Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
SAN options intelligence
Banco Santander SA ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 31 Jul 2026
Checked 2 Aug 2026 12:48 · complete available chain
Call-side pressure
Bullish pressure
SAN currently carries bullish options pressure with a 43/100 conviction score. The nearest-chain expected move is 4.3%, with volume/open-interest participation at 0.01.
Expected move
4.3%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.29
Call-side skew
Trend fit
37
Options are not fully confirming trend
Weekly backdrop
+4.1%
RS 14.1
Expected move
4.3%
Put-call volume
0.29
Volume / OI
0.01
Reference IV
0.29
Max pain
14.00
Underlying
14.10
Nearest expiry
21 Aug 2026
Contracts
152
Research Brief
SAN has a bullish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.50–14.70; The largest call open-interest concentration is 14.00; the largest put concentration is 14.00. The most active strike by current volume is 14.00.
Priced range13.50–14.70
Call concentration14.00
Put concentration14.00
Max pain reference14.00
- 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 13.50 to 14.70. Max pain at 14.00 sits inside that range, 0.7% below spot.
Spot
Max pain
13.5014.10 ± 0.6014.70
Confirmation level
A close beyond 14.70 or below 13.50 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 43/100
Pressure is 60/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure60 × 42%
+25.0
How strongly activity leans toward calls or puts.
Participation20 × 22%
+4.5
Volume relative to existing open interest and contract-level activity.
Trend agreement37 × 26%
+9.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility37 × 10%
+3.7
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 14.00; the largest put concentration is 14.00. The most active strike by current volume is 14.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
5.00-64.5%
0
0
6.00-57.4%
0
1
7.00-50.4%
0
0
8.00-43.3%
31
0
9.00-36.2%
2
1
10.00-29.1%
8
21
11.00-22.0%
0
107
12.00-14.9%
30
1405
13.00-7.8%
90
2975
14.00-0.7%
3370
0
15.006.4%
909
0
16.0013.5%
42
0
17.0020.6%
0
0
18.0027.7%
0
0
19.0034.8%
0
0
20.0041.8%
0
0
21.0048.9%
3
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+$473,429Delta change / 1% move
Positive peak15.00+$265,313
Negative peak13.00-$117,815
Nearest balance13.44Interpolated sign change
StrikeNegativePositiveNet / 1% move
3.00-78.7%
+$20
4.00-71.6%
-$0
5.00-64.5%
-$41
7.00-50.4%
-$289
8.00-43.3%
+$1,802
9.00-36.2%
-$1,811
10.00-29.1%
+$8,019
11.00-22.0%
+$700
12.00-14.9%
+$69,151
13.00-7.8%
-$117,815
14.00-0.7%
+$152,878
15.006.4%
+$265,313
16.0013.5%
+$17,948
17.0020.6%
+$52,474
18.0027.7%
+$40
19.0034.8%
+$9,195
20.0041.8%
+$15,836
21.0048.9%
+$8
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.29
21 Aug
21d
0.26
18 Sep
49d
0.31
18 Dec
140d
0.29
19 Mar
231d
0.33
21 Jan
539d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
12
13
14
15
16
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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 152 / 152
- 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: $40,462 of estimated gross traded notional, calls · 91+ days · otm, 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+60
1W price+4.1%
Call premium73%
Put premium27%
Notional split
C 73% / P 27%
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
37/100
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 · 91+ days · OTM
calls cluster with 437 contracts traded, $18,040 estimated gross traded notional, and 45% of visible notional.
$18,040
Puts · 46-90 days · ATM
puts cluster with 170 contracts traded, $10,710 estimated gross traded notional, and 26% of visible notional.
$10,710
Calls · 46-90 days · ATM
calls cluster with 60 contracts traded, $4,050 estimated gross traded notional, and 10% of visible notional.
$4,050
Calls · 91+ days · ITM
calls cluster with 6 contracts traded, $3,675 estimated gross traded notional, and 9% of visible notional.
$3,675
Calls · 46-90 days · ITM
calls cluster with 5 contracts traded, $1,620 estimated gross traded notional, and 4% of visible notional.
$1,620
Setup Classification
Opportunity and risk frame
Underlying price is close to the max-pain zone.
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
Close14.10
1W+4.1%
RS14.1
Fair value+99.4%
Options pressure60
Speculation20
Volatility37
Trend fit37
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 10:00
Bullish
Pressure 99
Move 7.0%
30 Jul 10:00
Bullish
Pressure 53
Move 10.7%
31 Jul 10:00
Bullish
Pressure 100
Move 6.4%
2 Aug 11:48
Bullish
Pressure 60
Move 4.3%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike8.00
Calls · V 0 · OI 31
Puts · V 0 · OI 0
Strike9.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 8
Puts · V 0 · OI 1
Strike11.00
Calls · V 0 · OI 0
Puts · V 0 · OI 21
Strike12.00
Calls · V 1 · OI 30
Puts · V 0 · OI 107
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts34
Avg IV0.29
Put-call0.04
Expiry18 Sep 2026
Contracts34
Avg IV0.26
Put-call1.38
Expiry18 Dec 2026
Contracts34
Avg IV0.31
Put-call-
Expiry19 Mar 2027
Contracts34
Avg IV0.29
Put-call-
Expiry21 Jan 2028
Contracts16
Avg IV0.33
Put-call0.08
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.28
Put IV0.25
Skew-0.03
18 Sep 2026Put IV premium
Call IV0.29
Put IV0.35
Skew0.06
18 Dec 2026Put IV premium
Call IV0.25
Put IV0.74
Skew0.49
19 Mar 2027Put IV premium
Call IV0.34
Put IV0.46
Skew0.13
21 Jan 2028Put IV premium
Call IV0.32
Put IV0.38
Skew0.06
Contract Tape
Most active contracts
ContractSAN261218C00017000
SideCall
Expiry18 Dec 2026
Strike17.00
Volume197
OI2347
IV0.33
ContractSAN260918P00014000
SidePut
Expiry18 Sep 2026
Strike14.00
Volume170
OI311
IV0.02
ContractSAN261218C00016000
SideCall
Expiry18 Dec 2026
Strike16.00
Volume169
OI470
IV0.25
ContractSAN260918C00014000
SideCall
Expiry18 Sep 2026
Strike14.00
Volume60
OI1581
IV0.29
ContractSAN260918C00015000
SideCall
Expiry18 Sep 2026
Strike15.00
Volume58
OI3132
IV0.29
ContractSAN261218C00015000
SideCall
Expiry18 Dec 2026
Strike15.00
Volume26
OI1108
IV0.27
ContractSAN270319C00016000
SideCall
Expiry19 Mar 2027
Strike16.00
Volume25
OI10
IV0.34
ContractSAN260821C00014000
SideCall
Expiry21 Aug 2026
Strike14.00
Volume10
OI3370
IV0.19
Research Graph
Related research and context
Sharemaestro research
Related News
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.