Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WEX options intelligence
Wex Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 30 Jul 2026
Checked 31 Jul 2026 05:47 · complete available chain
Put-side pressure
Bearish pressure
WEX currently carries bearish options pressure with a 48/100 conviction score. The nearest-chain expected move is 9.6%, with volume/open-interest participation at 0.01.
Expected move
9.6%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.68
Put-side skew
Trend fit
99
Options agree with trend context
Weekly backdrop
+7.2%
RS 4.7
Expected move
9.6%
Put-call volume
1.68
Volume / OI
0.01
Reference IV
0.39
Max pain
165.00
Underlying
176.15
Nearest expiry
21 Aug 2026
Contracts
248
Research Brief
WEX has a bearish chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 159.20–193.10; The largest call open-interest concentration is 165.00; the largest put concentration is 165.00. The most active strike by current volume is 185.00.
Priced range159.20–193.10
Call concentration165.00
Put concentration165.00
Max pain reference165.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
Priced Move
Where the chain says movement becomes exceptional
Options imply 159.20 to 193.10. Max pain at 165.00 sits inside that range, 6.3% below spot.
Spot
Max pain
159.20176.15 ± 16.95193.10
Confirmation level
A close beyond 193.10 or below 159.20 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 48/100
Pressure is 28/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.6
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.4
Volume relative to existing open interest and contract-level activity.
Trend agreement99 × 26%
+25.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility66 × 10%
+6.6
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 165.00; the largest put concentration is 165.00. The most active strike by current volume is 185.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
31
110.00-37.6%
2
8
120.00-31.9%
0
6
125.00-29.0%
0
295
130.00-26.2%
0
133
135.00-23.4%
2
11
140.00-20.5%
4
104
145.00-17.7%
92
300
150.00-14.8%
20
248
155.00-12.0%
8
63
160.00-9.2%
308
750
165.00-6.3%
752
202
170.00-3.5%
17
238
175.00-0.7%
411
2
180.002.2%
26
2
185.005.0%
29
0
190.007.9%
8
0
200.0013.5%
14
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.39
21 Aug
22d
0.36
18 Sep
50d
0.40
20 Nov
113d
0.40
19 Feb
204d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
145
150
155
160
165
170
175
180
185
190
195
200
210
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
- 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 248 / 248
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $31670 of estimated gross traded notional, calls · 8-21 days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-28
1W price+7.2%
Call premium59%
Put premium41%
Notional split
C 59% / P 41%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
99/100
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 18 contracts traded, $12875 estimated gross traded notional, and 41% of visible notional.
$12875
Puts · 8-21 days · ITM
puts cluster with 8 contracts traded, $5985 estimated gross traded notional, and 19% of visible notional.
$5985
Calls · 91+ days · ITM
calls cluster with 1 contracts traded, $5865 estimated gross traded notional, and 19% of visible notional.
$5865
Puts · 8-21 days · OTM
puts cluster with 19 contracts traded, $3590 estimated gross traded notional, and 11% of visible notional.
$3590
Puts · 46-90 days · ITM
puts cluster with 2 contracts traded, $2390 estimated gross traded notional, and 8% of visible notional.
$2390
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
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close176.15
1W+7.2%
RS4.7
Fair value+1.9%
Options pressure-28
Speculation20
Volatility66
Trend fit99
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:39
Bearish
Pressure -51
Move 10.2%
30 Jul 10:35
Bullish
Pressure 66
Move 10.8%
30 Jul 22:52
Bullish
Pressure 40
Move 9.6%
31 Jul 04:47
Bearish
Pressure -28
Move 9.6%
Strike Map
Where activity is clustering
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike110.00
Calls · V 0 · OI 2
Puts · V 0 · OI 31
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.39
Put-call1.50
Expiry18 Sep 2026
Contracts48
Avg IV0.36
Put-call-
Expiry20 Nov 2026
Contracts68
Avg IV0.40
Put-call-
Expiry19 Feb 2027
Contracts72
Avg IV0.40
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.36
Put IV0.41
Skew0.06
18 Sep 2026Put IV premium
Call IV0.33
Put IV0.40
Skew0.07
20 Nov 2026Put IV premium
Call IV0.37
Put IV0.42
Skew0.06
19 Feb 2027Balanced skew
Call IV0.38
Put IV0.42
Skew0.05
Contract Tape
Most active contracts
ContractWEX260821P00170000
SidePut
Expiry21 Aug 2026
Strike170.00
Volume17
OI202
IV0.44
ContractWEX260821C00185000
SideCall
Expiry21 Aug 2026
Strike185.00
Volume17
OI29
IV0.36
ContractWEX260821P00185000
SidePut
Expiry21 Aug 2026
Strike185.00
Volume5
OI2
IV0.41
ContractWEX260821P00190000
SidePut
Expiry21 Aug 2026
Strike190.00
Volume3
OI-
IV0.41
ContractWEX260821P00125000
SidePut
Expiry21 Aug 2026
Strike125.00
Volume2
OI6
IV0.56
ContractWEX260918P00150000
SidePut
Expiry18 Sep 2026
Strike150.00
Volume2
OI2
IV0.48
ContractWEX260821C00200000
SideCall
Expiry21 Aug 2026
Strike200.00
Volume1
OI14
IV0.36
ContractWEX261120C00130000
SideCall
Expiry20 Nov 2026
Strike130.00
Volume1
OI2
IV0.41
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.