Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
APD options intelligence
Air Products and Chemicals Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 30 Jul 2026
Checked 30 Jul 2026 20:52 · complete available chain
Put-side pressure
Bearish pressure
APD currently carries bearish options pressure with a 48/100 conviction score. The nearest-chain expected move is 5.4%, with volume/open-interest participation at 0.16.
Expected move
5.4%
Near-term move context
Activity / OI
0.16
Current volume is quieter versus prior open interest
Put-call
5.09
Put-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
-1.0%
RS -1.7
Expected move
5.4%
Put-call volume
5.09
Volume / OI
0.16
Reference IV
0.32
Max pain
280.00
Underlying
297.87
Nearest expiry
21 Aug 2026
Contracts
273
Research Brief
APD has a bearish chain read with 48/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 281.87–313.87; The largest call open-interest concentration is 300.00; the largest put concentration is 260.00. The most active strike by current volume is 260.00.
Priced range281.87–313.87
Call concentration300.00
Put concentration260.00
Max pain reference280.00
- 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 281.87 to 313.87. Max pain at 280.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
281.87297.87 ± 16.00313.87
Confirmation level
A close beyond 313.87 or below 281.87 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 48/100
Pressure is 64/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure64 × 42%
+26.9
How strongly activity leans toward calls or puts.
Participation26 × 22%
+5.7
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.
Volatility44 × 10%
+4.4
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 300.00; the largest put concentration is 260.00. The most active strike by current volume is 260.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
2
220.00-26.1%
0
19
230.00-22.8%
0
57
240.00-19.4%
0
88
250.00-16.1%
4
1420
260.00-12.7%
2
141
270.00-9.4%
7
815
280.00-6.0%
472
110
290.00-2.6%
130
98
300.000.7%
729
2
310.004.1%
364
3
320.007.4%
422
1
330.0010.8%
344
0
340.0014.1%
269
0
350.0017.5%
48
0
360.0020.9%
14
0
370.0024.2%
30
0
390.0030.9%
4
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.
0.32
21 Aug
22d
0.30
18 Sep
50d
0.30
18 Dec
141d
0.28
15 Jan
169d
0.29
19 Mar
232d
0.30
17 Jun
322d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
240
250
260
270
280
290
300
310
320
330
340
350
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 273 / 273
- 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.
Options pressure and weekly price action are both cautionary.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2.1M of estimated gross traded notional, calls · 91+ days · itm, and a bearish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-64
1W price-1.0%
Call premium57%
Put premium43%
Notional split
C 57% / P 43%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.16
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 · ITM
calls cluster with 98 contracts traded, $713269 estimated gross traded notional, and 34% of visible notional.
$713269
Puts · 91+ days · OTM
puts cluster with 1122 contracts traded, $568910 estimated gross traded notional, and 27% of visible notional.
$568910
Puts · 22-45 days · OTM
puts cluster with 1432 contracts traded, $214688 estimated gross traded notional, and 10% of visible notional.
$214688
Calls · 91+ days · OTM
calls cluster with 241 contracts traded, $189494 estimated gross traded notional, and 9% of visible notional.
$189494
Calls · 46-90 days · ITM
calls cluster with 28 contracts traded, $172430 estimated gross traded notional, and 8% of visible notional.
$172430
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
Activity Anomaly
Warming up
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close294.89
1W-1.0%
RS-1.7
Fair value+9.2%
Options pressure-64
Speculation26
Volatility44
Trend fit43
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:06
Bearish
Pressure -64
Move 6.8%
30 Jul 10:04
Bearish
Pressure -87
Move 7.1%
30 Jul 15:22
Bearish
Pressure -70
Move 5.2%
30 Jul 15:39
Bearish
Pressure -70
Move 5.3%
30 Jul 19:52
Bearish
Pressure -64
Move 5.4%
Strike Map
Where activity is clustering
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike200.00
Calls · V 0 · OI 0
Puts · V 2 · OI 0
Strike220.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike230.00
Calls · V 0 · OI 0
Puts · V 25 · OI 19
Strike240.00
Calls · V 0 · OI 0
Puts · V 1 · OI 57
Strike250.00
Calls · V 2 · OI 4
Puts · V 1 · OI 88
Strike260.00
Calls · V 1 · OI 2
Puts · V 1371 · OI 1420
Strike270.00
Calls · V 1 · OI 7
Puts · V 15 · OI 141
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts29
Avg IV0.32
Put-call20.25
Expiry18 Sep 2026
Contracts54
Avg IV0.30
Put-call0.54
Expiry18 Dec 2026
Contracts50
Avg IV0.30
Put-call6.78
Expiry15 Jan 2027
Contracts69
Avg IV0.28
Put-call0.63
Expiry19 Mar 2027
Contracts44
Avg IV0.29
Put-call1.30
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.31
Put IV0.36
Skew0.04
18 Sep 2026Balanced skew
Call IV0.29
Put IV0.29
Skew0.01
18 Dec 2026Balanced skew
Call IV0.31
Put IV0.28
Skew-0.03
15 Jan 2027Balanced skew
Call IV0.29
Put IV0.27
Skew-0.02
19 Mar 2027Balanced skew
Call IV0.30
Put IV0.27
Skew-0.03
Contract Tape
Most active contracts
ContractAPD260821C00370000
SideCall
Expiry21 Aug 2026
Strike370.00
Volume-
OI30
IV0.43
ContractAPD270115C00180000
SideCall
Expiry15 Jan 2027
Strike180.00
Volume-
OI4
IV0.00
ContractAPD260821C00390000
SideCall
Expiry21 Aug 2026
Strike390.00
Volume-
OI4
IV0.60
ContractAPD260821P00320000
SidePut
Expiry21 Aug 2026
Strike320.00
Volume-
OI3
IV0.23
ContractAPD260918C00230000
SideCall
Expiry18 Sep 2026
Strike230.00
Volume-
OI3
IV0.00
ContractAPD261218C00190000
SideCall
Expiry18 Dec 2026
Strike190.00
Volume-
OI3
IV0.00
ContractAPD260821C00400000
SideCall
Expiry21 Aug 2026
Strike400.00
Volume-
OI2
IV0.69
ContractAPD270319P00175000
SidePut
Expiry19 Mar 2027
Strike175.00
Volume-
OI2
IV0.45
Research Graph
Related research and context
Sharemaestro research
Related News
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.