Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
PBP options intelligence
INVESCO S&P 500 BUYWRITE ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
26
Market data through 11 Sep 2026
Checked 12 Sep 2026 18:08 · complete available chain
Options-market disagreement
Mixed pressure
PBP currently carries mixed options pressure with a 26/100 conviction score. The nearest-chain expected move is 1.9%, with volume/open-interest participation at 0.00.
Expected move
1.9%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
82
Options agree with trend context
Weekly backdrop
-0.1%
RS -2.5
Expected move
1.9%
Put-call volume
-
Volume / OI
-
Reference IV
0.14
Max pain
27.00
Underlying
23.35
Nearest expiry
18 Sep 2026
Contracts
88
Research Brief
PBP has a mixed chain read with 26/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 22.90–23.80; The largest call open-interest concentration is 18.00; the largest put concentration is 27.00. The most active strike by current volume is 18.00.
Priced range22.90–23.80
Call concentration18.00
Put concentration27.00
Max pain reference27.00
- 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 22.90 to 23.80. Max pain at 27.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
22.9023.35 ± 0.4523.80
Confirmation level
A close beyond 23.80 or below 22.90 at the 18 Sep 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 26/100
Pressure is 8/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure8 × 42%
+3.4
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement82 × 26%
+21.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility17 × 10%
+1.7
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 18.00; the largest put concentration is 27.00. The most active strike by current volume is 18.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
18.00-22.9%
0
0
19.00-18.6%
0
0
20.00-14.3%
0
0
21.00-10.1%
0
0
22.00-5.8%
0
0
23.00-1.5%
0
0
24.002.8%
0
0
25.007.1%
0
0
26.0011.3%
0
1
27.0015.6%
0
0
28.0019.9%
0
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+$807Delta change / 1% move
Positive peak24.00+$844
Negative peak27.00-$37
Nearest balance26.87Interpolated sign change
StrikeNegativePositiveNet / 1% move
24.002.8%
+$844
27.0015.6%
-$37
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.
0.14
18 Sep
7d
0.08
16 Oct
35d
0.06
18 Dec
98d
0.02
19 Mar
189d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
19
20
21
22
23
24
25
26
27
28
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
5 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing100%
Average expiry move0.6%
14 Aug
Mixed · 25
-0.9% through expiry
2.4% priced · v2.0
4 Aug
Mixed · 32
0.3% through expiry
2.0% priced · v2.0
3 Aug
Mixed · 32
0.3% through expiry
2.1% priced · v2.0
31 Jul
Mixed · 32
0.3% through expiry
2.1% priced · v2.0
30 Jul
Mixed · 31
1.1% through expiry
1.5% 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
- 11 Sep 2026
- Calculation
- v2.0
- Contracts
- 88 / 88
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, 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+8
1W price-0.1%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
82/100
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.
No high-conviction option cluster is visible in this snapshot.
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 14 completed sessions
Volume rank79th
Volume/OI rank79th
IV rank79th
Market Context
Underlying confirmation
Close23.35
1W-0.1%
RS-2.5
Fair value+18.8%
Options pressure8
Speculation0
Volatility17
Trend fit82
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
30d avg - · 1/10 sessions
-
90d avg - · 1/30 sessions
-
180d avg - · 1/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 14/30 sessions
-
180d avg - · 14/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 12:53
Mixed
Pressure -12
Move 2.1%
30 Jul 12:46
Mixed
Pressure -12
Move 2.6%
31 Jul 12:14
Mixed
Pressure -12
Move 1.5%
3 Aug 11:05
Mixed
Pressure -12
Move 2.1%
4 Aug 12:21
Mixed
Pressure -12
Move 2.1%
5 Aug 12:44
Mixed
Pressure -12
Move 2.0%
17 Aug 10:13
Mixed
Pressure 0
Move 2.4%
18 Aug 19:14
Bearish
Pressure -100
Move 13.0%
Strike Map
Where activity is clustering
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike23.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts22
Avg IV0.14
Put-call-
Expiry16 Oct 2026
Contracts22
Avg IV0.08
Put-call-
Expiry18 Dec 2026
Contracts22
Avg IV0.06
Put-call-
Expiry19 Mar 2027
Contracts22
Avg IV0.02
Put-call-
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.12
Put IV0.08
Skew-0.04
16 Oct 2026Balanced skew
Call IV0.05
Put IV0.04
Skew-0.01
18 Dec 2026Balanced skew
Call IV0.02
Put IV0.03
Skew0.01
19 Mar 2027Balanced skew
Call IV0.01
Put IV0.02
Skew0.01
Contract Tape
Most active contracts
ContractPBP261218C00024000
SideCall
Expiry18 Dec 2026
Strike24.00
Volume-
OI3
IV0.02
ContractPBP260918P00027000
SidePut
Expiry18 Sep 2026
Strike27.00
Volume-
OI1
IV0.76
ContractPBP260918C00019000
SideCall
Expiry18 Sep 2026
Strike19.00
Volume-
OI-
IV0.01
ContractPBP260918C00020000
SideCall
Expiry18 Sep 2026
Strike20.00
Volume-
OI-
IV0.66
ContractPBP260918P00020000
SidePut
Expiry18 Sep 2026
Strike20.00
Volume-
OI-
IV0.53
ContractPBP260918C00021000
SideCall
Expiry18 Sep 2026
Strike21.00
Volume-
OI-
IV0.48
ContractPBP260918C00022000
SideCall
Expiry18 Sep 2026
Strike22.00
Volume-
OI-
IV0.01
ContractPBP260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume-
OI-
IV0.36
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.