Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
MANH options intelligence
Manhattan Associates Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 14 Sep 2026
Checked 15 Sep 2026 04:56 · complete available chain
Call-side pressure
Bullish pressure
MANH currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 7.4%, with volume/open-interest participation at 0.02.
Expected move
7.4%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.57
Call-side skew
Trend fit
81
Options agree with trend context
Weekly backdrop
-5.6%
RS 9.7
Expected move
7.4%
Put-call volume
0.57
Volume / OI
0.02
Reference IV
0.61
Max pain
190.00
Underlying
201.82
Nearest expiry
18 Sep 2026
Contracts
288
Research Brief
MANH 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 186.79–216.85; The largest call open-interest concentration is 220.00; the largest put concentration is 185.00. The most active strike by current volume is 195.00.
Priced range186.79–216.85
Call concentration220.00
Put concentration185.00
Max pain reference190.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
- 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 186.79 to 216.85. Max pain at 190.00 sits inside that range, 5.9% below spot.
Spot
Max pain
186.79201.82 ± 15.03216.85
Confirmation level
A close beyond 216.85 or below 186.79 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 27/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure27 × 42%
+11.3
How strongly activity leans toward calls or puts.
Participation5 × 22%
+1.1
Volume relative to existing open interest and contract-level activity.
Trend agreement81 × 26%
+21.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility72 × 10%
+7.2
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 220.00; the largest put concentration is 185.00. The most active strike by current volume is 195.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
7
100.00-50.5%
0
1
105.00-48.0%
0
4
130.00-35.6%
0
6
150.00-25.7%
0
36
160.00-20.7%
1
2
165.00-18.2%
0
5
170.00-15.8%
4
3
175.00-13.3%
4
34
180.00-10.8%
0
63
185.00-8.3%
17
14
190.00-5.9%
25
13
195.00-3.4%
12
10
200.00-0.9%
11
8
210.004.1%
18
16
220.009.0%
41
2
230.0014.0%
15
0
240.0018.9%
8
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+$160,194Delta change / 1% move
Positive peak220.00+$36,626
Negative peak125.00-$1,718
Nearest balance162.73Interpolated sign change
StrikeNegativePositiveNet / 1% move
135.00-33.1%
-$547
140.00-30.6%
+$516
145.00-28.2%
-$631
150.00-25.7%
+$1,250
155.00-23.2%
+$832
160.00-20.7%
-$1,305
165.00-18.2%
+$1,086
170.00-15.8%
+$732
175.00-13.3%
+$3,325
180.00-10.8%
+$23,509
185.00-8.3%
+$3,427
190.00-5.9%
+$4,124
195.00-3.4%
+$6,926
200.00-0.9%
+$20,084
210.004.1%
+$35,929
220.009.0%
+$36,626
230.0014.0%
+$7,761
240.0018.9%
+$5,572
250.0023.9%
+$2,869
260.0028.8%
+$3,236
270.0033.8%
+$2,582
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.
0.61
18 Sep
4d
0.43
16 Oct
32d
0.47
15 Jan
123d
0.47
16 Apr
214d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
165
170
175
180
185
190
195
200
210
220
230
240
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 11 stored directional transitions, the next stored price moved in the labelled direction 36% of the time.
Directional follow-through36%
Moves contained by pricing0%
Average expiry move13.3%
17 Aug
Bearish · 46
8.7% through expiry
3.8% priced · v2.0
14 Aug
Bearish · 44
8.7% through expiry
4.4% priced · v2.0
13 Aug
Bullish · 41
9.9% through expiry
6.1% priced · v2.0
11 Aug
Bullish · 39
9.9% through expiry
5.3% priced · v2.0
10 Aug
Bullish · 40
9.9% through expiry
6.3% priced · v2.0
7 Aug
Bearish · 40
9.9% through expiry
6.8% priced · v2.0
6 Aug
Bearish · 53
12.1% through expiry
7.2% priced · v2.0
5 Aug
Bearish · 43
12.1% through expiry
8.0% priced · v2.0
4 Aug
Bearish · 52
12.1% through expiry
8.1% priced · v2.0
3 Aug
Bearish · 49
12.1% through expiry
8.2% priced · v2.0
31 Jul
Bullish · 46
12.1% through expiry
8.2% priced · v2.0
30 Jul
Volatility · 58
41.5% through expiry
27.8% 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
- 14 Sep 2026
- Calculation
- v2.0
- Contracts
- 288 / 288
- 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
Call-heavy activity with trend alignment
Call concentration and the underlying trend align, but aggregate volume cannot establish whether calls were bought or sold.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Call-heavy activity with trend alignment matters because it connects the options headline to the actual evidence: $46,032 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+27
1W price-5.6%
Call premium84%
Put premium16%
Notional split
C 84% / P 16%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
81/100
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.
Calls · 91+ days · OTM
calls cluster with 13 contracts traded, $26,865 estimated gross traded notional, and 58% of visible notional.
$26,865
Calls · 91+ days · ITM
calls cluster with 2 contracts traded, $7,220 estimated gross traded notional, and 16% of visible notional.
$7,220
Puts · 91+ days · ATM
puts cluster with 3 contracts traded, $4,590 estimated gross traded notional, and 10% of visible notional.
$4,590
Puts · 91+ days · OTM
puts cluster with 6 contracts traded, $2,355 estimated gross traded notional, and 5% of visible notional.
$2,355
Calls · 22-45 days · OTM
calls cluster with 2 contracts traded, $1,940 estimated gross traded notional, and 4% of visible notional.
$1,940
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
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 21 completed sessions
Volume rank38th
Volume/OI rank38th
IV rank95th
Market Context
Underlying confirmation
Close201.82
1W-5.6%
RS9.7
Fair value-2.4%
Options pressure27
Speculation5
Volatility72
Trend fit81
Today Versus Normal
Stored-options context
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
30d avg - · 8/10 sessions
-
90d avg - · 21/30 sessions
-
180d avg - · 21/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:30
Bullish
Pressure 47
Move 18.9%
30 Jul 10:25
Mixed
Pressure -1
Move 36.2%
31 Jul 12:56
Volatility
Pressure -44
Move 27.8%
31 Jul 14:24
Mixed
Pressure 13
Move 28.7%
31 Jul 17:00
Volatility
Pressure -13
Move 27.7%
3 Aug 09:03
Bullish
Pressure 61
Move 8.2%
4 Aug 10:27
Bearish
Pressure -61
Move 8.2%
4 Aug 23:29
Bearish
Pressure -27
Move 8.1%
Strike Map
Where activity is clustering
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 0
Puts · V 0 · OI 7
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts64
Avg IV0.61
Put-call0.75
Expiry16 Oct 2026
Contracts76
Avg IV0.43
Put-call-
Expiry15 Jan 2027
Contracts82
Avg IV0.47
Put-call0.90
Expiry16 Apr 2027
Contracts66
Avg IV0.47
Put-call-
Skew
Call/put IV balance
18 Sep 2026Put IV premium
Call IV0.57
Put IV0.71
Skew0.14
16 Oct 2026Balanced skew
Call IV0.41
Put IV0.41
Skew-
15 Jan 2027Balanced skew
Call IV0.45
Put IV0.47
Skew0.02
16 Apr 2027Balanced skew
Call IV0.46
Put IV0.47
Skew0.01
Contract Tape
Most active contracts
ContractMANH270115C00220000
SideCall
Expiry15 Jan 2027
Strike220.00
Volume8
OI46
IV0.46
ContractMANH270115P00160000
SidePut
Expiry15 Jan 2027
Strike160.00
Volume6
OI11
IV0.48
ContractMANH270416C00250000
SideCall
Expiry16 Apr 2027
Strike250.00
Volume4
OI17
IV0.46
ContractMANH270115P00200000
SidePut
Expiry15 Jan 2027
Strike200.00
Volume3
OI13
IV0.45
ContractMANH260918C00220000
SideCall
Expiry18 Sep 2026
Strike220.00
Volume2
OI41
IV0.57
ContractMANH270115C00190000
SideCall
Expiry15 Jan 2027
Strike190.00
Volume2
OI25
IV0.48
ContractMANH261016C00210000
SideCall
Expiry16 Oct 2026
Strike210.00
Volume1
OI41
IV0.43
ContractMANH260918C00210000
SideCall
Expiry18 Sep 2026
Strike210.00
Volume1
OI18
IV0.54
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.