Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
WWD options intelligence
Woodward Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:21 · complete available chain
Options-market disagreement
Mixed pressure
WWD currently carries mixed options pressure with a 44/100 conviction score. The nearest-chain expected move is 4.4%, with volume/open-interest participation at 0.01.
Expected move
4.4%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.50
Put-side skew
Trend fit
95
Options agree with trend context
Weekly backdrop
+0.6%
RS -3.1
Expected move
4.4%
Put-call volume
1.50
Volume / OI
0.01
Reference IV
0.32
Max pain
400.00
Underlying
362.89
Nearest expiry
21 Aug 2026
Contracts
382
Research Brief
WWD has a mixed chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 346.89–378.89; The largest call open-interest concentration is 440.00; the largest put concentration is 350.00. The most active strike by current volume is 420.00.
Priced range346.89–378.89
Call concentration440.00
Put concentration350.00
Max pain reference400.00
- 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 346.89 to 378.89. Max pain at 400.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
346.89362.89 ± 16.00378.89
Confirmation level
A close beyond 378.89 or below 346.89 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 44/100
Pressure is 16/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure16 × 42%
+6.7
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement95 × 26%
+24.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility40 × 10%
+4.0
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 350.00. The most active strike by current volume is 420.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
19
280.00-22.8%
6
29
320.00-11.8%
0
54
330.00-9.1%
0
82
340.00-6.3%
0
511
350.00-3.6%
78
20
360.00-0.8%
2
74
370.002.0%
24
24
380.004.7%
42
190
390.007.5%
36
61
400.0010.2%
61
152
410.0013.0%
143
21
420.0015.7%
58
1
440.0021.2%
406
0
450.0024.0%
53
0
460.0026.8%
75
0
470.0029.5%
51
0
500.0037.8%
108
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$14,849Delta change / 1% move
Positive peak410.00+$332,171
Negative peak340.00-$320,593
Nearest balance363.75Interpolated sign change
StrikeNegativePositiveNet / 1% move
260.00-28.4%
-$2,208
270.00-25.6%
-$7,922
280.00-22.8%
+$288
290.00-20.1%
-$1,547
300.00-17.3%
+$2,224
310.00-14.6%
-$18,485
320.00-11.8%
-$1,535
330.00-9.1%
-$12,532
340.00-6.3%
-$320,593
350.00-3.6%
-$63,389
360.00-0.8%
+$64,686
370.002.0%
-$107,931
380.004.7%
+$88,637
390.007.5%
-$251,612
400.0010.2%
+$132,208
410.0013.0%
+$332,171
420.0015.7%
+$5,506
430.0018.5%
-$16,489
440.0021.2%
+$20,463
450.0024.0%
+$135,155
460.0026.8%
+$8,163
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.32
21 Aug
9d
0.36
18 Sep
37d
0.37
16 Oct
65d
0.41
18 Dec
128d
0.40
15 Jan
156d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
300
310
320
330
340
350
360
370
380
390
400
410
420
430
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 382 / 382
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $81,525 of estimated gross traded notional, calls · 22-45 days · itm, 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-16
1W price+0.6%
Call premium57%
Put premium43%
Notional split
C 57% / P 43%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
Volume divided by open interest across the visible chain.
Trend fit
95/100
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 · 22-45 days · ITM
calls cluster with 10 contracts traded, $24,800 estimated gross traded notional, and 30% of visible notional.
$24,800
Puts · 91+ days · OTM
puts cluster with 26 contracts traded, $21,628 estimated gross traded notional, and 27% of visible notional.
$21,628
Puts · 46-90 days · ITM
puts cluster with 2 contracts traded, $8,875 estimated gross traded notional, and 11% of visible notional.
$8,875
Calls · 46-90 days · ATM
calls cluster with 2 contracts traded, $4,505 estimated gross traded notional, and 6% of visible notional.
$4,505
Calls · 91+ days · ITM
calls cluster with 1 contracts traded, $4,400 estimated gross traded notional, and 5% of visible notional.
$4,400
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 11 completed sessions
Volume rank18th
Volume/OI rank18th
IV rank0th
Market Context
Underlying confirmation
Close362.89
1W+0.6%
RS-3.1
Fair value+63.6%
Options pressure-16
Speculation40
Volatility40
Trend fit95
Today Versus Normal
Stored-options context
30d avg 8.4% · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.42 · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 2.02 · 11 sessions
45th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.04 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:18
Mixed
Pressure 6
Move 11.8%
30 Jul 10:13
Volatility
Pressure 50
Move 13.2%
31 Jul 13:34
Mixed
Pressure 6
Move 15.8%
31 Jul 15:39
Volatility
Pressure 57
Move 14.0%
31 Jul 16:48
Volatility
Pressure 57
Move 14.4%
1 Aug 07:28
Bearish
Pressure -53
Move 14.5%
3 Aug 01:53
Bearish
Pressure -53
Move 7.5%
3 Aug 18:32
Bullish
Pressure 61
Move 7.3%
Strike Map
Where activity is clustering
Strike280.00
Calls · V 0 · OI 6
Puts · V 0 · OI 19
Strike290.00
Calls · V 0 · OI 4
Puts · V 0 · OI 16
Strike300.00
Calls · V 0 · OI 1
Puts · V 0 · OI 12
Strike310.00
Calls · V 0 · OI 0
Puts · V 0 · OI 19
Strike320.00
Calls · V 0 · OI 0
Puts · V 0 · OI 29
Strike330.00
Calls · V 0 · OI 0
Puts · V 0 · OI 54
Strike340.00
Calls · V 0 · OI 0
Puts · V 0 · OI 82
Strike350.00
Calls · V 0 · OI 78
Puts · V 0 · OI 511
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts64
Avg IV0.32
Put-call-
Expiry18 Sep 2026
Contracts62
Avg IV0.36
Put-call0.92
Expiry16 Oct 2026
Contracts82
Avg IV0.37
Put-call0.67
Expiry18 Dec 2026
Contracts86
Avg IV0.41
Put-call5.00
Expiry15 Jan 2027
Contracts88
Avg IV0.40
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.41
Put IV0.46
Skew0.06
18 Sep 2026Balanced skew
Call IV0.37
Put IV0.39
Skew0.02
16 Oct 2026Balanced skew
Call IV0.35
Put IV0.38
Skew0.03
18 Dec 2026Balanced skew
Call IV0.38
Put IV0.42
Skew0.05
15 Jan 2027Balanced skew
Call IV0.38
Put IV0.41
Skew0.03
Contract Tape
Most active contracts
ContractWWD261218P00300000
SidePut
Expiry18 Dec 2026
Strike300.00
Volume20
OI4
IV0.43
ContractWWD260918C00350000
SideCall
Expiry18 Sep 2026
Strike350.00
Volume10
OI13
IV0.38
ContractWWD260821C00420000
SideCall
Expiry21 Aug 2026
Strike420.00
Volume5
OI58
IV0.32
ContractWWD260918P00300000
SidePut
Expiry18 Sep 2026
Strike300.00
Volume5
OI2
IV0.21
ContractWWD260918P00320000
SidePut
Expiry18 Sep 2026
Strike320.00
Volume5
OI-
IV0.42
ContractWWD270115P00210000
SidePut
Expiry15 Jan 2027
Strike210.00
Volume3
OI2
IV0.52
ContractWWD270115P00220000
SidePut
Expiry15 Jan 2027
Strike220.00
Volume3
OI-
IV0.51
ContractWWD260918C00400000
SideCall
Expiry18 Sep 2026
Strike400.00
Volume2
OI123
IV0.37
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.