Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
ETN options intelligence
Eaton Corporation PLC options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
48
Market data through 11 Aug 2026
Checked 12 Aug 2026 05:34 · complete available chain
Put-side pressure
Bearish pressure
ETN currently carries bearish options pressure with a 48/100 conviction score. The nearest-chain expected move is 3.7%, with volume/open-interest participation at 0.05.
Expected move
3.7%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
2.46
Put-side skew
Trend fit
64
Options agree with trend context
Weekly backdrop
+8.3%
RS 7.9
Expected move
3.7%
Put-call volume
2.46
Volume / OI
0.05
Reference IV
0.41
Max pain
425.00
Underlying
448.68
Nearest expiry
14 Aug 2026
Contracts
1586
Research Brief
ETN 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 431.93–465.43; The largest call open-interest concentration is 425.00; the largest put concentration is 385.00. The most active strike by current volume is 235.00.
Priced range431.93–465.43
Call concentration425.00
Put concentration385.00
Max pain reference425.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
Priced Move
Where the chain says movement becomes exceptional
Options imply 431.93 to 465.43. Max pain at 425.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
431.93448.68 ± 16.75465.43
Confirmation level
A close beyond 465.43 or below 431.93 at the 14 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 42/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure42 × 42%
+17.8
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.1
Volume relative to existing open interest and contract-level activity.
Trend agreement64 × 26%
+16.5
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 425.00; the largest put concentration is 385.00. The most active strike by current volume is 235.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
7
230.00-48.7%
0
6
235.00-47.6%
0
11
250.00-44.3%
0
96
355.00-20.9%
0
213
385.00-14.2%
0
32
410.00-8.6%
44
15
425.00-5.3%
294
11
430.00-4.2%
51
37
437.50-2.5%
3
11
440.00-1.9%
74
1
450.000.3%
166
3
455.001.4%
35
0
460.002.5%
177
2
465.003.6%
71
18
475.005.9%
28
0
480.007.0%
42
1
485.008.1%
43
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+$34.6MDelta change / 1% move
Positive peak500.00+$7.2M
Negative peak360.00-$512,162
Nearest balance437.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
422.50-5.8%
+$3,686
425.00-5.3%
+$187,840
427.50-4.7%
+$51,885
430.00-4.2%
+$396,059
432.50-3.6%
-$316,526
435.00-3.0%
-$4,407
437.50-2.5%
-$3,100
440.00-1.9%
+$4.6M
442.50-1.4%
+$6,112
445.00-0.8%
+$348,146
447.50-0.3%
+$9,727
450.000.3%
+$4.2M
452.500.9%
+$26,018
455.001.4%
+$149,367
457.502.0%
+$11,507
460.002.5%
+$2.9M
462.503.1%
+$197,126
465.003.6%
+$476,139
467.504.2%
+$13,118
470.004.8%
+$3.2M
472.505.3%
+$111
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.
0.41
14 Aug
3d
0.36
21 Aug
10d
0.38
28 Aug
17d
0.37
4 Sep
24d
0.37
11 Sep
31d
0.38
18 Sep
38d
0.39
25 Sep
45d
0.40
16 Oct
66d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
360
368
375
385
393
400
408
415
425
433
440
448
455
465
473
480
488
495
505
513
530
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 50% of the time.
Directional follow-through50%
Moves contained by pricing17%
Average expiry move7.1%
6 Aug
Bullish · 43
8.1% through expiry
1.4% priced · v2.0
5 Aug
Bearish · 52
8.1% through expiry
8.0% priced · v2.0
4 Aug
Bullish · 42
8.1% through expiry
7.5% priced · v2.0
3 Aug
Mixed · 40
8.1% through expiry
6.6% priced · v2.0
31 Jul
Bearish · 49
8.1% through expiry
4.9% priced · v2.0
30 Jul
Mixed · 43
2.5% through expiry
6.0% 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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 1586 / 1586
- 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: $5.6M of estimated gross traded notional, calls · 91+ days · itm, 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-42
1W price+8.3%
Call premium82%
Put premium18%
Notional split
C 82% / P 18%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
Volume divided by open interest across the visible chain.
Trend fit
64/100
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 94 contracts traded, $1.5M estimated gross traded notional, and 28% of visible notional.
$1.5M
Calls · 91+ days · OTM
calls cluster with 282 contracts traded, $1.3M estimated gross traded notional, and 24% of visible notional.
$1.3M
Calls · 22-45 days · ITM
calls cluster with 39 contracts traded, $334,735 estimated gross traded notional, and 6% of visible notional.
$334,735
Calls · 8-21 days · ITM
calls cluster with 49 contracts traded, $230,255 estimated gross traded notional, and 4% of visible notional.
$230,255
Calls · 22-45 days · OTM
calls cluster with 153 contracts traded, $189,250 estimated gross traded notional, and 3% of visible notional.
$189,250
Setup Classification
Opportunity and risk frame
The signal is live, but the strongest framework tags are still developing.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank10th
Volume/OI rank10th
IV rank30th
Market Context
Underlying confirmation
Close448.68
1W+8.3%
RS7.9
Fair value+40.7%
Options pressure-42
Speculation41
Volatility44
Trend fit64
Today Versus Normal
Stored-options context
30d avg 6.0% · 10 sessions
20th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.61 · 10 sessions
30th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 1.83 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.09 · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:00
Volatility
Pressure -31
Move 7.0%
30 Jul 10:00
Volatility
Pressure -70
Move 11.1%
31 Jul 10:00
Mixed
Pressure 16
Move 6.0%
31 Jul 14:47
Mixed
Pressure 3
Move 2.0%
31 Jul 15:50
Mixed
Pressure 5
Move 2.6%
31 Jul 17:01
Mixed
Pressure -7
Move 2.5%
31 Jul 17:30
Mixed
Pressure -6
Move 3.4%
31 Jul 19:07
Mixed
Pressure 2
Move 3.4%
Strike Map
Where activity is clustering
Strike210.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike215.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike220.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike225.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike230.00
Calls · V 0 · OI 0
Puts · V 287 · OI 7
Strike235.00
Calls · V 0 · OI 0
Puts · V 591 · OI 6
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike245.00
Calls · V 0 · OI 0
Puts · V 9 · OI 12
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts226
Avg IV0.41
Put-call1.86
Expiry21 Aug 2026
Contracts144
Avg IV0.36
Put-call12.86
Expiry28 Aug 2026
Contracts154
Avg IV0.38
Put-call0.46
Expiry4 Sep 2026
Contracts134
Avg IV0.37
Put-call0.46
Expiry11 Sep 2026
Contracts134
Avg IV0.37
Put-call4.83
Skew
Call/put IV balance
14 Aug 2026Balanced skew
Call IV0.40
Put IV0.41
Skew0.01
21 Aug 2026Balanced skew
Call IV0.37
Put IV0.37
Skew-
28 Aug 2026Balanced skew
Call IV0.38
Put IV0.38
Skew-
4 Sep 2026Balanced skew
Call IV0.36
Put IV0.37
Skew0.01
11 Sep 2026Balanced skew
Call IV0.36
Put IV0.37
Skew0.01
Contract Tape
Most active contracts
ContractETN260821P00335000
SidePut
Expiry21 Aug 2026
Strike335.00
Volume1385
OI1747
IV0.61
ContractETN260814P00235000
SidePut
Expiry14 Aug 2026
Strike235.00
Volume591
OI6
IV2.27
ContractETN260821P00340000
SidePut
Expiry21 Aug 2026
Strike340.00
Volume506
OI6912
IV0.59
ContractETN260814P00230000
SidePut
Expiry14 Aug 2026
Strike230.00
Volume287
OI7
IV2.34
ContractETN260814C00485000
SideCall
Expiry14 Aug 2026
Strike485.00
Volume223
OI43
IV0.22
ContractETN260821P00400000
SidePut
Expiry21 Aug 2026
Strike400.00
Volume159
OI349
IV0.29
ContractETN260814C00480000
SideCall
Expiry14 Aug 2026
Strike480.00
Volume98
OI42
IV0.43
ContractETN260814P00250000
SidePut
Expiry14 Aug 2026
Strike250.00
Volume74
OI11
IV2.07
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.