Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
SAP options intelligence
SAP SE ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
33
Market data through 11 Aug 2026
Checked 11 Aug 2026 20:20 · complete available chain
Options-market disagreement
Mixed pressure
SAP currently carries mixed options pressure with a 33/100 conviction score. The nearest-chain expected move is 3.5%, with volume/open-interest participation at 0.06.
Expected move
3.5%
Near-term move context
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
1.04
Balanced tape
Trend fit
71
Options agree with trend context
Weekly backdrop
+12.3%
RS -13.7
Expected move
3.5%
Put-call volume
1.04
Volume / OI
0.06
Reference IV
0.52
Max pain
190.00
Underlying
206.16
Nearest expiry
14 Aug 2026
Contracts
745
Research Brief
SAP has a mixed chain read with 33/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 198.86–213.46; The largest call open-interest concentration is 215.00; the largest put concentration is 190.00. The most active strike by current volume is 195.00.
Priced range198.86–213.46
Call concentration215.00
Put concentration190.00
Max pain reference190.00
- 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.
- 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 198.86 to 213.46. Max pain at 190.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
198.86206.16 ± 7.30213.46
Confirmation level
A close beyond 213.46 or below 198.86 at the 14 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 33/100
Pressure is 1/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure1 × 42%
+0.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement71 × 26%
+18.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility51 × 10%
+5.1
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 215.00; the largest put concentration is 190.00. The most active strike by current volume is 195.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
32
140.00-32.1%
0
31
145.00-29.7%
1
45
160.00-22.4%
20
11
170.00-17.5%
20
31
180.00-12.7%
91
47
185.00-10.3%
13
89
190.00-7.8%
66
55
192.50-6.6%
2
11
195.00-5.4%
241
25
197.50-4.2%
166
3
200.00-3.0%
86
10
205.00-0.6%
515
41
207.500.6%
264
0
210.001.9%
91
0
212.503.1%
79
0
215.004.3%
518
0
217.505.5%
305
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+$13.9MDelta change / 1% move
Positive peak200.00+$4.9M
Negative peak165.00-$515,754
Nearest balance192.70Interpolated sign change
StrikeNegativePositiveNet / 1% move
180.00-12.7%
+$156,016
182.50-11.5%
+$25,433
185.00-10.3%
+$35,087
187.50-9.1%
-$533
190.00-7.8%
+$11,730
192.50-6.6%
-$33,661
195.00-5.4%
+$382,759
197.50-4.2%
+$290,031
200.00-3.0%
+$4.9M
202.50-1.8%
+$103,480
205.00-0.6%
+$874,931
207.500.6%
+$618,162
210.001.9%
+$1.0M
212.503.1%
+$1.4M
215.004.3%
+$3.0M
217.505.5%
+$261,342
220.006.7%
+$1.1M
225.009.1%
+$31,559
227.5010.4%
+$1,258
230.0011.6%
+$604,667
232.5012.8%
+$1,314
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.
0.52
14 Aug
3d
0.38
21 Aug
10d
0.42
28 Aug
17d
0.41
4 Sep
24d
0.49
11 Sep
31d
0.39
18 Sep
38d
0.45
25 Sep
45d
0.42
18 Dec
129d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
165
168
173
175
178
180
185
188
190
195
198
200
205
208
210
215
218
220
225
230
233
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 3 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing0%
Average expiry move12.7%
6 Aug
Volatility · 46
12.3% through expiry
9.0% priced · v2.0
5 Aug
Bullish · 39
12.3% through expiry
7.8% priced · v2.0
4 Aug
Mixed · 37
12.3% through expiry
7.3% priced · v2.0
3 Aug
Bullish · 37
12.3% through expiry
6.3% priced · v2.0
31 Jul
Bullish · 47
12.3% through expiry
5.4% priced · v2.0
30 Jul
Mixed · 45
14.8% through expiry
13.0% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 745 / 745
- 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: $11.2M 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+1
1W price+12.3%
Call premium61%
Put premium39%
Notional split
C 61% / P 39%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
Volume divided by open interest across the visible chain.
Trend fit
71/100
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 574 contracts traded, $3.2M estimated gross traded notional, and 29% of visible notional.
$3.2M
Puts · 91+ days · ITM
puts cluster with 489 contracts traded, $3.0M estimated gross traded notional, and 27% of visible notional.
$3.0M
Calls · 91+ days · OTM
calls cluster with 811 contracts traded, $1.4M estimated gross traded notional, and 13% of visible notional.
$1.4M
Calls · 22-45 days · ITM
calls cluster with 206 contracts traded, $781,305 estimated gross traded notional, and 7% of visible notional.
$781,305
Puts · 91+ days · OTM
puts cluster with 952 contracts traded, $580,526 estimated gross traded notional, and 5% of visible notional.
$580,526
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank0th
Volume/OI rank0th
IV rank30th
Market Context
Underlying confirmation
Close206.16
1W+12.3%
RS-13.7
Fair value-2.2%
Options pressure1
Speculation41
Volatility51
Trend fit71
Today Versus Normal
Stored-options context
30d avg 8.6% · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.69 · 10 sessions
30th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.67 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.10 · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
3 Aug 19:50
Bullish
Pressure 20
Move 6.3%
4 Aug 14:10
Mixed
Pressure 6
Move 6.5%
4 Aug 15:30
Mixed
Pressure -3
Move 6.8%
4 Aug 17:00
Mixed
Pressure -2
Move 6.9%
4 Aug 18:14
Mixed
Pressure -5
Move 7.2%
4 Aug 18:32
Mixed
Pressure -4
Move 7.3%
5 Aug 13:40
Mixed
Pressure -1
Move 6.1%
5 Aug 15:00
Bullish
Pressure 18
Move 8.5%
Strike Map
Where activity is clustering
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike125.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike130.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike135.00
Calls · V 5 · OI 0
Puts · V 1 · OI 2
Strike140.00
Calls · V 0 · OI 0
Puts · V 5 · OI 32
Strike145.00
Calls · V 1 · OI 1
Puts · V 1 · OI 31
Strike150.00
Calls · V 0 · OI 0
Puts · V 1 · OI 5
Strike155.00
Calls · V 2 · OI 6
Puts · V 1 · OI 5
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts61
Avg IV0.52
Put-call0.67
Expiry21 Aug 2026
Contracts83
Avg IV0.38
Put-call0.93
Expiry28 Aug 2026
Contracts41
Avg IV0.42
Put-call1.93
Expiry4 Sep 2026
Contracts37
Avg IV0.41
Put-call2.35
Expiry11 Sep 2026
Contracts8
Avg IV0.49
Put-call0.50
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.44
Put IV0.57
Skew0.13
21 Aug 2026Balanced skew
Call IV0.39
Put IV0.39
Skew0.00
28 Aug 2026Put IV premium
Call IV0.39
Put IV0.45
Skew0.06
4 Sep 2026Balanced skew
Call IV0.40
Put IV0.39
Skew-0.01
11 Sep 2026Balanced skew
Call IV0.45
Put IV0.50
Skew0.05
Contract Tape
Most active contracts
ContractSAP280616P00190000
SidePut
Expiry16 Jun 2028
Strike190.00
Volume-
OI500
IV0.39
ContractSAP280616P00210000
SidePut
Expiry16 Jun 2028
Strike210.00
Volume-
OI350
IV0.37
ContractSAP260821C00235000
SideCall
Expiry21 Aug 2026
Strike235.00
Volume-
OI80
IV0.42
ContractSAP280121C00390000
SideCall
Expiry21 Jan 2028
Strike390.00
Volume-
OI77
IV0.46
ContractSAP260918P00300000
SidePut
Expiry18 Sep 2026
Strike300.00
Volume-
OI29
IV0.00
ContractSAP280616P00135000
SidePut
Expiry16 Jun 2028
Strike135.00
Volume-
OI25
IV0.44
ContractSAP270617P00135000
SidePut
Expiry17 Jun 2027
Strike135.00
Volume-
OI24
IV0.46
ContractSAP260904P00150000
SidePut
Expiry4 Sep 2026
Strike150.00
Volume-
OI23
IV0.68
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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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.