Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
HCA options intelligence
HCA Healthcare, Inc. options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
39
Market data through 31 Jul 2026
Checked 2 Aug 2026 02:45 · complete available chain
Call-side pressure
Bullish pressure
HCA currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 6.7%, with volume/open-interest participation at 0.03.
Expected move
6.7%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.27
Call-side skew
Trend fit
1
Options are not fully confirming trend
Weekly backdrop
+5.3%
RS -17.2
Expected move
6.7%
Put-call volume
0.27
Volume / OI
0.03
Reference IV
0.35
Max pain
390.00
Underlying
402.59
Nearest expiry
21 Aug 2026
Contracts
1128
Research Brief
HCA has a bullish chain read with 39/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 375.64–429.54; The largest call open-interest concentration is 475.00; the largest put concentration is 325.00. The most active strike by current volume is 400.00.
Priced range375.64–429.54
Call concentration475.00
Put concentration325.00
Max pain reference390.00
- 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 375.64 to 429.54. Max pain at 390.00 sits inside that range, 3.1% below spot.
Spot
Max pain
375.64402.59 ± 26.95429.54
Confirmation level
A close beyond 429.54 or below 375.64 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 39/100
Pressure is 58/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure58 × 42%
+24.4
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement1 × 26%
+0.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility51 × 10%
+5.1
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 475.00; the largest put concentration is 325.00. The most active strike by current volume is 400.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
4403
325.00-19.3%
0
546
340.00-15.5%
31
466
345.00-14.3%
2
2351
350.00-13.1%
18
261
355.00-11.8%
90
759
360.00-10.6%
55
572
365.00-9.3%
27
336
370.00-8.1%
90
253
375.00-6.9%
131
480
380.00-5.6%
263
410
385.00-4.4%
165
96
395.00-1.9%
248
722
400.00-0.6%
361
70
405.000.6%
447
85
410.001.8%
291
104
425.005.6%
219
0
475.0018.0%
870
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.
0.35
21 Aug
21d
0.35
18 Sep
49d
0.35
16 Oct
77d
0.36
18 Dec
140d
0.35
15 Jan
168d
0.36
19 Mar
231d
0.36
17 Jun
321d
0.36
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
325
335
340
350
355
365
370
380
385
395
405
410
420
425
435
440
450
455
465
470
480
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 1128 / 1128
- 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: $1.4M of estimated gross traded notional, calls · 46-90 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+58
1W price+5.3%
Call premium89%
Put premium11%
Notional split
C 89% / P 11%
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
1/100
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 · 46-90 days · OTM
calls cluster with 990 contracts traded, $818380 estimated gross traded notional, and 57% of visible notional.
$818380
Calls · 8-21 days · ATM
calls cluster with 127 contracts traded, $193490 estimated gross traded notional, and 14% of visible notional.
$193490
Calls · 91+ days · OTM
calls cluster with 81 contracts traded, $123425 estimated gross traded notional, and 9% of visible notional.
$123425
Puts · 8-21 days · OTM
puts cluster with 272 contracts traded, $66936 estimated gross traded notional, and 5% of visible notional.
$66936
Calls · 91+ days · ITM
calls cluster with 5 contracts traded, $48100 estimated gross traded notional, and 3% of visible notional.
$48100
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
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
Close402.59
1W+5.3%
RS-17.2
Fair value+11.8%
Options pressure58
Speculation41
Volatility51
Trend fit1
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 10:04
Mixed
Pressure -17
Move 11.9%
30 Jul 10:02
Bullish
Pressure 25
Move 10.1%
31 Jul 10:01
Bullish
Pressure 81
Move 8.1%
2 Aug 01:45
Bullish
Pressure 58
Move 6.7%
Strike Map
Where activity is clustering
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 1
Strike250.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike255.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike260.00
Calls · V 0 · OI 10
Puts · V 0 · OI 0
Strike265.00
Calls · V 0 · OI 0
Puts · V 0 · OI 102
Strike270.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts170
Avg IV0.35
Put-call2.04
Expiry18 Sep 2026
Contracts168
Avg IV0.35
Put-call0.07
Expiry16 Oct 2026
Contracts158
Avg IV0.35
Put-call0.01
Expiry18 Dec 2026
Contracts182
Avg IV0.36
Put-call0.15
Expiry15 Jan 2027
Contracts114
Avg IV0.35
Put-call0.06
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.36
Put IV0.34
Skew-0.02
18 Sep 2026Balanced skew
Call IV0.34
Put IV0.35
Skew0.01
16 Oct 2026Balanced skew
Call IV0.34
Put IV0.35
Skew0.01
18 Dec 2026Balanced skew
Call IV0.34
Put IV0.38
Skew0.04
15 Jan 2027Balanced skew
Call IV0.33
Put IV0.37
Skew0.04
Contract Tape
Most active contracts
ContractHCA261016C00460000
SideCall
Expiry16 Oct 2026
Strike460.00
Volume312
OI13
IV0.33
ContractHCA261016C00450000
SideCall
Expiry16 Oct 2026
Strike450.00
Volume168
OI122
IV0.35
ContractHCA260918C00425000
SideCall
Expiry18 Sep 2026
Strike425.00
Volume164
OI1363
IV0.34
ContractHCA260918C00485000
SideCall
Expiry18 Sep 2026
Strike485.00
Volume121
OI106
IV0.32
ContractHCA261016C00430000
SideCall
Expiry16 Oct 2026
Strike430.00
Volume109
OI801
IV0.35
ContractHCA260821C00400000
SideCall
Expiry21 Aug 2026
Strike400.00
Volume104
OI361
IV0.36
ContractHCA260918C00510000
SideCall
Expiry18 Sep 2026
Strike510.00
Volume59
OI64
IV0.33
ContractHCA260821P00385000
SidePut
Expiry21 Aug 2026
Strike385.00
Volume57
OI410
IV0.34
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.