Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
SAM options intelligence
Boston Beer Company Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 31 Jul 2026
Checked 3 Aug 2026 14:26 · complete available chain
Put-side pressure
Bearish pressure
SAM currently carries bearish options pressure with a 43/100 conviction score. The nearest-chain expected move is 7.3%, with volume/open-interest participation at 0.01.
Expected move
7.3%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.89
Put-side skew
Trend fit
96
Options agree with trend context
Weekly backdrop
+1.7%
RS -20.3
Expected move
7.3%
Put-call volume
1.89
Volume / OI
0.01
Reference IV
0.37
Max pain
175.00
Underlying
183.20
Nearest expiry
21 Aug 2026
Contracts
276
Research Brief
SAM has a bearish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 169.75–196.65; The largest call open-interest concentration is 200.00; the largest put concentration is 150.00. The most active strike by current volume is 155.00.
Priced range169.75–196.65
Call concentration200.00
Put concentration150.00
Max pain reference175.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
Priced Move
Where the chain says movement becomes exceptional
Options imply 169.75 to 196.65. Max pain at 175.00 sits inside that range, 4.5% below spot.
Spot
Max pain
169.75183.20 ± 13.45196.65
Confirmation level
A close beyond 196.65 or below 169.75 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 43/100
Pressure is 28/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure28 × 42%
+11.6
How strongly activity leans toward calls or puts.
Participation4 × 22%
+0.9
Volume relative to existing open interest and contract-level activity.
Trend agreement96 × 26%
+25.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility55 × 10%
+5.5
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 200.00; the largest put concentration is 150.00. The most active strike by current volume is 155.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
14
120.00-34.5%
0
9
125.00-31.8%
0
33
140.00-23.6%
1
149
150.00-18.1%
1
19
155.00-15.4%
0
25
160.00-12.7%
0
83
165.00-9.9%
34
142
170.00-7.2%
21
12
175.00-4.5%
23
34
180.00-1.7%
34
5
185.001.0%
30
3
190.003.7%
110
0
195.006.4%
19
7
200.009.2%
119
0
210.0014.6%
58
0
220.0020.1%
35
0
230.0025.5%
29
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+$210,582Delta change / 1% move
Positive peak190.00+$113,676
Negative peak170.00-$62,024
Nearest balance173.47Interpolated sign change
StrikeNegativePositiveNet / 1% move
120.00-34.5%
-$231
125.00-31.8%
-$123
130.00-29.0%
-$573
135.00-26.3%
-$1,327
140.00-23.6%
-$1,507
145.00-20.9%
-$6,941
150.00-18.1%
-$7,587
155.00-15.4%
-$12,216
160.00-12.7%
-$13,729
165.00-9.9%
-$21,334
170.00-7.2%
-$62,024
175.00-4.5%
+$27,294
180.00-1.7%
+$33,395
185.001.0%
+$35,000
190.003.7%
+$113,676
195.006.4%
+$20,487
200.009.2%
+$92,874
210.0014.6%
+$6,956
220.0020.1%
+$7,077
230.0025.5%
-$1,145
240.0031.0%
-$9,842
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.
0.37
21 Aug
21d
0.38
18 Sep
49d
0.42
18 Dec
140d
0.45
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.
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
- 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
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 276 / 276
- 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.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $15,530 of estimated gross traded notional, puts · 91+ days · otm, 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-28
1W price+1.7%
Call premium41%
Put premium59%
Notional split
C 41% / P 59%
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
96/100
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 · 91+ days · OTM
puts cluster with 5 contracts traded, $4,170 estimated gross traded notional, and 27% of visible notional.
$4,170
Calls · 91+ days · OTM
calls cluster with 4 contracts traded, $3,710 estimated gross traded notional, and 24% of visible notional.
$3,710
Puts · 46-90 days · ATM
puts cluster with 3 contracts traded, $2,625 estimated gross traded notional, and 17% of visible notional.
$2,625
Puts · 91+ days · ATM
puts cluster with 1 contracts traded, $1,835 estimated gross traded notional, and 12% of visible notional.
$1,835
Calls · 8-21 days · ITM
calls cluster with 1 contracts traded, $1,195 estimated gross traded notional, and 8% of visible notional.
$1,195
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Put pressure is building after the stock has already moved below 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
Close183.20
1W+1.7%
RS-20.3
Fair value-30.7%
Options pressure-28
Speculation4
Volatility55
Trend fit96
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 11:02
Bullish
Pressure 74
Move 9.4%
30 Jul 10:50
Bearish
Pressure -48
Move 7.6%
31 Jul 10:34
Bullish
Pressure 95
Move 7.9%
1 Aug 12:50
Bearish
Pressure -28
Move 6.6%
3 Aug 13:26
Bearish
Pressure -28
Move 7.3%
Strike Map
Where activity is clustering
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike120.00
Calls · V 0 · OI 0
Puts · V 0 · OI 14
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Strike130.00
Calls · V 0 · OI 0
Puts · V 0 · OI 5
Strike135.00
Calls · V 0 · OI 1
Puts · V 0 · OI 3
Strike140.00
Calls · V 0 · OI 1
Puts · V 0 · OI 33
Strike145.00
Calls · V 0 · OI 1
Puts · V 0 · OI 8
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts52
Avg IV0.37
Put-call2.00
Expiry18 Sep 2026
Contracts80
Avg IV0.38
Put-call2.50
Expiry18 Dec 2026
Contracts82
Avg IV0.42
Put-call5.00
Expiry19 Mar 2027
Contracts62
Avg IV0.45
Put-call0.33
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.35
Put IV0.38
Skew0.03
18 Sep 2026Balanced skew
Call IV0.35
Put IV0.40
Skew0.05
18 Dec 2026Balanced skew
Call IV0.39
Put IV0.42
Skew0.04
19 Mar 2027Balanced skew
Call IV0.41
Put IV0.45
Skew0.04
Contract Tape
Most active contracts
ContractSAM260821P00155000
SidePut
Expiry21 Aug 2026
Strike155.00
Volume6
OI19
IV0.48
ContractSAM260918P00180000
SidePut
Expiry18 Sep 2026
Strike180.00
Volume3
OI16
IV0.41
ContractSAM260918C00220000
SideCall
Expiry18 Sep 2026
Strike220.00
Volume2
OI25
IV0.41
ContractSAM261218P00145000
SidePut
Expiry18 Dec 2026
Strike145.00
Volume2
OI19
IV0.46
ContractSAM260918P00140000
SidePut
Expiry18 Sep 2026
Strike140.00
Volume2
OI6
IV0.53
ContractSAM260821C00190000
SideCall
Expiry21 Aug 2026
Strike190.00
Volume1
OI110
IV0.34
ContractSAM260821C00180000
SideCall
Expiry21 Aug 2026
Strike180.00
Volume1
OI34
IV0.31
ContractSAM260821C00175000
SideCall
Expiry21 Aug 2026
Strike175.00
Volume1
OI23
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
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.