Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
HD options intelligence
The Home Depot Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
42
Market data through 22 Sep 2026
Checked 22 Sep 2026 17:20 · partial chain
Call-side pressure
Bullish pressure
HD currently carries bullish options pressure with a 42/100 conviction score. The nearest-chain expected move is 2.0%, with volume/open-interest participation at 0.24.
Expected move
2.0%
Near-term move context
Activity / OI
0.24
Current volume is quieter versus prior open interest
Put-call
0.20
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
-2.8%
RS -20.1
Expected move
2.0%
Put-call volume
0.20
Volume / OI
0.24
Reference IV
0.27
Max pain
302.50
Underlying
299.98
Nearest expiry
25 Sep 2026
Contracts
334
Research Brief
HD has a bullish chain read with 42/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 293.95–306.01; The largest call open-interest concentration is 360.00; the largest put concentration is 295.00. The most active strike by current volume is 317.50.
Priced range293.95–306.01
Call concentration360.00
Put concentration295.00
Max pain reference302.50
- 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 293.95 to 306.01. Max pain at 302.50 sits inside that range, 0.8% above spot.
Spot
Max pain
293.95299.98 ± 6.03306.01
Confirmation level
A close beyond 306.01 or below 293.95 at the 25 Sep 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 42/100
Pressure is 71/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure71 × 42%
+29.7
How strongly activity leans toward calls or puts.
Participation46 × 22%
+10.0
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.
Volatility27 × 10%
+2.7
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 360.00; the largest put concentration is 295.00. The most active strike by current volume is 317.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
499
290.00-3.3%
6
1114
295.00-1.7%
27
273
297.50-0.8%
54
410
300.000.0%
351
104
302.500.8%
208
190
305.001.7%
346
64
307.502.5%
215
192
310.003.3%
375
21
312.504.2%
215
76
315.005.0%
276
2
317.505.8%
114
1
320.006.7%
334
3
335.0011.7%
475
0
350.0016.7%
337
0
360.0020.0%
708
0
370.0023.3%
299
0
460.0053.3%
344
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$17.4MDelta change / 1% move
Positive peak310.00+$799,005
Negative peak295.00-$6.7M
Nearest balance306.27Interpolated sign change
StrikeNegativePositiveNet / 1% move
275.00-8.3%
-$547,798
277.50-7.5%
-$4,557
280.00-6.7%
-$1.0M
282.50-5.8%
-$67,082
285.00-5.0%
-$898,297
287.50-4.2%
-$286,839
290.00-3.3%
-$2.5M
292.50-2.5%
-$856,056
295.00-1.7%
-$6.7M
297.50-0.8%
-$1.1M
300.000.0%
-$5.2M
302.500.8%
-$438,082
305.001.7%
-$582,468
307.502.5%
+$560,102
310.003.3%
+$799,005
312.504.2%
+$455,200
315.005.0%
-$907,441
317.505.8%
+$59,836
320.006.7%
-$652,476
322.507.5%
+$35,752
325.008.3%
+$424,744
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.
0.27
25 Sep
3d
0.27
2 Oct
10d
0.26
9 Oct
17d
0.26
16 Oct
24d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
240
250
260
270
278
283
285
290
295
300
305
310
315
320
325
328
333
338
343
348
355
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 16 stored directional transitions, the next stored price moved in the labelled direction 31% of the time.
Directional follow-through31%
Moves contained by pricing37%
Average expiry move3.6%
17 Sep
Bearish · 56
-2.8% through expiry
1.7% priced · v2.0
16 Sep
Bullish · 35
-2.8% through expiry
2.1% priced · v2.0
15 Sep
Mixed · 32
-2.8% through expiry
2.5% priced · v2.0
14 Sep
Mixed · 32
-2.8% through expiry
2.7% priced · v2.0
11 Sep
Mixed · 32
-2.8% through expiry
2.9% priced · v2.0
10 Sep
Bearish · 46
-3.8% through expiry
4.8% priced · v2.0
9 Sep
Bullish · 37
-3.8% through expiry
3.1% priced · v2.0
8 Sep
Mixed · 33
-3.8% through expiry
2.5% priced · v2.0
4 Sep
Mixed · 38
-2.8% through expiry
2.8% priced · v2.0
3 Sep
Bearish · 52
-2.8% through expiry
3.4% priced · v2.0
2 Sep
Bullish · 40
-2.8% through expiry
4.2% priced · v2.0
1 Sep
Mixed · 35
-2.8% through expiry
3.8% 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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 22 Sep 2026
- Calculation
- v2.0
- Contracts
- 334 / 334
- 100% of provider contracts were retained for this snapshot.
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.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Put-heavy activity matters because it connects the options headline to the actual evidence: $3.3M of estimated gross traded notional, puts · 0-7 days · itm, 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+71
1W price-2.8%
Call premium27%
Put premium73%
Notional split
C 27% / P 73%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.24
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.
Puts · 0-7 days · ITM
puts cluster with 225 contracts traded, $1.2M estimated gross traded notional, and 35% of visible notional.
$1.2M
Puts · 8-21 days · ITM
puts cluster with 179 contracts traded, $666,122 estimated gross traded notional, and 20% of visible notional.
$666,122
Puts · 22-45 days · ITM
puts cluster with 93 contracts traded, $389,102 estimated gross traded notional, and 12% of visible notional.
$389,102
Calls · 22-45 days · ITM
calls cluster with 50 contracts traded, $227,898 estimated gross traded notional, and 7% of visible notional.
$227,898
Calls · 22-45 days · OTM
calls cluster with 1315 contracts traded, $196,740 estimated gross traded notional, and 6% of visible notional.
$196,740
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 39 completed sessions
Volume rank28th
Volume/OI rank95th
IV rank23th
Market Context
Underlying confirmation
Close299.98
1W-2.8%
RS-20.1
Fair value-13.9%
Options pressure71
Speculation46
Volatility27
Trend fit0
Today Versus Normal
Stored-options context
30d avg 2.8% · 20 sessions
10th
90d avg 3.0% · 39 sessions
13th
180d avg - · 39/60 sessions
-
30d avg 0.31 · 20 sessions
35th
90d avg 0.34 · 39 sessions
23th
180d avg - · 39/60 sessions
-
30d avg 0.96 · 20 sessions
0th
90d avg 0.89 · 39 sessions
0th
180d avg - · 39/60 sessions
-
30d avg 0.13 · 20 sessions
90th
90d avg 0.11 · 39 sessions
95th
180d avg - · 39/60 sessions
-
Pressure Trail
Recent pressure and volatility
14 Sep 14:50
Mixed
Pressure -9
Move 2.9%
14 Sep 16:20
Mixed
Pressure 6
Move 2.8%
14 Sep 17:50
Mixed
Pressure 5
Move 2.7%
14 Sep 19:20
Mixed
Pressure 10
Move 2.7%
15 Sep 14:20
Bullish
Pressure 22
Move 2.4%
15 Sep 15:50
Mixed
Pressure 9
Move 2.4%
15 Sep 17:20
Mixed
Pressure 8
Move 2.4%
15 Sep 18:50
Mixed
Pressure 13
Move 2.4%
Strike Map
Where activity is clustering
Strike220.00
Calls · V 0 · OI 0
Puts · V 53 · OI 48
Strike225.00
Calls · V 0 · OI 0
Puts · V 2 · OI 19
Strike230.00
Calls · V 0 · OI 0
Puts · V 5 · OI 15
Strike235.00
Calls · V 0 · OI 0
Puts · V 6 · OI 14
Strike240.00
Calls · V 0 · OI 0
Puts · V 2 · OI 92
Strike245.00
Calls · V 0 · OI 0
Puts · V 6 · OI 17
Strike250.00
Calls · V 0 · OI 0
Puts · V 5 · OI 85
Strike255.00
Calls · V 0 · OI 0
Puts · V 8 · OI 16
Term Structure
Expiration activity
Expiry25 Sep 2026
Contracts98
Avg IV0.27
Put-call0.08
Expiry2 Oct 2026
Contracts90
Avg IV0.27
Put-call1.45
Expiry9 Oct 2026
Contracts52
Avg IV0.26
Put-call0.63
Expiry16 Oct 2026
Contracts94
Avg IV0.26
Put-call0.37
Skew
Call/put IV balance
25 Sep 2026Balanced skew
Call IV0.28
Put IV0.28
Skew0.00
2 Oct 2026Balanced skew
Call IV0.26
Put IV0.28
Skew0.02
9 Oct 2026Balanced skew
Call IV0.27
Put IV0.26
Skew-0.01
16 Oct 2026Balanced skew
Call IV0.26
Put IV0.25
Skew-0.01
Contract Tape
Most active contracts
ContractHD261002C00225000
SideCall
Expiry2 Oct 2026
Strike225.00
Volume-
OI12
IV0.86
ContractHD261016C00220000
SideCall
Expiry16 Oct 2026
Strike220.00
Volume-
OI8
IV0.65
ContractHD261016C00230000
SideCall
Expiry16 Oct 2026
Strike230.00
Volume-
OI8
IV0.66
ContractHD261016C00210000
SideCall
Expiry16 Oct 2026
Strike210.00
Volume-
OI8
IV0.72
ContractHD261016C00235000
SideCall
Expiry16 Oct 2026
Strike235.00
Volume-
OI8
IV0.60
ContractHD261016C00190000
SideCall
Expiry16 Oct 2026
Strike190.00
Volume-
OI6
IV0.95
ContractHD261002C00230000
SideCall
Expiry2 Oct 2026
Strike230.00
Volume-
OI4
IV0.77
ContractHD261016C00225000
SideCall
Expiry16 Oct 2026
Strike225.00
Volume-
OI4
IV0.68
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.