Graph
Related research and context
Sharemaestro research
Related News
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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.