Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
LIN options intelligence
Linde plc Ordinary Shares options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 12 Aug 2026
Checked 12 Aug 2026 20:10 · complete available chain
Options-market disagreement
Mixed pressure
LIN currently carries mixed options pressure with a 42/100 conviction score. The nearest-chain expected move is 3.0%, with volume/open-interest participation at 0.10.
Expected move
3.0%
Near-term move context
Activity / OI
0.10
Current volume is quieter versus prior open interest
Put-call
1.24
Balanced tape
Trend fit
98
Options agree with trend context
Weekly backdrop
+2.4%
RS -9.2
Expected move
3.0%
Put-call volume
1.24
Volume / OI
0.10
Reference IV
0.26
Max pain
500.00
Underlying
489.98
Nearest expiry
21 Aug 2026
Contracts
807
Research Brief
LIN has a mixed chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 475.38–504.58; The largest call open-interest concentration is 545.00; the largest put concentration is 500.00. The most active strike by current volume is 500.00.
Priced range475.38–504.58
Call concentration545.00
Put concentration500.00
Max pain reference500.00
- 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 475.38 to 504.58. Max pain at 500.00 sits inside that range, 2.0% above spot.
Spot
Max pain
475.38489.98 ± 14.60504.58
Confirmation level
A close beyond 504.58 or below 475.38 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 42/100
Pressure is 14/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure14 × 42%
+5.7
How strongly activity leans toward calls or puts.
Participation34 × 22%
+7.5
Volume relative to existing open interest and contract-level activity.
Trend agreement98 × 26%
+25.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility30 × 10%
+3.0
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 545.00; the largest put concentration is 500.00. The most active strike by current volume is 500.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
189
470.00-4.1%
7
766
475.00-3.1%
91
158
480.00-2.0%
87
88
485.00-1.0%
110
171
490.000.0%
85
293
495.001.0%
34
978
500.002.0%
148
93
505.003.1%
87
127
510.004.1%
339
92
515.005.1%
312
128
520.006.1%
159
12
530.008.2%
152
3
535.009.2%
181
3
540.0010.2%
382
1
545.0011.2%
1015
0
560.0014.3%
321
2
570.0016.3%
80
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$15.1MDelta change / 1% move
Positive peak540.00+$1.6M
Negative peak500.00-$6.1M
Nearest balance504.76Interpolated sign change
StrikeNegativePositiveNet / 1% move
440.00-10.2%
-$1.1M
445.00-9.2%
-$496,507
450.00-8.2%
-$1.5M
455.00-7.1%
-$1.0M
460.00-6.1%
-$2.5M
465.00-5.1%
-$940,897
470.00-4.1%
-$2.0M
475.00-3.1%
-$4.2M
480.00-2.0%
-$2.8M
485.00-1.0%
-$487,689
490.000.0%
-$1.3M
495.001.0%
-$1.4M
500.002.0%
-$6.1M
505.003.1%
+$305,113
510.004.1%
+$1.3M
515.005.1%
+$736,382
520.006.1%
+$1.0M
525.007.1%
+$458,769
530.008.2%
+$1.2M
535.009.2%
+$289,513
540.0010.2%
+$1.6M
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.26
21 Aug
9d
0.23
18 Sep
37d
0.25
16 Oct
65d
0.26
20 Nov
100d
0.25
18 Dec
128d
0.24
15 Jan
156d
0.25
19 Mar
219d
0.24
17 Jun
309d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
405
415
425
430
440
450
460
470
475
485
495
505
515
520
530
540
550
560
565
575
585
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 807 / 807
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $11.0M of estimated gross traded notional, calls · 91+ days · itm, 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-14
1W price+2.4%
Call premium57%
Put premium43%
Notional split
C 57% / P 43%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.10
Volume divided by open interest across the visible chain.
Trend fit
98/100
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ITM
calls cluster with 284 contracts traded, $3.3M estimated gross traded notional, and 30% of visible notional.
$3.3M
Puts · 91+ days · ITM
puts cluster with 175 contracts traded, $1.2M estimated gross traded notional, and 11% of visible notional.
$1.2M
Calls · 22-45 days · ITM
calls cluster with 73 contracts traded, $1.2M estimated gross traded notional, and 11% of visible notional.
$1.2M
Puts · 91+ days · OTM
puts cluster with 886 contracts traded, $1.2M estimated gross traded notional, and 11% of visible notional.
$1.2M
Calls · 91+ days · OTM
calls cluster with 744 contracts traded, $949,548 estimated gross traded notional, and 9% of visible notional.
$949,548
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank64th
Volume/OI rank64th
IV rank36th
Market Context
Underlying confirmation
Close489.98
1W+2.4%
RS-9.2
Fair value+10.7%
Options pressure-14
Speculation34
Volatility30
Trend fit98
Today Versus Normal
Stored-options context
30d avg 4.4% · 11 sessions
9th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.26 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 1.02 · 11 sessions
73th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.08 · 11 sessions
64th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
4 Aug 17:00
Mixed
Pressure -17
Move 4.6%
4 Aug 18:30
Mixed
Pressure -14
Move 4.4%
4 Aug 19:50
Mixed
Pressure -11
Move 4.4%
5 Aug 14:10
Mixed
Pressure 8
Move 4.8%
5 Aug 15:30
Mixed
Pressure 16
Move 4.6%
5 Aug 16:50
Mixed
Pressure 16
Move 4.5%
5 Aug 18:20
Mixed
Pressure 13
Move 4.6%
5 Aug 19:40
Mixed
Pressure 13
Move 4.6%
Strike Map
Where activity is clustering
Strike405.00
Calls · V 1 · OI 2
Puts · V 0 · OI 1
Strike410.00
Calls · V 0 · OI 0
Puts · V 2 · OI 1
Strike415.00
Calls · V 0 · OI 0
Puts · V 2 · OI 1
Strike420.00
Calls · V 0 · OI 2
Puts · V 16 · OI 95
Strike425.00
Calls · V 0 · OI 1
Puts · V 0 · OI 3
Strike430.00
Calls · V 1 · OI 1
Puts · V 0 · OI 2
Strike435.00
Calls · V 0 · OI 0
Puts · V 1 · OI 103
Strike440.00
Calls · V 1 · OI 3
Puts · V 1 · OI 23
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts78
Avg IV0.26
Put-call0.87
Expiry18 Sep 2026
Contracts106
Avg IV0.23
Put-call2.59
Expiry16 Oct 2026
Contracts85
Avg IV0.25
Put-call1.26
Expiry20 Nov 2026
Contracts81
Avg IV0.26
Put-call1.07
Expiry18 Dec 2026
Contracts115
Avg IV0.25
Put-call0.92
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.26
Put IV0.36
Skew0.09
18 Sep 2026Balanced skew
Call IV0.23
Put IV0.22
Skew-0.01
16 Oct 2026Balanced skew
Call IV0.26
Put IV0.24
Skew-0.02
20 Nov 2026Balanced skew
Call IV0.27
Put IV0.26
Skew-0.02
18 Dec 2026Balanced skew
Call IV0.26
Put IV0.25
Skew-0.01
Contract Tape
Most active contracts
ContractLIN261218C00615000
SideCall
Expiry18 Dec 2026
Strike615.00
Volume-
OI69
IV0.41
ContractLIN280121P00540000
SidePut
Expiry21 Jan 2028
Strike540.00
Volume-
OI60
IV0.19
ContractLIN261218C00625000
SideCall
Expiry18 Dec 2026
Strike625.00
Volume-
OI40
IV0.37
ContractLIN270617P00555000
SidePut
Expiry17 Jun 2027
Strike555.00
Volume-
OI35
IV0.19
ContractLIN270115C00425000
SideCall
Expiry15 Jan 2027
Strike425.00
Volume-
OI14
IV0.31
ContractLIN261120C00410000
SideCall
Expiry20 Nov 2026
Strike410.00
Volume-
OI10
IV0.67
ContractLIN261016C00370000
SideCall
Expiry16 Oct 2026
Strike370.00
Volume-
OI10
IV0.48
ContractLIN261016C00585000
SideCall
Expiry16 Oct 2026
Strike585.00
Volume-
OI10
IV0.39
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.