Ticker Options Intelligence

PAA options intelligence

Plains All American Pipeline LP options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 55 Market data through 31 Jul 2026 Checked 2 Aug 2026 07:19 · complete available chain

Call-side pressure

Bullish pressure

PAA currently carries bullish options pressure with a 55/100 conviction score. The nearest-chain expected move is 3.0%, with volume/open-interest participation at 0.15.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 3.0%

Near-term move context

Activity / OI 0.15

Current volume is quieter versus prior open interest

Put-call 0.02

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop +1.6%

RS 17.2

Expected move 3.0%
Put-call volume 0.02
Volume / OI 0.15
Reference IV 0.31
Max pain 24.50
Underlying 24.57
Nearest expiry 7 Aug 2026
Contracts 582

Research Brief

PAA has a bullish 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 23.85–25.29; The largest call open-interest concentration is 24.50; the largest put concentration is 24.00. The most active strike by current volume is 24.50.

Priced range23.85–25.29
Call concentration24.50
Put concentration24.00
Max pain reference24.50
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
What would weaken it
  • 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

Size, not direction · through 7 Aug

Options imply 23.85 to 25.29. Max pain at 24.50 sits inside that range, 0.3% below spot.

Spot Max pain
23.8524.57 ± 0.7225.29
Confirmation level

A close beyond 25.29 or below 23.85 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

Evidence alignment, not probability

Pressure is 100/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure100 × 42%
+42.0

How strongly activity leans toward calls or puts.

Participation43 × 22%
+9.5

Volume relative to existing open interest and contract-level activity.

Trend agreement0 × 26%
+0.0

How closely the chain read agrees with the underlying trend backdrop.

Volatility33 × 10%
+3.3

The intensity of implied volatility and the priced move.

Reconstructed score54.9Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 24.50; the largest put concentration is 24.00. The most active strike by current volume is 24.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
1
19.50-20.6%
0
6
20.50-16.6%
0
3
21.00-14.5%
0
14
22.00-10.5%
0
2
22.50-8.4%
0
1
23.00-6.4%
2
6
23.50-4.4%
0
39
24.00-2.3%
3
5
24.50-0.3%
117
9
25.001.8%
91
0
25.503.8%
26
1
26.005.8%
0
3
26.507.9%
0
1
27.009.9%
0
2
27.5011.9%
0
2
28.5016.0%
0
1
29.0018.0%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

2.52× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.31 7 Aug 7d
0.26 14 Aug 14d
0.22 21 Aug 21d
0.24 28 Aug 28d
0.23 4 Sep 35d
0.21 11 Sep 42d
0.22 18 Sep 49d
0.21 20 Nov 112d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

Forward validation is building. The earliest eligible stored read expires 31 Jul 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

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
582 / 582
  • 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

79/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow confirms price

Options pressure and weekly price action are pointing in the same constructive direction.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $5.2M of estimated gross traded notional, calls · 91+ days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.

Options pressure+100
1W price+1.6%
Call premium99%
Put premium1%
Notional split C 99% / P 1% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.15 Volume divided by open interest across the visible chain.
Trend fit 0/100 Agreement between options pressure and Sharemaestro market context.
Event window 7 Aug Matched earnings event is 5 days away.
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.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 15025 contracts traded, $4.3M estimated gross traded notional, and 82% of visible notional.
$4.3M
Calls · 91+ days · ATM calls cluster with 3837 contracts traded, $527708 estimated gross traded notional, and 10% of visible notional.
$527708
Calls · 91+ days · OTM calls cluster with 2516 contracts traded, $184510 estimated gross traded notional, and 4% of visible notional.
$184510
Calls · 8-21 days · ATM calls cluster with 3069 contracts traded, $109970 estimated gross traded notional, and 2% of visible notional.
$109970
Calls · 46-90 days · ATM calls cluster with 501 contracts traded, $32462 estimated gross traded notional, and 1% of visible notional.
$32462

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

Warning Bullish pressure over fair value

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

Sharemaestro weekly
Close24.57
1W+1.6%
RS17.2
Fair value+50.3%
Options pressure100
Speculation43
Volatility33
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 3.0% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.31 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.02 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.15 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:21 Bullish
Pressure 99
Move 3.2%
30 Jul 10:15 Bullish
Pressure 95
Move 2.8%
30 Jul 23:44 Bullish
Pressure 100
Move 2.0%
1 Aug 03:36 Bullish
Pressure 100
Move 1.6%
1 Aug 04:04 Bullish
Pressure 100
Move 2.9%
2 Aug 06:19 Bullish
Pressure 100
Move 3.0%

Strike Map

Where activity is clustering

Full strike map
Strike14.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike16.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike18.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry7 Aug 2026
Contracts64
Avg IV0.31
Put-call0.27
Expiry14 Aug 2026
Contracts64
Avg IV0.26
Put-call0.66
Expiry21 Aug 2026
Contracts68
Avg IV0.22
Put-call0.03
Expiry28 Aug 2026
Contracts58
Avg IV0.24
Put-call5.77
Expiry4 Sep 2026
Contracts56
Avg IV0.23
Put-call0.74

Skew

Call/put IV balance

OTM demand
7 Aug 2026Balanced skew
Call IV0.35
Put IV0.35
Skew-
14 Aug 2026Balanced skew
Call IV0.27
Put IV0.32
Skew0.05
21 Aug 2026Put IV premium
Call IV0.20
Put IV0.26
Skew0.06
28 Aug 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
4 Sep 2026Balanced skew
Call IV0.25
Put IV0.26
Skew0.01

Contract Tape

Most active contracts

Full contract tape
ContractPAA261120C00022000
SideCall
Expiry20 Nov 2026
Strike22.00
Volume9484
OI4859
IV0.18
ContractPAA261120C00023000
SideCall
Expiry20 Nov 2026
Strike23.00
Volume4124
OI16471
IV0.18
ContractPAA260821C00025000
SideCall
Expiry21 Aug 2026
Strike25.00
Volume2629
OI6957
IV0.20
ContractPAA280121C00025000
SideCall
Expiry21 Jan 2028
Strike25.00
Volume1340
OI8325
IV0.11
ContractPAA270115C00025000
SideCall
Expiry15 Jan 2027
Strike25.00
Volume1163
OI19555
IV0.17
ContractPAA270219C00026000
SideCall
Expiry19 Feb 2027
Strike26.00
Volume996
OI299
IV0.16
ContractPAA270219C00025000
SideCall
Expiry19 Feb 2027
Strike25.00
Volume993
OI799
IV0.15
ContractPAA261120C00026000
SideCall
Expiry20 Nov 2026
Strike26.00
Volume838
OI531
IV0.18