Ticker Options Intelligence

TNGX options intelligence

Tango Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 51 Market data through 31 Jul 2026 Checked 1 Aug 2026 13:18 · complete available chain

Volatility expansion watch

Volatility pressure

TNGX currently carries volatility options pressure with a 51/100 conviction score. The nearest-chain expected move is 15.6%, with volume/open-interest participation at 0.00.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Volatility

Volatility expansion watch

Expected move 15.6%

Wider near-term move priced

Activity / OI 0.00

Current volume is quieter versus prior open interest

Put-call 0.36

Call-side skew

Trend fit 67

Options agree with trend context

Weekly backdrop +2.1%

RS 66.0

Expected move 15.6%
Put-call volume 0.36
Volume / OI 0.00
Reference IV 0.77
Max pain 27.00
Underlying 27.18
Nearest expiry 21 Aug 2026
Contracts 546

Research Brief

TNGX has a volatility chain read with 51/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 22.93–31.43; The largest call open-interest concentration is 37.00; the largest put concentration is 23.00. The most active strike by current volume is 30.00.

Priced range22.93–31.43
Call concentration37.00
Put concentration23.00
Max pain reference27.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
  • The current chain read already agrees with the stored weekly trend context.
What would weaken it
  • Volatility falls and the chain remains directionally mixed.
  • Front-expiry volatility is rich, so the signal may be event-driven and vulnerable to volatility compression.

Priced Move

Where the chain says movement becomes exceptional

Size, not direction · through 21 Aug

Options imply 22.93 to 31.43. Max pain at 27.00 sits inside that range, 0.7% below spot.

Spot Max pain
22.9327.18 ± 4.2531.43
Confirmation level

A close beyond 31.43 or below 22.93 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 51/100

Evidence alignment, not probability

Pressure is 53/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure53 × 42%
+22.1

How strongly activity leans toward calls or puts.

Participation8 × 22%
+1.8

Volume relative to existing open interest and contract-level activity.

Trend agreement67 × 26%
+17.5

How closely the chain read agrees with the underlying trend backdrop.

Volatility94 × 10%
+9.4

The intensity of implied volatility and the priced move.

Reconstructed score50.9Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 37.00; the largest put concentration is 23.00. The most active strike by current volume is 30.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
20
9.00-66.9%
0
3
13.00-52.2%
19
199
20.00-26.4%
34
1
21.00-22.7%
28
4
22.00-19.1%
34
1087
23.00-15.4%
1
168
25.00-8.0%
8
61
26.00-4.3%
0
121
27.00-0.7%
7
8
28.003.0%
94
18
29.006.7%
20
8
30.0010.4%
417
8
31.0014.1%
706
0
32.0017.7%
39
5
33.0021.4%
1040
0
35.0028.8%
682
0
37.0036.1%
1055
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.12× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

0.77 21 Aug 21d
0.82 18 Sep 49d
0.83 20 Nov 112d
0.83 18 Dec 140d
0.84 15 Jan 168d
0.79 19 Feb 203d
0.77 19 Mar 231d
0.76 17 Jun 321d

Volatility by Strike

Upside optionality premium

Nearest expiry, within 20% of spot

Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.

22
23
24
25
26
27
28
29
30
31
32
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 directional observations

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
  • Versioned calculationv2 observations only
  • Independent entryone read per market session
  • Point-in-time referencerequired at entry
  • Matched expiry closereported only after maturity

Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. It is an evidence audit, not an executable strategy or evidence of future performance.

Evidence Quality

High

A100/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
546 / 546
  • 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

Earnings/event positioning

90/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $6732 of estimated gross traded notional, calls · 91+ days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.

Options pressure+53
1W price+2.1%
Call premium91%
Put premium9%
Notional split C 91% / P 9% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.00 Volume divided by open interest across the visible chain.
Trend fit 67/100 Agreement between options pressure and Sharemaestro market context.
Event window 4 Aug Matched earnings event is 1 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 2 contracts traded, $2820 estimated gross traded notional, and 42% of visible notional.
$2820
Calls · 8-21 days · OTM calls cluster with 16 contracts traded, $1674 estimated gross traded notional, and 25% of visible notional.
$1674
Calls · 91+ days · OTM calls cluster with 7 contracts traded, $1660 estimated gross traded notional, and 25% of visible notional.
$1660
Puts · 91+ days · OTM puts cluster with 4 contracts traded, $390 estimated gross traded notional, and 6% of visible notional.
$390
Puts · 46-90 days · OTM puts cluster with 3 contracts traded, $142 estimated gross traded notional, and 2% of visible notional.
$142

Setup Classification

Opportunity and risk frame

Context, not advice
Positive Options-confirmed trend

Positioning agrees with the Sharemaestro trend backdrop.

Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Warning Crowded strike risk

Underlying price is close to the max-pain zone.

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

Sharemaestro weekly
Close27.18
1W+2.1%
RS66.0
Fair value+182.1%
Options pressure53
Speculation8
Volatility94
Trend fit67

Today Versus Normal

Stored-options context

View history
Expected move 15.6% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 0.77 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.36 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.00 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 10:55 Volatility
Pressure -68
Move 20.5%
30 Jul 10:45 Volatility
Pressure 76
Move 21.3%
31 Jul 10:31 Volatility
Pressure 72
Move 19.3%
1 Aug 12:18 Volatility
Pressure 53
Move 15.6%

Strike Map

Where activity is clustering

Full strike map
Strike1.00
Calls · V 0 · OI 8
Puts · V 0 · OI 0
Strike2.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0
Strike3.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike6.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike7.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts90
Avg IV0.77
Put-call0.13
Expiry18 Sep 2026
Contracts40
Avg IV0.82
Put-call-
Expiry20 Nov 2026
Contracts90
Avg IV0.83
Put-call1.50
Expiry18 Dec 2026
Contracts90
Avg IV0.83
Put-call-
Expiry15 Jan 2027
Contracts90
Avg IV0.84
Put-call0.33

Skew

Call/put IV balance

OTM demand
21 Aug 2026Balanced skew
Call IV0.77
Put IV0.78
Skew0.01
18 Sep 2026Call IV premium
Call IV1.12
Put IV1.06
Skew-0.06
20 Nov 2026Call IV premium
Call IV1.10
Put IV1.04
Skew-0.06
18 Dec 2026Put IV premium
Call IV0.77
Put IV0.83
Skew0.07
15 Jan 2027Put IV premium
Call IV0.73
Put IV0.98
Skew0.25

Contract Tape

Most active contracts

Full contract tape
ContractTNGX260821C00033000
SideCall
Expiry21 Aug 2026
Strike33.00
Volume5
OI1040
IV0.91
ContractTNGX260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume5
OI417
IV0.20
ContractTNGX260821C00037000
SideCall
Expiry21 Aug 2026
Strike37.00
Volume3
OI1055
IV0.52
ContractTNGX260918P00020000
SidePut
Expiry18 Sep 2026
Strike20.00
Volume3
OI6
IV0.79
ContractTNGX260821C00031000
SideCall
Expiry21 Aug 2026
Strike31.00
Volume2
OI706
IV0.77
ContractTNGX260821P00020000
SidePut
Expiry21 Aug 2026
Strike20.00
Volume2
OI199
IV0.96
ContractTNGX261218C00045000
SideCall
Expiry18 Dec 2026
Strike45.00
Volume2
OI33
IV0.77
ContractTNGX270115C00035000
SideCall
Expiry15 Jan 2027
Strike35.00
Volume2
OI19
IV0.81