{"latest_run": "2026-08-12T20:50:00.030871+00:00", "coverage_count": 6123, "result_count": 1, "page": 1, "pages": 1, "filters": {"q": "", "ticker": "NVS", "sector": "", "industry": "", "direction": "", "min_score": 0, "page": 1}, "summary": {"total": 1, "avg_conviction": 44.93, "avg_conviction_label": "44.9", "bullish": 0, "bearish": 1, "volatility": 0, "mixed": 0, "leader": "NVS", "leader_score": "45", "leader_direction": "bearish", "leader_direction_label": "Bearish", "leader_tone": "negative", "leader_read": "The strongest current read leans put-side, which is usually a caution flag or downside-risk signal."}, "charts": {"sectors": [{"ticker__sector": "Healthcare", "count": 1, "avg_score": "44.93", "sector_label": "Healthcare", "industry_label": "", "sector_url": "/structure/us/healthcare/", "industry_url": "", "bar_width": 100.0}], "directions": [{"direction": "bearish", "count": 1, "bar_width": 100.0}], "score_bands": [{"slug": "80-plus", "label": "80+", "min": "80", "max": null, "title": "80+ conviction options signals", "summary": "The strongest current options reads, where pressure, participation, volatility context, and trend fit are most aligned.", "count": 0, "url": "/options/conviction/80-plus/", "bar_width": 0.0}, {"slug": "60-79", "label": "60-79", "min": "60", "max": "80", "title": "60-79 conviction options signals", "summary": "Strong options setups with meaningful evidence, usually worth deeper confirmation in the ticker detail and weekly chart.", "count": 0, "url": "/options/conviction/60-79/", "bar_width": 0.0}, {"slug": "40-59", "label": "40-59", "min": "40", "max": "60", "title": "40-59 conviction options signals", "summary": "Developing options reads where the tape is active, but one or more confirmation layers still need context.", "count": 1, "url": "/options/conviction/40-59/", "bar_width": 100.0}, {"slug": "under-40", "label": "<40", "min": null, "max": "40", "title": "Under 40 conviction options signals", "summary": "Early, mixed, or lower-conviction options reads that can still be useful as watchlist context.", "count": 0, "url": "/options/conviction/under-40/", "bar_width": 0.0}]}, "signals": [{"symbol": "NVS", "name": "Novartis AG ADR", "exchange": "NYSE", "country": "US", "currency": "USD", "sector": "Healthcare", "industry": "Drug Manufacturers - General", "sector_url": "https://sharemaestro.com/structure/us/healthcare/", "industry_url": "https://sharemaestro.com/structure/us/healthcare/drug-manufacturers-general/", "direction": "bearish", "direction_label": "Bearish", "tone": "negative", "conviction_score": 44.93, "options_pressure_score": -21.3, "trend_confirmation_score": 88.62, "speculation_score": 41.82, "volatility_score": 37.4, "edge_label": "Put-side pressure", "insight": "NVS shows bearish options pressure with a 45/100 conviction score, put-call volume ratio of 1.21, expected move of 3.6%, and Sharemaestro trend signal active.", "fetched_at": "2026-08-12T20:57:48.040164+00:00", "snapshot": {"fetched_at": "2026-08-12T20:57:48.040164+00:00", "underlying_price": 156.33, "total_contracts": 379, "call_contracts": 192, "put_contracts": 187, "call_volume": 3539, "put_volume": 4265, "call_open_interest": 32800, "put_open_interest": 66612, "put_call_volume_ratio": 1.2051427, "put_call_open_interest_ratio": 2.03085366, "volume_open_interest_ratio": 0.07850159, "avg_implied_volatility": 0.32962707, "max_pain_strike": 155.0, "expected_move_percent": 3.58216593, "nearest_expiration": "2026-08-21"}, "market": {"latest_close": 156.33, "one_week_change": 0.11527377521613832, "one_week_change_label": "+0.1%", "relative_strength": -0.934638, "fair_value_gap_label": "+38.3%", "trend_signal": "1"}, "premium_flags": [{"label": "Persistent pressure", "value": "5x", "detail": "Bearish pressure has repeated across recent market sessions."}, {"label": "Pin watch", "value": "+0.9%", "detail": "Underlying price is close to max pain, useful for expiry-week context."}, {"label": "Trend agreement", "value": "89", "detail": "Options positioning and Sharemaestro trend context are aligned."}], "intent": {"slug": "put-heavy-activity", "label": "Put-heavy activity", "tone": "negative", "confidence": 67.5, "confidence_label": "67/100", "summary": "Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.", "evidence": [{"label": "Notional split", "value": "C 34% / P 66%", "detail": "Estimated gross traded notional uses volume \u00d7 contract multiplier \u00d7 midpoint, or last price when no valid midpoint is available."}, {"label": "Freshness", "value": "0.08", "detail": "Volume divided by open interest across the visible chain."}, {"label": "Trend fit", "value": "89/100", "detail": "Agreement between options pressure and Sharemaestro market context."}], "watchouts": ["Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction."]}, "flow_divergence": {"label": "Bearish flow before price confirmation", "tone": "negative", "score": 17.5, "score_label": "17/100", "summary": "Put-side pressure is present before a decisive weekly price breakdown.", "metrics": [{"label": "Options pressure", "value": "-21"}, {"label": "1W price", "value": "+0.1%"}, {"label": "Call premium", "value": "34%"}, {"label": "Put premium", "value": "66%"}]}, "conviction_clusters": [{"label": "Puts \u00b7 91+ days \u00b7 ITM", "tone": "negative", "volume": 636, "open_interest": 4563, "premium": 1401965.0, "premium_label": "$1.4M", "premium_share": 25.95044248737684, "weighted_strike": 169.23742138364778, "avg_iv": 0.1836143462962963, "max_voi": 3.0, "why": "puts cluster with 636 contracts traded, $1.4M estimated gross traded notional, and 26% of visible notional."}, {"label": "Puts \u00b7 91+ days \u00b7 ATM", "tone": "negative", "volume": 682, "open_interest": 8281, "premium": 987635.0, "premium_label": "$987,635", "premium_share": 18.28117340020644, "weighted_strike": 156.20967741935485, "avg_iv": 0.24079128363636362, "max_voi": 1.47849462, "why": "puts cluster with 682 contracts traded, $987,635 estimated gross traded notional, and 18% of visible notional."}, {"label": "Puts \u00b7 91+ days \u00b7 OTM", "tone": "negative", "volume": 2170, "open_interest": 29577, "premium": 857195.5, "premium_label": "$857,196", "premium_share": 15.866731710982966, "weighted_strike": 129.35023041474653, "avg_iv": 0.32363428405063294, "max_voi": 1.0, "why": "puts cluster with 2170 contracts traded, $857,196 estimated gross traded notional, and 16% of visible notional."}, {"label": "Calls \u00b7 91+ days \u00b7 ITM", "tone": "positive", "volume": 272, "open_interest": 6177, "premium": 824029.0, "premium_label": "$824,029", "premium_share": 15.252818132000906, "weighted_strike": 130.90073529411765, "avg_iv": 0.384619813877551, "max_voi": 1.5, "why": "calls cluster with 272 contracts traded, $824,029 estimated gross traded notional, and 15% of visible notional."}, {"label": "Calls \u00b7 91+ days \u00b7 OTM", "tone": "positive", "volume": 1422, "open_interest": 6100, "premium": 666050.0, "premium_label": "$666,050", "premium_share": 12.32861891610514, "weighted_strike": 177.60900140646976, "avg_iv": 0.26741700588235295, "max_voi": 44.0, "why": "calls cluster with 1422 contracts traded, $666,050 estimated gross traded notional, and 12% of visible notional."}], "why_this_matters": "Put-heavy activity matters because it connects the options headline to the actual evidence: $5.4M of estimated gross traded notional, puts \u00b7 91+ days \u00b7 itm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.", "detail_url": "https://sharemaestro.com/options/ticker/36013515-43ff-4942-b78f-aa0d34002340/", "research_links": {"chart": "/terminal/36013515-43ff-4942-b78f-aa0d34002340/", "report": "/terminal/36013515-43ff-4942-b78f-aa0d34002340/report/", "factor": "/factors/ticker/36013515-43ff-4942-b78f-aa0d34002340/"}}], "disclaimer": "Educational market research only. Not financial, investment, trading, tax, or legal advice."}