Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
DB options intelligence
Deutsche Bank AG options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 11 Aug 2026
Checked 12 Aug 2026 11:24 · complete available chain
Call-side pressure
Bullish pressure
DB currently carries bullish options pressure with a 45/100 conviction score. The nearest-chain expected move is 3.7%, with volume/open-interest participation at 0.02.
Expected move
3.7%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.30
Call-side skew
Trend fit
36
Options are not fully confirming trend
Weekly backdrop
+3.7%
RS -0.1
Expected move
3.7%
Put-call volume
0.30
Volume / OI
0.02
Reference IV
0.29
Max pain
35.00
Underlying
38.06
Nearest expiry
21 Aug 2026
Contracts
234
Research Brief
DB has a bullish chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 36.64–39.48; The largest call open-interest concentration is 40.00; the largest put concentration is 32.00. The most active strike by current volume is 37.00.
Priced range36.64–39.48
Call concentration40.00
Put concentration32.00
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 36.64 to 39.48. Max pain at 35.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
36.6438.06 ± 1.4239.48
Confirmation level
A close beyond 39.48 or below 36.64 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 45/100
Pressure is 55/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure55 × 42%
+22.9
How strongly activity leans toward calls or puts.
Participation41 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement36 × 26%
+9.3
How closely the chain read agrees with the underlying trend backdrop.
Volatility35 × 10%
+3.5
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 40.00; the largest put concentration is 32.00. The most active strike by current volume is 37.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
418
25.00-34.3%
2
17
28.00-26.4%
0
246
29.00-23.8%
0
208
30.00-21.2%
34
309
31.00-18.5%
0
1178
32.00-15.9%
49
503
33.00-13.3%
20
881
34.00-10.7%
916
170
35.00-8.0%
1164
425
36.00-5.4%
475
185
37.00-2.8%
218
291
38.00-0.2%
637
7
39.002.5%
2126
0
40.005.1%
2696
0
41.007.7%
138
96
42.0010.4%
84
0
43.0013.0%
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+$2.5MDelta change / 1% move
Positive peak40.00+$1.1M
Negative peak30.00-$66,966
Nearest balance33.46Interpolated sign change
StrikeNegativePositiveNet / 1% move
27.00-29.1%
-$39,925
28.00-26.4%
-$13,058
29.00-23.8%
-$10,268
30.00-21.2%
-$66,966
31.00-18.5%
-$38,288
32.00-15.9%
-$45,191
33.00-13.3%
-$45,346
34.00-10.7%
+$53,151
35.00-8.0%
+$131,518
36.00-5.4%
+$120,764
37.00-2.8%
+$90,026
38.00-0.2%
+$194,983
39.002.5%
+$772,131
40.005.1%
+$1.1M
41.007.7%
+$18,050
42.0010.4%
+$24,691
43.0013.0%
+$9,361
44.0015.6%
+$3,593
45.0018.2%
+$201,387
47.0023.5%
+$1,313
50.0031.4%
+$43,990
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.
0.29
21 Aug
10d
0.31
18 Sep
38d
0.32
16 Oct
66d
0.36
15 Jan
157d
0.38
21 Jan
528d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
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
- 234 / 234
- 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: $253,725 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+55
1W price+3.7%
Call premium91%
Put premium9%
Notional split
C 91% / P 9%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
36/100
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 339 contracts traded, $47,155 estimated gross traded notional, and 19% of visible notional.
$47,155
Calls · 91+ days · ATM
calls cluster with 131 contracts traded, $45,850 estimated gross traded notional, and 18% of visible notional.
$45,850
Calls · 22-45 days · ATM
calls cluster with 270 contracts traded, $33,892 estimated gross traded notional, and 13% of visible notional.
$33,892
Calls · 8-21 days · ITM
calls cluster with 131 contracts traded, $32,335 estimated gross traded notional, and 13% of visible notional.
$32,335
Calls · 22-45 days · ITM
calls cluster with 110 contracts traded, $32,080 estimated gross traded notional, and 13% of visible notional.
$32,080
Setup Classification
Opportunity and risk frame
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 rank50th
Volume/OI rank50th
IV rank10th
Market Context
Underlying confirmation
Close38.06
1W+3.7%
RS-0.1
Fair value+69.3%
Options pressure55
Speculation41
Volatility35
Trend fit36
Today Versus Normal
Stored-options context
30d avg 6.1% · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.34 · 10 sessions
10th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.54 · 10 sessions
50th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.03 · 10 sessions
50th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:06
Mixed
Pressure -11
Move 8.7%
30 Jul 10:04
Bullish
Pressure 30
Move 7.5%
31 Jul 00:10
Bullish
Pressure 31
Move 8.8%
31 Jul 11:52
Mixed
Pressure -8
Move 8.8%
31 Jul 13:42
Bullish
Pressure 31
Move 8.8%
2 Aug 15:41
Bullish
Pressure 56
Move 6.1%
4 Aug 10:00
Bullish
Pressure 24
Move 5.9%
5 Aug 10:03
Bullish
Pressure 93
Move 5.8%
Strike Map
Where activity is clustering
Strike25.00
Calls · V 0 · OI 2
Puts · V 0 · OI 418
Strike27.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike28.00
Calls · V 0 · OI 0
Puts · V 0 · OI 17
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 246
Strike30.00
Calls · V 0 · OI 34
Puts · V 0 · OI 208
Strike31.00
Calls · V 0 · OI 0
Puts · V 0 · OI 309
Strike32.00
Calls · V 0 · OI 49
Puts · V 0 · OI 1178
Strike33.00
Calls · V 0 · OI 20
Puts · V 0 · OI 503
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts40
Avg IV0.29
Put-call1.42
Expiry18 Sep 2026
Contracts54
Avg IV0.31
Put-call0.27
Expiry16 Oct 2026
Contracts54
Avg IV0.32
Put-call0.03
Expiry15 Jan 2027
Contracts58
Avg IV0.36
Put-call0.03
Expiry21 Jan 2028
Contracts28
Avg IV0.38
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.36
Put IV0.29
Skew-0.07
18 Sep 2026Put IV premium
Call IV0.30
Put IV0.47
Skew0.18
16 Oct 2026Balanced skew
Call IV0.31
Put IV0.34
Skew0.03
15 Jan 2027Balanced skew
Call IV0.34
Put IV0.36
Skew0.02
21 Jan 2028Balanced skew
Call IV0.39
Put IV0.42
Skew0.04
Contract Tape
Most active contracts
ContractDB270115C00045000
SideCall
Expiry15 Jan 2027
Strike45.00
Volume336
OI3148
IV0.34
ContractDB260918C00039000
SideCall
Expiry18 Sep 2026
Strike39.00
Volume267
OI52
IV0.31
ContractDB260821P00037000
SidePut
Expiry21 Aug 2026
Strike37.00
Volume234
OI185
IV0.29
ContractDB270115C00039000
SideCall
Expiry15 Jan 2027
Strike39.00
Volume131
OI889
IV0.36
ContractDB260821C00036000
SideCall
Expiry21 Aug 2026
Strike36.00
Volume130
OI475
IV0.38
ContractDB260918C00036000
SideCall
Expiry18 Sep 2026
Strike36.00
Volume89
OI387
IV0.34
ContractDB261016C00040000
SideCall
Expiry16 Oct 2026
Strike40.00
Volume78
OI655
IV0.30
ContractDB260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume50
OI827
IV0.31
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.