Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
EW options intelligence
Edwards Lifesciences Corp options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
39
Market data through 31 Jul 2026
Checked 1 Aug 2026 05:35 · complete available chain
Options-market disagreement
Mixed pressure
EW currently carries mixed options pressure with a 39/100 conviction score. The nearest-chain expected move is 7.1%, with volume/open-interest participation at 0.01.
Expected move
7.1%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.13
Balanced tape
Trend fit
98
Options agree with trend context
Weekly backdrop
-3.6%
RS -7.2
Expected move
7.1%
Put-call volume
1.13
Volume / OI
0.01
Reference IV
0.32
Max pain
85.00
Underlying
82.63
Nearest expiry
21 Aug 2026
Contracts
522
Research Brief
EW has a mixed chain read with 39/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 76.76–88.50; The largest call open-interest concentration is 95.00; the largest put concentration is 75.00. The most active strike by current volume is 85.00.
Priced range76.76–88.50
Call concentration95.00
Put concentration75.00
Max pain reference85.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 76.76 to 88.50. Max pain at 85.00 sits inside that range, 2.9% above spot.
Spot
Max pain
76.7682.63 ± 5.8788.50
Confirmation level
A close beyond 88.50 or below 76.76 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 39/100
Pressure is 7/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure7 × 42%
+3.0
How strongly activity leans toward calls or puts.
Participation25 × 22%
+5.6
Volume relative to existing open interest and contract-level activity.
Trend agreement98 × 26%
+25.5
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 95.00; the largest put concentration is 75.00. The most active strike by current volume is 85.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
70
60.00-27.4%
0
380
65.00-21.3%
1
505
70.00-15.3%
15
175
72.50-12.3%
0
4250
75.00-9.2%
59
2569
77.50-6.2%
47
478
80.00-3.2%
42
717
82.50-0.2%
617
539
85.002.9%
1329
255
87.505.9%
1342
30
90.008.9%
493
22
92.5011.9%
1025
6
95.0015.0%
1756
2
97.5018.0%
538
0
100.0021.0%
1114
0
105.0027.1%
226
0
110.0033.1%
20
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.32
21 Aug
21d
0.31
18 Sep
49d
0.34
20 Nov
112d
0.33
18 Dec
140d
0.33
15 Jan
168d
0.35
19 Feb
203d
0.34
19 Mar
231d
0.35
17 Jun
321d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
70
73
75
78
80
83
85
88
90
93
95
98
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
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 522 / 522
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $84988 of estimated gross traded notional, puts · 91+ days · otm, 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-7
1W price-3.6%
Call premium34%
Put premium66%
Notional split
C 34% / P 66%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
98/100
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.
Puts · 91+ days · OTM
puts cluster with 107 contracts traded, $42112 estimated gross traded notional, and 50% of visible notional.
$42112
Calls · 46-90 days · OTM
calls cluster with 115 contracts traded, $14878 estimated gross traded notional, and 18% of visible notional.
$14878
Calls · 91+ days · OTM
calls cluster with 25 contracts traded, $7900 estimated gross traded notional, and 9% of visible notional.
$7900
Puts · 46-90 days · OTM
puts cluster with 38 contracts traded, $4092 estimated gross traded notional, and 5% of visible notional.
$4092
Puts · 91+ days · ITM
puts cluster with 4 contracts traded, $4010 estimated gross traded notional, and 5% of visible notional.
$4010
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close82.63
1W-3.6%
RS-7.2
Fair value+5.8%
Options pressure-7
Speculation25
Volatility51
Trend fit98
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 - · 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
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:10
Mixed
Pressure 5
Move 6.2%
30 Jul 10:05
Bullish
Pressure 83
Move 7.5%
31 Jul 10:03
Bearish
Pressure -32
Move 8.0%
1 Aug 04:35
Mixed
Pressure -7
Move 7.1%
Strike Map
Where activity is clustering
Strike42.50
Calls · V 0 · OI 1
Puts · V 1 · OI 0
Strike45.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0
Strike47.50
Calls · V 0 · OI 14
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 70
Strike65.00
Calls · V 0 · OI 1
Puts · V 0 · OI 380
Strike70.00
Calls · V 0 · OI 15
Puts · V 0 · OI 505
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts50
Avg IV0.32
Put-call1.25
Expiry18 Sep 2026
Contracts60
Avg IV0.31
Put-call0.40
Expiry20 Nov 2026
Contracts58
Avg IV0.34
Put-call-
Expiry18 Dec 2026
Contracts58
Avg IV0.33
Put-call2.00
Expiry15 Jan 2027
Contracts70
Avg IV0.33
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.29
Put IV0.31
Skew0.02
18 Sep 2026Balanced skew
Call IV0.29
Put IV0.32
Skew0.03
20 Nov 2026Balanced skew
Call IV0.32
Put IV0.35
Skew0.03
18 Dec 2026Balanced skew
Call IV0.31
Put IV0.31
Skew-
15 Jan 2027Balanced skew
Call IV0.31
Put IV0.32
Skew0.01
Contract Tape
Most active contracts
ContractEW260918C00090000
SideCall
Expiry18 Sep 2026
Strike90.00
Volume46
OI385
IV0.28
ContractEW270617P00080000
SidePut
Expiry17 Jun 2027
Strike80.00
Volume44
OI14
IV0.34
ContractEW260918C00100000
SideCall
Expiry18 Sep 2026
Strike100.00
Volume39
OI2235
IV0.29
ContractEW260918P00077500
SidePut
Expiry18 Sep 2026
Strike77.50
Volume23
OI364
IV0.34
ContractEW260918C00095000
SideCall
Expiry18 Sep 2026
Strike95.00
Volume19
OI390
IV0.28
ContractEW270617P00042500
SidePut
Expiry17 Jun 2027
Strike42.50
Volume14
OI-
IV0.67
ContractEW270617P00047500
SidePut
Expiry17 Jun 2027
Strike47.50
Volume12
OI-
IV0.55
ContractEW270617P00045000
SidePut
Expiry17 Jun 2027
Strike45.00
Volume11
OI-
IV0.55
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.