Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
BBAX options intelligence
JPMORGAN BETABUILDERS DEVELOPED ASIA PACIFIC EX-JAPAN ETF options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
24
Market data through 14 Sep 2026
Checked 15 Sep 2026 11:41 · complete available chain
Options-market disagreement
Mixed pressure
BBAX currently carries mixed options pressure with a 24/100 conviction score. The nearest-chain expected move is 0.8%, with volume/open-interest participation at -.
Expected move
0.8%
Near-term move context
Activity / OI
-
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
90
Options agree with trend context
Weekly backdrop
-2.9%
RS -1.5
Expected move
0.8%
Put-call volume
-
Volume / OI
-
Reference IV
0.08
Max pain
57.00
Underlying
63.80
Nearest expiry
18 Sep 2026
Contracts
112
Research Brief
BBAX has a mixed chain read with 24/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 63.26–64.34; The largest call open-interest concentration is 57.00; the largest put concentration is 57.00. The most active strike by current volume is 57.00.
Priced range63.26–64.34
Call concentration57.00
Put concentration57.00
Max pain reference57.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 63.26 to 64.34. Max pain at 57.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
63.2663.80 ± 0.5464.34
Confirmation level
A close beyond 64.34 or below 63.26 at the 18 Sep 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 24/100
Pressure is 0/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure0 × 42%
+0.0
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement90 × 26%
+23.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility9 × 10%
+0.9
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 57.00; the largest put concentration is 57.00. The most active strike by current volume is 57.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
57.00-10.7%
0
0
58.00-9.1%
0
0
59.00-7.5%
0
0
60.00-6.0%
0
0
61.00-4.4%
0
0
62.00-2.8%
0
0
63.00-1.3%
0
0
64.000.3%
0
0
65.001.9%
0
0
66.003.4%
0
0
67.005.0%
0
0
68.006.6%
0
0
69.008.2%
0
0
70.009.7%
0
0
71.0011.3%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Gamma profile unavailable
The retained chain has no contracts with both open interest and usable gamma or implied volatility.
Gamma exposure will appear when the retained chain has usable open interest plus reported gamma or implied volatility.
Volatility Curve
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.08
18 Sep
4d
0.06
16 Oct
32d
0.17
15 Jan
123d
0.19
16 Apr
214d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
7 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing0%
Average expiry move2.6%
17 Aug
Mixed · 24
2.0% through expiry
0.5% priced · v2.0
14 Aug
Mixed · 24
2.0% through expiry
0.9% priced · v2.0
5 Aug
Mixed · 25
2.5% through expiry
1.7% priced · v2.0
4 Aug
Mixed · 24
2.5% through expiry
1.1% priced · v2.0
3 Aug
Mixed · 25
2.5% through expiry
1.5% priced · v2.0
31 Jul
Mixed · 25
2.5% through expiry
2.0% priced · v2.0
30 Jul
Mixed · 25
4.4% through expiry
1.9% 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 14 Sep 2026
- Calculation
- v2.0
- Contracts
- 112 / 112
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, 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+0
1W price-2.9%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
-
Volume divided by open interest across the visible chain.
Trend fit
90/100
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.
No high-conviction option cluster is visible in this snapshot.
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 13 completed sessions
Volume rank100th
Volume/OI rank-
IV rank69th
Market Context
Underlying confirmation
Close63.80
1W-2.9%
RS-1.5
Fair value+24.8%
Options pressure0
Speculation0
Volatility9
Trend fit90
Today Versus Normal
Stored-options context
30d avg - · 5/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 5/10 sessions
-
90d avg - · 13/30 sessions
-
180d avg - · 13/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
30d avg - · 0/10 sessions
-
90d avg - · 0/30 sessions
-
180d avg - · 0/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:59
Mixed
Pressure 0
Move 2.3%
30 Jul 11:34
Mixed
Pressure 0
Move 2.9%
31 Jul 11:12
Mixed
Pressure 0
Move 1.9%
3 Aug 10:07
Mixed
Pressure 0
Move 2.0%
4 Aug 11:24
Mixed
Pressure 0
Move 1.5%
5 Aug 11:52
Mixed
Pressure 0
Move 1.1%
6 Aug 12:00
Mixed
Pressure 0
Move 1.7%
17 Aug 07:19
Mixed
Pressure 0
Move 0.9%
Strike Map
Where activity is clustering
Strike57.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike58.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike59.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike61.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike62.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike63.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike64.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry18 Sep 2026
Contracts30
Avg IV0.08
Put-call-
Expiry16 Oct 2026
Contracts30
Avg IV0.06
Put-call-
Expiry15 Jan 2027
Contracts30
Avg IV0.17
Put-call-
Expiry16 Apr 2027
Contracts22
Avg IV0.19
Put-call-
Skew
Call/put IV balance
18 Sep 2026Balanced skew
Call IV0.03
Put IV0.06
Skew0.03
16 Oct 2026Balanced skew
Call IV0.01
Put IV0.05
Skew0.04
15 Jan 2027Put IV premium
Call IV0.01
Put IV0.26
Skew0.24
16 Apr 2027Put IV premium
Call IV0.15
Put IV0.25
Skew0.10
Contract Tape
Most active contracts
ContractBBAX260918P00057000
SidePut
Expiry18 Sep 2026
Strike57.00
Volume-
OI-
IV0.46
ContractBBAX260918C00058000
SideCall
Expiry18 Sep 2026
Strike58.00
Volume-
OI-
IV0.01
ContractBBAX260918P00058000
SidePut
Expiry18 Sep 2026
Strike58.00
Volume-
OI-
IV0.40
ContractBBAX260918C00059000
SideCall
Expiry18 Sep 2026
Strike59.00
Volume-
OI-
IV0.01
ContractBBAX260918P00059000
SidePut
Expiry18 Sep 2026
Strike59.00
Volume-
OI-
IV0.34
ContractBBAX260918C00060000
SideCall
Expiry18 Sep 2026
Strike60.00
Volume-
OI-
IV0.01
ContractBBAX260918P00060000
SidePut
Expiry18 Sep 2026
Strike60.00
Volume-
OI-
IV0.27
ContractBBAX260918C00061000
SideCall
Expiry18 Sep 2026
Strike61.00
Volume-
OI-
IV0.01
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.