Ticker Options Intelligence

MCK options intelligence

McKesson Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 49 Market data through 23 Sep 2026 Checked 24 Sep 2026 00:29 · partial chain

Put-side pressure

Bearish pressure

MCK currently carries bearish options pressure with a 49/100 conviction score. The nearest-chain expected move is 5.3%, with volume/open-interest participation at 0.26.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bearish

Put-side pressure

Expected move 5.3%

Near-term move context

Activity / OI 0.26

Current volume is quieter versus prior open interest

Put-call 1.81

Put-side skew

Trend fit 89

Options agree with trend context

Weekly backdrop -0.8%

RS -3.7

Expected move 5.3%
Put-call volume 1.81
Volume / OI 0.26
Reference IV 0.29
Max pain 880.00
Underlying 874.65
Nearest expiry 16 Oct 2026
Contracts 393

Research Brief

MCK has a bearish chain read with 49/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 828.10–921.20; The largest call open-interest concentration is 970.00; the largest put concentration is 820.00. The most active strike by current volume is 970.00.

Priced range828.10–921.20
Call concentration970.00
Put concentration820.00
Max pain reference880.00
What would confirm it
  • 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.
What would weaken it
  • Price recovers while put pressure fades or reverses toward calls.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 16 Oct

Options imply 828.10 to 921.20. Max pain at 880.00 sits inside that range, 0.6% above spot.

Spot Max pain
828.10874.65 ± 46.55921.20
Confirmation level

A close beyond 921.20 or below 828.10 at the 16 Oct 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 49/100

Evidence alignment, not probability

Pressure is 27/100 toward puts; conviction uses its strength, while the signal label carries its direction.

Directional pressure27 × 42%
+11.1

How strongly activity leans toward calls or puts.

Participation46 × 22%
+10.1

Volume relative to existing open interest and contract-level activity.

Trend agreement89 × 26%
+23.2

How closely the chain read agrees with the underlying trend backdrop.

Volatility41 × 10%
+4.1

The intensity of implied volatility and the priced move.

Reconstructed score48.6Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 970.00; the largest put concentration is 820.00. The most active strike by current volume is 970.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
32
800.00-8.5%
1
56
820.00-6.2%
3
46
850.00-2.8%
5
31
860.00-1.7%
3
32
870.00-0.5%
18
14
880.000.6%
78
6
890.001.8%
36
21
900.002.9%
34
17
920.005.2%
127
1
930.006.3%
84
0
940.007.5%
37
0
950.008.6%
108
0
960.009.8%
92
1
970.0010.9%
167
0
990.0013.2%
34
0
1000.0014.3%
116
0
1020.0016.6%
55
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Balanced gamma proxy

Model-estimated Greeks · 95% coverage

Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.

Net profile+$2.1MDelta change / 1% move
Positive peak960.00+$1.3M
Negative peak840.00-$909,066
Nearest balance890.22Interpolated sign change
StrikeNegativePositiveNet / 1% move
770.00-12.0%
-$4,654
780.00-10.8%
-$215,534
790.00-9.7%
-$44,934
800.00-8.5%
-$491,070
810.00-7.4%
-$134,772
820.00-6.2%
-$626,679
830.00-5.1%
-$186,798
840.00-4.0%
-$909,066
850.00-2.8%
-$70,912
860.00-1.7%
-$105,602
870.00-0.5%
-$61,893
880.000.6%
-$76,922
890.001.8%
-$17,711
900.002.9%
+$772,751
910.004.0%
+$110,742
920.005.2%
+$712,158
930.006.3%
+$355,083
940.007.5%
+$212,369
950.008.6%
+$192,818
960.009.8%
+$1.3M
970.0010.9%
+$387,964
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

0.94× front/back

Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.

0.29 16 Oct 23d
0.29 20 Nov 58d
0.32 18 Dec 86d
0.31 15 Jan 114d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

700
720
740
760
770
790
800
820
830
850
870
880
900
910
930
940
960
970
990
1000
1020
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

28 matured · 22 directional

Across 22 stored directional transitions, the next stored price moved in the labelled direction 68% of the time.

Directional follow-through68%
Moves contained by pricing93%
Average expiry move1.4%
16 Sep Bearish · 54 -0.8% through expiry 2.1% priced · v2.0
15 Sep Bullish · 42 -0.8% through expiry 3.1% priced · v2.0
11 Sep Bullish · 44 -0.8% through expiry 2.5% priced · v2.0
9 Sep Mixed · 29 -3.7% through expiry 3.4% priced · v2.0
4 Sep Bullish · 37 -3.7% through expiry 3.7% priced · v2.0
1 Sep Mixed · 31 -2.1% through expiry 4.5% priced · v2.0
28 Aug Bullish · 32 -2.1% through expiry 4.6% priced · v2.0
27 Aug Bullish · 40 1.8% through expiry 5.9% priced · v2.0
26 Aug Bearish · 45 1.8% through expiry 6.7% priced · v2.0
25 Aug Bullish · 38 1.8% through expiry 7.3% priced · v2.0
24 Aug Bearish · 47 1.8% through expiry 5.8% priced · v2.0
21 Aug Bullish · 42 1.8% through expiry 5.6% 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

Good

B79/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Retained chain subset
Market date
23 Sep 2026
Calculation
v2.0
Contracts
393 / 393
  • 100% of provider contracts were retained for this snapshot.

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

63/100
Primary intent Put-heavy activity

Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.

Flow vs price divergence Bearish flow before price confirmation

Put-side pressure is present before a decisive weekly price breakdown.

Why this matters

Put-heavy activity matters because it connects the options headline to the actual evidence: $9.7M of estimated gross traded notional, calls · 91+ days · itm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.

Options pressure-27
1W price-0.8%
Call premium67%
Put premium33%
Notional split C 67% / P 33% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.26 Volume divided by open interest across the visible chain.
Trend fit 89/100 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.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 136 contracts traded, $4.2M estimated gross traded notional, and 43% of visible notional.
$4.2M
Calls · 46-90 days · ITM calls cluster with 86 contracts traded, $1.5M estimated gross traded notional, and 16% of visible notional.
$1.5M
Puts · 46-90 days · OTM puts cluster with 945 contracts traded, $1.0M estimated gross traded notional, and 11% of visible notional.
$1.0M
Puts · 91+ days · ITM puts cluster with 62 contracts traded, $880,300 estimated gross traded notional, and 9% of visible notional.
$880,300
Puts · 46-90 days · ATM puts cluster with 118 contracts traded, $580,240 estimated gross traded notional, and 6% of visible notional.
$580,240

Setup Classification

Opportunity and risk frame

Context, not advice
Positive Options-confirmed trend

Positioning agrees with the Sharemaestro trend backdrop.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

Activity Anomaly

Above normal

79

Activity is running above the recent historical baseline.

Baseline: 33 completed sessions

Volume rank91th
Volume/OI rank100th
IV rank45th

Market Context

Underlying confirmation

Sharemaestro weekly
Close874.65
1W-0.8%
RS-3.7
Fair value+31.9%
Options pressure-27
Speculation46
Volatility41
Trend fit89

Today Versus Normal

Stored-options context

View history
Expected move 5.3% near normal
30d avg 4.7% · 14 sessions 57th
90d avg 5.2% · 33 sessions 58th
180d avg - · 33/60 sessions -
IV 0.29 near normal
30d avg 0.27 · 14 sessions 71th
90d avg 0.31 · 33 sessions 45th
180d avg - · 33/60 sessions -
Put-call 1.81 near normal
30d avg 1.10 · 14 sessions 71th
90d avg 1.12 · 33 sessions 76th
180d avg - · 33/60 sessions -
Volume/OI 0.26 elevated
30d avg 0.07 · 14 sessions 100th
90d avg 0.06 · 33 sessions 100th
180d avg - · 33/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
10 Aug 10:22 Bullish
Pressure 46
Move 4.6%
11 Aug 10:24 Mixed
Pressure 4
Move 4.1%
11 Aug 16:32 Bullish
Pressure 18
Move 4.2%
12 Aug 10:07 Mixed
Pressure 6
Move 4.9%
13 Aug 03:23 Bearish
Pressure -51
Move 3.6%
13 Aug 19:31 Mixed
Pressure -7
Move 3.9%
13 Aug 20:17 Mixed
Pressure -8
Move 3.8%
14 Aug 16:08 Mixed
Pressure 1
Move 3.3%

Strike Map

Where activity is clustering

Full strike map
Strike700.00
Calls · V 2 · OI 1
Puts · V 2 · OI 19
Strike710.00
Calls · V 0 · OI 0
Puts · V 4 · OI 2
Strike720.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike740.00
Calls · V 0 · OI 0
Puts · V 2 · OI 5
Strike750.00
Calls · V 1 · OI 2
Puts · V 1 · OI 21
Strike760.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike770.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike780.00
Calls · V 0 · OI 0
Puts · V 10 · OI 10

Term Structure

Expiration activity

Volume and IV
Expiry16 Oct 2026
Contracts49
Avg IV0.29
Put-call0.88
Expiry20 Nov 2026
Contracts89
Avg IV0.29
Put-call0.98
Expiry18 Dec 2026
Contracts122
Avg IV0.32
Put-call2.12
Expiry15 Jan 2027
Contracts133
Avg IV0.31
Put-call2.13

Skew

Call/put IV balance

OTM demand
16 Oct 2026Balanced skew
Call IV0.27
Put IV0.31
Skew0.03
20 Nov 2026Balanced skew
Call IV0.34
Put IV0.33
Skew-0.02
18 Dec 2026Balanced skew
Call IV0.33
Put IV0.30
Skew-0.03
15 Jan 2027Balanced skew
Call IV0.32
Put IV0.29
Skew-0.03

Contract Tape

Most active contracts

Full contract tape
ContractMCK270115C01220000
SideCall
Expiry15 Jan 2027
Strike1220.00
Volume-
OI16
IV0.43
ContractMCK261120P00970000
SidePut
Expiry20 Nov 2026
Strike970.00
Volume-
OI7
IV0.26
ContractMCK261120C01120000
SideCall
Expiry20 Nov 2026
Strike1120.00
Volume-
OI3
IV0.48
ContractMCK270115P00340000
SidePut
Expiry15 Jan 2027
Strike340.00
Volume-
OI2
IV0.95
ContractMCK261120C00580000
SideCall
Expiry20 Nov 2026
Strike580.00
Volume-
OI2
IV0.00
ContractMCK270115P00350000
SidePut
Expiry15 Jan 2027
Strike350.00
Volume-
OI2
IV0.84
ContractMCK270115P00290000
SidePut
Expiry15 Jan 2027
Strike290.00
Volume-
OI2
IV1.01
ContractMCK270115C00360000
SideCall
Expiry15 Jan 2027
Strike360.00
Volume-
OI2
IV2.67

Evidence context