Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
BMI options intelligence
Badger Meter Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
58
Market data through 31 Jul 2026
Checked 1 Aug 2026 17:59 · complete available chain
Put-side pressure
Bearish pressure
BMI currently carries bearish options pressure with a 58/100 conviction score. The nearest-chain expected move is 6.7%, with volume/open-interest participation at 0.04.
Expected move
6.7%
Wider near-term move priced
Activity / OI
0.04
Current volume is quieter versus prior open interest
Put-call
7.50
Put-side skew
Trend fit
53
Options are not fully confirming trend
Weekly backdrop
+6.4%
RS -22.3
Expected move
6.7%
Put-call volume
7.50
Volume / OI
0.04
Reference IV
0.36
Max pain
130.00
Underlying
134.35
Nearest expiry
21 Aug 2026
Contracts
306
Research Brief
BMI has a bearish chain read with 58/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 125.35–143.35; The largest call open-interest concentration is 165.00; the largest put concentration is 100.00. The most active strike by current volume is 125.00.
Priced range125.35–143.35
Call concentration165.00
Put concentration100.00
Max pain reference130.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 125.35 to 143.35. Max pain at 130.00 sits inside that range, 3.2% below spot.
Spot
Max pain
125.35134.35 ± 9.00143.35
Confirmation level
A close beyond 143.35 or below 125.35 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 58/100
Pressure is 80/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure80 × 42%
+33.6
How strongly activity leans toward calls or puts.
Participation25 × 22%
+5.6
Volume relative to existing open interest and contract-level activity.
Trend agreement53 × 26%
+13.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility52 × 10%
+5.2
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 165.00; the largest put concentration is 100.00. The most active strike by current volume is 125.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
29
90.00-33.0%
2
94
95.00-29.3%
0
201
100.00-25.6%
10
37
105.00-21.8%
1
30
110.00-18.1%
5
68
115.00-14.4%
22
80
120.00-10.7%
15
28
125.00-7.0%
12
40
130.00-3.2%
43
19
135.000.5%
41
42
140.004.2%
39
3
155.0015.4%
28
1
160.0019.1%
104
0
165.0022.8%
143
0
180.0034.0%
43
0
185.0037.7%
40
0
190.0041.4%
31
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.36
21 Aug
21d
0.38
18 Sep
49d
0.43
20 Nov
112d
0.43
19 Feb
203d
0.43
17 Dec
504d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
110
115
120
125
130
135
140
145
150
155
160
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
- 306 / 306
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $28868 of estimated gross traded notional, puts · 8-21 days · otm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-80
1W price+6.4%
Call premium34%
Put premium66%
Notional split
C 34% / P 66%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.04
Volume divided by open interest across the visible chain.
Trend fit
53/100
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.
Puts · 8-21 days · OTM
puts cluster with 86 contracts traded, $14190 estimated gross traded notional, and 49% of visible notional.
$14190
Calls · 8-21 days · ITM
calls cluster with 8 contracts traded, $8480 estimated gross traded notional, and 29% of visible notional.
$8480
Puts · 8-21 days · ITM
puts cluster with 2 contracts traded, $2100 estimated gross traded notional, and 7% of visible notional.
$2100
Puts · 91+ days · ATM
puts cluster with 1 contracts traded, $1635 estimated gross traded notional, and 6% of visible notional.
$1635
Puts · 91+ days · OTM
puts cluster with 1 contracts traded, $1035 estimated gross traded notional, and 4% of visible notional.
$1035
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Put pressure is building after the stock has already moved below 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
Close134.35
1W+6.4%
RS-22.3
Fair value-24.2%
Options pressure-80
Speculation25
Volatility52
Trend fit53
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 10:50
Mixed
Pressure 10
Move 10.6%
30 Jul 11:37
Bearish
Pressure -94
Move 9.9%
30 Jul 17:15
Mixed
Pressure 8
Move 8.1%
30 Jul 19:06
Mixed
Pressure 8
Move 8.5%
31 Jul 11:15
Bearish
Pressure -31
Move 8.3%
31 Jul 23:25
Mixed
Pressure -10
Move 9.7%
1 Aug 08:00
Bearish
Pressure -80
Move 9.7%
1 Aug 16:59
Bearish
Pressure -80
Move 6.7%
Strike Map
Where activity is clustering
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike90.00
Calls · V 0 · OI 2
Puts · V 0 · OI 29
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 94
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts72
Avg IV0.36
Put-call8.80
Expiry18 Sep 2026
Contracts58
Avg IV0.38
Put-call-
Expiry20 Nov 2026
Contracts62
Avg IV0.43
Put-call1.00
Expiry19 Feb 2027
Contracts60
Avg IV0.43
Put-call-
Expiry17 Dec 2027
Contracts54
Avg IV0.43
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.41
Put IV0.41
Skew-
18 Sep 2026Balanced skew
Call IV0.40
Put IV0.41
Skew0.01
20 Nov 2026Balanced skew
Call IV0.42
Put IV0.46
Skew0.04
19 Feb 2027Put IV premium
Call IV0.41
Put IV0.46
Skew0.06
17 Dec 2027Balanced skew
Call IV0.41
Put IV0.45
Skew0.05
Contract Tape
Most active contracts
ContractBMI260821P00125000
SidePut
Expiry21 Aug 2026
Strike125.00
Volume86
OI28
IV0.41
ContractBMI260821C00125000
SideCall
Expiry21 Aug 2026
Strike125.00
Volume8
OI12
IV0.34
ContractBMI260821P00140000
SidePut
Expiry21 Aug 2026
Strike140.00
Volume1
OI42
IV0.40
ContractBMI261120C00150000
SideCall
Expiry20 Nov 2026
Strike150.00
Volume1
OI38
IV0.41
ContractBMI260821C00155000
SideCall
Expiry21 Aug 2026
Strike155.00
Volume1
OI28
IV0.49
ContractBMI260821P00145000
SidePut
Expiry21 Aug 2026
Strike145.00
Volume1
OI21
IV0.46
ContractBMI260821C00150000
SideCall
Expiry21 Aug 2026
Strike150.00
Volume1
OI19
IV0.42
ContractBMI261120P00130000
SidePut
Expiry20 Nov 2026
Strike130.00
Volume1
OI10
IV0.45
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
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.