Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
WBS options intelligence
Webster Financial Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 11 Aug 2026
Checked 11 Aug 2026 18:38 · complete available chain
Put-side pressure
Bearish pressure
WBS currently carries bearish options pressure with a 45/100 conviction score. The nearest-chain expected move is 3.2%, with volume/open-interest participation at 0.31.
Expected move
3.2%
Near-term move context
Activity / OI
0.31
Current volume is quieter versus prior open interest
Put-call
1.70
Put-side skew
Trend fit
69
Options agree with trend context
Weekly backdrop
+2.3%
RS 6.2
Expected move
3.2%
Put-call volume
1.70
Volume / OI
0.31
Reference IV
0.41
Max pain
75.00
Underlying
79.03
Nearest expiry
21 Aug 2026
Contracts
79
Research Brief
WBS has a bearish chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 76.48–81.58; The largest call open-interest concentration is 77.50; the largest put concentration is 75.00. The most active strike by current volume is 75.00.
Priced range76.48–81.58
Call concentration77.50
Put concentration75.00
Max pain reference75.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Price recovers while put pressure fades or reverses toward calls.
- 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 76.48 to 81.58. Max pain at 75.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
76.4879.03 ± 2.5581.58
Confirmation level
A close beyond 81.58 or below 76.48 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 45/100
Pressure is 38/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure38 × 42%
+15.9
How strongly activity leans toward calls or puts.
Participation31 × 22%
+6.9
Volume relative to existing open interest and contract-level activity.
Trend agreement69 × 26%
+17.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility42 × 10%
+4.2
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 77.50; the largest put concentration is 75.00. The most active strike by current volume is 75.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
67.50-14.6%
0
0
70.00-11.4%
0
1
72.50-8.3%
0
2
75.00-5.1%
36
0
77.50-1.9%
248
0
80.001.2%
10
0
82.504.4%
5
0
85.007.6%
1
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+$104,477Delta change / 1% move
Positive peak77.50+$132,706
Negative peak72.50-$15,969
Nearest balance79.99Interpolated sign change
StrikeNegativePositiveNet / 1% move
40.00-49.4%
-$73
42.50-46.2%
-$15
45.00-43.1%
-$7,750
47.50-39.9%
-$14,257
50.00-36.7%
-$981
52.50-33.6%
-$69
55.00-30.4%
-$110
60.00-24.1%
-$1,789
62.50-20.9%
+$275
65.00-17.8%
+$960
67.50-14.6%
-$1,134
70.00-11.4%
+$295
72.50-8.3%
-$15,969
75.00-5.1%
+$9,450
77.50-1.9%
+$132,706
80.001.2%
-$589
82.504.4%
+$2,413
85.007.6%
+$784
95.0020.2%
+$328
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.
0.41
21 Aug
10d
0.34
18 Sep
38d
0.24
16 Oct
66d
0.20
15 Jan
157d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
68
70
73
75
78
80
83
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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 79 / 79
- 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: $698,076 of estimated gross traded notional, puts · 22-45 days · atm, 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-38
1W price+2.3%
Call premium46%
Put premium54%
Notional split
C 46% / P 54%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.31
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.
Puts · 22-45 days · ATM
puts cluster with 229 contracts traded, $278,235 estimated gross traded notional, and 40% of visible notional.
$278,235
Calls · 22-45 days · ITM
calls cluster with 142 contracts traded, $219,090 estimated gross traded notional, and 31% of visible notional.
$219,090
Puts · 22-45 days · OTM
puts cluster with 186 contracts traded, $94,160 estimated gross traded notional, and 13% of visible notional.
$94,160
Calls · 46-90 days · ITM
calls cluster with 42 contracts traded, $51,625 estimated gross traded notional, and 7% of visible notional.
$51,625
Calls · 91+ days · ITM
calls cluster with 15 contracts traded, $21,935 estimated gross traded notional, and 3% of visible notional.
$21,935
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
High anomaly
Current options activity is unusually hot versus this ticker's stored history.
Baseline: 10 completed sessions
Volume rank90th
Volume/OI rank80th
IV rank100th
Market Context
Underlying confirmation
Close79.03
1W+2.3%
RS6.2
Fair value+48.2%
Options pressure-38
Speculation31
Volatility42
Trend fit69
Today Versus Normal
Stored-options context
30d avg 3.2% · 10 sessions
60th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.17 · 10 sessions
100th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 25.55 · 10 sessions
20th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.19 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:25
Bearish
Pressure -72
Move 5.0%
30 Jul 10:21
Bullish
Pressure 99
Move 3.9%
31 Jul 11:56
Bullish
Pressure 26
Move 4.5%
31 Jul 13:59
Bearish
Pressure -28
Move 6.3%
31 Jul 16:19
Bearish
Pressure -32
Move 6.3%
31 Jul 17:14
Bearish
Pressure -33
Move 6.3%
31 Jul 17:31
Bearish
Pressure -33
Move 6.3%
1 Aug 08:16
Bearish
Pressure -95
Move 4.5%
Strike Map
Where activity is clustering
Strike67.50
Calls · V 0 · OI 0
Puts · V 1 · OI 0
Strike70.00
Calls · V 3 · OI 0
Puts · V 0 · OI 0
Strike72.50
Calls · V 3 · OI 0
Puts · V 0 · OI 1
Strike75.00
Calls · V 30 · OI 36
Puts · V 0 · OI 2
Strike77.50
Calls · V 16 · OI 248
Puts · V 1 · OI 0
Strike80.00
Calls · V 1 · OI 10
Puts · V 0 · OI 0
Strike82.50
Calls · V 4 · OI 5
Puts · V 0 · OI 0
Strike85.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts11
Avg IV0.41
Put-call0.03
Expiry18 Sep 2026
Contracts32
Avg IV0.34
Put-call2.68
Expiry16 Oct 2026
Contracts20
Avg IV0.24
Put-call0.19
Expiry15 Jan 2027
Contracts16
Avg IV0.20
Put-call2.21
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.32
Put IV0.40
Skew0.08
18 Sep 2026Call IV premium
Call IV0.27
Put IV0.21
Skew-0.05
16 Oct 2026Put IV premium
Call IV0.21
Put IV0.63
Skew0.43
15 Jan 2027Call IV premium
Call IV0.22
Put IV0.15
Skew-0.06
Contract Tape
Most active contracts
ContractWBS270115P00077500
SidePut
Expiry15 Jan 2027
Strike77.50
Volume-
OI15
IV0.15
ContractWBS260918C00062500
SideCall
Expiry18 Sep 2026
Strike62.50
Volume-
OI7
IV0.00
ContractWBS260918P00040000
SidePut
Expiry18 Sep 2026
Strike40.00
Volume-
OI6
IV1.20
ContractWBS261016P00067500
SidePut
Expiry16 Oct 2026
Strike67.50
Volume-
OI5
IV0.63
ContractWBS270115P00080000
SidePut
Expiry15 Jan 2027
Strike80.00
Volume-
OI4
IV0.15
ContractWBS260918C00095000
SideCall
Expiry18 Sep 2026
Strike95.00
Volume-
OI3
IV0.48
ContractWBS261016P00065000
SidePut
Expiry16 Oct 2026
Strike65.00
Volume-
OI2
IV0.39
ContractWBS260918P00075000
SidePut
Expiry18 Sep 2026
Strike75.00
Volume-
OI2
IV0.21
Research Graph
Related research and context
Sharemaestro research
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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.