Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
JPM options intelligence
JPMorgan Chase & Co options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 13 Aug 2026
Checked 13 Aug 2026 20:30 · complete available chain
Options-market disagreement
Mixed pressure
JPM currently carries mixed options pressure with a 37/100 conviction score. The nearest-chain expected move is 1.8%, with volume/open-interest participation at 0.07.
Expected move
1.8%
Near-term move context
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.79
Balanced tape
Trend fit
82
Options agree with trend context
Weekly backdrop
+1.6%
RS 3.0
Expected move
1.8%
Put-call volume
0.79
Volume / OI
0.07
Reference IV
0.21
Max pain
357.50
Underlying
357.52
Nearest expiry
14 Aug 2026
Contracts
1463
Research Brief
JPM 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 351.08–363.96; The largest call open-interest concentration is 360.00; the largest put concentration is 335.00. The most active strike by current volume is 365.00.
Priced range351.08–363.96
Call concentration360.00
Put concentration335.00
Max pain reference357.50
- 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 351.08 to 363.96. Max pain at 357.50 sits inside that range, 0.0% below spot.
Spot
Max pain
351.08357.52 ± 6.44363.96
Confirmation level
A close beyond 363.96 or below 351.08 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 10/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure10 × 42%
+4.2
How strongly activity leans toward calls or puts.
Participation42 × 22%
+9.2
Volume relative to existing open interest and contract-level activity.
Trend agreement82 × 26%
+21.3
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 360.00; the largest put concentration is 335.00. The most active strike by current volume is 365.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1422
320.00-10.5%
5
2098
335.00-6.3%
65
1540
340.00-4.9%
77
1206
342.50-4.2%
45
1181
345.00-3.5%
501
1222
350.00-2.1%
530
1023
352.50-1.4%
46
1196
355.00-0.7%
315
552
357.500.0%
1033
1287
360.000.7%
2587
541
362.501.4%
1669
911
365.002.1%
2025
0
367.502.8%
680
19
370.003.5%
2557
39
372.504.2%
2136
0
375.004.9%
1539
0
385.007.7%
1194
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+$158.1MDelta change / 1% move
Positive peak360.00+$41.4M
Negative peak330.00-$7.7M
Nearest balance356.39Interpolated sign change
StrikeNegativePositiveNet / 1% move
332.50-7.0%
-$126,754
335.00-6.3%
-$839,676
337.50-5.6%
-$279,174
340.00-4.9%
+$4.1M
342.50-4.2%
-$2.3M
345.00-3.5%
+$9.5M
347.50-2.8%
-$748,028
350.00-2.1%
+$20.8M
352.50-1.4%
-$6.2M
355.00-0.7%
-$386,220
357.500.0%
+$308,342
360.000.7%
+$41.4M
362.501.4%
+$7.4M
365.002.1%
+$25.9M
367.502.8%
+$2.2M
370.003.5%
+$22.2M
372.504.2%
+$485,086
375.004.9%
+$22.7M
377.505.6%
+$33
380.006.3%
+$17.0M
382.507.0%
+$1,075
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.
0.21
14 Aug
1d
0.20
21 Aug
8d
0.22
28 Aug
15d
0.21
4 Sep
22d
0.21
11 Sep
29d
0.21
18 Sep
36d
0.23
25 Sep
43d
0.24
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.
290
300
310
318
323
328
333
338
343
348
353
355
360
365
370
375
380
385
390
400
410
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 2 stored directional transitions, the next stored price moved in the labelled direction 50% of the time.
Directional follow-through50%
Moves contained by pricing83%
Average expiry move1.4%
6 Aug
Mixed · 41
1.6% through expiry
1.4% priced · v2.0
5 Aug
Mixed · 42
1.6% through expiry
2.6% priced · v2.0
4 Aug
Bullish · 40
1.6% through expiry
2.5% priced · v2.0
3 Aug
Mixed · 40
1.6% through expiry
2.0% priced · v2.0
31 Jul
Mixed · 38
1.6% through expiry
2.3% priced · v2.0
30 Jul
Bullish · 42
-0.4% through expiry
1.1% 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
- 1463 / 1463
- 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: $82.0M 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+10
1W price+1.6%
Call premium84%
Put premium16%
Notional split
C 84% / P 16%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
82/100
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 2002 contracts traded, $29.9M estimated gross traded notional, and 36% of visible notional.
$29.9M
Calls · 8-21 days · ITM
calls cluster with 1543 contracts traded, $17.7M estimated gross traded notional, and 22% of visible notional.
$17.7M
Puts · 91+ days · ITM
puts cluster with 1068 contracts traded, $6.4M estimated gross traded notional, and 8% of visible notional.
$6.4M
Calls · 91+ days · OTM
calls cluster with 3486 contracts traded, $5.6M estimated gross traded notional, and 7% of visible notional.
$5.6M
Calls · 22-45 days · ITM
calls cluster with 403 contracts traded, $4.2M estimated gross traded notional, and 5% of visible notional.
$4.2M
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 12 completed sessions
Volume rank67th
Volume/OI rank67th
IV rank33th
Market Context
Underlying confirmation
Close357.52
1W+1.6%
RS3.0
Fair value+49.0%
Options pressure10
Speculation42
Volatility22
Trend fit82
Today Versus Normal
Stored-options context
30d avg 2.1% · 12 sessions
25th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.24 · 12 sessions
33th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.94 · 12 sessions
33th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
30d avg 0.07 · 12 sessions
67th
90d avg - · 12/30 sessions
-
180d avg - · 12/60 sessions
-
Pressure Trail
Recent pressure and volatility
5 Aug 19:20
Mixed
Pressure -10
Move 2.6%
6 Aug 13:50
Bearish
Pressure -19
Move 2.5%
6 Aug 15:20
Bearish
Pressure -19
Move 2.5%
6 Aug 16:40
Mixed
Pressure -14
Move 1.5%
6 Aug 18:20
Mixed
Pressure -11
Move 1.4%
7 Aug 13:40
Mixed
Pressure -3
Move 1.3%
7 Aug 15:00
Mixed
Pressure -6
Move 1.1%
7 Aug 16:30
Mixed
Pressure 4
Move 1.2%
Strike Map
Where activity is clustering
Strike170.00
Calls · V 0 · OI 0
Puts · V 6 · OI 18
Strike175.00
Calls · V 0 · OI 0
Puts · V 1 · OI 42
Strike180.00
Calls · V 0 · OI 0
Puts · V 7 · OI 39
Strike185.00
Calls · V 0 · OI 0
Puts · V 1 · OI 18
Strike190.00
Calls · V 0 · OI 0
Puts · V 12 · OI 7
Strike195.00
Calls · V 0 · OI 0
Puts · V 1 · OI 9
Strike200.00
Calls · V 0 · OI 0
Puts · V 2 · OI 11
Strike205.00
Calls · V 0 · OI 0
Puts · V 4 · OI 4
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts91
Avg IV0.21
Put-call0.50
Expiry21 Aug 2026
Contracts140
Avg IV0.20
Put-call0.81
Expiry28 Aug 2026
Contracts70
Avg IV0.22
Put-call0.59
Expiry4 Sep 2026
Contracts48
Avg IV0.21
Put-call1.38
Expiry11 Sep 2026
Contracts34
Avg IV0.21
Put-call1.49
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.19
Put IV0.36
Skew0.18
21 Aug 2026Put IV premium
Call IV0.18
Put IV0.24
Skew0.06
28 Aug 2026Balanced skew
Call IV0.20
Put IV0.22
Skew0.02
4 Sep 2026Balanced skew
Call IV0.20
Put IV0.22
Skew0.02
11 Sep 2026Balanced skew
Call IV0.20
Put IV0.22
Skew0.01
Contract Tape
Most active contracts
ContractJPM260828P00270000
SidePut
Expiry28 Aug 2026
Strike270.00
Volume-
OI70
IV0.73
ContractJPM260828C00290000
SideCall
Expiry28 Aug 2026
Strike290.00
Volume-
OI25
IV0.59
ContractJPM260918C00475000
SideCall
Expiry18 Sep 2026
Strike475.00
Volume-
OI11
IV0.56
ContractJPM270319C00485000
SideCall
Expiry19 Mar 2027
Strike485.00
Volume-
OI10
IV0.24
ContractJPM270319C00150000
SideCall
Expiry19 Mar 2027
Strike150.00
Volume-
OI10
IV0.57
ContractJPM261016C00240000
SideCall
Expiry16 Oct 2026
Strike240.00
Volume-
OI10
IV0.00
ContractJPM270319C00510000
SideCall
Expiry19 Mar 2027
Strike510.00
Volume-
OI8
IV0.25
ContractJPM270319C00475000
SideCall
Expiry19 Mar 2027
Strike475.00
Volume-
OI5
IV0.25
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.