Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
ESI options intelligence
Element Solutions Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
51
Market data through 11 Aug 2026
Checked 12 Aug 2026 11:46 · complete available chain
Call-side pressure
Bullish pressure
ESI currently carries bullish options pressure with a 51/100 conviction score. The nearest-chain expected move is 6.7%, with volume/open-interest participation at 0.00.
Expected move
6.7%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.17
Call-side skew
Trend fit
16
Options are not fully confirming trend
Weekly backdrop
+3.1%
RS 5.1
Expected move
6.7%
Put-call volume
0.17
Volume / OI
0.00
Reference IV
0.41
Max pain
35.00
Underlying
37.88
Nearest expiry
21 Aug 2026
Contracts
314
Research Brief
ESI has a bullish chain read with 51/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 35.33–40.43; The largest call open-interest concentration is 41.00; the largest put concentration is 35.00. The most active strike by current volume is 36.00.
Priced range35.33–40.43
Call concentration41.00
Put concentration35.00
Max pain reference35.00
- 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 35.33 to 40.43. Max pain at 35.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
35.3337.88 ± 2.5540.43
Confirmation level
A close beyond 40.43 or below 35.33 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 51/100
Pressure is 77/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure77 × 42%
+32.4
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.8
Volume relative to existing open interest and contract-level activity.
Trend agreement16 × 26%
+4.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility56 × 10%
+5.6
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 41.00; the largest put concentration is 35.00. The most active strike by current volume is 36.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
263
25.00-34.0%
407
74
30.00-20.8%
41
12
32.00-15.5%
12
1742
33.00-12.9%
2
56
34.00-10.2%
718
4308
35.00-7.6%
2009
13
36.00-5.0%
2617
18
37.00-2.3%
1023
2502
38.000.3%
795
2
39.003.0%
12
7
40.005.6%
108
19
41.008.2%
3276
25
42.0010.9%
74
6
43.0013.5%
2006
5
45.0018.8%
3088
0
46.0021.4%
53
1
50.0032.0%
290
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+$493,501Delta change / 1% move
Positive peak36.00+$244,199
Negative peak38.00-$361,253
Nearest balance37.30Interpolated sign change
StrikeNegativePositiveNet / 1% move
27.00-28.7%
-$75
28.00-26.1%
-$17
30.00-20.8%
+$787
31.00-18.2%
+$172
32.00-15.5%
+$368
33.00-12.9%
-$36,832
34.00-10.2%
+$59,157
35.00-7.6%
+$6,566
36.00-5.0%
+$244,199
37.00-2.3%
+$154,537
38.000.3%
-$361,253
39.003.0%
+$1,738
40.005.6%
+$22,109
41.008.2%
+$134,566
42.0010.9%
+$2,891
43.0013.5%
+$45,383
44.0016.2%
+$1,090
45.0018.8%
+$44,478
46.0021.4%
+$47,873
47.0024.1%
+$543
48.0026.7%
+$1,238
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.41
21 Aug
10d
0.49
18 Sep
38d
0.51
20 Nov
101d
0.48
18 Dec
129d
0.48
19 Feb
192d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
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
- 314 / 314
- 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: $52,532 of estimated gross traded notional, calls · 91+ days · itm, 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+77
1W price+3.1%
Call premium70%
Put premium30%
Notional split
C 70% / P 30%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
16/100
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 · ITM
calls cluster with 12 contracts traded, $19,110 estimated gross traded notional, and 36% of visible notional.
$19,110
Puts · 91+ days · ITM
puts cluster with 20 contracts traded, $15,900 estimated gross traded notional, and 30% of visible notional.
$15,900
Calls · 22-45 days · OTM
calls cluster with 87 contracts traded, $13,485 estimated gross traded notional, and 26% of visible notional.
$13,485
Calls · 91+ days · OTM
calls cluster with 9 contracts traded, $2,942 estimated gross traded notional, and 6% of visible notional.
$2,942
Calls · 8-21 days · ITM
calls cluster with 2 contracts traded, $630 estimated gross traded notional, and 1% of visible notional.
$630
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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 rank60th
Volume/OI rank60th
IV rank70th
Market Context
Underlying confirmation
Close37.88
1W+3.1%
RS5.1
Fair value+44.2%
Options pressure77
Speculation40
Volatility56
Trend fit16
Today Versus Normal
Stored-options context
30d avg 8.8% · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.43 · 10 sessions
70th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg 0.06 · 10 sessions
60th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:27
Volatility
Pressure 100
Move 10.7%
30 Jul 11:28
Bullish
Pressure 45
Move 9.9%
31 Jul 06:39
Mixed
Pressure -10
Move 9.9%
31 Jul 13:51
Mixed
Pressure -1
Move 11.8%
31 Jul 23:07
Volatility
Pressure -48
Move 10.8%
1 Aug 11:46
Bearish
Pressure -78
Move 10.8%
2 Aug 17:55
Volatility
Pressure -78
Move 11.0%
2 Aug 18:38
Volatility
Pressure -65
Move 11.0%
Strike Map
Where activity is clustering
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike17.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 407
Puts · V 0 · OI 263
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts70
Avg IV0.41
Put-call-
Expiry18 Sep 2026
Contracts50
Avg IV0.49
Put-call-
Expiry20 Nov 2026
Contracts72
Avg IV0.51
Put-call-
Expiry18 Dec 2026
Contracts76
Avg IV0.48
Put-call-
Expiry19 Feb 2027
Contracts46
Avg IV0.48
Put-call3.33
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.50
Put IV0.07
Skew-0.43
18 Sep 2026Put IV premium
Call IV0.38
Put IV0.45
Skew0.08
20 Nov 2026Put IV premium
Call IV0.50
Put IV0.60
Skew0.10
18 Dec 2026Balanced skew
Call IV0.52
Put IV0.47
Skew-0.05
19 Feb 2027Balanced skew
Call IV0.47
Put IV0.45
Skew-0.02
Contract Tape
Most active contracts
ContractESI260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume87
OI34
IV0.50
ContractESI270219P00042000
SidePut
Expiry19 Feb 2027
Strike42.00
Volume20
OI1
IV0.53
ContractESI261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume7
OI40
IV0.48
ContractESI261218C00020000
SideCall
Expiry18 Dec 2026
Strike20.00
Volume6
OI13
IV0.64
ContractESI270219C00025000
SideCall
Expiry19 Feb 2027
Strike25.00
Volume6
OI-
IV0.50
ContractESI260821C00036000
SideCall
Expiry21 Aug 2026
Strike36.00
Volume2
OI2617
IV0.91
ContractESI260821C00040000
SideCall
Expiry21 Aug 2026
Strike40.00
Volume2
OI108
IV0.50
ContractESI260918C00038000
SideCall
Expiry18 Sep 2026
Strike38.00
Volume2
OI6
IV0.40
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.