Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WELL options intelligence
Welltower Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 18 Sep 2026
Checked 18 Sep 2026 15:31 · partial chain
Put-side pressure
Bearish pressure
WELL currently carries bearish options pressure with a 43/100 conviction score. The nearest-chain expected move is 4.4%, with volume/open-interest participation at 0.05.
Expected move
4.4%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
1.88
Put-side skew
Trend fit
80
Options agree with trend context
Weekly backdrop
-0.2%
RS 5.8
Expected move
4.4%
Put-call volume
1.88
Volume / OI
0.05
Reference IV
0.72
Max pain
230.00
Underlying
235.62
Nearest expiry
18 Sep 2026
Contracts
178
Research Brief
WELL has a bearish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 225.26–245.98; The largest call open-interest concentration is 250.00; the largest put concentration is 230.00. The most active strike by current volume is 220.00.
Priced range225.26–245.98
Call concentration250.00
Put concentration230.00
Max pain reference230.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price recovers while put pressure fades or reverses toward calls.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 225.26 to 245.98. Max pain at 230.00 sits inside that range, 2.4% below spot.
Spot
Max pain
225.26235.62 ± 10.36245.98
Confirmation level
A close beyond 245.98 or below 225.26 at the 18 Sep 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 43/100
Pressure is 27/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure27 × 42%
+11.1
How strongly activity leans toward calls or puts.
Participation21 × 22%
+4.6
Volume relative to existing open interest and contract-level activity.
Trend agreement80 × 26%
+20.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility68 × 10%
+6.8
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 250.00; the largest put concentration is 230.00. The most active strike by current volume is 220.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
15
165.00-30.0%
0
5
170.00-27.8%
2
89
175.00-25.7%
15
29
180.00-23.6%
12
284
185.00-21.5%
16
84
190.00-19.4%
15
226
195.00-17.2%
16
351
200.00-15.1%
30
490
210.00-10.9%
407
647
220.00-6.6%
275
667
230.00-2.4%
229
503
240.001.9%
2018
4
250.006.1%
4009
1
260.0010.3%
1738
0
270.0014.6%
314
0
280.0018.8%
16
0
290.0023.1%
9
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+$8.2MDelta change / 1% move
Positive peak240.00+$5.4M
Negative peak220.00-$1.0M
Nearest balance231.46Interpolated sign change
StrikeNegativePositiveNet / 1% move
155.00-34.2%
+$236
160.00-32.1%
-$4,496
165.00-30.0%
-$35,402
170.00-27.8%
+$110,206
175.00-25.7%
+$15,824
180.00-23.6%
+$107,675
185.00-21.5%
+$955
190.00-19.4%
-$6,403
195.00-17.2%
-$97,772
200.00-15.1%
-$103,781
210.00-10.9%
-$549,207
220.00-6.6%
-$1.0M
230.00-2.4%
-$917,915
240.001.9%
+$5.4M
250.006.1%
+$3.5M
260.0010.3%
+$1.2M
270.0014.6%
+$471,199
280.0018.8%
+$71,534
290.0023.1%
+$48,443
300.0027.3%
+$13,613
310.0031.6%
+$643
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.72
18 Sep
0d
0.26
16 Oct
28d
0.28
18 Dec
91d
0.27
15 Jan
119d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
190
195
200
210
220
230
240
250
260
270
280
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 12 stored directional transitions, the next stored price moved in the labelled direction 83% of the time.
Directional follow-through83%
Moves contained by pricing100%
Average expiry move1.8%
20 Aug
Bullish · 48
1.6% through expiry
1.6% priced · v2.0
19 Aug
Bullish · 46
1.6% through expiry
2.3% priced · v2.0
18 Aug
Mixed · 42
1.6% through expiry
2.5% priced · v2.0
17 Aug
Bullish · 42
1.6% through expiry
2.7% priced · v2.0
14 Aug
Mixed · 42
1.6% through expiry
2.6% priced · v2.0
13 Aug
Bullish · 37
1.0% through expiry
3.1% priced · v2.0
12 Aug
Bearish · 46
1.0% through expiry
4.7% priced · v2.0
11 Aug
Bullish · 44
1.0% through expiry
6.6% priced · v2.0
10 Aug
Bullish · 36
1.0% through expiry
3.8% priced · v2.0
7 Aug
Mixed · 38
1.0% through expiry
3.9% priced · v2.0
6 Aug
Bullish · 43
2.0% through expiry
4.3% priced · v2.0
5 Aug
Mixed · 39
2.0% through expiry
5.0% 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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 18 Sep 2026
- Calculation
- v2.0
- Contracts
- 178 / 178
- 100% of provider contracts were retained for this snapshot.
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 present before a decisive weekly price breakdown.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2.0M of estimated gross traded notional, calls · 91+ days · itm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-27
1W price-0.2%
Call premium69%
Put premium31%
Notional split
C 69% / P 31%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
80/100
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 · 91+ days · ITM
calls cluster with 148 contracts traded, $1.1M estimated gross traded notional, and 54% of visible notional.
$1.1M
Calls · 0-7 days · ITM
calls cluster with 137 contracts traded, $241,795 estimated gross traded notional, and 12% of visible notional.
$241,795
Puts · 22-45 days · ITM
puts cluster with 108 contracts traded, $220,320 estimated gross traded notional, and 11% of visible notional.
$220,320
Puts · 22-45 days · ATM
puts cluster with 107 contracts traded, $124,525 estimated gross traded notional, and 6% of visible notional.
$124,525
Puts · 91+ days · ATM
puts cluster with 77 contracts traded, $118,170 estimated gross traded notional, and 6% of visible notional.
$118,170
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Underlying price is close to the max-pain zone.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 32 completed sessions
Volume rank72th
Volume/OI rank69th
IV rank100th
Market Context
Underlying confirmation
Close235.62
1W-0.2%
RS5.8
Fair value+60.7%
Options pressure-27
Speculation21
Volatility68
Trend fit80
Today Versus Normal
Stored-options context
30d avg 3.7% · 16 sessions
75th
90d avg 4.1% · 32 sessions
62th
180d avg - · 32/60 sessions
-
30d avg 0.26 · 16 sessions
100th
90d avg 0.26 · 32 sessions
100th
180d avg - · 32/60 sessions
-
30d avg 0.73 · 16 sessions
94th
90d avg 0.85 · 32 sessions
91th
180d avg - · 32/60 sessions
-
30d avg 0.05 · 16 sessions
56th
90d avg 0.04 · 32 sessions
69th
180d avg - · 32/60 sessions
-
Pressure Trail
Recent pressure and volatility
7 Aug 10:24
Bullish
Pressure 85
Move 4.3%
10 Aug 10:22
Mixed
Pressure 8
Move 3.9%
11 Aug 10:24
Bullish
Pressure 19
Move 3.8%
12 Aug 10:24
Bullish
Pressure 38
Move 6.6%
13 Aug 10:04
Bearish
Pressure -38
Move 4.7%
14 Aug 10:03
Bullish
Pressure 57
Move 3.1%
17 Aug 10:03
Mixed
Pressure -16
Move 2.6%
18 Aug 10:07
Bullish
Pressure 48
Move 2.7%
Strike Map
Where activity is clustering
Strike125.00
Calls · V 0 · OI 0
Puts · V 2 · OI 2
Strike130.00
Calls · V 0 · OI 0
Puts · V 1 · OI 0
Strike135.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike140.00
Calls · V 1 · OI 0
Puts · V 0 · OI 1
Strike145.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike150.00
Calls · V 0 · OI 0
Puts · V 1 · OI 0
Strike155.00
Calls · V 1 · OI 0
Puts · V 2 · OI 3
Strike160.00
Calls · V 0 · OI 0
Puts · V 1 · OI 5
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts42
Avg IV0.72
Put-call0.62
Expiry16 Oct 2026
Contracts16
Avg IV0.26
Put-call2.83
Expiry18 Dec 2026
Contracts45
Avg IV0.28
Put-call1.18
Expiry15 Jan 2027
Contracts75
Avg IV0.27
Put-call3.35
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.66
Put IV0.77
Skew0.12
16 Oct 2026Balanced skew
Call IV0.24
Put IV0.27
Skew0.03
18 Dec 2026Balanced skew
Call IV0.27
Put IV0.27
Skew0.00
15 Jan 2027Balanced skew
Call IV0.27
Put IV0.27
Skew0.00
Contract Tape
Most active contracts
ContractWELL270115C00080000
SideCall
Expiry15 Jan 2027
Strike80.00
Volume-
OI3
IV0.00
ContractWELL261218P00140000
SidePut
Expiry18 Dec 2026
Strike140.00
Volume-
OI3
IV0.68
ContractWELL260918P00140000
SidePut
Expiry18 Sep 2026
Strike140.00
Volume-
OI1
IV6.41
ContractWELL261218C00310000
SideCall
Expiry18 Dec 2026
Strike310.00
Volume-
OI1
IV0.40
ContractWELL260918P00135000
SidePut
Expiry18 Sep 2026
Strike135.00
Volume-
OI1
IV6.94
ContractWELL261016C00300000
SideCall
Expiry16 Oct 2026
Strike300.00
Volume-
OI1
IV0.48
ContractWELL261218P00280000
SidePut
Expiry18 Dec 2026
Strike280.00
Volume-
OI-
IV1.03
ContractWELL261218P00270000
SidePut
Expiry18 Dec 2026
Strike270.00
Volume-
OI-
IV0.00
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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Earnings
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.