Ticker Options Intelligence

STE options intelligence

STERIS plc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 29 Market data through 31 Jul 2026 Checked 31 Jul 2026 14:37 · complete available chain

Call-side pressure

Bullish pressure

STE currently carries bullish options pressure with a 29/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.22.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 4.7%

Near-term move context

Activity / OI 0.22

Current volume is quieter versus prior open interest

Put-call 0.72

Call-side skew

Trend fit 45

Options are not fully confirming trend

Weekly backdrop +6.7%

RS -11.3

Expected move 4.7%
Put-call volume 0.72
Volume / OI 0.22
Reference IV 0.10
Max pain 210.00
Underlying 214.07
Nearest expiry 21 Aug 2026
Contracts 77

Research Brief

STE has a bullish chain read with 29/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 204.01–224.13; The largest call open-interest concentration is 230.00; the largest put concentration is 200.00. The most active strike by current volume is 210.00.

Priced range204.01–224.13
Call concentration230.00
Put concentration200.00
Max pain reference210.00
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
What would weaken it
  • Price weakens while call pressure fades or reverses toward puts.
  • Options and the weekly trend are not yet giving the same message.
  • Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 21 Aug

Options imply 204.01 to 224.13. Max pain at 210.00 sits inside that range, 1.9% below spot.

Spot Max pain
204.01214.07 ± 10.06224.13
Confirmation level

A close beyond 224.13 or below 204.01 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 29/100

Evidence alignment, not probability

Pressure is 25/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure25 × 42%
+10.7

How strongly activity leans toward calls or puts.

Participation20 × 22%
+4.5

Volume relative to existing open interest and contract-level activity.

Trend agreement45 × 26%
+11.7

How closely the chain read agrees with the underlying trend backdrop.

Volatility26 × 10%
+2.6

The intensity of implied volatility and the priced move.

Reconstructed score29.4Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 230.00; the largest put concentration is 200.00. The most active strike by current volume is 210.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
8
190.00-11.2%
0
9
200.00-6.6%
0
7
210.00-1.9%
17
1
220.002.8%
24
0
230.007.4%
116
0
260.0021.5%
1
0
280.0030.8%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.38× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.10 21 Aug 21d
0.02 18 Sep 49d
0.02 18 Dec 140d
0.07 19 Mar 231d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

190
200
210
220
230
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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

A95/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
77 / 77
  • 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

62/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow confirms price

Options pressure and weekly price action are pointing in the same constructive direction.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $179608 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+25
1W price+6.7%
Call premium55%
Put premium45%
Notional split C 55% / P 45% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.22 Volume divided by open interest across the visible chain.
Trend fit 45/100 Agreement between options pressure and Sharemaestro market context.
Event window 5 Aug Matched earnings event is 3 days away.
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.
Conviction clusters Calls · 91+ days · OTM
Calls · 91+ days · OTM calls cluster with 89 contracts traded, $57592 estimated gross traded notional, and 32% of visible notional.
$57592
Puts · 46-90 days · ITM puts cluster with 18 contracts traded, $39577 estimated gross traded notional, and 22% of visible notional.
$39577
Puts · 91+ days · OTM puts cluster with 66 contracts traded, $35932 estimated gross traded notional, and 20% of visible notional.
$35932
Calls · 91+ days · ITM calls cluster with 3 contracts traded, $8700 estimated gross traded notional, and 5% of visible notional.
$8700
Calls · 46-90 days · OTM calls cluster with 22 contracts traded, $7491 estimated gross traded notional, and 4% of visible notional.
$7491

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

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

Sharemaestro weekly
Close228.40
1W+6.7%
RS-11.3
Fair value+1.7%
Options pressure25
Speculation20
Volatility26
Trend fit45

Today Versus Normal

Stored-options context

View history
Expected move 4.7% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.10 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.72 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.22 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:19 Bullish
Pressure 100
Move 11.9%
30 Jul 00:44 Bullish
Pressure 90
Move 13.2%
30 Jul 17:30 Bullish
Pressure 54
Move 11.6%
30 Jul 21:00 Bullish
Pressure 25
Move 11.8%
31 Jul 02:10 Bullish
Pressure 100
Move 11.8%
31 Jul 13:37 Bullish
Pressure 25
Move 4.7%

Strike Map

Where activity is clustering

Full strike map
Strike190.00
Calls · V 0 · OI 0
Puts · V 1 · OI 8
Strike200.00
Calls · V 0 · OI 0
Puts · V 1 · OI 9
Strike210.00
Calls · V 6 · OI 17
Puts · V 2 · OI 7
Strike220.00
Calls · V 3 · OI 24
Puts · V 1 · OI 1
Strike230.00
Calls · V 5 · OI 116
Puts · V 0 · OI 0
Strike260.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike280.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts9
Avg IV0.10
Put-call0.33
Expiry18 Sep 2026
Contracts34
Avg IV0.02
Put-call0.96
Expiry18 Dec 2026
Contracts26
Avg IV0.02
Put-call0.69
Expiry19 Mar 2027
Contracts8
Avg IV0.07
Put-call1.33

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.00
Put IV0.13
Skew0.12
18 Sep 2026Put IV premium
Call IV0.00
Put IV0.06
Skew0.06
18 Dec 2026Balanced skew
Call IV0.00
Put IV0.03
Skew0.03
19 Mar 2027Incomplete skew
Call IV-
Put IV0.03
Skew-

Contract Tape

Most active contracts

Full contract tape
ContractSTE260918C00155000
SideCall
Expiry18 Sep 2026
Strike155.00
Volume-
OI37
IV0.55
ContractSTE260918P00150000
SidePut
Expiry18 Sep 2026
Strike150.00
Volume-
OI17
IV0.25
ContractSTE260918C00150000
SideCall
Expiry18 Sep 2026
Strike150.00
Volume-
OI15
IV0.52
ContractSTE260918P00175000
SidePut
Expiry18 Sep 2026
Strike175.00
Volume-
OI6
IV0.58
ContractSTE270319P00210000
SidePut
Expiry19 Mar 2027
Strike210.00
Volume-
OI5
IV0.03
ContractSTE270319C00210000
SideCall
Expiry19 Mar 2027
Strike210.00
Volume-
OI5
IV0.00
ContractSTE260918P00180000
SidePut
Expiry18 Sep 2026
Strike180.00
Volume-
OI3
IV0.13
ContractSTE260918C00180000
SideCall
Expiry18 Sep 2026
Strike180.00
Volume-
OI2
IV0.00