Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BAX options intelligence
Baxter International Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
55
Market data through 6 Aug 2026
Checked 7 Aug 2026 13:22 · complete available chain
Volatility expansion watch
Volatility pressure
BAX currently carries volatility options pressure with a 55/100 conviction score. The nearest-chain expected move is 5.5%, with volume/open-interest participation at 0.02.
Expected move
5.5%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.31
Call-side skew
Trend fit
52
Options are not fully confirming trend
Weekly backdrop
+16.8%
RS 17.7
Expected move
5.5%
Put-call volume
0.31
Volume / OI
0.02
Reference IV
0.73
Max pain
17.50
Underlying
26.16
Nearest expiry
7 Aug 2026
Contracts
662
Research Brief
BAX has a volatility chain read with 55/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 24.71–27.61; The largest call open-interest concentration is 24.00; the largest put concentration is 29.00. The most active strike by current volume is 27.00.
Priced range24.71–27.61
Call concentration24.00
Put concentration29.00
Max pain reference17.50
- 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 24.71 to 27.61. Max pain at 17.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
24.7126.16 ± 1.4527.61
Confirmation level
A close beyond 27.61 or below 24.71 at the 7 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 55/100
Pressure is 59/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure59 × 42%
+25.0
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement52 × 26%
+13.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility73 × 10%
+7.3
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 24.00; the largest put concentration is 29.00. The most active strike by current volume is 27.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4
12.00-54.1%
26
0
15.50-40.7%
303
0
16.00-38.8%
314
5
17.00-35.0%
220
0
17.50-33.1%
215
33
22.00-15.9%
11
5
22.50-14.0%
94
17
23.00-12.1%
275
42
23.50-10.2%
16
100
24.00-8.3%
1420
102
24.50-6.3%
12
24
25.00-4.4%
173
113
26.00-0.6%
13
140
27.003.2%
64
39
28.007.0%
201
269
29.0010.9%
398
2
31.0018.5%
40
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+$1.5MDelta change / 1% move
Positive peak30.00+$573,840
Negative peak27.00-$327,813
Nearest balance25.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
20.00-23.5%
+$95,730
20.50-21.6%
+$116
21.00-19.7%
+$72
21.50-17.8%
+$91
22.00-15.9%
-$2,332
22.50-14.0%
+$122,931
23.00-12.1%
+$1,859
23.50-10.2%
-$468
24.00-8.3%
+$72,697
24.50-6.3%
-$3,302
25.00-4.4%
+$428,289
25.50-2.5%
-$1,449
26.00-0.6%
-$1,955
27.003.2%
-$327,813
27.505.1%
+$107,500
28.007.0%
+$47,345
29.0010.9%
+$233,839
30.0014.7%
+$573,840
31.0018.5%
+$45,688
32.0022.3%
+$1,498
32.5024.2%
+$89,247
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.
0.73
7 Aug
1d
0.47
14 Aug
8d
0.44
21 Aug
15d
0.41
28 Aug
22d
0.39
4 Sep
29d
0.41
11 Sep
36d
0.44
18 Sep
43d
0.27
25 Sep
50d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
21
22
22
23
23
24
24
25
25
26
26
27
28
29
30
31
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
1 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing100%
Average expiry move16.8%
30 Jul
Volatility · 56
16.8% through expiry
19.4% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 6 Aug 2026
- Calculation
- v2.0
- Contracts
- 662 / 662
- 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: $499,426 of estimated gross traded notional, calls · 91+ 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+59
1W price+16.8%
Call premium86%
Put premium14%
Notional split
C 86% / P 14%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
52/100
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 · OTM
calls cluster with 1205 contracts traded, $211,690 estimated gross traded notional, and 42% of visible notional.
$211,690
Calls · 0-7 days · ITM
calls cluster with 201 contracts traded, $144,308 estimated gross traded notional, and 29% of visible notional.
$144,308
Calls · 91+ days · ITM
calls cluster with 67 contracts traded, $27,020 estimated gross traded notional, and 5% of visible notional.
$27,020
Puts · 91+ days · OTM
puts cluster with 80 contracts traded, $22,485 estimated gross traded notional, and 5% of visible notional.
$22,485
Puts · 91+ days · ITM
puts cluster with 43 contracts traded, $18,060 estimated gross traded notional, and 4% of visible notional.
$18,060
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Warming up
7 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 7 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close26.16
1W+16.8%
RS17.7
Fair value-11.2%
Options pressure59
Speculation41
Volatility73
Trend fit52
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:28
Volatility
Pressure 88
Move 11.5%
30 Jul 10:23
Volatility
Pressure 20
Move 12.4%
30 Jul 15:22
Volatility
Pressure 47
Move 27.0%
30 Jul 15:44
Volatility
Pressure 47
Move 25.0%
30 Jul 19:53
Volatility
Pressure 63
Move 19.4%
2 Aug 18:29
Bullish
Pressure 56
Move 4.4%
3 Aug 23:34
Volatility
Pressure 77
Move 9.5%
5 Aug 10:32
Bullish
Pressure 85
Move 7.6%
Strike Map
Where activity is clustering
Strike12.00
Calls · V 11 · OI 26
Puts · V 0 · OI 4
Strike13.00
Calls · V 10 · OI 30
Puts · V 1 · OI 0
Strike14.00
Calls · V 4 · OI 35
Puts · V 1 · OI 1
Strike15.00
Calls · V 3 · OI 9
Puts · V 0 · OI 4
Strike15.50
Calls · V 1 · OI 303
Puts · V 0 · OI 0
Strike16.00
Calls · V 6 · OI 314
Puts · V 0 · OI 0
Strike16.50
Calls · V 1 · OI 13
Puts · V 0 · OI 1
Strike17.00
Calls · V 32 · OI 220
Puts · V 0 · OI 5
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts70
Avg IV0.73
Put-call0.87
Expiry14 Aug 2026
Contracts70
Avg IV0.47
Put-call0.24
Expiry21 Aug 2026
Contracts82
Avg IV0.44
Put-call0.46
Expiry28 Aug 2026
Contracts52
Avg IV0.41
Put-call0.41
Expiry4 Sep 2026
Contracts52
Avg IV0.39
Put-call0.38
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.40
Put IV0.42
Skew0.03
14 Aug 2026Balanced skew
Call IV0.38
Put IV0.41
Skew0.03
21 Aug 2026Balanced skew
Call IV0.43
Put IV0.45
Skew0.02
28 Aug 2026Call IV premium
Call IV0.46
Put IV0.40
Skew-0.07
4 Sep 2026Balanced skew
Call IV0.41
Put IV0.41
Skew-
Contract Tape
Most active contracts
ContractBAX261120C00030000
SideCall
Expiry20 Nov 2026
Strike30.00
Volume1059
OI883
IV0.46
ContractBAX260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume157
OI139
IV0.41
ContractBAX260807P00027000
SidePut
Expiry7 Aug 2026
Strike27.00
Volume105
OI140
IV0.02
ContractBAX260814C00025000
SideCall
Expiry14 Aug 2026
Strike25.00
Volume80
OI48
IV0.53
ContractBAX261120C00025000
SideCall
Expiry20 Nov 2026
Strike25.00
Volume60
OI758
IV0.43
ContractBAX280121P00025000
SidePut
Expiry21 Jan 2028
Strike25.00
Volume50
OI191
IV0.47
ContractBAX270617C00030000
SideCall
Expiry17 Jun 2027
Strike30.00
Volume41
OI103
IV0.41
ContractBAX260821C00027500
SideCall
Expiry21 Aug 2026
Strike27.50
Volume39
OI290
IV0.41
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.