Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
SYK options intelligence
Stryker Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 11 Aug 2026
Checked 12 Aug 2026 11:24 · complete available chain
Call-side pressure
Bullish pressure
SYK currently carries bullish options pressure with a 32/100 conviction score. The nearest-chain expected move is 4.3%, with volume/open-interest participation at 0.02.
Expected move
4.3%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.63
Call-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
+4.1%
RS -13.6
Expected move
4.3%
Put-call volume
0.63
Volume / OI
0.02
Reference IV
0.23
Max pain
330.00
Underlying
339.03
Nearest expiry
21 Aug 2026
Contracts
536
Research Brief
SYK has a bullish chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 324.48–353.58; The largest call open-interest concentration is 360.00; the largest put concentration is 280.00. The most active strike by current volume is 340.00.
Priced range324.48–353.58
Call concentration360.00
Put concentration280.00
Max pain reference330.00
- 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 324.48 to 353.58. Max pain at 330.00 sits inside that range, 2.7% below spot.
Spot
Max pain
324.48339.03 ± 14.55353.58
Confirmation level
A close beyond 353.58 or below 324.48 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 32/100
Pressure is 28/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.9
How strongly activity leans toward calls or puts.
Participation25 × 22%
+5.5
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility33 × 10%
+3.3
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 360.00; the largest put concentration is 280.00. The most active strike by current volume is 340.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
51
250.00-26.3%
0
47
270.00-20.4%
1
389
280.00-17.4%
10
285
290.00-14.5%
6
270
300.00-11.5%
69
208
310.00-8.6%
32
370
320.00-5.6%
217
120
330.00-2.7%
953
111
340.000.3%
874
226
350.003.2%
586
17
360.006.2%
1396
5
370.009.1%
166
1
380.0012.1%
531
0
390.0015.0%
172
0
400.0018.0%
230
0
410.0020.9%
42
0
430.0026.8%
113
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+$15.6MDelta change / 1% move
Positive peak360.00+$4.7M
Negative peak320.00-$487,587
Nearest balance321.46Interpolated sign change
StrikeNegativePositiveNet / 1% move
240.00-29.2%
-$12,846
250.00-26.3%
-$146,108
260.00-23.3%
-$17,412
270.00-20.4%
-$42,449
280.00-17.4%
-$119,238
290.00-14.5%
-$160,818
300.00-11.5%
-$280,072
310.00-8.6%
-$223,964
320.00-5.6%
-$487,587
330.00-2.7%
+$2.8M
340.000.3%
+$2.3M
350.003.2%
+$780,629
360.006.2%
+$4.7M
370.009.1%
+$3.1M
380.0012.1%
+$1.3M
390.0015.0%
+$750,341
400.0018.0%
+$445,570
410.0020.9%
+$173,220
420.0023.9%
+$158,854
430.0026.8%
+$81,453
440.0029.8%
+$84,274
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.23
21 Aug
10d
0.28
18 Sep
38d
0.31
18 Dec
129d
0.31
15 Jan
157d
0.32
19 Mar
220d
0.32
17 Jun
310d
0.32
21 Jan
528d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
280
290
300
310
320
330
340
350
360
370
380
390
400
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 536 / 536
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $338,902 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+28
1W price+4.1%
Call premium64%
Put premium36%
Notional split
C 64% / P 36%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
43/100
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.
Calls · 91+ days · OTM
calls cluster with 42 contracts traded, $63,840 estimated gross traded notional, and 19% of visible notional.
$63,840
Calls · 8-21 days · OTM
calls cluster with 179 contracts traded, $52,517 estimated gross traded notional, and 15% of visible notional.
$52,517
Calls · 22-45 days · ITM
calls cluster with 19 contracts traded, $46,665 estimated gross traded notional, and 14% of visible notional.
$46,665
Puts · 91+ days · OTM
puts cluster with 33 contracts traded, $35,968 estimated gross traded notional, and 11% of visible notional.
$35,968
Puts · 8-21 days · ATM
puts cluster with 90 contracts traded, $31,050 estimated gross traded notional, and 9% of visible notional.
$31,050
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank30th
Volume/OI rank30th
IV rank0th
Market Context
Underlying confirmation
Close339.03
1W+4.1%
RS-13.6
Fair value-1.0%
Options pressure28
Speculation25
Volatility33
Trend fit43
Today Versus Normal
Stored-options context
30d avg 6.8% · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.34 · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.64 · 10 sessions
40th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.03 · 10 sessions
30th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:02
Bullish
Pressure 61
Move 9.1%
30 Jul 01:01
Bullish
Pressure 40
Move 10.1%
31 Jul 11:48
Mixed
Pressure 7
Move 9.1%
2 Aug 18:33
Bullish
Pressure 20
Move 6.0%
4 Aug 10:01
Bullish
Pressure 83
Move 6.8%
5 Aug 10:04
Bullish
Pressure 77
Move 6.3%
6 Aug 10:03
Bullish
Pressure 23
Move 6.0%
7 Aug 10:24
Mixed
Pressure -2
Move 5.6%
Strike Map
Where activity is clustering
Strike185.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike190.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike195.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike200.00
Calls · V 0 · OI 12
Puts · V 0 · OI 0
Strike210.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike230.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.23
Put-call0.87
Expiry18 Sep 2026
Contracts76
Avg IV0.28
Put-call0.33
Expiry18 Dec 2026
Contracts78
Avg IV0.31
Put-call1.22
Expiry15 Jan 2027
Contracts84
Avg IV0.31
Put-call1.00
Expiry19 Mar 2027
Contracts82
Avg IV0.32
Put-call0.14
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
18 Sep 2026Balanced skew
Call IV0.27
Put IV0.27
Skew-
18 Dec 2026Balanced skew
Call IV0.30
Put IV0.33
Skew0.03
15 Jan 2027Balanced skew
Call IV0.30
Put IV0.32
Skew0.02
19 Mar 2027Balanced skew
Call IV0.30
Put IV0.34
Skew0.04
Contract Tape
Most active contracts
ContractSYK260918C00560000
SideCall
Expiry18 Sep 2026
Strike560.00
Volume116
OI38
IV0.45
ContractSYK260821P00340000
SidePut
Expiry21 Aug 2026
Strike340.00
Volume90
OI111
IV0.31
ContractSYK260821C00350000
SideCall
Expiry21 Aug 2026
Strike350.00
Volume76
OI586
IV0.25
ContractSYK260821C00360000
SideCall
Expiry21 Aug 2026
Strike360.00
Volume62
OI1396
IV0.27
ContractSYK260821P00330000
SidePut
Expiry21 Aug 2026
Strike330.00
Volume40
OI120
IV0.29
ContractSYK260821C00410000
SideCall
Expiry21 Aug 2026
Strike410.00
Volume38
OI42
IV0.34
ContractSYK260918C00540000
SideCall
Expiry18 Sep 2026
Strike540.00
Volume25
OI18
IV0.41
ContractSYK260821P00320000
SidePut
Expiry21 Aug 2026
Strike320.00
Volume24
OI370
IV0.19
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.