Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BDX options intelligence
Becton Dickinson and Company options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 21 Sep 2026
Checked 22 Sep 2026 07:50 · complete available chain
Call-side pressure
Bullish pressure
BDX currently carries bullish options pressure with a 47/100 conviction score. The nearest-chain expected move is 5.5%, with volume/open-interest participation at 0.04.
Expected move
5.5%
Near-term move context
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
0.15
Call-side skew
Trend fit
16
Options are not fully confirming trend
Weekly backdrop
+1.7%
RS 6.3
Expected move
5.5%
Put-call volume
0.15
Volume / OI
0.04
Reference IV
0.26
Max pain
180.00
Underlying
180.94
Nearest expiry
16 Oct 2026
Contracts
504
Research Brief
BDX has a bullish chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 171.04–190.84; The largest call open-interest concentration is 180.00; the largest put concentration is 180.00. The most active strike by current volume is 190.00.
Priced range171.04–190.84
Call concentration180.00
Put concentration180.00
Max pain reference180.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 171.04 to 190.84. Max pain at 180.00 sits inside that range, 0.5% below spot.
Spot
Max pain
171.04180.94 ± 9.90190.84
Confirmation level
A close beyond 190.84 or below 171.04 at the 16 Oct 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 47/100
Pressure is 80/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure80 × 42%
+33.5
How strongly activity leans toward calls or puts.
Participation22 × 22%
+4.9
Volume relative to existing open interest and contract-level activity.
Trend agreement16 × 26%
+4.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility40 × 10%
+4.0
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 180.00; the largest put concentration is 180.00. The most active strike by current volume is 190.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
95.00-47.5%
0
0
100.00-44.7%
0
0
105.00-42.0%
0
9
150.00-17.1%
0
20
155.00-14.3%
0
18
160.00-11.6%
0
153
165.00-8.8%
2
56
170.00-6.0%
1
50
175.00-3.3%
1
531
180.00-0.5%
759
506
185.002.2%
25
223
190.005.0%
83
1
195.007.8%
40
5
200.0010.5%
123
0
210.0016.1%
17
0
220.0021.6%
3
0
230.0027.1%
2
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+$1.6MDelta change / 1% move
Positive peak180.00+$804,218
Negative peak185.00-$461,006
Nearest balance183.18Interpolated sign change
StrikeNegativePositiveNet / 1% move
120.00-33.7%
-$2,249
125.00-30.9%
-$2,613
130.00-28.2%
-$7,030
135.00-25.4%
-$4,073
140.00-22.6%
-$7,088
145.00-19.9%
-$12,611
150.00-17.1%
-$22,789
155.00-14.3%
-$12,808
160.00-11.6%
+$28,379
165.00-8.8%
+$107,778
170.00-6.0%
+$211,336
175.00-3.3%
+$4,917
180.00-0.5%
+$804,218
185.002.2%
-$461,006
190.005.0%
+$249,624
195.007.8%
+$173,596
200.0010.5%
+$236,583
210.0016.1%
+$224,674
220.0021.6%
+$92,729
230.0027.1%
+$7,231
240.0032.6%
+$1,517
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.26
16 Oct
25d
0.30
20 Nov
60d
0.29
18 Dec
88d
0.27
15 Jan
116d
0.28
19 Mar
179d
0.28
17 Jun
269d
0.29
17 Sep
361d
0.28
21 Jan
487d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
145
150
155
160
165
170
175
180
185
190
195
200
210
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 27 stored directional transitions, the next stored price moved in the labelled direction 63% of the time.
Directional follow-through63%
Moves contained by pricing28%
Average expiry move6.8%
18 Sep
Bullish · 45
1.7% through expiry
1.3% priced · v2.0
16 Sep
Bearish · 53
1.7% through expiry
2.7% priced · v2.0
14 Sep
Bullish · 45
1.7% through expiry
3.0% priced · v2.0
11 Sep
Bullish · 41
-2.1% through expiry
4.3% priced · v2.0
10 Sep
Bullish · 53
-2.1% through expiry
5.3% priced · v2.0
9 Sep
Bullish · 53
-2.1% through expiry
4.0% priced · v2.0
8 Sep
Bullish · 54
-2.1% through expiry
4.8% priced · v2.0
4 Sep
Bearish · 41
-2.1% through expiry
4.0% priced · v2.0
2 Sep
Mixed · 36
-4.5% through expiry
4.1% priced · v2.0
1 Sep
Mixed · 40
-4.5% through expiry
5.1% priced · v2.0
28 Aug
Bullish · 44
-4.5% through expiry
4.4% priced · v2.0
27 Aug
Bullish · 39
-5.8% through expiry
5.1% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 21 Sep 2026
- Calculation
- v2.0
- Contracts
- 504 / 504
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $82,265 of estimated gross traded notional, calls · 22-45 days · otm, 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+80
1W price+1.7%
Call premium81%
Put premium19%
Notional split
C 81% / P 19%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
16/100
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 · 22-45 days · OTM
calls cluster with 271 contracts traded, $43,618 estimated gross traded notional, and 53% of visible notional.
$43,618
Calls · 46-90 days · OTM
calls cluster with 25 contracts traded, $11,330 estimated gross traded notional, and 14% of visible notional.
$11,330
Puts · 91+ days · OTM
puts cluster with 21 contracts traded, $8,035 estimated gross traded notional, and 10% of visible notional.
$8,035
Calls · 46-90 days · ATM
calls cluster with 8 contracts traded, $6,740 estimated gross traded notional, and 8% of visible notional.
$6,740
Puts · 46-90 days · OTM
puts cluster with 13 contracts traded, $3,688 estimated gross traded notional, and 4% of visible notional.
$3,688
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 34 completed sessions
Volume rank35th
Volume/OI rank41th
IV rank32th
Market Context
Underlying confirmation
Close180.94
1W+1.7%
RS6.3
Fair value+9.6%
Options pressure80
Speculation22
Volatility40
Trend fit16
Today Versus Normal
Stored-options context
30d avg 4.2% · 15 sessions
93th
90d avg 5.1% · 34 sessions
71th
180d avg - · 34/60 sessions
-
30d avg 0.32 · 15 sessions
40th
90d avg 0.33 · 34 sessions
32th
180d avg - · 34/60 sessions
-
30d avg 2.17 · 15 sessions
20th
90d avg 1.26 · 34 sessions
24th
180d avg - · 34/60 sessions
-
30d avg 0.10 · 15 sessions
47th
90d avg 0.08 · 34 sessions
41th
180d avg - · 34/60 sessions
-
Pressure Trail
Recent pressure and volatility
10 Aug 07:32
Mixed
Pressure -7
Move 4.6%
11 Aug 10:42
Bullish
Pressure 79
Move 4.4%
12 Aug 05:55
Bullish
Pressure 49
Move 4.9%
13 Aug 10:06
Bullish
Pressure 29
Move 3.1%
14 Aug 10:06
Bullish
Pressure 74
Move 3.9%
17 Aug 04:33
Bullish
Pressure 51
Move 3.2%
18 Aug 10:24
Bullish
Pressure 85
Move 2.6%
19 Aug 10:24
Mixed
Pressure 16
Move 2.6%
Strike Map
Where activity is clustering
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts58
Avg IV0.26
Put-call0.04
Expiry20 Nov 2026
Contracts58
Avg IV0.30
Put-call0.56
Expiry18 Dec 2026
Contracts64
Avg IV0.29
Put-call0.35
Expiry15 Jan 2027
Contracts62
Avg IV0.27
Put-call-
Expiry19 Mar 2027
Contracts68
Avg IV0.28
Put-call21.00
Skew
Call/put IV balance
16 Oct 2026Balanced skew
Call IV0.26
Put IV0.27
Skew0.01
20 Nov 2026Balanced skew
Call IV0.29
Put IV0.31
Skew0.02
18 Dec 2026Balanced skew
Call IV0.28
Put IV0.32
Skew0.04
15 Jan 2027Balanced skew
Call IV0.28
Put IV0.30
Skew0.02
19 Mar 2027Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
Contract Tape
Most active contracts
ContractBDX261016C00190000
SideCall
Expiry16 Oct 2026
Strike190.00
Volume222
OI83
IV0.26
ContractBDX261016C00200000
SideCall
Expiry16 Oct 2026
Strike200.00
Volume44
OI123
IV0.29
ContractBDX270319P00150000
SidePut
Expiry19 Mar 2027
Strike150.00
Volume20
OI14
IV0.33
ContractBDX261016P00170000
SidePut
Expiry16 Oct 2026
Strike170.00
Volume9
OI56
IV0.28
ContractBDX270115C00220000
SideCall
Expiry15 Jan 2027
Strike220.00
Volume8
OI39
IV0.28
ContractBDX261120C00190000
SideCall
Expiry20 Nov 2026
Strike190.00
Volume7
OI-
IV0.31
ContractBDX261218C00200000
SideCall
Expiry18 Dec 2026
Strike200.00
Volume6
OI185
IV0.28
ContractBDX261016C00195000
SideCall
Expiry16 Oct 2026
Strike195.00
Volume5
OI40
IV0.26
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.