Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
AEM options intelligence
Agnico Eagle Mines Limited options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
35
Market data through 11 Aug 2026
Checked 12 Aug 2026 10:41 · complete available chain
Call-side pressure
Bullish pressure
AEM currently carries bullish options pressure with a 35/100 conviction score. The nearest-chain expected move is 3.8%, with volume/open-interest participation at 0.03.
Expected move
3.8%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.54
Call-side skew
Trend fit
26
Options are not fully confirming trend
Weekly backdrop
+23.1%
RS -9.9
Expected move
3.8%
Put-call volume
0.54
Volume / OI
0.03
Reference IV
0.49
Max pain
160.00
Underlying
178.82
Nearest expiry
14 Aug 2026
Contracts
1390
Research Brief
AEM has a bullish chain read with 35/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 172.07–185.57; The largest call open-interest concentration is 190.00; the largest put concentration is 150.00. The most active strike by current volume is 180.00.
Priced range172.07–185.57
Call concentration190.00
Put concentration150.00
Max pain reference160.00
- 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 172.07 to 185.57. Max pain at 160.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
172.07178.82 ± 6.75185.57
Confirmation level
A close beyond 185.57 or below 172.07 at the 14 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 35/100
Pressure is 34/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure35 × 42%
+14.5
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement26 × 26%
+6.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility50 × 10%
+5.0
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 190.00; the largest put concentration is 150.00. The most active strike by current volume is 180.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
159
130.00-27.3%
21
373
135.00-24.5%
20
59
145.00-18.9%
64
8
147.00-17.8%
132
2
148.00-17.2%
184
625
150.00-16.1%
160
440
155.00-13.3%
345
75
157.50-11.9%
48
36
160.00-10.5%
205
118
165.00-7.7%
70
79
170.00-4.9%
360
56
172.50-3.5%
74
174
175.00-2.1%
125
561
180.000.7%
548
0
185.003.5%
97
0
187.504.9%
225
0
190.006.3%
1098
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+$14.9MDelta change / 1% move
Positive peak200.00+$6.3M
Negative peak170.00-$643,834
Nearest balance184.54Interpolated sign change
StrikeNegativePositiveNet / 1% move
152.50-14.7%
+$32,458
155.00-13.3%
-$177,656
157.50-11.9%
-$2,337
160.00-10.5%
-$117,195
162.50-9.1%
+$54,098
165.00-7.7%
-$421,820
167.50-6.3%
+$15,118
170.00-4.9%
-$643,834
172.50-3.5%
-$1,483
175.00-2.1%
+$300,949
177.50-0.7%
+$5,783
180.000.7%
+$1.5M
182.502.1%
+$30,663
185.003.5%
-$6,849
187.504.9%
+$293,305
190.006.3%
+$2.6M
192.507.7%
+$35,482
195.009.0%
+$568,172
200.0011.8%
+$6.3M
202.5013.2%
+$2,308
205.0014.6%
+$3,783
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.
0.49
14 Aug
3d
0.45
21 Aug
10d
0.45
28 Aug
17d
0.44
4 Sep
24d
0.44
11 Sep
31d
0.44
18 Sep
38d
0.44
25 Sep
45d
0.46
16 Oct
66d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
144
145
147
148
150
153
158
160
165
168
170
175
178
183
185
190
193
198
200
205
210
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 5 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing17%
Average expiry move19.3%
6 Aug
Bullish · 44
23.1% through expiry
15.7% priced · v2.0
5 Aug
Bullish · 38
23.1% through expiry
14.4% priced · v2.0
4 Aug
Bullish · 37
23.1% through expiry
5.3% priced · v2.0
3 Aug
Mixed · 33
23.1% through expiry
4.2% priced · v2.0
31 Jul
Bullish · 37
23.1% through expiry
4.8% priced · v2.0
30 Jul
Bullish · 33
0.1% through expiry
4.0% 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
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 1390 / 1390
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $5.9M 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+34
1W price+23.1%
Call premium79%
Put premium21%
Notional split
C 79% / P 21%
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
26/100
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 699 contracts traded, $1.5M estimated gross traded notional, and 26% of visible notional.
$1.5M
Calls · 91+ days · ITM
calls cluster with 132 contracts traded, $876,740 estimated gross traded notional, and 15% of visible notional.
$876,740
Calls · 22-45 days · ITM
calls cluster with 181 contracts traded, $562,680 estimated gross traded notional, and 10% of visible notional.
$562,680
Puts · 91+ days · ITM
puts cluster with 85 contracts traded, $403,545 estimated gross traded notional, and 7% of visible notional.
$403,545
Calls · 8-21 days · ITM
calls cluster with 162 contracts traded, $383,420 estimated gross traded notional, and 7% of visible notional.
$383,420
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 10 completed sessions
Volume rank20th
Volume/OI rank20th
IV rank40th
Market Context
Underlying confirmation
Close178.82
1W+23.1%
RS-9.9
Fair value+63.4%
Options pressure35
Speculation41
Volatility50
Trend fit26
Today Versus Normal
Stored-options context
30d avg 6.7% · 10 sessions
0th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.55 · 10 sessions
40th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.51 · 10 sessions
80th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.07 · 10 sessions
20th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:03
Bullish
Pressure 56
Move 5.5%
30 Jul 10:02
Bullish
Pressure 58
Move 4.3%
31 Jul 10:01
Bullish
Pressure 38
Move 4.0%
2 Aug 18:36
Bullish
Pressure 55
Move 4.8%
4 Aug 10:01
Mixed
Pressure -7
Move 4.2%
5 Aug 10:04
Bullish
Pressure 46
Move 5.3%
6 Aug 10:03
Bullish
Pressure 40
Move 14.4%
7 Aug 10:24
Bullish
Pressure 63
Move 15.7%
Strike Map
Where activity is clustering
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike95.00
Calls · V 1 · OI 1
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts144
Avg IV0.49
Put-call0.30
Expiry21 Aug 2026
Contracts162
Avg IV0.45
Put-call0.74
Expiry28 Aug 2026
Contracts86
Avg IV0.45
Put-call0.94
Expiry4 Sep 2026
Contracts66
Avg IV0.44
Put-call0.56
Expiry11 Sep 2026
Contracts66
Avg IV0.44
Put-call0.88
Skew
Call/put IV balance
14 Aug 2026Balanced skew
Call IV0.50
Put IV0.46
Skew-0.04
21 Aug 2026Balanced skew
Call IV0.46
Put IV0.45
Skew-0.01
28 Aug 2026Balanced skew
Call IV0.46
Put IV0.44
Skew-0.02
4 Sep 2026Balanced skew
Call IV0.46
Put IV0.43
Skew-0.03
11 Sep 2026Balanced skew
Call IV0.43
Put IV0.44
Skew0.01
Contract Tape
Most active contracts
ContractAEM260814C00180000
SideCall
Expiry14 Aug 2026
Strike180.00
Volume536
OI548
IV0.48
ContractAEM280121C00200000
SideCall
Expiry21 Jan 2028
Strike200.00
Volume203
OI2565
IV0.45
ContractAEM260814C00187500
SideCall
Expiry14 Aug 2026
Strike187.50
Volume162
OI225
IV0.50
ContractAEM260821C00190000
SideCall
Expiry21 Aug 2026
Strike190.00
Volume155
OI1677
IV0.45
ContractAEM260918C00180000
SideCall
Expiry18 Sep 2026
Strike180.00
Volume134
OI598
IV0.45
ContractAEM260918C00195000
SideCall
Expiry18 Sep 2026
Strike195.00
Volume132
OI434
IV0.45
ContractAEM260814P00180000
SidePut
Expiry14 Aug 2026
Strike180.00
Volume131
OI561
IV0.52
ContractAEM260918C00155000
SideCall
Expiry18 Sep 2026
Strike155.00
Volume115
OI393
IV0.39
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
No upcoming matched earnings event.
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.