Ticker Options Intelligence

HRTX options intelligence

Heron Therapeuti options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 46 Market data through 17 Sep 2026 Checked 18 Sep 2026 13:07 · complete available chain

Volatility expansion watch

Volatility pressure

HRTX currently carries volatility options pressure with a 46/100 conviction score. The nearest-chain expected move is 71.3%, 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 71.3%

Wider near-term move priced

Activity / OI 0.00

Current volume is quieter versus prior open interest

Put-call 0.08

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop -8.3%

RS -70.1

Expected move 71.3%
Put-call volume 0.08
Volume / OI 0.00
Reference IV 7.21
Max pain 0.50
Underlying 0.32
Nearest expiry 18 Sep 2026
Contracts 58

Research Brief

HRTX has a volatility chain read with 46/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 0.0905–0.5405; The largest call open-interest concentration is 1.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50.

Priced range0.0905–0.5405
Call concentration1.50
Put concentration0.50
Max pain reference0.50
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
What would weaken it
  • Volatility falls and the chain remains directionally mixed.
  • Options and the weekly trend are not yet giving the same message.
  • 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 18 Sep

Options imply 0.0905 to 0.5405. Max pain at 0.50 sits inside that range, 58.5% above spot.

Spot Max pain
0.090.32 ± 0.220.54
Confirmation level

A close beyond 0.5405 or below 0.0905 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 46/100

Evidence alignment, not probability

Pressure is 83/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure83 × 42%
+34.9

How strongly activity leans toward calls or puts.

Participation5 × 22%
+1.2

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

Trend agreement0 × 26%
+0.0

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

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score45.6Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 1.50; the largest put concentration is 0.50. The most active strike by current volume is 0.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
155
0.5058.5%
358
36
1.00217.0%
1914
10
1.50375.4%
10778
13
2.00533.9%
504
6
3.00850.9%
392
6
4.001167.8%
0
3
5.001484.8%
15
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Negative gamma proxy

Reported Greeks · 82% coverage

Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.

Net profile-$671Delta change / 1% move
Positive peak1.00+$161
Negative peak0.50-$934
Nearest balance0.93Interpolated sign change
StrikeNegativePositiveNet / 1% move
0.5058.5%
-$934
1.00217.0%
+$161
1.50375.4%
+$97
2.00533.9%
+$2
3.00850.9%
+$3
4.001167.8%
+$0
5.001484.8%
+$0
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

Front-loaded volatility

6.67× front/back

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

7.21 18 Sep 1d
4.80 16 Oct 29d
0.92 20 Nov 64d
1.94 18 Dec 92d
1.08 19 Mar 183d

Volatility by Strike

Smile incomplete

Nearest expiry, within 20% of spot

There is not enough comparable OTM call and put volatility to classify the smile.

Comparable strike volatility is unavailable.

Put IV Call IV

Historical Replay

How matured reads behaved through expiry

13 matured · 2 directional

Across 2 stored directional transitions, the next stored price moved in the labelled direction 0% of the time.

Directional follow-through0%
Moves contained by pricing77%
Average expiry move25.9%
19 Aug Volatility · 46 -5.5% through expiry 75.7% priced · v2.0
18 Aug Mixed · 34 -5.5% through expiry 179.7% priced · v2.0
17 Aug Volatility · 48 -5.5% through expiry 68.3% priced · v2.0
14 Aug Volatility · 56 -5.5% through expiry 83.2% priced · v2.0
12 Aug Volatility · 68 -35.2% through expiry 42.8% priced · v2.0
11 Aug Volatility · 49 -35.2% through expiry 86.7% priced · v2.0
7 Aug Volatility · 59 -35.2% through expiry 63.7% priced · v2.0
6 Aug Volatility · 51 -35.9% through expiry 64.9% priced · v2.0
5 Aug Bullish · 43 -35.9% through expiry 30.2% priced · v2.0
4 Aug Volatility · 50 -35.9% through expiry 92.7% priced · v2.0
3 Aug Volatility · 57 -35.9% through expiry 61.9% priced · v2.0
31 Jul Volatility · 49 -35.9% through expiry 25.2% 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

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
17 Sep 2026
Calculation
v2.0
Contracts
58 / 58
  • 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

Volatility expansion bet

92/100
Primary intent Volatility expansion bet

The strongest message is movement risk: expected move and implied volatility are carrying more signal than 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

Volatility expansion bet matters because it connects the options headline to the actual evidence: $1,784 of estimated gross traded notional, puts · 22-45 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+83
1W price-8.3%
Call premium36%
Put premium64%
Notional split C 36% / P 64% 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 0/100 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.
Conviction clusters Puts · 22-45 days · ITM
Puts · 22-45 days · ITM puts cluster with 3 contracts traded, $748 estimated gross traded notional, and 42% of visible notional.
$748
Calls · 91+ days · OTM calls cluster with 85 contracts traded, $635 estimated gross traded notional, and 36% of visible notional.
$635
Puts · 0-7 days · ITM puts cluster with 4 contracts traded, $398 estimated gross traded notional, and 22% of visible notional.
$398
Calls · 0-7 days · OTM calls cluster with 1 contracts traded, $4 estimated gross traded notional, and 0% of visible notional.
$4

Setup Classification

Opportunity and risk frame

Context, not advice
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.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Activity Anomaly

Normal range

53

Activity is broadly in line with recent stored snapshots.

Baseline: 26 completed sessions

Volume rank35th
Volume/OI rank35th
IV rank88th

Market Context

Underlying confirmation

Sharemaestro weekly
Close0.3155
1W-8.3%
RS-70.1
Fair value-81.1%
Options pressure83
Speculation5
Volatility96
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 71.3% elevated
30d avg 67.7% · 13 sessions 85th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -
IV 7.21 elevated
30d avg 5.06 · 13 sessions 85th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -
Put-call 0.08 muted
30d avg 1.35 · 13 sessions 8th
90d avg - · 25/30 sessions -
180d avg - · 25/60 sessions -
Volume/OI 0.00 near normal
30d avg 0.01 · 13 sessions 54th
90d avg - · 26/30 sessions -
180d avg - · 26/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:42 Bullish
Pressure 78
Move 17.6%
30 Jul 03:43 Volatility
Pressure 96
Move 34.4%
30 Jul 04:41 Volatility
Pressure 96
Move 33.6%
31 Jul 03:10 Bullish
Pressure 33
Move 15.4%
31 Jul 13:47 Bullish
Pressure 33
Move 15.4%
1 Aug 02:04 Volatility
Pressure 88
Move 27.4%
1 Aug 14:09 Volatility
Pressure 88
Move 25.2%
4 Aug 10:13 Volatility
Pressure 97
Move 61.9%

Strike Map

Where activity is clustering

Full strike map
Strike0.50
Calls · V 0 · OI 358
Puts · V 2 · OI 155
Strike1.00
Calls · V 1 · OI 1914
Puts · V 1 · OI 36
Strike1.50
Calls · V 0 · OI 10778
Puts · V 0 · OI 10
Strike2.00
Calls · V 0 · OI 504
Puts · V 0 · OI 13
Strike3.00
Calls · V 0 · OI 392
Puts · V 1 · OI 6
Strike4.00
Calls · V 0 · OI 0
Puts · V 0 · OI 6
Strike5.00
Calls · V 0 · OI 15
Puts · V 0 · OI 3

Term Structure

Expiration activity

Volume and IV
Expiry18 Sep 2026
Contracts14
Avg IV7.21
Put-call4.00
Expiry16 Oct 2026
Contracts10
Avg IV4.80
Put-call-
Expiry20 Nov 2026
Contracts10
Avg IV0.92
Put-call-
Expiry18 Dec 2026
Contracts12
Avg IV1.94
Put-call-
Expiry19 Mar 2027
Contracts12
Avg IV1.08
Put-call-

Skew

Call/put IV balance

OTM demand
18 Sep 2026Incomplete skew
Call IV7.70
Put IV-
Skew-
16 Oct 2026Incomplete skew
Call IV1.42
Put IV-
Skew-
20 Nov 2026Incomplete skew
Call IV0.95
Put IV-
Skew-
18 Dec 2026Incomplete skew
Call IV0.80
Put IV-
Skew-
19 Mar 2027Incomplete skew
Call IV1.03
Put IV-
Skew-

Contract Tape

Most active contracts

Full contract tape
ContractHRTX270319C00000500
SideCall
Expiry19 Mar 2027
Strike0.50
Volume84
OI531
IV1.41
ContractHRTX260918P00000500
SidePut
Expiry18 Sep 2026
Strike0.50
Volume2
OI155
IV0.01
ContractHRTX261016P00003000
SidePut
Expiry16 Oct 2026
Strike3.00
Volume2
OI3
IV8.88
ContractHRTX260918C00001000
SideCall
Expiry18 Sep 2026
Strike1.00
Volume1
OI1914
IV10.00
ContractHRTX270319C00001500
SideCall
Expiry19 Mar 2027
Strike1.50
Volume1
OI179
IV1.26
ContractHRTX260918P00001000
SidePut
Expiry18 Sep 2026
Strike1.00
Volume1
OI36
IV10.00
ContractHRTX260918P00003000
SidePut
Expiry18 Sep 2026
Strike3.00
Volume1
OI6
IV10.00
ContractHRTX261016P00002000
SidePut
Expiry16 Oct 2026
Strike2.00
Volume1
OI-
IV7.91

Evidence context