Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
QCOM options intelligence
Qualcomm Incorporated options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 18 Aug 2026
Checked 19 Aug 2026 08:07 · complete available chain
Options-market disagreement
Mixed pressure
QCOM currently carries mixed options pressure with a 32/100 conviction score. The nearest-chain expected move is 4.2%, with volume/open-interest participation at 0.06.
Expected move
4.2%
Near-term move context
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.86
Balanced tape
Trend fit
53
Options are not fully confirming trend
Weekly backdrop
-1.2%
RS -13.1
Expected move
4.2%
Put-call volume
0.86
Volume / OI
0.06
Reference IV
0.51
Max pain
165.00
Underlying
165.79
Nearest expiry
21 Aug 2026
Contracts
1376
Research Brief
QCOM has a mixed chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 158.90–172.68; The largest call open-interest concentration is 230.00; the largest put concentration is 180.00. The most active strike by current volume is 167.50.
Priced range158.90–172.68
Call concentration230.00
Put concentration180.00
Max pain reference165.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 158.90 to 172.68. Max pain at 165.00 sits inside that range, 0.5% below spot.
Spot
Max pain
158.90165.79 ± 6.89172.68
Confirmation level
A close beyond 172.68 or below 158.90 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 32/100
Pressure is 9/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure9 × 42%
+3.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement53 × 26%
+13.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility53 × 10%
+5.3
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 230.00; the largest put concentration is 180.00. The most active strike by current volume is 167.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4428
120.00-27.6%
124
3273
150.00-9.5%
1015
3138
155.00-6.5%
832
1634
157.50-5.0%
5915
4795
160.00-3.5%
4065
3689
165.00-0.5%
2583
180
167.501.0%
2739
2461
170.002.5%
4297
4641
175.005.6%
3103
63
177.507.1%
4450
6354
180.008.6%
8801
826
200.0020.6%
7426
369
210.0026.7%
3843
32
220.0032.7%
8882
53
230.0038.7%
10754
21
250.0050.8%
6788
0
280.0068.9%
4583
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$455,328Delta change / 1% move
Positive peak157.50+$5.9M
Negative peak150.00-$5.7M
Nearest balance163.77Interpolated sign change
StrikeNegativePositiveNet / 1% move
140.00-15.6%
-$4.0M
145.00-12.5%
-$4.0M
150.00-9.5%
-$5.7M
152.50-8.0%
-$930,883
155.00-6.5%
-$5.5M
157.50-5.0%
+$5.9M
160.00-3.5%
-$3.2M
162.50-2.0%
-$584,612
165.00-0.5%
+$565,603
167.501.0%
+$2.5M
170.002.5%
+$4.9M
172.504.0%
+$1.1M
175.005.6%
+$890,142
177.507.1%
+$1.2M
180.008.6%
+$1.4M
182.5010.1%
+$186,914
185.0011.6%
+$1.7M
187.5013.1%
+$15,224
190.0014.6%
+$507,053
192.5016.1%
+$3,721
195.0017.6%
+$203,251
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.51
21 Aug
3d
0.45
28 Aug
10d
0.46
4 Sep
17d
0.44
11 Sep
24d
0.45
18 Sep
31d
0.46
25 Sep
38d
0.45
2 Oct
45d
0.45
16 Oct
59d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
135
140
145
150
153
155
158
160
163
165
168
173
175
178
180
183
185
188
190
193
195
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 6 stored directional transitions, the next stored price moved in the labelled direction 50% of the time.
Directional follow-through50%
Moves contained by pricing42%
Average expiry move7.3%
14 Aug
Bullish · 34
-1.2% through expiry
1.2% priced · v2.0
13 Aug
Bullish · 34
-1.2% through expiry
2.2% priced · v2.0
12 Aug
Mixed · 30
-1.2% through expiry
3.4% priced · v2.0
11 Aug
Mixed · 32
-1.2% through expiry
4.3% priced · v2.0
10 Aug
Mixed · 32
-1.2% through expiry
4.6% priced · v2.0
7 Aug
Bullish · 38
-1.2% through expiry
5.2% priced · v2.0
6 Aug
Bullish · 41
13.7% through expiry
8.5% priced · v2.0
5 Aug
Mixed · 36
13.7% through expiry
7.6% priced · v2.0
4 Aug
Bullish · 42
13.7% through expiry
10.5% priced · v2.0
3 Aug
Bullish · 40
13.7% through expiry
5.9% priced · v2.0
31 Jul
Mixed · 36
13.7% through expiry
6.4% priced · v2.0
30 Jul
Volatility · 45
-11.6% through expiry
9.8% priced · v2.0
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
- 18 Aug 2026
- Calculation
- v2.0
- Contracts
- 1376 / 1376
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $40.0M of estimated gross traded notional, calls · 91+ days · itm, 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+9
1W price-1.2%
Call premium51%
Put premium49%
Notional split
C 51% / P 49%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
53/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ITM
calls cluster with 3017 contracts traded, $9.4M estimated gross traded notional, and 24% of visible notional.
$9.4M
Puts · 0-7 days · ITM
puts cluster with 1778 contracts traded, $6.9M estimated gross traded notional, and 17% of visible notional.
$6.9M
Puts · 46-90 days · OTM
puts cluster with 5374 contracts traded, $5.2M estimated gross traded notional, and 13% of visible notional.
$5.2M
Calls · 91+ days · OTM
calls cluster with 3253 contracts traded, $4.3M estimated gross traded notional, and 11% of visible notional.
$4.3M
Puts · 91+ days · OTM
puts cluster with 3622 contracts traded, $3.3M estimated gross traded notional, and 8% of visible notional.
$3.3M
Setup Classification
Opportunity and risk frame
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 15 completed sessions
Volume rank33th
Volume/OI rank33th
IV rank47th
Market Context
Underlying confirmation
Close165.79
1W-1.2%
RS-13.1
Fair value+6.3%
Options pressure9
Speculation41
Volatility53
Trend fit53
Today Versus Normal
Stored-options context
30d avg 6.1% · 15 sessions
27th
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg 0.65 · 15 sessions
47th
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg 0.68 · 15 sessions
80th
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
30d avg 0.08 · 15 sessions
33th
90d avg - · 15/30 sessions
-
180d avg - · 15/60 sessions
-
Pressure Trail
Recent pressure and volatility
11 Aug 16:40
Mixed
Pressure 11
Move 4.4%
11 Aug 18:10
Mixed
Pressure 12
Move 4.5%
11 Aug 19:40
Mixed
Pressure 10
Move 4.4%
12 Aug 11:26
Mixed
Pressure 12
Move 4.3%
12 Aug 15:00
Mixed
Pressure -5
Move 4.1%
12 Aug 16:20
Mixed
Pressure 0
Move 4.0%
12 Aug 17:40
Mixed
Pressure 1
Move 3.6%
12 Aug 19:10
Mixed
Pressure 3
Move 3.4%
Strike Map
Where activity is clustering
Strike70.00
Calls · V 2 · OI 171
Puts · V 0 · OI 2380
Strike75.00
Calls · V 2 · OI 14
Puts · V 0 · OI 24
Strike80.00
Calls · V 0 · OI 13
Puts · V 0 · OI 717
Strike85.00
Calls · V 0 · OI 8
Puts · V 0 · OI 44
Strike90.00
Calls · V 6 · OI 11
Puts · V 19 · OI 603
Strike95.00
Calls · V 10 · OI 56
Puts · V 19 · OI 147
Strike100.00
Calls · V 4 · OI 19
Puts · V 9 · OI 446
Strike105.00
Calls · V 0 · OI 6
Puts · V 9 · OI 385
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts116
Avg IV0.51
Put-call0.71
Expiry28 Aug 2026
Contracts92
Avg IV0.45
Put-call0.93
Expiry4 Sep 2026
Contracts86
Avg IV0.46
Put-call1.38
Expiry11 Sep 2026
Contracts60
Avg IV0.44
Put-call1.56
Expiry18 Sep 2026
Contracts90
Avg IV0.45
Put-call1.22
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.48
Put IV0.49
Skew0.01
28 Aug 2026Balanced skew
Call IV0.44
Put IV0.45
Skew0.01
4 Sep 2026Balanced skew
Call IV0.42
Put IV0.46
Skew0.04
11 Sep 2026Balanced skew
Call IV0.42
Put IV0.45
Skew0.03
18 Sep 2026Balanced skew
Call IV0.42
Put IV0.44
Skew0.02
Contract Tape
Most active contracts
ContractQCOM261016P00160000
SidePut
Expiry16 Oct 2026
Strike160.00
Volume4064
OI3191
IV0.46
ContractQCOM260821C00167500
SideCall
Expiry21 Aug 2026
Strike167.50
Volume4019
OI2739
IV0.48
ContractQCOM260821P00155000
SidePut
Expiry21 Aug 2026
Strike155.00
Volume3748
OI3138
IV0.49
ContractQCOM260821C00170000
SideCall
Expiry21 Aug 2026
Strike170.00
Volume2086
OI4297
IV0.49
ContractQCOM260821C00165000
SideCall
Expiry21 Aug 2026
Strike165.00
Volume1665
OI2583
IV0.47
ContractQCOM260821P00150000
SidePut
Expiry21 Aug 2026
Strike150.00
Volume1435
OI3273
IV0.53
ContractQCOM260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume1287
OI3103
IV0.53
ContractQCOM260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume1240
OI8801
IV0.59
Research Graph
Related research and context
Sharemaestro research
Related News
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Earnings
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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.