Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BCS options intelligence
Barclays PLC ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:03 · complete available chain
Call-side pressure
Bullish pressure
BCS currently carries bullish options pressure with a 37/100 conviction score. The nearest-chain expected move is 3.4%, with volume/open-interest participation at 0.01.
Expected move
3.4%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.32
Call-side skew
Trend fit
37
Options are not fully confirming trend
Weekly backdrop
+2.7%
RS 6.8
Expected move
3.4%
Put-call volume
0.32
Volume / OI
0.01
Reference IV
0.31
Max pain
28.00
Underlying
27.93
Nearest expiry
21 Aug 2026
Contracts
252
Research Brief
BCS has a bullish chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 26.98–28.88; The largest call open-interest concentration is 28.00; the largest put concentration is 25.00. The most active strike by current volume is 28.00.
Priced range26.98–28.88
Call concentration28.00
Put concentration25.00
Max pain reference28.00
- 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 26.98 to 28.88. Max pain at 28.00 sits inside that range, 0.3% above spot.
Spot
Max pain
26.9827.93 ± 0.9528.88
Confirmation level
A close beyond 28.88 or below 26.98 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 37/100
Pressure is 57/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure57 × 42%
+23.7
How strongly activity leans toward calls or puts.
Participation2 × 22%
+0.5
Volume relative to existing open interest and contract-level activity.
Trend agreement37 × 26%
+9.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility35 × 10%
+3.5
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 28.00; the largest put concentration is 25.00. The most active strike by current volume is 28.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
3
18.00-35.6%
0
423
19.00-32.0%
0
0
20.00-28.4%
0
339
21.00-24.8%
0
7
22.00-21.2%
0
200
23.00-17.7%
0
316
24.00-14.1%
1
2014
25.00-10.5%
0
484
26.00-6.9%
4
391
27.00-3.3%
864
1116
28.000.3%
12503
753
29.003.8%
4881
74
30.007.4%
438
0
31.0011.0%
2541
0
32.0014.6%
20
0
33.0018.2%
0
0
35.0025.3%
6
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+$4.1MDelta change / 1% move
Positive peak28.00+$2.6M
Negative peak26.00-$186,769
Nearest balance26.30Interpolated sign change
StrikeNegativePositiveNet / 1% move
16.00-42.7%
-$191
17.00-39.1%
+$2,173
18.00-35.6%
+$4,363
19.00-32.0%
-$2,921
20.00-28.4%
-$11,319
21.00-24.8%
-$7,017
22.00-21.2%
-$42,939
23.00-17.7%
-$36,755
24.00-14.1%
-$11,388
25.00-10.5%
+$77,882
26.00-6.9%
-$186,769
27.00-3.3%
+$438,521
28.000.3%
+$2.6M
29.003.8%
+$851,858
30.007.4%
+$227,000
31.0011.0%
+$91,738
32.0014.6%
+$17,140
33.0018.2%
+$4,860
34.0021.7%
+$1,359
35.0025.3%
+$21,982
40.0043.2%
+$9,062
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.
0.31
21 Aug
9d
0.30
18 Sep
37d
0.30
16 Oct
65d
0.33
18 Dec
128d
0.33
15 Jan
156d
0.34
19 Mar
219d
0.35
21 Jan
527d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
23
24
25
26
27
28
29
30
31
32
33
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 252 / 252
- 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: $67,610 of estimated gross traded notional, calls · 91+ 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+57
1W price+2.7%
Call premium77%
Put premium23%
Notional split
C 77% / P 23%
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
37/100
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 · 91+ days · OTM
calls cluster with 290 contracts traded, $36,432 estimated gross traded notional, and 54% of visible notional.
$36,432
Puts · 46-90 days · ATM
puts cluster with 84 contracts traded, $10,710 estimated gross traded notional, and 16% of visible notional.
$10,710
Calls · 91+ days · ITM
calls cluster with 6 contracts traded, $7,245 estimated gross traded notional, and 11% of visible notional.
$7,245
Calls · 8-21 days · ATM
calls cluster with 59 contracts traded, $3,098 estimated gross traded notional, and 5% of visible notional.
$3,098
Puts · 91+ days · ATM
puts cluster with 11 contracts traded, $2,118 estimated gross traded notional, and 3% of visible notional.
$2,118
Setup Classification
Opportunity and risk frame
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank36th
Volume/OI rank36th
IV rank36th
Market Context
Underlying confirmation
Close27.93
1W+2.7%
RS6.8
Fair value+81.4%
Options pressure57
Speculation2
Volatility35
Trend fit37
Today Versus Normal
Stored-options context
30d avg 6.0% · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.32 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.40 · 11 sessions
45th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.03 · 11 sessions
36th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:04
Bullish
Pressure 68
Move 7.2%
30 Jul 10:02
Bullish
Pressure 28
Move 9.1%
31 Jul 10:01
Bullish
Pressure 92
Move 6.1%
2 Aug 15:49
Mixed
Pressure 9
Move 6.2%
3 Aug 18:33
Bullish
Pressure 22
Move 6.1%
4 Aug 12:40
Bullish
Pressure 30
Move 6.1%
5 Aug 00:33
Bullish
Pressure 56
Move 6.2%
5 Aug 18:48
Bullish
Pressure 31
Move 6.7%
Strike Map
Where activity is clustering
Strike18.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 423
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 339
Strike22.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike23.00
Calls · V 0 · OI 0
Puts · V 0 · OI 200
Strike24.00
Calls · V 0 · OI 1
Puts · V 0 · OI 316
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2014
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts36
Avg IV0.31
Put-call0.13
Expiry18 Sep 2026
Contracts46
Avg IV0.30
Put-call0.58
Expiry16 Oct 2026
Contracts42
Avg IV0.30
Put-call4.33
Expiry18 Dec 2026
Contracts42
Avg IV0.33
Put-call1.00
Expiry15 Jan 2027
Contracts26
Avg IV0.33
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.29
Put IV0.32
Skew0.03
18 Sep 2026Balanced skew
Call IV0.29
Put IV0.31
Skew0.02
16 Oct 2026Balanced skew
Call IV0.30
Put IV0.33
Skew0.03
18 Dec 2026Balanced skew
Call IV0.29
Put IV0.33
Skew0.04
15 Jan 2027Put IV premium
Call IV0.28
Put IV0.35
Skew0.07
Contract Tape
Most active contracts
ContractBCS270115C00030000
SideCall
Expiry15 Jan 2027
Strike30.00
Volume267
OI1480
IV0.25
ContractBCS261016P00028000
SidePut
Expiry16 Oct 2026
Strike28.00
Volume84
OI2165
IV0.30
ContractBCS260821C00028000
SideCall
Expiry21 Aug 2026
Strike28.00
Volume59
OI12503
IV0.29
ContractBCS260821C00029000
SideCall
Expiry21 Aug 2026
Strike29.00
Volume19
OI4881
IV0.29
ContractBCS261218C00030000
SideCall
Expiry18 Dec 2026
Strike30.00
Volume12
OI240
IV0.30
ContractBCS260821P00027000
SidePut
Expiry21 Aug 2026
Strike27.00
Volume11
OI391
IV0.32
ContractBCS261218P00028000
SidePut
Expiry18 Dec 2026
Strike28.00
Volume11
OI248
IV0.33
ContractBCS261218C00028000
SideCall
Expiry18 Dec 2026
Strike28.00
Volume8
OI212
IV0.34
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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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.