Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
BSP options intelligence
Bending Spoons S.p.A. Ordinary Shares options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
63
Market data through 6 Aug 2026
Checked 7 Aug 2026 11:26 · complete available chain
Volatility expansion watch
Volatility pressure
BSP currently carries volatility options pressure with a 63/100 conviction score. The nearest-chain expected move is 30.4%, with volume/open-interest participation at 0.10.
Expected move
30.4%
Wider near-term move priced
Activity / OI
0.10
Current volume is quieter versus prior open interest
Put-call
21.70
Put-side skew
Trend fit
9
Options are not fully confirming trend
Weekly backdrop
+26.3%
Sharemaestro weekly context
Expected move
30.4%
Put-call volume
21.70
Volume / OI
0.10
Reference IV
0.95
Max pain
45.00
Underlying
35.20
Nearest expiry
21 Aug 2026
Contracts
192
Research Brief
BSP has a volatility chain read with 63/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 24.50–45.90; The largest call open-interest concentration is 40.00; the largest put concentration is 30.00. The most active strike by current volume is 45.00.
Priced range24.50–45.90
Call concentration40.00
Put concentration30.00
Max pain reference45.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- 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 24.50 to 45.90. Max pain at 45.00 sits inside that range, 27.8% above spot.
Spot
Max pain
24.5035.20 ± 10.7045.90
Confirmation level
A close beyond 45.90 or below 24.50 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 63/100
Pressure is 100/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure100 × 42%
+42.0
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.3
Volume relative to existing open interest and contract-level activity.
Trend agreement9 × 26%
+2.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility96 × 10%
+9.6
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 40.00; the largest put concentration is 30.00. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
17.50-50.3%
0
15
20.00-43.2%
0
0
22.50-36.1%
0
23
25.00-29.0%
0
1274
30.00-14.8%
10
668
35.00-0.6%
30
107
40.0013.6%
85
304
45.0027.8%
73
1
50.0042.0%
4
0
55.0056.3%
0
0
60.0070.5%
0
0
65.0084.7%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$121,732Delta change / 1% move
Positive peak50.00+$10,132
Negative peak30.00-$77,610
Nearest balance39.39Interpolated sign change
StrikeNegativePositiveNet / 1% move
17.50-50.3%
-$1
20.00-43.2%
-$19
22.50-36.1%
-$0
25.00-29.0%
-$237
30.00-14.8%
-$77,610
35.00-0.6%
-$47,262
40.0013.6%
+$6,555
45.0027.8%
-$13,289
50.0042.0%
+$10,132
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.
0.95
21 Aug
15d
0.71
18 Sep
43d
0.72
16 Oct
71d
0.69
15 Jan
162d
0.65
17 Jun
315d
0.63
21 Jan
533d
0.62
16 Jun
680d
0.63
15 Dec
862d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
30
35
40
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
- 6 Aug 2026
- Calculation
- v2.0
- Contracts
- 192 / 192
- 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
Volatility expansion bet
The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.
Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.
Volatility expansion bet matters because it connects the options headline to the actual evidence: $692,622 of estimated gross traded notional, puts · 91+ days · itm, and a volatility flow versus 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+26.3%
Call premium7%
Put premium93%
Notional split
C 7% / P 93%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.10
Volume divided by open interest across the visible chain.
Trend fit
9/100
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 · ITM
puts cluster with 413 contracts traded, $314,770 estimated gross traded notional, and 45% of visible notional.
$314,770
Puts · 22-45 days · ITM
puts cluster with 446 contracts traded, $202,930 estimated gross traded notional, and 29% of visible notional.
$202,930
Puts · 8-21 days · ITM
puts cluster with 381 contracts traded, $96,905 estimated gross traded notional, and 14% of visible notional.
$96,905
Calls · 22-45 days · OTM
calls cluster with 38 contracts traded, $19,230 estimated gross traded notional, and 3% of visible notional.
$19,230
Puts · 91+ days · ATM
puts cluster with 34 contracts traded, $15,328 estimated gross traded notional, and 2% of visible notional.
$15,328
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
7 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 7 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close44.45
1W+26.3%
RS-
Fair value+24.1%
Options pressure-100
Speculation42
Volatility96
Trend fit9
Today Versus Normal
Stored-options context
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
30d avg - · 7/10 sessions
-
90d avg - · 7/30 sessions
-
180d avg - · 7/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:18
Volatility
Pressure -100
Move 17.5%
30 Jul 10:13
Bullish
Pressure 23
Move 17.9%
30 Jul 18:50
Volatility
Pressure -88
Move 16.1%
30 Jul 20:49
Volatility
Pressure -96
Move 16.9%
31 Jul 12:15
Volatility
Pressure -100
Move 16.9%
31 Jul 13:38
Bearish
Pressure -96
Move 14.2%
31 Jul 14:48
Volatility
Pressure -96
Move 17.6%
31 Jul 16:55
Volatility
Pressure -94
Move 17.6%
Strike Map
Where activity is clustering
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 15
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 23
Strike30.00
Calls · V 0 · OI 10
Puts · V 0 · OI 1274
Strike35.00
Calls · V 0 · OI 30
Puts · V 1 · OI 668
Strike40.00
Calls · V 2 · OI 85
Puts · V 65 · OI 107
Strike45.00
Calls · V 3 · OI 73
Puts · V 315 · OI 304
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts24
Avg IV0.95
Put-call47.75
Expiry18 Sep 2026
Contracts24
Avg IV0.71
Put-call15.32
Expiry16 Oct 2026
Contracts24
Avg IV0.72
Put-call2.20
Expiry15 Jan 2027
Contracts24
Avg IV0.69
Put-call215.00
Expiry17 Jun 2027
Contracts24
Avg IV0.65
Put-call8.33
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.73
Put IV1.41
Skew0.68
18 Sep 2026Balanced skew
Call IV0.74
Put IV0.74
Skew-
16 Oct 2026Put IV premium
Call IV0.61
Put IV0.74
Skew0.13
15 Jan 2027Put IV premium
Call IV0.62
Put IV0.70
Skew0.08
17 Jun 2027Put IV premium
Call IV0.63
Put IV0.71
Skew0.08
Contract Tape
Most active contracts
ContractBSP260918P00045000
SidePut
Expiry18 Sep 2026
Strike45.00
Volume446
OI32
IV0.77
ContractBSP270115P00045000
SidePut
Expiry15 Jan 2027
Strike45.00
Volume401
OI657
IV0.69
ContractBSP260821P00045000
SidePut
Expiry21 Aug 2026
Strike45.00
Volume315
OI304
IV0.81
ContractBSP260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume105
OI642
IV0.74
ContractBSP260821P00040000
SidePut
Expiry21 Aug 2026
Strike40.00
Volume65
OI107
IV0.88
ContractBSP260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume32
OI66
IV0.73
ContractBSP260918P00030000
SidePut
Expiry18 Sep 2026
Strike30.00
Volume31
OI1644
IV0.47
ContractBSP270115P00035000
SidePut
Expiry15 Jan 2027
Strike35.00
Volume17
OI1835
IV0.70
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.