Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ING options intelligence
ING Group NV ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 31 Jul 2026
Checked 1 Aug 2026 22:15 · complete available chain
Call-side pressure
Bullish pressure
ING currently carries bullish options pressure with a 46/100 conviction score. The nearest-chain expected move is 4.7%, with volume/open-interest participation at 0.03.
Expected move
4.7%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.40
Call-side skew
Trend fit
52
Options are not fully confirming trend
Weekly backdrop
+6.4%
RS 18.6
Expected move
4.7%
Put-call volume
0.40
Volume / OI
0.03
Reference IV
0.25
Max pain
32.00
Underlying
34.93
Nearest expiry
21 Aug 2026
Contracts
198
Research Brief
ING has a bullish chain read with 46/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 33.28–36.58; The largest call open-interest concentration is 35.00; the largest put concentration is 31.00. The most active strike by current volume is 23.00.
Priced range33.28–36.58
Call concentration35.00
Put concentration31.00
Max pain reference32.00
- 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.
Priced Move
Where the chain says movement becomes exceptional
Options imply 33.28 to 36.58. Max pain at 32.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
33.2834.93 ± 1.6536.58
Confirmation level
A close beyond 36.58 or below 33.28 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 46/100
Pressure is 47/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure47 × 42%
+19.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement52 × 26%
+13.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility36 × 10%
+3.6
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 35.00; the largest put concentration is 31.00. The most active strike by current volume is 23.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
23.00-34.2%
0
0
24.00-31.3%
0
5
25.00-28.4%
0
2
26.00-25.6%
0
13
27.00-22.7%
0
11
28.00-19.8%
6
36
29.00-17.0%
1
17
30.00-14.1%
12
807
31.00-11.3%
65
69
32.00-8.4%
116
33
33.00-5.5%
143
11
34.00-2.7%
207
1
35.000.2%
210
0
36.003.1%
38
0
37.005.9%
11
0
38.008.8%
0
1
39.0011.7%
0
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.
0.25
21 Aug
21d
0.25
18 Sep
49d
0.26
16 Oct
77d
0.27
15 Jan
168d
0.27
21 May
294d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
28
29
30
31
32
33
34
35
36
37
38
39
40
41
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
- 198 / 198
- 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: $87155 of estimated gross traded notional, puts · 91+ days · itm, 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+47
1W price+6.4%
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
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.
Puts · 91+ days · ITM
puts cluster with 83 contracts traded, $46955 estimated gross traded notional, and 54% of visible notional.
$46955
Calls · 46-90 days · ATM
calls cluster with 160 contracts traded, $20800 estimated gross traded notional, and 24% of visible notional.
$20800
Calls · 46-90 days · OTM
calls cluster with 74 contracts traded, $7580 estimated gross traded notional, and 9% of visible notional.
$7580
Calls · 46-90 days · ITM
calls cluster with 25 contracts traded, $5135 estimated gross traded notional, and 6% of visible notional.
$5135
Calls · 8-21 days · ITM
calls cluster with 3 contracts traded, $2465 estimated gross traded notional, and 3% of visible notional.
$2465
Setup Classification
Opportunity and risk frame
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close34.93
1W+6.4%
RS18.6
Fair value+83.6%
Options pressure47
Speculation41
Volatility36
Trend fit52
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 10:03
Mixed
Pressure 2
Move 6.4%
30 Jul 10:02
Bullish
Pressure 37
Move 6.5%
30 Jul 15:22
Bullish
Pressure 57
Move 7.3%
30 Jul 15:38
Bullish
Pressure 58
Move 7.2%
30 Jul 19:38
Bullish
Pressure 60
Move 7.1%
31 Jul 10:43
Bullish
Pressure 23
Move 7.4%
31 Jul 19:58
Bullish
Pressure 69
Move 7.3%
31 Jul 23:12
Bullish
Pressure 69
Move 7.2%
Strike Map
Where activity is clustering
Strike23.00
Calls · V 2 · OI 0
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike26.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike27.00
Calls · V 0 · OI 0
Puts · V 0 · OI 13
Strike28.00
Calls · V 0 · OI 6
Puts · V 1 · OI 11
Strike29.00
Calls · V 0 · OI 1
Puts · V 0 · OI 36
Strike30.00
Calls · V 0 · OI 12
Puts · V 0 · OI 17
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts40
Avg IV0.25
Put-call0.13
Expiry18 Sep 2026
Contracts36
Avg IV0.25
Put-call0.07
Expiry16 Oct 2026
Contracts52
Avg IV0.26
Put-call0.12
Expiry15 Jan 2027
Contracts44
Avg IV0.27
Put-call20.75
Expiry21 May 2027
Contracts26
Avg IV0.27
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.20
Put IV0.31
Skew0.11
18 Sep 2026Put IV premium
Call IV0.21
Put IV0.30
Skew0.09
16 Oct 2026Put IV premium
Call IV0.22
Put IV0.30
Skew0.08
15 Jan 2027Put IV premium
Call IV0.24
Put IV0.34
Skew0.10
21 May 2027Put IV premium
Call IV0.27
Put IV0.36
Skew0.09
Contract Tape
Most active contracts
ContractING261016C00035000
SideCall
Expiry16 Oct 2026
Strike35.00
Volume80
OI1431
IV0.22
ContractING270115P00040000
SidePut
Expiry15 Jan 2027
Strike40.00
Volume80
OI120
IV0.31
ContractING260918C00035000
SideCall
Expiry18 Sep 2026
Strike35.00
Volume80
OI15
IV0.21
ContractING261016C00036000
SideCall
Expiry16 Oct 2026
Strike36.00
Volume64
OI32
IV0.22
ContractING260918C00034000
SideCall
Expiry18 Sep 2026
Strike34.00
Volume20
OI30
IV0.21
ContractING261016P00034000
SidePut
Expiry16 Oct 2026
Strike34.00
Volume10
OI54
IV0.29
ContractING260918C00036000
SideCall
Expiry18 Sep 2026
Strike36.00
Volume10
OI52
IV0.21
ContractING260918P00035000
SidePut
Expiry18 Sep 2026
Strike35.00
Volume6
OI2
IV0.29
Research Graph
Related research and context
Sharemaestro research
Related News
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Earnings
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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.