Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
ADI options intelligence
Analog Devices Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 31 Jul 2026
Checked 1 Aug 2026 07:30 · complete available chain
Options-market disagreement
Mixed pressure
ADI currently carries mixed options pressure with a 41/100 conviction score. The nearest-chain expected move is 6.0%, with volume/open-interest participation at 0.11.
Expected move
6.0%
Near-term move context
Activity / OI
0.11
Current volume is quieter versus prior open interest
Put-call
0.90
Balanced tape
Trend fit
89
Options agree with trend context
Weekly backdrop
-1.2%
RS 8.9
Expected move
6.0%
Put-call volume
0.90
Volume / OI
0.11
Reference IV
0.54
Max pain
390.00
Underlying
371.86
Nearest expiry
7 Aug 2026
Contracts
1654
Research Brief
ADI has a mixed 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 349.61–394.11; The largest call open-interest concentration is 440.00; the largest put concentration is 357.50. The most active strike by current volume is 340.00.
Priced range349.61–394.11
Call concentration440.00
Put concentration357.50
Max pain reference390.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 349.61 to 394.11. Max pain at 390.00 sits inside that range, 4.9% above spot.
Spot
Max pain
349.61371.86 ± 22.25394.11
Confirmation level
A close beyond 394.11 or below 349.61 at the 7 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 6/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure6 × 42%
+2.7
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
Volume relative to existing open interest and contract-level activity.
Trend agreement89 × 26%
+23.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility62 × 10%
+6.2
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 440.00; the largest put concentration is 357.50. The most active strike by current volume is 340.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1680
310.00-16.6%
0
202
335.00-9.9%
0
23
340.00-8.6%
1
37
345.00-7.2%
1
181
347.50-6.6%
51
1728
357.50-3.9%
0
26
360.00-3.2%
5
10
362.50-2.5%
111
68
370.00-0.5%
113
25
375.000.8%
5
174
380.002.2%
31
0
382.502.9%
64
49
385.003.5%
132
0
387.504.2%
50
664
390.004.9%
38
158
425.0014.3%
11
0
440.0018.3%
316
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.
0.54
7 Aug
7d
0.55
14 Aug
14d
0.61
21 Aug
21d
0.59
28 Aug
28d
0.57
4 Sep
35d
0.55
11 Sep
42d
0.55
18 Sep
49d
0.51
18 Dec
140d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
298
305
313
320
328
335
343
350
358
365
373
378
385
393
400
408
415
423
430
438
445
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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
- 1654 / 1654
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
The options read is mixed, so divergence is not strong enough to classify.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $10.6M of estimated gross traded notional, calls · 91+ days · otm, 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+6
1W price-1.2%
Call premium59%
Put premium41%
Notional split
C 59% / P 41%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.11
Volume divided by open interest across the visible chain.
Trend fit
89/100
Agreement between options pressure and Sharemaestro market context.
Event window
19 Aug
Matched earnings event is 17 days away.
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 · OTM
calls cluster with 849 contracts traded, $2.1M estimated gross traded notional, and 20% of visible notional.
$2.1M
Puts · 91+ days · OTM
puts cluster with 787 contracts traded, $1.8M estimated gross traded notional, and 17% of visible notional.
$1.8M
Puts · 0-7 days · OTM
puts cluster with 3233 contracts traded, $1.4M estimated gross traded notional, and 13% of visible notional.
$1.4M
Calls · 8-21 days · ATM
calls cluster with 715 contracts traded, $1.0M estimated gross traded notional, and 10% of visible notional.
$1.0M
Calls · 0-7 days · ATM
calls cluster with 997 contracts traded, $745925 estimated gross traded notional, and 7% of visible notional.
$745925
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close367.41
1W-1.2%
RS8.9
Fair value+54.3%
Options pressure6
Speculation43
Volatility62
Trend fit89
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 14:50
Mixed
Pressure 2
Move 4.8%
29 Jul 15:12
Mixed
Pressure -10
Move 4.8%
29 Jul 15:36
Mixed
Pressure -17
Move 4.9%
29 Jul 16:00
Mixed
Pressure -18
Move 4.9%
29 Jul 16:20
Bearish
Pressure -18
Move 5.2%
29 Jul 16:48
Bearish
Pressure -21
Move 5.3%
29 Jul 17:10
Bearish
Pressure -20
Move 5.4%
29 Jul 17:30
Bearish
Pressure -21
Move 4.8%
Strike Map
Where activity is clustering
Strike215.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike220.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike225.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike230.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike235.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike240.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike245.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike250.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry7 Aug 2026
Contracts198
Avg IV0.54
Put-call1.23
Expiry14 Aug 2026
Contracts204
Avg IV0.55
Put-call0.45
Expiry21 Aug 2026
Contracts130
Avg IV0.61
Put-call0.28
Expiry28 Aug 2026
Contracts136
Avg IV0.59
Put-call-
Expiry4 Sep 2026
Contracts132
Avg IV0.57
Put-call0.07
Skew
Call/put IV balance
7 Aug 2026Balanced skew
Call IV0.51
Put IV0.55
Skew0.04
14 Aug 2026Balanced skew
Call IV0.53
Put IV0.57
Skew0.04
21 Aug 2026Balanced skew
Call IV0.60
Put IV0.64
Skew0.04
28 Aug 2026Balanced skew
Call IV0.58
Put IV0.61
Skew0.03
4 Sep 2026Balanced skew
Call IV0.56
Put IV0.59
Skew0.03
Contract Tape
Most active contracts
ContractADI260807P00340000
SidePut
Expiry7 Aug 2026
Strike340.00
Volume1622
OI23
IV0.58
ContractADI260807P00360000
SidePut
Expiry7 Aug 2026
Strike360.00
Volume883
OI26
IV0.54
ContractADI260807C00375000
SideCall
Expiry7 Aug 2026
Strike375.00
Volume839
OI5
IV0.53
ContractADI260807C00385000
SideCall
Expiry7 Aug 2026
Strike385.00
Volume829
OI132
IV0.54
ContractADI260807C00387500
SideCall
Expiry7 Aug 2026
Strike387.50
Volume788
OI50
IV0.51
ContractADI260814C00372500
SideCall
Expiry14 Aug 2026
Strike372.50
Volume596
OI4
IV0.56
ContractADI270115P00310000
SidePut
Expiry15 Jan 2027
Strike310.00
Volume528
OI911
IV0.51
ContractADI270115C00500000
SideCall
Expiry15 Jan 2027
Strike500.00
Volume498
OI308
IV0.49
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.