Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
PAAS options intelligence
Pan American Silver Corp. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 31 Jul 2026
Checked 2 Aug 2026 19:38 · complete available chain
Call-side pressure
Bullish pressure
PAAS currently carries bullish options pressure with a 34/100 conviction score. The nearest-chain expected move is 5.6%, with volume/open-interest participation at 0.03.
Expected move
5.6%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.67
Call-side skew
Trend fit
29
Options are not fully confirming trend
Weekly backdrop
-2.1%
RS -16.2
Expected move
5.6%
Put-call volume
0.67
Volume / OI
0.03
Reference IV
0.56
Max pain
44.00
Underlying
43.11
Nearest expiry
7 Aug 2026
Contracts
510
Research Brief
PAAS has a bullish chain read with 34/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 40.68–45.54; The largest call open-interest concentration is 48.00; the largest put concentration is 37.00. The most active strike by current volume is 43.00.
Priced range40.68–45.54
Call concentration48.00
Put concentration37.00
Max pain reference44.00
- 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 40.68 to 45.54. Max pain at 44.00 sits inside that range, 2.1% above spot.
Spot
Max pain
40.6843.11 ± 2.4345.54
Confirmation level
A close beyond 45.54 or below 40.68 at the 7 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 34/100
Pressure is 28/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.7
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement29 × 26%
+7.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility62 × 10%
+6.2
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 48.00; the largest put concentration is 37.00. The most active strike by current volume is 43.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
338
37.00-14.2%
59
309
38.00-11.9%
0
134
39.00-9.5%
1
76
41.00-4.9%
7
81
42.00-2.6%
46
21
43.00-0.3%
56
51
43.500.9%
32
60
44.002.1%
64
90
45.004.4%
46
1
45.505.5%
53
41
47.009.0%
394
0
47.5010.2%
125
9
48.0011.3%
431
4
49.0013.7%
181
68
50.0016.0%
140
0
53.0022.9%
84
0
55.0027.6%
73
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+$2.9MDelta change / 1% move
Positive peak60.00+$977,659
Negative peak42.00-$562,862
Nearest balance43.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
38.00-11.9%
-$48,030
38.50-10.7%
-$5,093
39.00-9.5%
-$46,228
39.50-8.4%
-$3,506
40.00-7.2%
+$67,105
40.50-6.1%
-$4,007
41.00-4.9%
-$133,897
41.50-3.7%
-$3,253
42.00-2.6%
-$562,862
42.50-1.4%
+$63,163
43.00-0.3%
-$98,909
43.500.9%
-$3,408
44.002.1%
+$517,383
44.503.2%
-$18,248
45.004.4%
+$91,855
45.505.5%
+$45,907
46.006.7%
+$130,860
46.507.9%
+$2,506
47.009.0%
+$69,563
47.5010.2%
+$14,227
48.0011.3%
+$92,374
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.
0.56
7 Aug
7d
0.63
14 Aug
14d
0.61
21 Aug
21d
0.57
28 Aug
28d
0.58
4 Sep
35d
0.56
11 Sep
42d
0.55
18 Sep
49d
0.55
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
35
36
37
38
38
39
40
41
41
42
43
44
45
45
46
47
48
48
49
50
51
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 1 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.
Directional follow-through0%
Moves contained by pricing100%
Average expiry move2.1%
30 Jul
Bullish · 36
-2.1% through expiry
2.8% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 510 / 510
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $3.1M of estimated gross traded notional, puts · 91+ days · itm, and a bullish flow against weak 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-2.1%
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
0.03
Volume divided by open interest across the visible chain.
Trend fit
29/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 2 days away.
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 295 contracts traded, $655,632 estimated gross traded notional, and 21% of visible notional.
$655,632
Calls · 91+ days · ITM
calls cluster with 296 contracts traded, $524,812 estimated gross traded notional, and 17% of visible notional.
$524,812
Puts · 8-21 days · ITM
puts cluster with 295 contracts traded, $367,005 estimated gross traded notional, and 12% of visible notional.
$367,005
Puts · 91+ days · OTM
puts cluster with 745 contracts traded, $230,428 estimated gross traded notional, and 8% of visible notional.
$230,428
Calls · 8-21 days · OTM
calls cluster with 1858 contracts traded, $221,478 estimated gross traded notional, and 7% of visible notional.
$221,478
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.
Underlying price is close to the max-pain zone.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close43.11
1W-2.1%
RS-16.2
Fair value+48.8%
Options pressure28
Speculation41
Volatility62
Trend fit29
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 10:17
Bullish
Pressure 78
Move 3.8%
30 Jul 10:13
Bullish
Pressure 26
Move 4.6%
30 Jul 19:06
Mixed
Pressure -5
Move 2.8%
30 Jul 20:19
Mixed
Pressure 8
Move 2.8%
31 Jul 13:26
Bullish
Pressure 34
Move 2.8%
31 Jul 16:11
Bullish
Pressure 21
Move 2.6%
31 Jul 17:34
Bullish
Pressure 24
Move 2.1%
2 Aug 11:25
Bullish
Pressure 67
Move 5.6%
Strike Map
Where activity is clustering
Strike32.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike33.00
Calls · V 0 · OI 0
Puts · V 8 · OI 9
Strike34.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 1 · OI 34
Strike35.50
Calls · V 0 · OI 0
Puts · V 1 · OI 4
Strike36.00
Calls · V 0 · OI 1
Puts · V 3 · OI 17
Strike36.50
Calls · V 0 · OI 2
Puts · V 1 · OI 25
Strike37.00
Calls · V 0 · OI 59
Puts · V 5 · OI 338
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts65
Avg IV0.56
Put-call0.84
Expiry14 Aug 2026
Contracts59
Avg IV0.63
Put-call1.32
Expiry21 Aug 2026
Contracts86
Avg IV0.61
Put-call0.26
Expiry28 Aug 2026
Contracts41
Avg IV0.57
Put-call1.05
Expiry4 Sep 2026
Contracts16
Avg IV0.58
Put-call1.00
Skew
Call/put IV balance
7 Aug 2026Put IV premium
Call IV0.50
Put IV0.56
Skew0.05
14 Aug 2026Balanced skew
Call IV0.64
Put IV0.63
Skew-0.02
21 Aug 2026Balanced skew
Call IV0.62
Put IV0.60
Skew-0.02
28 Aug 2026Balanced skew
Call IV0.56
Put IV0.57
Skew0.01
4 Sep 2026Balanced skew
Call IV0.58
Put IV0.57
Skew-0.01
Contract Tape
Most active contracts
ContractPAAS260807C00047500
SideCall
Expiry7 Aug 2026
Strike47.50
Volume-
OI125
IV0.63
ContractPAAS260807P00038500
SidePut
Expiry7 Aug 2026
Strike38.50
Volume-
OI60
IV0.64
ContractPAAS260807C00037000
SideCall
Expiry7 Aug 2026
Strike37.00
Volume-
OI59
IV1.26
ContractPAAS260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume-
OI55
IV0.64
ContractPAAS260821P00046500
SidePut
Expiry21 Aug 2026
Strike46.50
Volume-
OI48
IV0.57
ContractPAAS260821P00090000
SidePut
Expiry21 Aug 2026
Strike90.00
Volume-
OI21
IV0.00
ContractPAAS260821P00039500
SidePut
Expiry21 Aug 2026
Strike39.50
Volume-
OI21
IV0.58
ContractPAAS270319P00070000
SidePut
Expiry19 Mar 2027
Strike70.00
Volume-
OI20
IV0.00
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
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.