Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
BAP options intelligence
Credicorp Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 2 Aug 2026 02:45 · complete available chain
Put-side pressure
Bearish pressure
BAP currently carries bearish options pressure with a 44/100 conviction score. The nearest-chain expected move is 8.3%, with volume/open-interest participation at 0.01.
Expected move
8.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
4.75
Put-side skew
Trend fit
43
Options are not fully confirming trend
Weekly backdrop
+3.1%
RS 22.7
Expected move
8.3%
Put-call volume
4.75
Volume / OI
0.01
Reference IV
0.43
Max pain
340.00
Underlying
400.58
Nearest expiry
21 Aug 2026
Contracts
284
Research Brief
BAP has a bearish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 367.33–433.83; The largest call open-interest concentration is 350.00; the largest put concentration is 300.00. The most active strike by current volume is 170.00.
Priced range367.33–433.83
Call concentration350.00
Put concentration300.00
Max pain reference340.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
- Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.
Priced Move
Where the chain says movement becomes exceptional
Options imply 367.33 to 433.83. Max pain at 340.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
367.33400.58 ± 33.25433.83
Confirmation level
A close beyond 433.83 or below 367.33 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 44/100
Pressure is 56/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure56 × 42%
+23.6
How strongly activity leans toward calls or puts.
Participation13 × 22%
+2.9
Volume relative to existing open interest and contract-level activity.
Trend agreement43 × 26%
+11.2
How closely the chain read agrees with the underlying trend backdrop.
Volatility63 × 10%
+6.3
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 350.00; the largest put concentration is 300.00. The most active strike by current volume is 170.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
8
220.00-45.1%
0
5
230.00-42.6%
0
11
250.00-37.6%
0
4
270.00-32.6%
1
188
300.00-25.1%
1
2
310.00-22.6%
3
31
320.00-20.1%
18
39
330.00-17.6%
89
76
340.00-15.1%
4
25
350.00-12.6%
1086
4
360.00-10.1%
6
1
370.00-7.6%
6
6
380.00-5.1%
3
18
390.00-2.6%
1072
1
400.00-0.1%
58
1
410.002.4%
15
0
420.004.8%
21
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.43
21 Aug
21d
0.39
18 Sep
49d
0.39
20 Nov
112d
0.38
19 Feb
203d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
330
340
350
360
370
380
390
400
410
420
430
440
450
460
470
480
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
- 284 / 284
- 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
Earnings/event positioning
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Put-side pressure is building while price is rising, a cautionary divergence.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $199700 of estimated gross traded notional, puts · 91+ days · itm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-56
1W price+3.1%
Call premium10%
Put premium90%
Notional split
C 10% / P 90%
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
43/100
Agreement between options pressure and Sharemaestro market context.
Event window
13 Aug
Matched earnings event is 11 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 91+ days · ITM
puts cluster with 38 contracts traded, $180500 estimated gross traded notional, and 90% of visible notional.
$180500
Calls · 91+ days · OTM
calls cluster with 8 contracts traded, $19200 estimated gross traded notional, and 10% of visible notional.
$19200
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.
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
Close400.58
1W+3.1%
RS22.7
Fair value+97.8%
Options pressure-56
Speculation13
Volatility63
Trend fit43
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 10:14
Bullish
Pressure 100
Move 8.6%
30 Jul 10:11
Bearish
Pressure -58
Move 8.5%
30 Jul 15:31
Mixed
Pressure 2
Move 8.8%
30 Jul 15:46
Mixed
Pressure 1
Move 8.8%
30 Jul 19:38
Mixed
Pressure 2
Move 8.7%
2 Aug 01:45
Bearish
Pressure -56
Move 8.3%
Strike Map
Where activity is clustering
Strike170.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike175.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike180.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike185.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike190.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike195.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike200.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike210.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts76
Avg IV0.43
Put-call-
Expiry18 Sep 2026
Contracts58
Avg IV0.39
Put-call-
Expiry20 Nov 2026
Contracts80
Avg IV0.39
Put-call4.75
Expiry19 Feb 2027
Contracts70
Avg IV0.38
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.42
Put IV0.44
Skew0.02
18 Sep 2026Balanced skew
Call IV0.38
Put IV0.41
Skew0.03
20 Nov 2026Balanced skew
Call IV0.37
Put IV0.40
Skew0.03
19 Feb 2027Balanced skew
Call IV0.37
Put IV0.39
Skew0.02
Contract Tape
Most active contracts
ContractBAP261120P00430000
SidePut
Expiry20 Nov 2026
Strike430.00
Volume38
OI-
IV0.37
ContractBAP261120C00430000
SideCall
Expiry20 Nov 2026
Strike430.00
Volume8
OI5
IV0.39
ContractBAP260821C00350000
SideCall
Expiry21 Aug 2026
Strike350.00
Volume-
OI1086
IV0.54
ContractBAP260821C00390000
SideCall
Expiry21 Aug 2026
Strike390.00
Volume-
OI1072
IV0.45
ContractBAP260821P00300000
SidePut
Expiry21 Aug 2026
Strike300.00
Volume-
OI188
IV0.86
ContractBAP261120C00390000
SideCall
Expiry20 Nov 2026
Strike390.00
Volume-
OI157
IV0.40
ContractBAP260821C00330000
SideCall
Expiry21 Aug 2026
Strike330.00
Volume-
OI89
IV0.61
ContractBAP261120P00380000
SidePut
Expiry20 Nov 2026
Strike380.00
Volume-
OI88
IV0.39
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.