Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
NPO options intelligence
Enpro Industries options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 11 Aug 2026
Checked 11 Aug 2026 16:27 · complete available chain
Call-side pressure
Bullish pressure
NPO currently carries bullish options pressure with a 48/100 conviction score. The nearest-chain expected move is 5.9%, with volume/open-interest participation at 0.25.
Expected move
5.9%
Near-term move context
Activity / OI
0.25
Current volume is quieter versus prior open interest
Put-call
0.17
Call-side skew
Trend fit
20
Options are not fully confirming trend
Weekly backdrop
+6.1%
RS 13.9
Expected move
5.9%
Put-call volume
0.17
Volume / OI
0.25
Reference IV
0.52
Max pain
330.00
Underlying
332.98
Nearest expiry
21 Aug 2026
Contracts
172
Research Brief
NPO has a bullish 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 313.23–352.73; The largest call open-interest concentration is 350.00; the largest put concentration is 330.00. The most active strike by current volume is 340.00.
Priced range313.23–352.73
Call concentration350.00
Put concentration330.00
Max pain reference330.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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 313.23 to 352.73. Max pain at 330.00 sits inside that range, 0.9% below spot.
Spot
Max pain
313.23332.98 ± 19.75352.73
Confirmation level
A close beyond 352.73 or below 313.23 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 76/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure76 × 42%
+32.1
How strongly activity leans toward calls or puts.
Participation22 × 22%
+4.8
Volume relative to existing open interest and contract-level activity.
Trend agreement20 × 26%
+5.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility60 × 10%
+6.0
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 350.00; the largest put concentration is 330.00. The most active strike by current volume is 340.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
220.00-33.9%
1
0
240.00-27.9%
1
1
260.00-21.9%
0
3
280.00-15.9%
0
4
290.00-12.9%
2
10
300.00-9.9%
0
6
310.00-6.9%
0
0
320.00-3.9%
3
83
330.00-0.9%
0
2
340.002.1%
6
2
350.005.1%
14
0
360.008.1%
6
0
370.0011.1%
1
0
390.0017.1%
2
0
400.0020.1%
2
0
430.0029.1%
2
0
500.0050.2%
2
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+$383,562Delta change / 1% move
Positive peak340.00+$582,721
Negative peak310.00-$356,758
Nearest balance331.53Interpolated sign change
StrikeNegativePositiveNet / 1% move
230.00-30.9%
+$319
240.00-27.9%
+$156
250.00-24.9%
-$3,132
260.00-21.9%
-$3,339
270.00-18.9%
+$7,563
280.00-15.9%
-$380
290.00-12.9%
+$192,433
300.00-9.9%
-$8,947
310.00-6.9%
-$356,758
320.00-3.9%
+$2,135
330.00-0.9%
-$104,907
340.002.1%
+$582,721
350.005.1%
+$21,955
360.008.1%
+$6,976
370.0011.1%
+$2,733
380.0014.1%
+$18,510
390.0017.1%
+$3,942
400.0020.1%
+$5,088
410.0023.1%
+$3,151
420.0026.1%
+$3,104
430.0029.1%
+$9,154
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.
0.52
21 Aug
10d
0.34
18 Sep
38d
0.58
18 Dec
129d
0.55
19 Mar
220d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
280
290
300
310
320
330
340
350
360
370
390
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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 172 / 172
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $2.9M of estimated gross traded notional, calls · 22-45 days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+76
1W price+6.1%
Call premium93%
Put premium7%
Notional split
C 93% / P 7%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.25
Volume divided by open interest across the visible chain.
Trend fit
20/100
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 · 22-45 days · ITM
calls cluster with 411 contracts traded, $2.4M estimated gross traded notional, and 82% of visible notional.
$2.4M
Calls · 91+ days · ITM
calls cluster with 20 contracts traded, $271,685 estimated gross traded notional, and 9% of visible notional.
$271,685
Puts · 91+ days · ITM
puts cluster with 12 contracts traded, $87,445 estimated gross traded notional, and 3% of visible notional.
$87,445
Puts · 22-45 days · ITM
puts cluster with 7 contracts traded, $75,225 estimated gross traded notional, and 3% of visible notional.
$75,225
Puts · 91+ days · OTM
puts cluster with 37 contracts traded, $15,635 estimated gross traded notional, and 1% of visible notional.
$15,635
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
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
Above normal
Activity is running above the recent historical baseline.
Baseline: 10 completed sessions
Volume rank90th
Volume/OI rank80th
IV rank50th
Market Context
Underlying confirmation
Close332.98
1W+6.1%
RS13.9
Fair value+72.8%
Options pressure76
Speculation22
Volatility60
Trend fit20
Today Versus Normal
Stored-options context
30d avg 10.1% · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.50 · 10 sessions
50th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg 0.07 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:35
Volatility
Pressure 100
Move 11.2%
30 Jul 10:32
Bearish
Pressure -25
Move 13.0%
31 Jul 10:22
Volatility
Pressure 63
Move 10.8%
31 Jul 19:19
Volatility
Pressure 82
Move 41.8%
31 Jul 21:58
Volatility
Pressure 82
Move 42.3%
1 Aug 01:42
Volatility
Pressure 75
Move 10.5%
2 Aug 06:39
Volatility
Pressure 82
Move 45.0%
2 Aug 12:20
Volatility
Pressure 75
Move 9.9%
Strike Map
Where activity is clustering
Strike220.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike240.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike260.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike280.00
Calls · V 0 · OI 0
Puts · V 2 · OI 3
Strike290.00
Calls · V 0 · OI 2
Puts · V 0 · OI 4
Strike300.00
Calls · V 0 · OI 0
Puts · V 0 · OI 10
Strike310.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike320.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts28
Avg IV0.52
Put-call0.36
Expiry18 Sep 2026
Contracts61
Avg IV0.34
Put-call0.06
Expiry18 Dec 2026
Contracts74
Avg IV0.58
Put-call1.56
Expiry19 Mar 2027
Contracts9
Avg IV0.55
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.49
Put IV0.60
Skew0.11
18 Sep 2026Balanced skew
Call IV0.45
Put IV0.45
Skew0.00
18 Dec 2026Balanced skew
Call IV0.46
Put IV0.44
Skew-0.03
19 Mar 2027Incomplete skew
Call IV0.47
Put IV-
Skew-
Contract Tape
Most active contracts
ContractNPO260918C00280000
SideCall
Expiry18 Sep 2026
Strike280.00
Volume-
OI38
IV0.00
ContractNPO260918C00260000
SideCall
Expiry18 Sep 2026
Strike260.00
Volume-
OI29
IV0.00
ContractNPO261218C00460000
SideCall
Expiry18 Dec 2026
Strike460.00
Volume-
OI14
IV0.50
ContractNPO261218P00260000
SidePut
Expiry18 Dec 2026
Strike260.00
Volume-
OI13
IV0.57
ContractNPO260821P00300000
SidePut
Expiry21 Aug 2026
Strike300.00
Volume-
OI10
IV0.55
ContractNPO260821P00310000
SidePut
Expiry21 Aug 2026
Strike310.00
Volume-
OI6
IV0.60
ContractNPO260821P00290000
SidePut
Expiry21 Aug 2026
Strike290.00
Volume-
OI4
IV0.58
ContractNPO270319C00380000
SideCall
Expiry19 Mar 2027
Strike380.00
Volume-
OI3
IV0.47
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.