Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
HBAN options intelligence
Huntington Bancshares Incorporated options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 11 Aug 2026
Checked 11 Aug 2026 20:14 · complete available chain
Options-market disagreement
Mixed pressure
HBAN currently carries mixed options pressure with a 46/100 conviction score. The nearest-chain expected move is 4.0%, with volume/open-interest participation at 0.03.
Expected move
4.0%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
1.43
Put-side skew
Trend fit
99
Options agree with trend context
Weekly backdrop
+3.0%
RS -7.6
Expected move
4.0%
Put-call volume
1.43
Volume / OI
0.03
Reference IV
0.54
Max pain
17.00
Underlying
17.55
Nearest expiry
21 Aug 2026
Contracts
179
Research Brief
HBAN has a mixed chain read with 46/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 16.85–18.25; The largest call open-interest concentration is 20.00; the largest put concentration is 17.00. The most active strike by current volume is 10.00.
Priced range16.85–18.25
Call concentration20.00
Put concentration17.00
Max pain reference17.00
- A clear directional pressure reading develops and price begins to agree.
- 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.
- Volatility falls and the chain remains directionally mixed.
- 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 16.85 to 18.25. Max pain at 17.00 sits inside that range, 3.1% below spot.
Spot
Max pain
16.8517.55 ± 0.7018.25
Confirmation level
A close beyond 18.25 or below 16.85 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 46/100
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.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement99 × 26%
+25.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility54 × 10%
+5.4
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 20.00; the largest put concentration is 17.00. The most active strike by current volume is 10.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
5.00-71.5%
2
0
8.00-54.4%
0
0
10.00-43.0%
1
0
11.00-37.3%
2
0
12.00-31.6%
20
364
13.00-25.9%
2
222
14.00-20.2%
97
321
15.00-14.5%
79
449
16.00-8.8%
460
910
17.00-3.1%
1057
150
18.002.6%
2315
8
19.008.3%
3480
2
20.0014.0%
5198
0
21.0019.7%
24
0
22.0025.4%
1
0
29.0065.2%
2
0
30.0070.9%
1
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+$906,898Delta change / 1% move
Positive peak20.00+$416,633
Negative peak15.00-$56,141
Nearest balance16.69Interpolated sign change
StrikeNegativePositiveNet / 1% move
8.00-54.4%
-$295
9.00-48.7%
-$9,979
10.00-43.0%
-$1,071
11.00-37.3%
-$11,541
12.00-31.6%
-$37,173
13.00-25.9%
-$11,716
14.00-20.2%
-$18,433
15.00-14.5%
-$56,141
16.00-8.8%
-$22,632
17.00-3.1%
+$10,287
18.002.6%
+$218,626
19.008.3%
+$271,964
20.0014.0%
+$416,633
21.0019.7%
+$20,559
22.0025.4%
+$130,165
23.0031.1%
+$9
24.0036.8%
+$329
25.0042.5%
+$3,540
26.0048.1%
+$13
27.0053.8%
+$1,990
29.0065.2%
+$16
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.
0.54
21 Aug
10d
0.35
18 Sep
38d
0.42
16 Oct
66d
0.34
20 Nov
101d
0.36
18 Dec
129d
0.34
15 Jan
157d
0.42
21 Jan
528d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
15
16
17
18
19
20
21
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 179 / 179
- 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: $878,348 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+3.0%
Call premium96%
Put premium4%
Notional split
C 96% / P 4%
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
99/100
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 610 contracts traded, $817,030 estimated gross traded notional, and 93% of visible notional.
$817,030
Puts · 91+ days · OTM
puts cluster with 1051 contracts traded, $14,996 estimated gross traded notional, and 2% of visible notional.
$14,996
Puts · 91+ days · ITM
puts cluster with 37 contracts traded, $13,020 estimated gross traded notional, and 1% of visible notional.
$13,020
Calls · 46-90 days · ITM
calls cluster with 38 contracts traded, $10,628 estimated gross traded notional, and 1% of visible notional.
$10,628
Calls · 8-21 days · ITM
calls cluster with 21 contracts traded, $7,438 estimated gross traded notional, and 1% of visible notional.
$7,438
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank80th
Volume/OI rank80th
IV rank100th
Market Context
Underlying confirmation
Close17.55
1W+3.0%
RS-7.6
Fair value+23.0%
Options pressure-14
Speculation41
Volatility54
Trend fit99
Today Versus Normal
Stored-options context
30d avg 5.2% · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.29 · 10 sessions
100th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.71 · 10 sessions
90th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.02 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:13
Bullish
Pressure 84
Move 6.2%
30 Jul 10:10
Mixed
Pressure 0
Move 6.0%
31 Jul 10:04
Mixed
Pressure -1
Move 5.5%
2 Aug 09:33
Bullish
Pressure 60
Move 4.8%
3 Aug 15:34
Bearish
Pressure -38
Move 4.8%
5 Aug 12:26
Bullish
Pressure 94
Move 6.5%
5 Aug 21:24
Bullish
Pressure 31
Move 6.0%
6 Aug 00:30
Bullish
Pressure 65
Move 6.0%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 1 · OI 2
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike8.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 1
Puts · V 56 · OI 0
Strike11.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike12.00
Calls · V 1 · OI 20
Puts · V 1 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts32
Avg IV0.54
Put-call2.02
Expiry18 Sep 2026
Contracts12
Avg IV0.35
Put-call0.14
Expiry16 Oct 2026
Contracts27
Avg IV0.42
Put-call2.70
Expiry20 Nov 2026
Contracts24
Avg IV0.34
Put-call5.39
Expiry18 Dec 2026
Contracts26
Avg IV0.36
Put-call14.83
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.24
Put IV0.36
Skew0.12
18 Sep 2026Put IV premium
Call IV0.26
Put IV0.34
Skew0.08
16 Oct 2026Put IV premium
Call IV0.26
Put IV0.33
Skew0.07
20 Nov 2026Balanced skew
Call IV0.29
Put IV0.33
Skew0.03
18 Dec 2026Put IV premium
Call IV0.32
Put IV0.38
Skew0.06
Contract Tape
Most active contracts
ContractHBAN261016P00019000
SidePut
Expiry16 Oct 2026
Strike19.00
Volume-
OI40
IV0.64
ContractHBAN261218C00024000
SideCall
Expiry18 Dec 2026
Strike24.00
Volume-
OI20
IV0.52
ContractHBAN261218C00013000
SideCall
Expiry18 Dec 2026
Strike13.00
Volume-
OI10
IV0.49
ContractHBAN270115P00023000
SidePut
Expiry15 Jan 2027
Strike23.00
Volume-
OI5
IV0.56
ContractHBAN270115C00023000
SideCall
Expiry15 Jan 2027
Strike23.00
Volume-
OI4
IV0.41
ContractHBAN270115P00019000
SidePut
Expiry15 Jan 2027
Strike19.00
Volume-
OI3
IV0.36
ContractHBAN260821C00011000
SideCall
Expiry21 Aug 2026
Strike11.00
Volume-
OI2
IV2.89
ContractHBAN261016C00011000
SideCall
Expiry16 Oct 2026
Strike11.00
Volume-
OI2
IV1.24
Research Graph
Related research and context
Sharemaestro research
Related News
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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.