Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
EMN options intelligence
Eastman Chemical Company options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
25
Market data through 12 Aug 2026
Checked 13 Aug 2026 12:21 · complete available chain
Options-market disagreement
Mixed pressure
EMN currently carries mixed options pressure with a 25/100 conviction score. The nearest-chain expected move is 4.5%, with volume/open-interest participation at 0.01.
Expected move
4.5%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.03
Balanced tape
Trend fit
69
Options agree with trend context
Weekly backdrop
+5.3%
RS -2.4
Expected move
4.5%
Put-call volume
1.03
Volume / OI
0.01
Reference IV
0.32
Max pain
65.00
Underlying
73.64
Nearest expiry
21 Aug 2026
Contracts
208
Research Brief
EMN has a mixed chain read with 25/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 70.34–76.94; The largest call open-interest concentration is 70.00; the largest put concentration is 65.00. The most active strike by current volume is 65.00.
Priced range70.34–76.94
Call concentration70.00
Put concentration65.00
Max pain reference65.00
- 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 70.34 to 76.94. Max pain at 65.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
70.3473.64 ± 3.3076.94
Confirmation level
A close beyond 76.94 or below 70.34 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 25/100
Pressure is 7/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure7 × 42%
+3.1
How strongly activity leans toward calls or puts.
Participation1 × 22%
+0.2
Volume relative to existing open interest and contract-level activity.
Trend agreement69 × 26%
+18.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility41 × 10%
+4.1
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 70.00; the largest put concentration is 65.00. The most active strike by current volume is 65.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
40.00-45.7%
0
0
45.00-38.9%
0
13
50.00-32.1%
0
64
55.00-25.3%
0
189
60.00-18.5%
4
631
65.00-11.7%
1005
253
70.00-4.9%
3660
29
75.001.8%
1161
0
80.008.6%
2920
0
85.0015.4%
578
0
90.0022.2%
12
0
95.0029.0%
2
0
100.0035.8%
0
0
105.0042.6%
0
0
110.0049.4%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$3.4MDelta change / 1% move
Positive peak80.00+$1.4M
Negative peak55.00-$31,745
Nearest balance60.31Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.00-59.3%
-$64
35.00-52.5%
-$298
40.00-45.7%
-$737
45.00-38.9%
-$4,272
50.00-32.1%
-$5,519
55.00-25.3%
-$31,745
60.00-18.5%
-$3,007
65.00-11.7%
+$44,905
70.00-4.9%
+$1.1M
75.001.8%
+$707,492
80.008.6%
+$1.4M
85.0015.4%
+$104,426
90.0022.2%
+$36,713
95.0029.0%
+$14,260
100.0035.8%
+$14,347
105.0042.6%
+$761
110.0049.4%
+$77
115.0056.2%
+$259
120.0063.0%
-$14
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
0.33
18 Sep
37d
0.35
18 Dec
128d
0.35
15 Jan
156d
0.36
19 Mar
219d
0.37
21 Jan
527d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
60
65
70
75
80
85
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 208 / 208
- 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: $30,608 of estimated gross traded notional, calls · 22-45 days · atm, 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+7
1W price+5.3%
Call premium48%
Put premium52%
Notional split
C 48% / P 52%
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
69/100
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 · ATM
calls cluster with 52 contracts traded, $9,490 estimated gross traded notional, and 31% of visible notional.
$9,490
Puts · 91+ days · ATM
puts cluster with 10 contracts traded, $7,800 estimated gross traded notional, and 25% of visible notional.
$7,800
Puts · 91+ days · OTM
puts cluster with 17 contracts traded, $4,952 estimated gross traded notional, and 16% of visible notional.
$4,952
Puts · 22-45 days · OTM
puts cluster with 20 contracts traded, $2,338 estimated gross traded notional, and 8% of visible notional.
$2,338
Calls · 91+ days · ITM
calls cluster with 2 contracts traded, $2,040 estimated gross traded notional, and 7% of visible notional.
$2,040
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Activity Anomaly
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close73.64
1W+5.3%
RS-2.4
Fair value-5.1%
Options pressure7
Speculation1
Volatility41
Trend fit69
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:30
Mixed
Pressure 17
Move 8.9%
30 Jul 10:25
Bullish
Pressure 35
Move 9.3%
31 Jul 10:20
Bullish
Pressure 56
Move 8.4%
1 Aug 02:04
Mixed
Pressure 14
Move 7.1%
2 Aug 16:25
Mixed
Pressure 14
Move 7.0%
4 Aug 10:35
Bullish
Pressure 25
Move 7.0%
5 Aug 11:05
Mixed
Pressure 3
Move 7.8%
6 Aug 11:13
Mixed
Pressure -7
Move 7.3%
Strike Map
Where activity is clustering
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 0
Puts · V 0 · OI 13
Strike55.00
Calls · V 0 · OI 0
Puts · V 0 · OI 64
Strike60.00
Calls · V 0 · OI 4
Puts · V 0 · OI 189
Strike65.00
Calls · V 0 · OI 1005
Puts · V 20 · OI 631
Strike70.00
Calls · V 0 · OI 3660
Puts · V 0 · OI 253
Strike75.00
Calls · V 6 · OI 1161
Puts · V 1 · OI 29
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts30
Avg IV0.32
Put-call3.50
Expiry18 Sep 2026
Contracts36
Avg IV0.33
Put-call0.38
Expiry18 Dec 2026
Contracts38
Avg IV0.35
Put-call13.50
Expiry15 Jan 2027
Contracts38
Avg IV0.35
Put-call-
Expiry19 Mar 2027
Contracts28
Avg IV0.36
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.30
Put IV0.33
Skew0.03
18 Sep 2026Balanced skew
Call IV0.29
Put IV0.34
Skew0.05
18 Dec 2026Balanced skew
Call IV0.34
Put IV0.38
Skew0.04
15 Jan 2027Balanced skew
Call IV0.33
Put IV0.38
Skew0.05
19 Mar 2027Put IV premium
Call IV0.33
Put IV0.41
Skew0.08
Contract Tape
Most active contracts
ContractEMN260918C00075000
SideCall
Expiry18 Sep 2026
Strike75.00
Volume52
OI432
IV0.30
ContractEMN260821P00065000
SidePut
Expiry21 Aug 2026
Strike65.00
Volume20
OI631
IV0.30
ContractEMN260918P00070000
SidePut
Expiry18 Sep 2026
Strike70.00
Volume10
OI329
IV0.34
ContractEMN261218P00065000
SidePut
Expiry18 Dec 2026
Strike65.00
Volume10
OI263
IV0.38
ContractEMN261218P00075000
SidePut
Expiry18 Dec 2026
Strike75.00
Volume10
OI172
IV0.41
ContractEMN260918P00065000
SidePut
Expiry18 Sep 2026
Strike65.00
Volume7
OI427
IV0.34
ContractEMN260821C00075000
SideCall
Expiry21 Aug 2026
Strike75.00
Volume6
OI1161
IV0.30
ContractEMN261218P00070000
SidePut
Expiry18 Dec 2026
Strike70.00
Volume5
OI267
IV0.34
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.