Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
BMO options intelligence
Bank of Montreal options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
41
Market data through 31 Jul 2026
Checked 2 Aug 2026 18:18 · complete available chain
Call-side pressure
Bullish pressure
BMO currently carries bullish options pressure with a 41/100 conviction score. The nearest-chain expected move is 3.9%, with volume/open-interest participation at 0.01.
Expected move
3.9%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.63
Call-side skew
Trend fit
80
Options agree with trend context
Weekly backdrop
+1.6%
RS 18.7
Expected move
3.9%
Put-call volume
0.63
Volume / OI
0.01
Reference IV
0.21
Max pain
175.00
Underlying
179.45
Nearest expiry
21 Aug 2026
Contracts
338
Research Brief
BMO has a bullish chain read with 41/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 172.45–186.45; The largest call open-interest concentration is 175.00; the largest put concentration is 175.00. The most active strike by current volume is 185.00.
Priced range172.45–186.45
Call concentration175.00
Put concentration175.00
Max pain reference175.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 172.45 to 186.45. Max pain at 175.00 sits inside that range, 2.5% below spot.
Spot
Max pain
172.45179.45 ± 7.00186.45
Confirmation level
A close beyond 186.45 or below 172.45 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 41/100
Pressure is 19/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure19 × 42%
+8.1
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement80 × 26%
+20.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility31 × 10%
+3.1
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 175.00; the largest put concentration is 175.00. The most active strike by current volume is 185.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
80.00-55.4%
0
51
120.00-33.1%
0
2
130.00-27.6%
0
51
135.00-24.8%
0
100
140.00-22.0%
0
47
145.00-19.2%
0
30
150.00-16.4%
0
6
155.00-13.6%
0
23
160.00-10.8%
2
240
165.00-8.1%
133
221
170.00-5.3%
199
718
175.00-2.5%
650
272
180.000.3%
160
106
185.003.1%
338
5
190.005.9%
34
0
195.008.7%
26
0
220.0022.6%
1
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.21
21 Aug
21d
0.24
18 Sep
49d
0.23
20 Nov
112d
0.23
18 Dec
140d
0.23
15 Jan
168d
0.23
19 Mar
231d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
145
150
155
160
165
170
175
180
185
190
195
200
210
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
- 338 / 338
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Put-heavy activity matters because it connects the options headline to the actual evidence: $122188 of estimated gross traded notional, puts · 46-90 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+19
1W price+1.6%
Call premium26%
Put premium74%
Notional split
C 26% / P 74%
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
80/100
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 · 46-90 days · ITM
puts cluster with 50 contracts traded, $80500 estimated gross traded notional, and 66% of visible notional.
$80500
Calls · 46-90 days · ATM
calls cluster with 18 contracts traded, $11940 estimated gross traded notional, and 10% of visible notional.
$11940
Calls · 46-90 days · OTM
calls cluster with 51 contracts traded, $7012 estimated gross traded notional, and 6% of visible notional.
$7012
Calls · 8-21 days · OTM
calls cluster with 40 contracts traded, $5500 estimated gross traded notional, and 5% of visible notional.
$5500
Puts · 46-90 days · ATM
puts cluster with 8 contracts traded, $4112 estimated gross traded notional, and 3% of visible notional.
$4112
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
Close179.45
1W+1.6%
RS18.7
Fair value+72.4%
Options pressure19
Speculation40
Volatility31
Trend fit80
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 10:02
Mixed
Pressure 2
Move 4.0%
30 Jul 10:01
Bullish
Pressure 83
Move 4.4%
31 Jul 04:05
Bullish
Pressure 52
Move 4.3%
31 Jul 11:56
Mixed
Pressure -11
Move 4.3%
2 Aug 17:18
Bullish
Pressure 19
Move 3.9%
Strike Map
Where activity is clustering
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike95.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike100.00
Calls · V 0 · OI 0
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
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts60
Avg IV0.21
Put-call0.27
Expiry18 Sep 2026
Contracts52
Avg IV0.24
Put-call0.84
Expiry20 Nov 2026
Contracts58
Avg IV0.23
Put-call-
Expiry18 Dec 2026
Contracts48
Avg IV0.23
Put-call0.10
Expiry15 Jan 2027
Contracts70
Avg IV0.23
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.19
Put IV0.23
Skew0.04
18 Sep 2026Balanced skew
Call IV0.21
Put IV0.25
Skew0.04
20 Nov 2026Balanced skew
Call IV0.20
Put IV0.24
Skew0.04
18 Dec 2026Balanced skew
Call IV0.20
Put IV0.25
Skew0.05
15 Jan 2027Put IV premium
Call IV0.20
Put IV0.26
Skew0.06
Contract Tape
Most active contracts
ContractBMO260918C00195000
SideCall
Expiry18 Sep 2026
Strike195.00
Volume51
OI58
IV0.22
ContractBMO260918P00195000
SidePut
Expiry18 Sep 2026
Strike195.00
Volume50
OI50
IV0.23
ContractBMO260821C00185000
SideCall
Expiry21 Aug 2026
Strike185.00
Volume40
OI338
IV0.19
ContractBMO260918C00180000
SideCall
Expiry18 Sep 2026
Strike180.00
Volume16
OI232
IV0.23
ContractBMO260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume12
OI160
IV0.20
ContractBMO260821P00175000
SidePut
Expiry21 Aug 2026
Strike175.00
Volume9
OI718
IV0.23
ContractBMO270319P00135000
SidePut
Expiry19 Mar 2027
Strike135.00
Volume8
OI-
IV0.28
ContractBMO261218C00195000
SideCall
Expiry18 Dec 2026
Strike195.00
Volume5
OI1684
IV0.21
Research Graph
Related research and context
Sharemaestro research
Related News
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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.