Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
BXSL options intelligence
Blackstone Secured Lending Fund options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
32
Market data through 3 Aug 2026
Checked 3 Aug 2026 16:30 · complete available chain
Options-market disagreement
Mixed pressure
BXSL currently carries mixed options pressure with a 32/100 conviction score. The nearest-chain expected move is 4.8%, with volume/open-interest participation at 0.03.
Expected move
4.8%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.74
Call-side skew
Trend fit
57
Options are not fully confirming trend
Weekly backdrop
-0.6%
RS -13.7
Expected move
4.8%
Put-call volume
0.74
Volume / OI
0.03
Reference IV
0.37
Max pain
24.00
Underlying
23.10
Nearest expiry
21 Aug 2026
Contracts
142
Research Brief
BXSL has a mixed chain read with 32/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 22.00–24.20; The largest call open-interest concentration is 27.50; the largest put concentration is 22.50. The most active strike by current volume is 17.50.
Priced range22.00–24.20
Call concentration27.50
Put concentration22.50
Max pain reference24.00
- A clear directional pressure reading develops and price begins to agree.
- Volatility falls and the chain remains directionally mixed.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 22.00 to 24.20. Max pain at 24.00 sits inside that range, 3.9% above spot.
Spot
Max pain
22.0023.10 ± 1.1024.20
Confirmation level
A close beyond 24.20 or below 22.00 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 32/100
Pressure is 15/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure15 × 42%
+6.1
How strongly activity leans toward calls or puts.
Participation32 × 22%
+7.1
Volume relative to existing open interest and contract-level activity.
Trend agreement57 × 26%
+14.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility45 × 10%
+4.5
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 27.50; the largest put concentration is 22.50. The most active strike by current volume is 17.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
13.00-43.7%
0
0
14.00-39.4%
0
278
15.00-35.1%
0
0
16.00-30.7%
0
7
17.50-24.2%
70
1258
20.00-13.4%
29
266
21.00-9.1%
1
6922
22.50-2.6%
125
1021
24.003.9%
2584
1296
25.008.2%
5565
0
26.0012.6%
563
151
27.5019.0%
6686
0
29.0025.5%
0
55
30.0029.9%
416
0
32.5040.7%
7
0
40.0073.2%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$224,023Delta change / 1% move
Positive peak25.00+$527,026
Negative peak22.50-$1.0M
Nearest balance23.14Interpolated sign change
StrikeNegativePositiveNet / 1% move
15.00-35.1%
-$2,037
16.00-30.7%
-$61
17.00-26.4%
-$44
17.50-24.2%
-$497
19.00-17.7%
-$2,204
20.00-13.4%
-$75,109
21.00-9.1%
-$146,602
22.00-4.8%
-$22,825
22.50-2.6%
-$1.0M
23.00-0.4%
-$48,647
24.003.9%
+$288,753
25.008.2%
+$527,026
26.0012.6%
+$88,582
27.0016.9%
-$92
27.5019.0%
+$211,131
28.0021.2%
-$33
29.0025.5%
-$1,834
30.0029.9%
+$10,621
31.0034.2%
-$160
32.0038.5%
-$8,861
32.5040.7%
+$133
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.
0.37
21 Aug
18d
0.32
18 Sep
46d
0.31
20 Nov
109d
0.30
15 Jan
165d
0.38
19 Feb
200d
0.41
21 Jan
536d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
20
21
23
24
25
26
28
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 142 / 142
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $399,336 of estimated gross traded notional, calls · 8-21 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+15
1W price-0.6%
Call premium68%
Put premium32%
Notional split
C 68% / P 32%
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
57/100
Agreement between options pressure and Sharemaestro market context.
Event window
5 Aug
Matched earnings event is 1 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.
Calls · 8-21 days · ITM
calls cluster with 281 contracts traded, $162,825 estimated gross traded notional, and 41% of visible notional.
$162,825
Puts · 91+ days · ITM
puts cluster with 120 contracts traded, $99,188 estimated gross traded notional, and 25% of visible notional.
$99,188
Calls · 91+ days · ITM
calls cluster with 102 contracts traded, $77,972 estimated gross traded notional, and 20% of visible notional.
$77,972
Puts · 91+ days · OTM
puts cluster with 284 contracts traded, $15,968 estimated gross traded notional, and 4% of visible notional.
$15,968
Calls · 46-90 days · ITM
calls cluster with 40 contracts traded, $13,600 estimated gross traded notional, and 3% of visible notional.
$13,600
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close23.10
1W-0.6%
RS-13.7
Fair value-7.4%
Options pressure15
Speculation32
Volatility45
Trend fit57
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:38
Mixed
Pressure 7
Move 5.8%
30 Jul 10:34
Bullish
Pressure 33
Move 8.3%
31 Jul 10:23
Bearish
Pressure -64
Move 5.4%
1 Aug 09:09
Mixed
Pressure -14
Move 4.9%
3 Aug 11:49
Mixed
Pressure -14
Move 5.0%
3 Aug 15:30
Mixed
Pressure 15
Move 4.8%
Strike Map
Where activity is clustering
Strike13.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike14.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike15.00
Calls · V 2 · OI 0
Puts · V 10 · OI 278
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike17.50
Calls · V 275 · OI 70
Puts · V 2 · OI 7
Strike20.00
Calls · V 1 · OI 29
Puts · V 1 · OI 1258
Strike21.00
Calls · V 1 · OI 1
Puts · V 10 · OI 266
Strike22.50
Calls · V 1 · OI 125
Puts · V 224 · OI 6922
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.37
Put-call0.76
Expiry18 Sep 2026
Contracts13
Avg IV0.32
Put-call0.56
Expiry20 Nov 2026
Contracts26
Avg IV0.31
Put-call1.10
Expiry15 Jan 2027
Contracts35
Avg IV0.30
Put-call0.52
Expiry19 Feb 2027
Contracts23
Avg IV0.38
Put-call1.18
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.23
Put IV0.29
Skew0.06
18 Sep 2026Put IV premium
Call IV0.21
Put IV0.31
Skew0.10
20 Nov 2026Put IV premium
Call IV0.21
Put IV0.34
Skew0.14
15 Jan 2027Put IV premium
Call IV0.17
Put IV0.34
Skew0.17
19 Feb 2027Put IV premium
Call IV0.18
Put IV0.53
Skew0.35
Contract Tape
Most active contracts
ContractBXSL260918P00024000
SidePut
Expiry18 Sep 2026
Strike24.00
Volume-
OI829
IV0.29
ContractBXSL270219P00025000
SidePut
Expiry19 Feb 2027
Strike25.00
Volume-
OI300
IV0.50
ContractBXSL260918P00025000
SidePut
Expiry18 Sep 2026
Strike25.00
Volume-
OI15
IV0.46
ContractBXSL270115P00032500
SidePut
Expiry15 Jan 2027
Strike32.50
Volume-
OI4
IV0.61
ContractBXSL270219P00019000
SidePut
Expiry19 Feb 2027
Strike19.00
Volume-
OI4
IV0.61
ContractBXSL260918C00028000
SideCall
Expiry18 Sep 2026
Strike28.00
Volume-
OI2
IV0.41
ContractBXSL260918C00027000
SideCall
Expiry18 Sep 2026
Strike27.00
Volume-
OI1
IV0.35
ContractBXSL261120P00037000
SidePut
Expiry20 Nov 2026
Strike37.00
Volume-
OI1
IV0.86
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.