Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
MANU options intelligence
Manchester United Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 31 Jul 2026
Checked 1 Aug 2026 08:21 · complete available chain
Put-side pressure
Bearish pressure
MANU currently carries bearish options pressure with a 40/100 conviction score. The nearest-chain expected move is 8.8%, with volume/open-interest participation at 0.01.
Expected move
8.8%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
2.78
Put-side skew
Trend fit
57
Options are not fully confirming trend
Weekly backdrop
+1.5%
RS 18.1
Expected move
8.8%
Put-call volume
2.78
Volume / OI
0.01
Reference IV
0.37
Max pain
22.00
Underlying
22.67
Nearest expiry
21 Aug 2026
Contracts
236
Research Brief
MANU has a bearish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 20.67–24.67; The largest call open-interest concentration is 23.00; the largest put concentration is 22.00. The most active strike by current volume is 19.00.
Priced range20.67–24.67
Call concentration23.00
Put concentration22.00
Max pain reference22.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 20.67 to 24.67. Max pain at 22.00 sits inside that range, 3.0% below spot.
Spot
Max pain
20.6722.67 ± 2.0024.67
Confirmation level
A close beyond 24.67 or below 20.67 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 40/100
Pressure is 45/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure45 × 42%
+18.7
How strongly activity leans toward calls or puts.
Participation2 × 22%
+0.3
Volume relative to existing open interest and contract-level activity.
Trend agreement57 × 26%
+14.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility61 × 10%
+6.1
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 23.00; the largest put concentration is 22.00. The most active strike by current volume is 19.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
14.00-38.2%
1
0
15.00-33.8%
4
0
16.00-29.4%
1
0
17.00-25.0%
0
50
18.00-20.6%
0
0
19.00-16.2%
0
48
20.00-11.8%
0
21
21.00-7.4%
0
70
22.00-3.0%
138
8
23.001.5%
165
0
24.005.9%
29
0
25.0010.3%
50
0
26.0014.7%
0
0
27.0019.1%
0
0
28.0023.5%
2
0
29.0027.9%
0
0
30.0032.3%
0
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.
0.37
21 Aug
21d
0.36
18 Sep
49d
0.38
18 Dec
140d
0.42
15 Jan
168d
0.46
19 Mar
231d
0.40
21 Jan
539d
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
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
- 236 / 236
- 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.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2422 of estimated gross traded notional, puts · 46-90 days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-45
1W price+1.5%
Call premium42%
Put premium58%
Notional split
C 42% / P 58%
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
57/100
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 · 46-90 days · OTM
puts cluster with 43 contracts traded, $1075 estimated gross traded notional, and 44% of visible notional.
$1075
Calls · 8-21 days · OTM
calls cluster with 35 contracts traded, $608 estimated gross traded notional, and 25% of visible notional.
$608
Calls · 91+ days · ITM
calls cluster with 1 contracts traded, $302 estimated gross traded notional, and 12% of visible notional.
$302
Puts · 8-21 days · OTM
puts cluster with 58 contracts traded, $290 estimated gross traded notional, and 12% of visible notional.
$290
Calls · 46-90 days · OTM
calls cluster with 1 contracts traded, $118 estimated gross traded notional, and 5% of visible notional.
$118
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.
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
Close23.01
1W+1.5%
RS18.1
Fair value+32.8%
Options pressure-45
Speculation2
Volatility61
Trend fit57
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 10:52
Bearish
Pressure -23
Move 8.1%
30 Jul 10:42
Mixed
Pressure -17
Move 10.1%
30 Jul 15:51
Bullish
Pressure 48
Move 6.4%
31 Jul 05:26
Bullish
Pressure 100
Move 9.3%
31 Jul 14:35
Volatility
Pressure 51
Move 10.0%
31 Jul 15:54
Bullish
Pressure 51
Move 5.2%
31 Jul 17:27
Bullish
Pressure 45
Move 6.0%
1 Aug 07:21
Bearish
Pressure -45
Move 8.8%
Strike Map
Where activity is clustering
Strike14.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 50
Strike19.00
Calls · V 0 · OI 0
Puts · V 58 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 48
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 21
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts36
Avg IV0.37
Put-call1.66
Expiry18 Sep 2026
Contracts54
Avg IV0.36
Put-call43.00
Expiry18 Dec 2026
Contracts44
Avg IV0.38
Put-call2.00
Expiry15 Jan 2027
Contracts44
Avg IV0.42
Put-call-
Expiry19 Mar 2027
Contracts34
Avg IV0.46
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.50
Put IV0.64
Skew0.14
18 Sep 2026Put IV premium
Call IV0.56
Put IV0.68
Skew0.12
18 Dec 2026Call IV premium
Call IV0.63
Put IV0.41
Skew-0.22
15 Jan 2027Balanced skew
Call IV0.56
Put IV0.53
Skew-0.03
19 Mar 2027Balanced skew
Call IV0.46
Put IV0.47
Skew0.01
Contract Tape
Most active contracts
ContractMANU260821P00019000
SidePut
Expiry21 Aug 2026
Strike19.00
Volume58
OI-
IV0.38
ContractMANU260918P00017000
SidePut
Expiry18 Sep 2026
Strike17.00
Volume43
OI245
IV0.68
ContractMANU260821C00027000
SideCall
Expiry21 Aug 2026
Strike27.00
Volume32
OI-
IV0.31
ContractMANU260821C00025000
SideCall
Expiry21 Aug 2026
Strike25.00
Volume3
OI50
IV0.50
ContractMANU261218P00015000
SidePut
Expiry18 Dec 2026
Strike15.00
Volume2
OI7996
IV0.30
ContractMANU260918C00024000
SideCall
Expiry18 Sep 2026
Strike24.00
Volume1
OI225
IV0.46
ContractMANU261218C00022000
SideCall
Expiry18 Dec 2026
Strike22.00
Volume1
OI57
IV0.41
ContractMANU260918C00025000
SideCall
Expiry18 Sep 2026
Strike25.00
Volume-
OI6095
IV0.56
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.