Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
BKH options intelligence
Black Hills Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
36
Market data through 31 Jul 2026
Checked 1 Aug 2026 15:11 · complete available chain
Options-market disagreement
Mixed pressure
BKH currently carries mixed options pressure with a 36/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.03.
Expected move
4.7%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
1.20
Balanced tape
Trend fit
91
Options agree with trend context
Weekly backdrop
-5.4%
RS -4.5
Expected move
4.7%
Put-call volume
1.20
Volume / OI
0.03
Reference IV
0.27
Max pain
70.00
Underlying
71.21
Nearest expiry
21 Aug 2026
Contracts
122
Research Brief
BKH has a mixed chain read with 36/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 67.86–74.56; The largest call open-interest concentration is 75.00; the largest put concentration is 65.00. The most active strike by current volume is 70.00.
Priced range67.86–74.56
Call concentration75.00
Put concentration65.00
Max pain reference70.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 67.86 to 74.56. Max pain at 70.00 sits inside that range, 1.7% below spot.
Spot
Max pain
67.8671.21 ± 3.3574.56
Confirmation level
A close beyond 74.56 or below 67.86 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 36/100
Pressure is 2/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure2 × 42%
+0.9
How strongly activity leans toward calls or puts.
Participation37 × 22%
+8.1
Volume relative to existing open interest and contract-level activity.
Trend agreement91 × 26%
+23.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility38 × 10%
+3.8
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 75.00; the largest put concentration is 65.00. The most active strike by current volume is 70.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
35.00-50.8%
0
6
40.00-43.8%
0
2
45.00-36.8%
0
3
50.00-29.8%
0
15
55.00-22.8%
16
38
60.00-15.7%
11
341
65.00-8.7%
21
179
70.00-1.7%
23
8
75.005.3%
954
7
80.0012.3%
106
0
85.0019.4%
44
3
90.0026.4%
3
1
95.0033.4%
9
0
100.0040.4%
17
0
105.0047.5%
107
0
110.0054.5%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.27
21 Aug
21d
0.20
18 Sep
49d
0.25
20 Nov
112d
0.27
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
60
65
70
75
80
85
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
- 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
- 122 / 122
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $14254 of estimated gross traded notional, puts · 46-90 days · atm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-2
1W price-5.4%
Call premium27%
Put premium73%
Notional split
C 27% / P 73%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
91/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 3 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 46-90 days · ATM
puts cluster with 45 contracts traded, $10012 estimated gross traded notional, and 70% of visible notional.
$10012
Calls · 91+ days · OTM
calls cluster with 35 contracts traded, $2908 estimated gross traded notional, and 20% of visible notional.
$2908
Calls · 8-21 days · ATM
calls cluster with 2 contracts traded, $475 estimated gross traded notional, and 3% of visible notional.
$475
Calls · 91+ days · ATM
calls cluster with 1 contracts traded, $438 estimated gross traded notional, and 3% of visible notional.
$438
Puts · 8-21 days · ATM
puts cluster with 3 contracts traded, $292 estimated gross traded notional, and 2% of visible notional.
$292
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close71.21
1W-5.4%
RS-4.5
Fair value+23.6%
Options pressure-2
Speculation37
Volatility38
Trend fit91
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 10:37
Bearish
Pressure -19
Move 6.9%
30 Jul 10:34
Bullish
Pressure 87
Move 7.3%
31 Jul 13:04
Bullish
Pressure 52
Move 6.5%
31 Jul 14:27
Bullish
Pressure 58
Move 7.3%
31 Jul 15:38
Mixed
Pressure 3
Move 7.4%
31 Jul 16:58
Mixed
Pressure -2
Move 7.4%
1 Aug 06:05
Mixed
Pressure -2
Move 8.2%
1 Aug 14:11
Mixed
Pressure -2
Move 4.7%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike55.00
Calls · V 0 · OI 16
Puts · V 0 · OI 15
Strike60.00
Calls · V 0 · OI 11
Puts · V 0 · OI 38
Strike65.00
Calls · V 0 · OI 21
Puts · V 0 · OI 341
Strike70.00
Calls · V 2 · OI 23
Puts · V 3 · OI 179
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts32
Avg IV0.27
Put-call0.60
Expiry18 Sep 2026
Contracts30
Avg IV0.20
Put-call-
Expiry20 Nov 2026
Contracts30
Avg IV0.25
Put-call-
Expiry19 Feb 2027
Contracts30
Avg IV0.27
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.09
Put IV0.23
Skew0.14
18 Sep 2026Put IV premium
Call IV0.06
Put IV0.29
Skew0.22
20 Nov 2026Balanced skew
Call IV0.22
Put IV0.26
Skew0.04
19 Feb 2027Put IV premium
Call IV0.22
Put IV0.30
Skew0.08
Contract Tape
Most active contracts
ContractBKH260918P00070000
SidePut
Expiry18 Sep 2026
Strike70.00
Volume45
OI10
IV0.29
ContractBKH261120C00085000
SideCall
Expiry20 Nov 2026
Strike85.00
Volume17
OI43
IV0.12
ContractBKH270219C00085000
SideCall
Expiry19 Feb 2027
Strike85.00
Volume16
OI5
IV0.22
ContractBKH260821P00070000
SidePut
Expiry21 Aug 2026
Strike70.00
Volume3
OI179
IV0.23
ContractBKH260821C00080000
SideCall
Expiry21 Aug 2026
Strike80.00
Volume3
OI106
IV0.20
ContractBKH260821C00070000
SideCall
Expiry21 Aug 2026
Strike70.00
Volume2
OI23
IV0.24
ContractBKH261120C00080000
SideCall
Expiry20 Nov 2026
Strike80.00
Volume1
OI180
IV0.22
ContractBKH261120C00075000
SideCall
Expiry20 Nov 2026
Strike75.00
Volume1
OI126
IV0.24
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
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.