Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
JNJ options intelligence
Johnson & Johnson options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 13 Aug 2026
Checked 13 Aug 2026 20:50 · complete available chain
Options-market disagreement
Mixed pressure
JNJ currently carries mixed options pressure with a 37/100 conviction score. The nearest-chain expected move is 1.2%, with volume/open-interest participation at 0.05.
Expected move
1.2%
Near-term move context
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
1.13
Balanced tape
Trend fit
96
Options agree with trend context
Weekly backdrop
+1.1%
RS 6.5
Expected move
1.2%
Put-call volume
1.13
Volume / OI
0.05
Reference IV
0.25
Max pain
257.50
Underlying
259.24
Nearest expiry
14 Aug 2026
Contracts
946
Research Brief
JNJ has a mixed chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 256.16–262.32; The largest call open-interest concentration is 267.50; the largest put concentration is 250.00. The most active strike by current volume is 250.00.
Priced range256.16–262.32
Call concentration267.50
Put concentration250.00
Max pain reference257.50
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 256.16 to 262.32. Max pain at 257.50 sits inside that range, 0.7% below spot.
Spot
Max pain
256.16259.24 ± 3.08262.32
Confirmation level
A close beyond 262.32 or below 256.16 at the 14 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 37/100
Pressure is 2/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure2 × 42%
+1.0
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement96 × 26%
+24.9
How closely the chain read agrees with the underlying trend backdrop.
Volatility22 × 10%
+2.2
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 267.50; the largest put concentration is 250.00. The most active strike by current volume is 250.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
217
160.00-38.3%
0
489
210.00-19.0%
12
332
235.00-9.4%
2
548
240.00-7.4%
29
351
242.50-6.5%
24
240
245.00-5.5%
29
654
247.50-4.5%
5
1420
250.00-3.6%
81
814
252.50-2.6%
151
443
255.00-1.6%
137
318
257.50-0.7%
338
255
260.000.3%
1023
111
262.501.3%
500
63
265.002.2%
1081
71
267.503.2%
1379
103
270.004.2%
760
47
272.505.1%
801
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+$89.0MDelta change / 1% move
Positive peak270.00+$27.6M
Negative peak257.50-$6.9M
Nearest balance258.11Interpolated sign change
StrikeNegativePositiveNet / 1% move
235.00-9.4%
-$507,833
237.50-8.4%
-$59,582
240.00-7.4%
-$2.8M
242.50-6.5%
-$164,343
245.00-5.5%
-$3.4M
247.50-4.5%
-$823,973
250.00-3.6%
+$8.4M
252.50-2.6%
+$54,138
255.00-1.6%
-$1.5M
257.50-0.7%
-$6.9M
260.000.3%
+$21.5M
262.501.3%
+$3.0M
265.002.2%
+$15.5M
267.503.2%
-$74,439
270.004.2%
+$27.6M
272.505.1%
+$771,866
275.006.1%
+$1.1M
277.507.0%
+$265,003
280.008.0%
+$19.0M
282.509.0%
+$13,948
285.009.9%
+$359,210
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
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.25
14 Aug
1d
0.22
21 Aug
8d
0.25
28 Aug
15d
0.24
4 Sep
22d
0.23
11 Sep
29d
0.25
18 Sep
36d
0.26
25 Sep
43d
0.26
16 Oct
64d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
210
220
225
233
238
240
245
250
255
258
263
268
270
275
280
285
288
293
298
300
310
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 4 stored directional transitions, the next stored price moved in the labelled direction 100% of the time.
Directional follow-through100%
Moves contained by pricing71%
Average expiry move1.3%
7 Aug
Mixed · 37
1.1% through expiry
0.6% priced · v2.0
6 Aug
Bullish · 41
1.1% through expiry
1.0% priced · v2.0
5 Aug
Mixed · 38
1.1% through expiry
1.8% priced · v2.0
4 Aug
Bullish · 48
1.1% through expiry
2.4% priced · v2.0
3 Aug
Bullish · 41
1.1% through expiry
2.5% priced · v2.0
31 Jul
Bullish · 47
1.1% through expiry
2.5% priced · v2.0
30 Jul
Mixed · 40
-2.7% through expiry
2.8% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 13 Aug 2026
- Calculation
- v2.0
- Contracts
- 946 / 946
- 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.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $26.5M of estimated gross traded notional, calls · 91+ days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-2
1W price+1.1%
Call premium83%
Put premium17%
Notional split
C 83% / P 17%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.05
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · ITM
calls cluster with 1181 contracts traded, $9.9M estimated gross traded notional, and 37% of visible notional.
$9.9M
Calls · 0-7 days · ITM
calls cluster with 449 contracts traded, $4.7M estimated gross traded notional, and 18% of visible notional.
$4.7M
Calls · 8-21 days · ITM
calls cluster with 346 contracts traded, $2.9M estimated gross traded notional, and 11% of visible notional.
$2.9M
Puts · 91+ days · ITM
puts cluster with 423 contracts traded, $2.1M estimated gross traded notional, and 8% of visible notional.
$2.1M
Calls · 91+ days · OTM
calls cluster with 1447 contracts traded, $2.0M estimated gross traded notional, and 8% of visible notional.
$2.0M
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 12 completed sessions
Volume rank25th
Volume/OI rank25th
IV rank17th
Market Context
Underlying confirmation
Close259.24
1W+1.1%
RS6.5
Fair value+51.4%
Options pressure-2
Speculation41
Volatility22
Trend fit96
Today Versus Normal
Stored-options context
30d avg 2.0% · 12 sessions
17th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.28 · 12 sessions
17th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.76 · 12 sessions
83th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.07 · 12 sessions
25th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
6 Aug 05:47
Mixed
Pressure -2
Move 1.8%
6 Aug 14:40
Mixed
Pressure -6
Move 1.7%
6 Aug 16:10
Mixed
Pressure -2
Move 1.6%
6 Aug 17:40
Bullish
Pressure 40
Move 1.4%
6 Aug 18:13
Bullish
Pressure 36
Move 1.5%
6 Aug 19:50
Bullish
Pressure 32
Move 1.0%
7 Aug 14:30
Bearish
Pressure -19
Move 0.9%
7 Aug 15:50
Mixed
Pressure 5
Move 0.7%
Strike Map
Where activity is clustering
Strike130.00
Calls · V 46 · OI 25
Puts · V 0 · OI 3
Strike135.00
Calls · V 84 · OI 65
Puts · V 1 · OI 2
Strike140.00
Calls · V 50 · OI 84
Puts · V 1 · OI 3
Strike145.00
Calls · V 96 · OI 16
Puts · V 2 · OI 82
Strike150.00
Calls · V 86 · OI 51
Puts · V 1 · OI 84
Strike155.00
Calls · V 2 · OI 52
Puts · V 1 · OI 81
Strike160.00
Calls · V 0 · OI 0
Puts · V 137 · OI 217
Strike165.00
Calls · V 2 · OI 19
Puts · V 59 · OI 219
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts93
Avg IV0.25
Put-call1.20
Expiry21 Aug 2026
Contracts89
Avg IV0.22
Put-call0.98
Expiry28 Aug 2026
Contracts48
Avg IV0.25
Put-call1.38
Expiry4 Sep 2026
Contracts43
Avg IV0.24
Put-call1.28
Expiry11 Sep 2026
Contracts24
Avg IV0.23
Put-call2.61
Skew
Call/put IV balance
14 Aug 2026Balanced skew
Call IV0.27
Put IV0.29
Skew0.02
21 Aug 2026Balanced skew
Call IV0.22
Put IV0.23
Skew0.01
28 Aug 2026Balanced skew
Call IV0.22
Put IV0.26
Skew0.04
4 Sep 2026Balanced skew
Call IV0.22
Put IV0.25
Skew0.03
11 Sep 2026Balanced skew
Call IV0.22
Put IV0.24
Skew0.02
Contract Tape
Most active contracts
ContractJNJ260821P00155000
SidePut
Expiry21 Aug 2026
Strike155.00
Volume-
OI80
IV1.59
ContractJNJ260814P00175000
SidePut
Expiry14 Aug 2026
Strike175.00
Volume-
OI80
IV1.86
ContractJNJ260904C00325000
SideCall
Expiry4 Sep 2026
Strike325.00
Volume-
OI37
IV0.52
ContractJNJ260821C00330000
SideCall
Expiry21 Aug 2026
Strike330.00
Volume-
OI30
IV0.55
ContractJNJ281215P00300000
SidePut
Expiry15 Dec 2028
Strike300.00
Volume-
OI24
IV0.19
ContractJNJ260821C00315000
SideCall
Expiry21 Aug 2026
Strike315.00
Volume-
OI20
IV0.51
ContractJNJ261016C00145000
SideCall
Expiry16 Oct 2026
Strike145.00
Volume-
OI15
IV0.86
ContractJNJ270115C00360000
SideCall
Expiry15 Jan 2027
Strike360.00
Volume-
OI15
IV0.28
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.