Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BBH options intelligence
VANECK BIOTECH ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
50
Market data through 31 Jul 2026
Checked 1 Aug 2026 00:05 · complete available chain
Call-side pressure
Bullish pressure
BBH currently carries bullish options pressure with a 50/100 conviction score. The nearest-chain expected move is 5.2%, with volume/open-interest participation at 0.80.
Expected move
5.2%
Near-term move context
Activity / OI
0.80
Current volume is elevated versus prior open interest
Put-call
0.30
Call-side skew
Trend fit
37
Options are not fully confirming trend
Weekly backdrop
+1.0%
RS 1.1
Expected move
5.2%
Put-call volume
0.30
Volume / OI
0.80
Reference IV
0.45
Max pain
200.00
Underlying
203.57
Nearest expiry
21 Aug 2026
Contracts
82
Research Brief
BBH has a bullish chain read with 50/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 193.07–214.07; The largest call open-interest concentration is 205.00; the largest put concentration is 182.00. The most active strike by current volume is 205.00.
Priced range193.07–214.07
Call concentration205.00
Put concentration182.00
Max pain reference200.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- 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 193.07 to 214.07. Max pain at 200.00 sits inside that range, 1.8% below spot.
Spot
Max pain
193.07203.57 ± 10.50214.07
Confirmation level
A close beyond 214.07 or below 193.07 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 50/100
Pressure is 54/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure54 × 42%
+22.5
How strongly activity leans toward calls or puts.
Participation59 × 22%
+12.9
Volume relative to existing open interest and contract-level activity.
Trend agreement37 × 26%
+9.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility52 × 10%
+5.2
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 205.00; the largest put concentration is 182.00. The most active strike by current volume is 205.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
11
182.00-10.6%
0
1
187.00-8.1%
0
1
188.00-7.6%
0
1
196.00-3.7%
0
1
200.00-1.8%
2
0
205.000.7%
5
0
215.005.6%
3
0
220.008.1%
1
0
225.0010.5%
2
0
230.0013.0%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$7,365Delta change / 1% move
Positive peak205.00+$7,177
Negative peak182.00-$4,663
Nearest balance199.86Interpolated sign change
StrikeNegativePositiveNet / 1% move
180.00-11.6%
-$4,499
182.00-10.6%
-$4,663
185.00-9.1%
+$4,418
186.00-8.6%
-$350
187.00-8.1%
-$1,334
188.00-7.6%
-$472
190.00-6.7%
-$2,168
191.00-6.2%
-$530
192.00-5.7%
+$1,282
193.00-5.2%
-$171
194.00-4.7%
+$396
196.00-3.7%
-$979
197.00-3.2%
-$716
199.00-2.2%
-$1,454
200.00-1.8%
+$232
205.000.7%
+$7,177
210.003.2%
+$2,905
215.005.6%
+$2,580
220.008.1%
+$1,477
225.0010.5%
+$3,779
230.0013.0%
+$1,988
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.
0.45
21 Aug
21d
0.29
18 Sep
49d
0.30
18 Dec
140d
0.28
19 Mar
231d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
182
187
188
196
200
205
215
220
225
230
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 82 / 82
- 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
Call activity against legacy put OI
Call activity is dominant while put open interest remains large but current put volume is not leading.
Call-side pressure is building before a meaningful weekly price response.
Call activity against legacy put OI matters because it connects the options headline to the actual evidence: $81,582 of estimated gross traded notional, calls · 46-90 days · itm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+54
1W price+1.0%
Call premium94%
Put premium6%
Notional split
C 94% / P 6%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.80
Volume divided by open interest across the visible chain.
Trend fit
37/100
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.
Do not infer a hedge unwind without next-session open-interest changes and opening/closing data.
Calls · 46-90 days · ITM
calls cluster with 16 contracts traded, $39,336 estimated gross traded notional, and 48% of visible notional.
$39,336
Calls · 8-21 days · ATM
calls cluster with 51 contracts traded, $25,285 estimated gross traded notional, and 31% of visible notional.
$25,285
Calls · 91+ days · ITM
calls cluster with 2 contracts traded, $4,620 estimated gross traded notional, and 6% of visible notional.
$4,620
Calls · 91+ days · OTM
calls cluster with 6 contracts traded, $3,150 estimated gross traded notional, and 4% of visible notional.
$3,150
Puts · 91+ days · OTM
puts cluster with 9 contracts traded, $1,880 estimated gross traded notional, and 2% of visible notional.
$1,880
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close205.55
1W+1.0%
RS1.1
Fair value+21.5%
Options pressure54
Speculation59
Volatility52
Trend fit37
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 - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:59
Bullish
Pressure 73
Move 5.4%
30 Jul 11:34
Bullish
Pressure 100
Move 5.0%
31 Jul 11:12
Bearish
Pressure -98
Move 4.9%
31 Jul 23:05
Bullish
Pressure 54
Move 5.2%
Strike Map
Where activity is clustering
Strike182.00
Calls · V 0 · OI 0
Puts · V 2 · OI 11
Strike187.00
Calls · V 0 · OI 0
Puts · V 2 · OI 1
Strike188.00
Calls · V 0 · OI 0
Puts · V 2 · OI 1
Strike196.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike200.00
Calls · V 1 · OI 2
Puts · V 0 · OI 1
Strike205.00
Calls · V 50 · OI 5
Puts · V 0 · OI 0
Strike215.00
Calls · V 3 · OI 3
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts11
Avg IV0.45
Put-call0.11
Expiry18 Sep 2026
Contracts40
Avg IV0.29
Put-call0.44
Expiry18 Dec 2026
Contracts28
Avg IV0.30
Put-call0.89
Expiry19 Mar 2027
Contracts3
Avg IV0.28
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.42
Put IV0.45
Skew0.02
18 Sep 2026Put IV premium
Call IV0.03
Put IV0.34
Skew0.31
18 Dec 2026Put IV premium
Call IV0.28
Put IV0.47
Skew0.19
19 Mar 2027Balanced skew
Call IV0.28
Put IV0.29
Skew0.01
Contract Tape
Most active contracts
ContractBBH260918P00190000
SidePut
Expiry18 Sep 2026
Strike190.00
Volume-
OI5
IV0.37
ContractBBH260918C00200000
SideCall
Expiry18 Sep 2026
Strike200.00
Volume-
OI5
IV0.30
ContractBBH260918P00150000
SidePut
Expiry18 Sep 2026
Strike150.00
Volume-
OI2
IV0.61
ContractBBH260821C00225000
SideCall
Expiry21 Aug 2026
Strike225.00
Volume-
OI2
IV0.56
ContractBBH261218C00255000
SideCall
Expiry18 Dec 2026
Strike255.00
Volume-
OI2
IV0.37
ContractBBH260918P00187000
SidePut
Expiry18 Sep 2026
Strike187.00
Volume-
OI2
IV0.41
ContractBBH260918P00165000
SidePut
Expiry18 Sep 2026
Strike165.00
Volume-
OI2
IV0.53
ContractBBH260918P00170000
SidePut
Expiry18 Sep 2026
Strike170.00
Volume-
OI1
IV0.57
Research Graph
Related research and context
Sharemaestro research
Related News
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Market Watch
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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.