SMH Options Chain — Open Interest, Implied Volatility, Max Pain & Gamma Exposure
Analyze the complete SMH options chain including strike-level open interest, real-time implied volatility (IV), max pain levels, gamma exposure, dealer positioning, and options flow trends. This dashboard provides data-driven insights for traders building directional or hedging strategies around SMH.
Near-Term Options-Derived Market Structure
NEUTRAL OUTLOOK
Reflecting options positioning and volatility conditions over the coming sessions.
The options structure reflects a high-confidence neutral environment. Dealer positioning and volatility suppression suggest a stable range-bound setup rather than a directional move. Options Chian
On the put side, the bearish positioning looks mainly like hedging. This reflects caution and short-term protection rather than a true bearish call. Confidence: 67%
Current DPI is -0.002(strong-bearish). Bearish, momentum neutral or unclear.
Options Terrain Outlook (3-Month)
The market is positioned near a structural transition zone, where options exposure may shift the prevailing trading regime. Volatility conditions are moderately choppy. Options constraints exert a moderate influence on price behavior. Directional continuation remains uncertain and selective. Structural sensitivity is elevated around the 2026-09-18 options expiry. 90% confidence
Short-Term Options-Implied Price Range & Flow Structure (0DTE · Intraday Reference)
Expiry 2026-08-28 (DTE 0): Pinning structure with suppressed volatility. Option flow bias is bullish (0.50), pin strength 0.80.
Based on same-day expiring options (0DTE), the ATM straddle implies an 0.22% standardized 1-day equivalent move, serving as an intraday volatility reference.
The implied intraday range is approximately 476.17 — 591.05 , corresponding to +6.86% / -13.91% .
Estimated using ATM implied volatility, OTM option flow, and dealer hedging conditions to capture the market-implied price range.
Bullish flow suggests upside interest toward 617.62 (11.66% above spot).
Bearish positioning points to downside pressure toward 421.84 (23.73% below spot).
Options flow strength: 0.77 (0–1 scale). ATM Strike: 552.50, Call: 1.07, Put: 0.12, Straddle Cost: 1.20.
Price moves may extend once a direction forms. The short-term gamma flip is near 566.14 , with intermediate positioning around 566.08 . The mid-term gamma flip remains near 566.08.