Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WST options intelligence
West Pharmaceutical Services Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 31 Jul 2026
Checked 1 Aug 2026 16:48 · complete available chain
Put-side pressure
Bearish pressure
WST currently carries bearish options pressure with a 40/100 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
2.64
Put-side skew
Trend fit
59
Options are not fully confirming trend
Weekly backdrop
+4.0%
RS 12.8
Expected move
5.6%
Put-call volume
2.64
Volume / OI
0.03
Reference IV
0.29
Max pain
350.00
Underlying
340.96
Nearest expiry
21 Aug 2026
Contracts
512
Research Brief
WST has a bearish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 321.96–359.96; The largest call open-interest concentration is 360.00; the largest put concentration is 300.00. The most active strike by current volume is 300.00.
Priced range321.96–359.96
Call concentration360.00
Put concentration300.00
Max pain reference350.00
- 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 321.96 to 359.96. Max pain at 350.00 sits inside that range, 2.7% above spot.
Spot
Max pain
321.96340.96 ± 19.00359.96
Confirmation level
A close beyond 359.96 or below 321.96 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 40/100
Pressure is 44/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure44 × 42%
+18.3
How strongly activity leans toward calls or puts.
Participation12 × 22%
+2.7
Volume relative to existing open interest and contract-level activity.
Trend agreement59 × 26%
+15.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility43 × 10%
+4.3
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 300.00. The most active strike by current volume is 300.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
10
290.00-14.9%
1
214
300.00-12.0%
1
33
310.00-9.1%
1
23
320.00-6.1%
0
5
330.00-3.2%
12
24
340.00-0.3%
29
52
350.002.7%
59
55
360.005.6%
291
32
370.008.5%
76
5
380.0011.5%
37
0
390.0014.4%
13
0
400.0017.3%
133
0
410.0020.2%
41
0
420.0023.2%
10
0
430.0026.1%
20
0
440.0029.0%
49
0
450.0032.0%
8
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.29
21 Aug
21d
0.29
18 Sep
49d
0.36
18 Dec
140d
0.35
15 Jan
168d
0.38
19 Mar
231d
0.39
17 Dec
504d
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
- 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
- 512 / 512
- 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.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $56678 of estimated gross traded notional, calls · 91+ days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-44
1W price+4.0%
Call premium73%
Put premium27%
Notional split
C 73% / P 27%
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
59/100
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 7 contracts traded, $14720 estimated gross traded notional, and 26% of visible notional.
$14720
Calls · 8-21 days · OTM
calls cluster with 32 contracts traded, $14592 estimated gross traded notional, and 26% of visible notional.
$14592
Puts · 8-21 days · OTM
puts cluster with 122 contracts traded, $12498 estimated gross traded notional, and 22% of visible notional.
$12498
Calls · 8-21 days · ITM
calls cluster with 6 contracts traded, $10170 estimated gross traded notional, and 18% of visible notional.
$10170
Calls · 8-21 days · ATM
calls cluster with 2 contracts traded, $2150 estimated gross traded notional, and 4% of visible notional.
$2150
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
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
Close340.96
1W+4.0%
RS12.8
Fair value+13.2%
Options pressure-44
Speculation12
Volatility43
Trend fit59
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 10:18
Bullish
Pressure 63
Move 6.9%
30 Jul 13:15
Bullish
Pressure 58
Move 6.6%
31 Jul 08:21
Bullish
Pressure 98
Move 6.4%
31 Jul 23:46
Mixed
Pressure 12
Move 6.6%
1 Aug 15:48
Bearish
Pressure -44
Move 5.6%
Strike Map
Where activity is clustering
Strike195.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike200.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike210.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike230.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike250.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike260.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.29
Put-call3.08
Expiry18 Sep 2026
Contracts90
Avg IV0.29
Put-call-
Expiry18 Dec 2026
Contracts98
Avg IV0.36
Put-call-
Expiry15 Jan 2027
Contracts98
Avg IV0.35
Put-call-
Expiry19 Mar 2027
Contracts84
Avg IV0.38
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
18 Sep 2026Balanced skew
Call IV0.28
Put IV0.32
Skew0.04
18 Dec 2026Balanced skew
Call IV0.34
Put IV0.38
Skew0.04
15 Jan 2027Balanced skew
Call IV0.33
Put IV0.36
Skew0.03
19 Mar 2027Balanced skew
Call IV0.35
Put IV0.39
Skew0.04
Contract Tape
Most active contracts
ContractWST260821P00300000
SidePut
Expiry21 Aug 2026
Strike300.00
Volume74
OI214
IV0.19
ContractWST260821P00310000
SidePut
Expiry21 Aug 2026
Strike310.00
Volume47
OI33
IV0.34
ContractWST260821C00350000
SideCall
Expiry21 Aug 2026
Strike350.00
Volume19
OI59
IV0.30
ContractWST260821C00360000
SideCall
Expiry21 Aug 2026
Strike360.00
Volume9
OI291
IV0.27
ContractWST260821C00330000
SideCall
Expiry21 Aug 2026
Strike330.00
Volume6
OI12
IV0.32
ContractWST260821C00370000
SideCall
Expiry21 Aug 2026
Strike370.00
Volume4
OI76
IV0.12
ContractWST260821C00340000
SideCall
Expiry21 Aug 2026
Strike340.00
Volume2
OI29
IV0.31
ContractWST261218C00410000
SideCall
Expiry18 Dec 2026
Strike410.00
Volume2
OI12
IV0.34
Research Graph
Related research and context
Sharemaestro research
Related News
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.