Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
PBI options intelligence
Pitney Bowes Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 31 Jul 2026 18:20 · complete available chain
Options-market disagreement
Mixed pressure
PBI currently carries mixed options pressure with a 44/100 conviction score. The nearest-chain expected move is 9.5%, with volume/open-interest participation at 0.03.
Expected move
9.5%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
1.75
Put-side skew
Trend fit
76
Options agree with trend context
Weekly backdrop
-2.0%
RS 31.1
Expected move
9.5%
Put-call volume
1.75
Volume / OI
0.03
Reference IV
0.53
Max pain
15.00
Underlying
17.88
Nearest expiry
21 Aug 2026
Contracts
178
Research Brief
PBI 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 16.18–19.58; The largest call open-interest concentration is 16.00; the largest put concentration is 17.00. The most active strike by current volume is 19.00.
Priced range16.18–19.58
Call concentration16.00
Put concentration17.00
Max pain reference15.00
- 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.
- 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 16.18 to 19.58. Max pain at 15.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
16.1817.88 ± 1.7019.58
Confirmation level
A close beyond 19.58 or below 16.18 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 17/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure17 × 42%
+7.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement76 × 26%
+19.8
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 16.00; the largest put concentration is 17.00. The most active strike by current volume is 19.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
5.00-72.0%
29
1
6.00-66.4%
4
0
9.00-49.7%
1
2
13.00-27.3%
25
113
14.00-21.7%
0
131
15.00-16.1%
785
204
16.00-10.5%
824
228
17.00-4.9%
206
44
18.000.7%
514
30
19.006.3%
358
1
20.0011.9%
435
0
21.0017.4%
227
0
22.0023.0%
29
0
23.0028.6%
12
0
24.0034.2%
10
1
25.0039.8%
44
0
30.0067.8%
35
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.53
21 Aug
21d
0.59
18 Sep
49d
0.52
16 Oct
77d
0.47
20 Nov
112d
0.52
18 Dec
140d
0.50
15 Jan
168d
0.47
21 Jan
539d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
15
16
17
18
19
20
21
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
- 178 / 178
- 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: $633046 of estimated gross traded notional, puts · 91+ 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-17
1W price-2.0%
Call premium42%
Put premium58%
Notional split
C 42% / P 58%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
76/100
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.
Puts · 91+ days · ITM
puts cluster with 553 contracts traded, $310570 estimated gross traded notional, and 49% of visible notional.
$310570
Calls · 91+ days · ITM
calls cluster with 331 contracts traded, $165440 estimated gross traded notional, and 26% of visible notional.
$165440
Calls · 46-90 days · ITM
calls cluster with 168 contracts traded, $63397 estimated gross traded notional, and 10% of visible notional.
$63397
Calls · 91+ days · OTM
calls cluster with 198 contracts traded, $25512 estimated gross traded notional, and 4% of visible notional.
$25512
Puts · 91+ days · OTM
puts cluster with 778 contracts traded, $23504 estimated gross traded notional, and 4% of visible notional.
$23504
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
Close17.53
1W-2.0%
RS31.1
Fair value+112.7%
Options pressure-17
Speculation41
Volatility75
Trend fit76
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 10:59
Volatility
Pressure 100
Move 11.3%
30 Jul 10:48
Volatility
Pressure 100
Move 15.4%
31 Jul 13:08
Bullish
Pressure 43
Move 8.2%
31 Jul 13:45
Mixed
Pressure -6
Move 7.2%
31 Jul 17:20
Mixed
Pressure -17
Move 9.5%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 1 · OI 29
Puts · V 0 · OI 1
Strike6.00
Calls · V 1 · OI 4
Puts · V 0 · OI 1
Strike9.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike12.00
Calls · V 1 · OI 0
Puts · V 0 · OI 0
Strike13.00
Calls · V 10 · OI 25
Puts · V 1 · OI 2
Strike14.00
Calls · V 0 · OI 0
Puts · V 1 · OI 113
Strike15.00
Calls · V 1 · OI 785
Puts · V 34 · OI 131
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts30
Avg IV0.53
Put-call0.65
Expiry18 Sep 2026
Contracts10
Avg IV0.59
Put-call3.17
Expiry16 Oct 2026
Contracts38
Avg IV0.52
Put-call0.42
Expiry20 Nov 2026
Contracts26
Avg IV0.47
Put-call0.89
Expiry18 Dec 2026
Contracts11
Avg IV0.52
Put-call0.33
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.51
Put IV0.51
Skew0.00
18 Sep 2026Call IV premium
Call IV0.60
Put IV0.51
Skew-0.09
16 Oct 2026Call IV premium
Call IV0.58
Put IV0.44
Skew-0.13
20 Nov 2026Call IV premium
Call IV0.56
Put IV0.46
Skew-0.10
18 Dec 2026Call IV premium
Call IV0.59
Put IV0.45
Skew-0.14
Contract Tape
Most active contracts
ContractPBI261218C00025000
SideCall
Expiry18 Dec 2026
Strike25.00
Volume-
OI10
IV0.51
ContractPBI261120C00013000
SideCall
Expiry20 Nov 2026
Strike13.00
Volume-
OI6
IV0.70
ContractPBI261016P00010000
SidePut
Expiry16 Oct 2026
Strike10.00
Volume-
OI2
IV0.89
ContractPBI261218C00021000
SideCall
Expiry18 Dec 2026
Strike21.00
Volume-
OI2
IV0.59
ContractPBI260821C00009000
SideCall
Expiry21 Aug 2026
Strike9.00
Volume-
OI1
IV1.70
ContractPBI260821P00020000
SidePut
Expiry21 Aug 2026
Strike20.00
Volume-
OI1
IV1.15
ContractPBI261120P00010000
SidePut
Expiry20 Nov 2026
Strike10.00
Volume-
OI1
IV0.85
ContractPBI261218P00018000
SidePut
Expiry18 Dec 2026
Strike18.00
Volume-
OI1
IV0.50
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.