Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BHC options intelligence
Bausch Health Companies Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 31 Jul 2026
Checked 1 Aug 2026 02:47 · complete available chain
Volatility expansion watch
Volatility pressure
BHC currently carries volatility options pressure with a 47/100 conviction score. The nearest-chain expected move is 12.1%, with volume/open-interest participation at 0.17.
Expected move
12.1%
Wider near-term move priced
Activity / OI
0.17
Current volume is quieter versus prior open interest
Put-call
0.17
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+55.5%
RS 3.8
Expected move
12.1%
Put-call volume
0.17
Volume / OI
0.17
Reference IV
2.31
Max pain
4.50
Underlying
4.43
Nearest expiry
31 Jul 2026
Contracts
308
Research Brief
BHC has a volatility chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 3.89–4.97; The largest call open-interest concentration is 5.00; the largest put concentration is 4.50. The most active strike by current volume is 6.50.
Priced range3.89–4.97
Call concentration5.00
Put concentration4.50
Max pain reference4.50
- 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.
- 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 3.89 to 4.97. Max pain at 4.50 sits inside that range, 1.6% above spot.
Spot
Max pain
3.894.43 ± 0.544.97
Confirmation level
A close beyond 4.97 or below 3.89 at the 31 Jul 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 47/100
Pressure is 65/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure65 × 42%
+27.2
How strongly activity leans toward calls or puts.
Participation44 × 22%
+9.7
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 5.00; the largest put concentration is 4.50. The most active strike by current volume is 6.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
28
1.00-77.4%
350
17
2.00-54.9%
354
7
2.50-43.6%
4
7
3.00-32.3%
3
3
3.50-21.0%
3
164
4.00-9.7%
43
928
4.501.6%
61
88
5.0012.9%
779
23
5.5024.2%
144
37
6.0035.4%
170
2
6.5046.7%
66
4
7.0058.0%
22
0
7.5069.3%
0
0
8.0080.6%
0
0
8.5091.9%
0
1
9.50114.4%
12
1
10.00125.7%
10
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
2.31
31 Jul
0d
0.88
7 Aug
7d
0.87
14 Aug
14d
0.62
21 Aug
21d
0.96
28 Aug
28d
0.49
4 Sep
35d
0.42
11 Sep
42d
0.41
18 Sep
49d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
4
5
5
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 2026; its result will appear after the matched closing reference is stored.
Directional follow-through-
Moves contained by pricing-
Average expiry move-
Validation readiness
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 308 / 308
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $2.5M of estimated gross traded notional, calls · 8-21 days · otm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+65
1W price+55.5%
Call premium91%
Put premium9%
Notional split
C 91% / P 9%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.17
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · 8-21 days · OTM
calls cluster with 17261 contracts traded, $1.7M estimated gross traded notional, and 68% of visible notional.
$1.7M
Calls · 46-90 days · OTM
calls cluster with 4734 contracts traded, $331455 estimated gross traded notional, and 13% of visible notional.
$331455
Puts · 91+ days · ITM
puts cluster with 1063 contracts traded, $113725 estimated gross traded notional, and 5% of visible notional.
$113725
Calls · 91+ days · OTM
calls cluster with 1442 contracts traded, $113290 estimated gross traded notional, and 5% of visible notional.
$113290
Calls · 0-7 days · OTM
calls cluster with 1396 contracts traded, $97474 estimated gross traded notional, and 4% of visible notional.
$97474
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close6.89
1W+55.5%
RS3.8
Fair value-0.1%
Options pressure65
Speculation44
Volatility96
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:01
Volatility
Pressure 80
Move 8.6%
30 Jul 10:50
Mixed
Pressure 17
Move 6.8%
31 Jul 10:33
Bullish
Pressure 40
Move 34.7%
31 Jul 23:53
Volatility
Pressure 79
Move 53.8%
1 Aug 01:47
Volatility
Pressure 65
Move 12.1%
Strike Map
Where activity is clustering
Strike1.00
Calls · V 2 · OI 350
Puts · V 0 · OI 28
Strike2.00
Calls · V 5 · OI 354
Puts · V 0 · OI 17
Strike2.50
Calls · V 5 · OI 4
Puts · V 0 · OI 7
Strike3.00
Calls · V 3 · OI 3
Puts · V 27 · OI 7
Strike3.50
Calls · V 0 · OI 3
Puts · V 0 · OI 3
Strike4.00
Calls · V 6 · OI 43
Puts · V 10 · OI 164
Strike4.50
Calls · V 13 · OI 61
Puts · V 0 · OI 928
Strike5.00
Calls · V 228 · OI 779
Puts · V 0 · OI 88
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts36
Avg IV2.31
Put-call0.11
Expiry7 Aug 2026
Contracts36
Avg IV0.88
Put-call1.10
Expiry14 Aug 2026
Contracts32
Avg IV0.87
Put-call11.44
Expiry21 Aug 2026
Contracts36
Avg IV0.62
Put-call0.00
Expiry28 Aug 2026
Contracts18
Avg IV0.96
Put-call2.53
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.31
Put IV5.05
Skew4.74
7 Aug 2026Put IV premium
Call IV0.39
Put IV1.91
Skew1.52
14 Aug 2026Put IV premium
Call IV0.08
Put IV1.35
Skew1.27
21 Aug 2026Put IV premium
Call IV0.54
Put IV1.11
Skew0.57
28 Aug 2026Put IV premium
Call IV0.55
Put IV0.96
Skew0.41
Contract Tape
Most active contracts
ContractBHC260821C00006000
SideCall
Expiry21 Aug 2026
Strike6.00
Volume16546
OI14147
IV0.64
ContractBHC260918C00007000
SideCall
Expiry18 Sep 2026
Strike7.00
Volume1702
OI681
IV0.53
ContractBHC260814P00007000
SidePut
Expiry14 Aug 2026
Strike7.00
Volume1645
OI-
IV0.64
ContractBHC261016C00006000
SideCall
Expiry16 Oct 2026
Strike6.00
Volume1377
OI5021
IV0.51
ContractBHC270115P00007000
SidePut
Expiry15 Jan 2027
Strike7.00
Volume901
OI2109
IV0.51
ContractBHC261016C00008000
SideCall
Expiry16 Oct 2026
Strike8.00
Volume830
OI1219
IV0.52
ContractBHC260807P00007000
SidePut
Expiry7 Aug 2026
Strike7.00
Volume802
OI1
IV0.77
ContractBHC261016C00007000
SideCall
Expiry16 Oct 2026
Strike7.00
Volume539
OI1708
IV0.51
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.