Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CNMD options intelligence
CONMED Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 31 Jul 2026
Checked 1 Aug 2026 10:33 · complete available chain
Call-side pressure
Bullish pressure
CNMD currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 9.8%, with volume/open-interest participation at 0.02.
Expected move
9.8%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.37
Call-side skew
Trend fit
26
Options are not fully confirming trend
Weekly backdrop
+8.5%
RS 0.7
Expected move
9.8%
Put-call volume
0.37
Volume / OI
0.02
Reference IV
0.38
Max pain
40.00
Underlying
42.68
Nearest expiry
21 Aug 2026
Contracts
88
Research Brief
CNMD has a bullish chain read with 41/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 38.51–46.85; The largest call open-interest concentration is 50.00; the largest put concentration is 40.00. The most active strike by current volume is 45.00.
Priced range38.51–46.85
Call concentration50.00
Put concentration40.00
Max pain reference40.00
- 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 38.51 to 46.85. Max pain at 40.00 sits inside that range, 6.3% below spot.
Spot
Max pain
38.5142.68 ± 4.1746.85
Confirmation level
A close beyond 46.85 or below 38.51 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 41/100
Pressure is 49/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure49 × 42%
+20.6
How strongly activity leans toward calls or puts.
Participation35 × 22%
+7.7
Volume relative to existing open interest and contract-level activity.
Trend agreement26 × 26%
+6.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility66 × 10%
+6.6
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 50.00; the largest put concentration is 40.00. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
17.50-59.0%
0
0
20.00-53.1%
0
0
22.50-47.3%
0
4
25.00-41.4%
0
44
30.00-29.7%
0
46
35.00-18.0%
41
351
40.00-6.3%
22
5
45.005.4%
172
1
50.0017.2%
280
0
55.0028.9%
117
0
60.0040.6%
12
0
65.0052.3%
0
0
70.0064.0%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.38
21 Aug
21d
0.43
18 Sep
49d
0.47
20 Nov
112d
0.35
19 Feb
203d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
35
40
45
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
- 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
- 88 / 88
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $6805 of estimated gross traded notional, calls · 46-90 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+49
1W price+8.5%
Call premium86%
Put premium14%
Notional split
C 86% / P 14%
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
26/100
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 · 46-90 days · OTM
calls cluster with 13 contracts traded, $4615 estimated gross traded notional, and 68% of visible notional.
$4615
Puts · 8-21 days · ITM
puts cluster with 7 contracts traded, $945 estimated gross traded notional, and 14% of visible notional.
$945
Calls · 8-21 days · OTM
calls cluster with 4 contracts traded, $645 estimated gross traded notional, and 9% of visible notional.
$645
Calls · 91+ days · OTM
calls cluster with 2 contracts traded, $600 estimated gross traded notional, and 9% of visible notional.
$600
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.
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
Close46.30
1W+8.5%
RS0.7
Fair value-27.6%
Options pressure49
Speculation35
Volatility66
Trend fit26
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 11:13
Bullish
Pressure 43
Move 10.8%
30 Jul 10:59
Mixed
Pressure 0
Move 8.1%
31 Jul 10:41
Mixed
Pressure -16
Move 9.5%
1 Aug 09:33
Bullish
Pressure 49
Move 9.8%
Strike Map
Where activity is clustering
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 44
Strike35.00
Calls · V 0 · OI 41
Puts · V 0 · OI 46
Strike40.00
Calls · V 0 · OI 22
Puts · V 0 · OI 351
Strike45.00
Calls · V 2 · OI 172
Puts · V 7 · OI 5
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts26
Avg IV0.38
Put-call1.75
Expiry18 Sep 2026
Contracts18
Avg IV0.43
Put-call-
Expiry20 Nov 2026
Contracts22
Avg IV0.47
Put-call-
Expiry19 Feb 2027
Contracts22
Avg IV0.35
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.14
Put IV0.27
Skew0.13
18 Sep 2026Put IV premium
Call IV0.41
Put IV0.56
Skew0.15
20 Nov 2026Put IV premium
Call IV0.31
Put IV0.59
Skew0.28
19 Feb 2027Put IV premium
Call IV0.30
Put IV0.40
Skew0.10
Contract Tape
Most active contracts
ContractCNMD260918C00045000
SideCall
Expiry18 Sep 2026
Strike45.00
Volume13
OI3
IV0.41
ContractCNMD260821P00045000
SidePut
Expiry21 Aug 2026
Strike45.00
Volume7
OI5
IV0.07
ContractCNMD260821C00050000
SideCall
Expiry21 Aug 2026
Strike50.00
Volume2
OI280
IV0.14
ContractCNMD260821C00045000
SideCall
Expiry21 Aug 2026
Strike45.00
Volume2
OI172
IV0.47
ContractCNMD261120C00045000
SideCall
Expiry20 Nov 2026
Strike45.00
Volume1
OI10
IV0.42
ContractCNMD261120C00055000
SideCall
Expiry20 Nov 2026
Strike55.00
Volume1
OI2
IV0.12
ContractCNMD260821P00040000
SidePut
Expiry21 Aug 2026
Strike40.00
Volume-
OI351
IV0.27
ContractCNMD260918P00040000
SidePut
Expiry18 Sep 2026
Strike40.00
Volume-
OI165
IV0.56
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
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.