Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
LAZ options intelligence
Lazard Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
38
Market data through 4 Aug 2026
Checked 5 Aug 2026 09:31 · complete available chain
Call-side pressure
Bullish pressure
LAZ currently carries bullish options pressure with a 38/100 conviction score. The nearest-chain expected move is 9.5%, with volume/open-interest participation at 0.02.
Expected move
9.5%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.21
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-4.4%
RS -19.0
Expected move
9.5%
Put-call volume
0.21
Volume / OI
0.02
Reference IV
0.53
Max pain
42.00
Underlying
42.38
Nearest expiry
21 Aug 2026
Contracts
172
Research Brief
LAZ has a bullish chain read with 38/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 38.35–46.41; The largest call open-interest concentration is 45.00; the largest put concentration is 40.00. The most active strike by current volume is 40.00.
Priced range38.35–46.41
Call concentration45.00
Put concentration40.00
Max pain reference42.00
- 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 38.35 to 46.41. Max pain at 42.00 sits inside that range, 0.9% below spot.
Spot
Max pain
38.3542.38 ± 4.0346.41
Confirmation level
A close beyond 46.41 or below 38.35 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 38/100
Pressure is 72/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure72 × 42%
+30.0
How strongly activity leans toward calls or puts.
Participation3 × 22%
+0.7
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility75 × 10%
+7.5
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 45.00; the largest put concentration is 40.00. The most active strike by current volume is 40.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
23
30.00-29.2%
0
22
33.00-22.1%
0
11
34.00-19.8%
0
66
36.00-15.1%
0
12
37.00-12.7%
0
10
39.00-8.0%
1
395
40.00-5.6%
2
13
41.00-3.3%
36
6
42.00-0.9%
34
46
43.001.5%
25
0
44.003.8%
110
10
45.006.2%
1324
0
46.008.5%
221
0
47.0010.9%
62
0
48.0013.3%
47
0
49.0015.6%
18
0
50.0018.0%
23
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+$254,664Delta change / 1% move
Positive peak45.00+$220,833
Negative peak40.00-$43,634
Nearest balance42.47Interpolated sign change
StrikeNegativePositiveNet / 1% move
25.00-41.0%
-$144
30.00-29.2%
-$2,800
33.00-22.1%
-$129
34.00-19.8%
-$79
35.00-17.4%
-$22,309
36.00-15.1%
+$240
37.00-12.7%
-$646
38.00-10.3%
-$329
39.00-8.0%
-$158
40.00-5.6%
-$43,634
41.00-3.3%
+$2,648
42.00-0.9%
+$2,829
43.001.5%
-$3,244
44.003.8%
+$15,927
45.006.2%
+$220,833
46.008.5%
+$29,335
47.0010.9%
+$5,174
48.0013.3%
+$2,574
49.0015.6%
+$2,106
50.0018.0%
+$33,545
55.0029.8%
+$10,513
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.
0.53
21 Aug
17d
0.50
18 Sep
45d
0.52
20 Nov
108d
0.50
18 Dec
136d
0.50
19 Mar
227d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 4 Aug 2026
- Calculation
- v2.0
- Contracts
- 172 / 172
- 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 are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $21,902 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+72
1W price-4.4%
Call premium91%
Put premium9%
Notional split
C 91% / P 9%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
0/100
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 · 91+ days · OTM
calls cluster with 20 contracts traded, $10,700 estimated gross traded notional, and 49% of visible notional.
$10,700
Calls · 22-45 days · OTM
calls cluster with 100 contracts traded, $8,500 estimated gross traded notional, and 39% of visible notional.
$8,500
Puts · 8-21 days · OTM
puts cluster with 19 contracts traded, $1,045 estimated gross traded notional, and 5% of visible notional.
$1,045
Puts · 22-45 days · OTM
puts cluster with 6 contracts traded, $690 estimated gross traded notional, and 3% of visible notional.
$690
Calls · 8-21 days · OTM
calls cluster with 5 contracts traded, $688 estimated gross traded notional, and 3% of visible notional.
$688
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Warming up
5 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 5 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close42.38
1W-4.4%
RS-19.0
Fair value+0.1%
Options pressure72
Speculation3
Volatility75
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 5/30 sessions
-
180d avg - · 5/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:41
Bullish
Pressure 44
Move 10.1%
30 Jul 10:38
Bearish
Pressure -31
Move 14.5%
31 Jul 10:24
Bullish
Pressure 54
Move 12.5%
3 Aug 07:27
Bullish
Pressure 100
Move 8.0%
4 Aug 07:41
Bullish
Pressure 68
Move 11.4%
5 Aug 08:31
Bullish
Pressure 72
Move 9.5%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 23
Strike32.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 22
Strike34.00
Calls · V 0 · OI 0
Puts · V 0 · OI 11
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike36.00
Calls · V 0 · OI 0
Puts · V 0 · OI 66
Strike37.00
Calls · V 0 · OI 0
Puts · V 0 · OI 12
Strike38.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts46
Avg IV0.53
Put-call3.80
Expiry18 Sep 2026
Contracts28
Avg IV0.50
Put-call0.06
Expiry20 Nov 2026
Contracts20
Avg IV0.52
Put-call-
Expiry18 Dec 2026
Contracts36
Avg IV0.50
Put-call-
Expiry19 Mar 2027
Contracts42
Avg IV0.50
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.56
Put IV0.55
Skew-0.01
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.45
Skew0.01
20 Nov 2026Put IV premium
Call IV0.41
Put IV0.62
Skew0.21
18 Dec 2026Put IV premium
Call IV0.43
Put IV0.54
Skew0.11
19 Mar 2027Put IV premium
Call IV0.43
Put IV0.54
Skew0.11
Contract Tape
Most active contracts
ContractLAZ260918C00050000
SideCall
Expiry18 Sep 2026
Strike50.00
Volume100
OI298
IV0.44
ContractLAZ261218C00045000
SideCall
Expiry18 Dec 2026
Strike45.00
Volume20
OI184
IV0.53
ContractLAZ260821P00040000
SidePut
Expiry21 Aug 2026
Strike40.00
Volume19
OI395
IV0.52
ContractLAZ260918P00040000
SidePut
Expiry18 Sep 2026
Strike40.00
Volume6
OI59
IV0.45
ContractLAZ260821C00045000
SideCall
Expiry21 Aug 2026
Strike45.00
Volume5
OI1324
IV0.50
ContractLAZ270319P00035000
SidePut
Expiry19 Mar 2027
Strike35.00
Volume1
OI9
IV0.53
ContractLAZ260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume-
OI501
IV0.77
ContractLAZ260918C00055000
SideCall
Expiry18 Sep 2026
Strike55.00
Volume-
OI397
IV0.26
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.