Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
RYAN options intelligence
Ryan Specialty Group Holdings Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 17 Sep 2026
Checked 18 Sep 2026 13:48 · complete available chain
Call-side pressure
Bullish pressure
RYAN currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.00.
Expected move
4.7%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.50
Call-side skew
Trend fit
52
Options are not fully confirming trend
Weekly backdrop
+5.6%
RS -15.2
Expected move
4.7%
Put-call volume
0.50
Volume / OI
0.00
Reference IV
0.90
Max pain
40.00
Underlying
38.12
Nearest expiry
18 Sep 2026
Contracts
324
Research Brief
RYAN 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 36.33–39.91; The largest call open-interest concentration is 50.00; the largest put concentration is 40.00. The most active strike by current volume is 30.00.
Priced range36.33–39.91
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.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 36.33 to 39.91. Max pain at 40.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
36.3338.12 ± 1.7939.91
Confirmation level
A close beyond 39.91 or below 36.33 at the 18 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 41/100
Pressure is 42/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure42 × 42%
+17.8
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement52 × 26%
+13.5
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 50.00; the largest put concentration is 40.00. The most active strike by current volume is 30.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
30.00-21.3%
0
1
32.00-16.1%
0
1
33.00-13.4%
0
1
35.00-8.2%
0
1
36.00-5.6%
0
1
37.00-2.9%
0
5
38.00-0.3%
0
12
39.002.3%
0
33
40.004.9%
22
4
41.007.6%
2
0
42.0010.2%
1
4
43.0012.8%
1
0
44.0015.4%
4
1
46.0020.7%
2
0
47.0023.3%
40
0
48.0025.9%
2
0
50.0031.2%
87
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-$110,516Delta change / 1% move
Positive peak35.00+$10,475
Negative peak40.00-$144,086
Nearest balance35.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
28.00-26.5%
-$27
29.00-23.9%
-$231
30.00-21.3%
+$3,863
31.00-18.7%
-$26
32.00-16.1%
-$155
33.00-13.4%
-$69
34.00-10.8%
-$60
35.00-8.2%
+$10,475
36.00-5.6%
-$126
37.00-2.9%
-$183
38.00-0.3%
-$2,365
39.002.3%
-$2,357
40.004.9%
-$144,086
41.007.6%
-$964
42.0010.2%
+$7,229
43.0012.8%
-$489
44.0015.4%
+$4,254
45.0018.0%
+$2,225
46.0020.7%
+$2,443
47.0023.3%
+$4,635
48.0025.9%
+$530
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
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.90
18 Sep
1d
0.55
16 Oct
29d
0.46
20 Nov
64d
0.50
18 Dec
92d
0.45
15 Jan
120d
0.43
16 Apr
211d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 20 stored directional transitions, the next stored price moved in the labelled direction 60% of the time.
Directional follow-through60%
Moves contained by pricing89%
Average expiry move4.1%
17 Sep
Bullish · 41
5.6% through expiry
4.7% priced · v2.0
16 Sep
Mixed · 42
5.6% through expiry
7.2% priced · v2.0
15 Sep
Bullish · 37
5.6% through expiry
4.1% priced · v2.0
11 Sep
Bullish · 47
5.6% through expiry
6.6% priced · v2.0
10 Sep
Bearish · 51
-3.9% through expiry
12.8% priced · v2.0
9 Sep
Mixed · 37
-3.9% through expiry
10.9% priced · v2.0
4 Sep
Bullish · 52
-3.9% through expiry
8.5% priced · v2.0
3 Sep
Bullish · 36
-8.2% through expiry
8.2% priced · v2.0
1 Sep
Bearish · 47
-8.2% through expiry
9.6% priced · v2.0
28 Aug
Bearish · 55
-8.2% through expiry
9.7% priced · v2.0
25 Aug
Mixed · 39
-7.0% through expiry
10.1% priced · v2.0
24 Aug
Bearish · 39
-7.0% through expiry
9.8% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 17 Sep 2026
- Calculation
- v2.0
- Contracts
- 324 / 324
- 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 pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $518 of estimated gross traded notional, calls · 91+ 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+42
1W price+5.6%
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
0.00
Volume divided by open interest across the visible chain.
Trend fit
52/100
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 1 contracts traded, $425 estimated gross traded notional, and 82% of visible notional.
$425
Calls · 22-45 days · OTM
calls cluster with 1 contracts traded, $48 estimated gross traded notional, and 9% of visible notional.
$48
Puts · 22-45 days · OTM
puts cluster with 1 contracts traded, $45 estimated gross traded notional, and 9% of visible notional.
$45
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 28 completed sessions
Volume rank0th
Volume/OI rank0th
IV rank96th
Market Context
Underlying confirmation
Close40.27
1W+5.6%
RS-15.2
Fair value-24.6%
Options pressure42
Speculation8
Volatility75
Trend fit52
Today Versus Normal
Stored-options context
30d avg 7.9% · 15 sessions
20th
90d avg - · 28/30 sessions
-
180d avg - · 28/60 sessions
-
30d avg 0.49 · 15 sessions
93th
90d avg - · 28/30 sessions
-
180d avg - · 28/60 sessions
-
30d avg 2.00 · 14 sessions
29th
90d avg - · 26/30 sessions
-
180d avg - · 26/60 sessions
-
30d avg 0.03 · 15 sessions
0th
90d avg - · 28/30 sessions
-
180d avg - · 28/60 sessions
-
Pressure Trail
Recent pressure and volatility
1 Aug 11:30
Volatility
Pressure 79
Move 11.6%
3 Aug 02:44
Bullish
Pressure 79
Move 9.9%
4 Aug 07:00
Volatility
Pressure 75
Move 11.0%
4 Aug 16:53
Bullish
Pressure 41
Move 10.9%
5 Aug 09:47
Volatility
Pressure -30
Move 10.2%
5 Aug 18:40
Bullish
Pressure 43
Move 8.5%
7 Aug 11:05
Volatility
Pressure 98
Move 10.0%
10 Aug 12:01
Bullish
Pressure 36
Move 8.6%
Strike Map
Where activity is clustering
Strike30.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike32.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike34.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike36.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike37.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike38.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts46
Avg IV0.90
Put-call-
Expiry16 Oct 2026
Contracts64
Avg IV0.55
Put-call1.00
Expiry20 Nov 2026
Contracts34
Avg IV0.46
Put-call-
Expiry18 Dec 2026
Contracts72
Avg IV0.50
Put-call-
Expiry15 Jan 2027
Contracts66
Avg IV0.45
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.27
Put IV0.51
Skew0.24
16 Oct 2026Put IV premium
Call IV0.48
Put IV0.71
Skew0.22
20 Nov 2026Put IV premium
Call IV0.45
Put IV0.55
Skew0.10
18 Dec 2026Balanced skew
Call IV0.50
Put IV0.55
Skew0.05
15 Jan 2027Balanced skew
Call IV0.44
Put IV0.47
Skew0.03
Contract Tape
Most active contracts
ContractRYAN261016C00046000
SideCall
Expiry16 Oct 2026
Strike46.00
Volume1
OI31
IV0.48
ContractRYAN270115C00040000
SideCall
Expiry15 Jan 2027
Strike40.00
Volume1
OI13
IV0.44
ContractRYAN261016P00034000
SidePut
Expiry16 Oct 2026
Strike34.00
Volume1
OI1
IV0.26
ContractRYAN261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume-
OI625
IV0.48
ContractRYAN261218C00065000
SideCall
Expiry18 Dec 2026
Strike65.00
Volume-
OI600
IV0.36
ContractRYAN261016C00045000
SideCall
Expiry16 Oct 2026
Strike45.00
Volume-
OI306
IV0.18
ContractRYAN261016C00047000
SideCall
Expiry16 Oct 2026
Strike47.00
Volume-
OI253
IV0.24
ContractRYAN261016C00040000
SideCall
Expiry16 Oct 2026
Strike40.00
Volume-
OI243
IV0.43
Research Graph
Related research and context
Sharemaestro research
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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.