Oppty · Contract evidence
← Contract historyOI Formation & Direction
CLF · Aug 21, 2026 · $11 call
CLF260821C00011000
Two-stage assessment
Confirmed net formation
OI increased by 9,775 contracts after the source session.
- Initiation evidence
- Mathematically bounded · Ask-led
- Underlying implication
- Consistent with bullish call accumulation
Settlement arithmetic
Formation window
- Source trade date
- June 26, 2026Tape session
- Baseline OI
- 3,203OI visible on source date
- Settlement observation
- June 29, 2026Next returned trading row
- Settled OI
- 12,978Next observation
- OI change
- +9,775Settled minus baseline
- Trade-day volume
- 12,260Bound denominator
- Net-formation ratio
- 79.73%OI change ÷ volume
Bound-first attribution
Side partitions & lower bounds
Each raw bound is max(0, OI change − (volume − side volume)).
A positive value is the minimum net formation forced into that quote-side bucket.
- Ask
- 11,816Raw lower bound: 9,331
- Bid
- 307Raw lower bound: 0
- Mid
- 137Raw lower bound: 0
- Neutral
- 0Raw lower bound: 0
- Clean ask
- 628Side volume after allowing all flagged structure to contaminate this bucket
- Clean bid
- 0Side volume after allowing all flagged structure to contaminate this bucket
Conservative allowance
Flagged structure
The clean dominant-side bound allows every flagged contract to contaminate that side. Because flags can overlap, their sum is capped at daily volume.
- Multileg
- 26Flags may overlap
- Stock multileg
- 0Flags may overlap
- Cross
- 0Flags may overlap
- Floor
- 8,677Flags may overlap
- Clamped structure allowance
- 8,703Sum capped at total volume
Context only
Intraday corroboration
Minute clustering, premium, and IV describe the tape. They cannot create or increase a mathematical bound.
- Active minutes
- 36Returned minute buckets
- Largest minute
- 8,67770.77% of daily volume
- Ask/bid premium imbalance
- +94.69%Positive is ask-premium led
- IV range
- 69.21% – 84.08%Descriptive only
- Daily reconciliation
- ReconciledMinute side totals versus daily side totals
Interpretation boundaries
What this report cannot verify
Motive and identity remain unknown
These aggregates cannot distinguish speculation, hedging, overwriting, participant capacity, or verified open/close labels.
Conditional dealer mechanics
If a dealer was the counterparty, carried this position without portfolio offsets, and delta-hedged it, the mechanical scenario could require the dealer to buy underlying. This is not verified flow.
confirmed_net_formation
clean_bound_forces_side