Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
LENZ options intelligence
LENZ Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 12 Aug 2026
Checked 13 Aug 2026 12:05 · complete available chain
Call-side pressure
Bullish pressure
LENZ currently carries bullish options pressure with a 34/100 conviction score. The nearest-chain expected move is 17.7%, with volume/open-interest participation at 0.06.
Expected move
17.7%
Wider near-term move priced
Activity / OI
0.06
Current volume is quieter versus prior open interest
Put-call
0.39
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+1.1%
RS -76.0
Expected move
17.7%
Put-call volume
0.39
Volume / OI
0.06
Reference IV
1.97
Max pain
5.00
Underlying
5.36
Nearest expiry
21 Aug 2026
Contracts
106
Research Brief
LENZ has a bullish chain read with 34/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 4.41–6.31; The largest call open-interest concentration is 7.50; the largest put concentration is 5.00. The most active strike by current volume is 5.00.
Priced range4.41–6.31
Call concentration7.50
Put concentration5.00
Max pain reference5.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- 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
Options imply 4.41 to 6.31. Max pain at 5.00 sits inside that range, 6.7% below spot.
Spot
Max pain
4.415.36 ± 0.956.31
Confirmation level
A close beyond 6.31 or below 4.41 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 34/100
Pressure is 49/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure49 × 42%
+20.5
How strongly activity leans toward calls or puts.
Participation17 × 22%
+3.8
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.
Positioning by Strike
Where open interest and current activity concentrate
The largest call open-interest concentration is 7.50; the largest put concentration is 5.00. The most active strike by current volume is 5.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
21
2.50-53.4%
22
305
5.00-6.7%
159
30
7.5039.9%
275
2
10.0086.6%
0
0
12.50133.2%
94
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
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-$18,392Delta change / 1% move
Positive peak20.00+$1,147
Negative peak5.00-$21,194
Nearest balance7.47Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50-53.4%
-$46
5.00-6.7%
-$21,194
7.5039.9%
+$262
10.0086.6%
+$1,075
12.50133.2%
+$73
15.00179.9%
-$215
17.50226.5%
+$40
20.00273.1%
+$1,147
22.50319.8%
+$7
25.00366.4%
+$11
30.00459.7%
+$144
35.00553.0%
+$18
40.00646.3%
+$73
45.00739.6%
+$5
50.00832.8%
+$82
55.00926.1%
+$2
60.001019.4%
+$25
65.001112.7%
+$96
70.001206.0%
+$1
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
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
1.97
21 Aug
9d
1.45
18 Sep
37d
1.33
16 Oct
65d
0.83
15 Jan
156d
2.45
19 Mar
219d
0.88
17 Dec
492d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
5
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
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
- Auditable calculationoriginal version retained
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 106 / 106
- 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.
Options pressure and weekly price action are pointing in the same constructive direction.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $106,985 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+49
1W price+1.1%
Call premium81%
Put premium19%
Notional split
C 81% / P 19%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.06
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.
Roll detection is conservative because opening and closing legs are not directly observable in this snapshot.
Calls · 91+ days · OTM
calls cluster with 172 contracts traded, $31,108 estimated gross traded notional, and 29% of visible notional.
$31,108
Calls · 46-90 days · ITM
calls cluster with 74 contracts traded, $23,310 estimated gross traded notional, and 22% of visible notional.
$23,310
Calls · 91+ days · ITM
calls cluster with 59 contracts traded, $21,522 estimated gross traded notional, and 20% of visible notional.
$21,522
Puts · 22-45 days · ITM
puts cluster with 30 contracts traded, $10,200 estimated gross traded notional, and 10% of visible notional.
$10,200
Calls · 8-21 days · ITM
calls cluster with 107 contracts traded, $7,990 estimated gross traded notional, and 7% of visible notional.
$7,990
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close5.36
1W+1.1%
RS-76.0
Fair value-74.0%
Options pressure49
Speculation17
Volatility96
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:39
Mixed
Pressure 11
Move 19.6%
30 Jul 06:52
Mixed
Pressure -5
Move 25.3%
31 Jul 05:09
Volatility
Pressure -73
Move 18.2%
2 Aug 11:29
Volatility
Pressure -90
Move 35.7%
4 Aug 10:26
Bullish
Pressure 53
Move 58.5%
5 Aug 11:01
Bullish
Pressure 52
Move 45.9%
6 Aug 11:05
Bullish
Pressure 36
Move 22.6%
10 Aug 10:46
Volatility
Pressure -58
Move 58.8%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 2 · OI 22
Puts · V 0 · OI 21
Strike5.00
Calls · V 105 · OI 159
Puts · V 122 · OI 305
Strike7.50
Calls · V 4 · OI 275
Puts · V 0 · OI 30
Strike10.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike12.50
Calls · V 0 · OI 94
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts10
Avg IV1.97
Put-call1.10
Expiry18 Sep 2026
Contracts8
Avg IV1.45
Put-call3.20
Expiry16 Oct 2026
Contracts20
Avg IV1.33
Put-call-
Expiry15 Jan 2027
Contracts38
Avg IV0.83
Put-call-
Expiry19 Mar 2027
Contracts16
Avg IV2.45
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV1.25
Put IV0.86
Skew-0.39
18 Sep 2026Put IV premium
Call IV0.62
Put IV2.38
Skew1.76
16 Oct 2026Call IV premium
Call IV1.08
Put IV0.04
Skew-1.03
15 Jan 2027Call IV premium
Call IV1.06
Put IV0.03
Skew-1.02
19 Mar 2027Call IV premium
Call IV0.49
Put IV0.03
Skew-0.46
Contract Tape
Most active contracts
ContractLENZ271217C00007500
SideCall
Expiry17 Dec 2027
Strike7.50
Volume167
OI258
IV1.06
ContractLENZ260821P00005000
SidePut
Expiry21 Aug 2026
Strike5.00
Volume122
OI305
IV0.86
ContractLENZ260821C00005000
SideCall
Expiry21 Aug 2026
Strike5.00
Volume105
OI159
IV0.01
ContractLENZ261016C00007500
SideCall
Expiry16 Oct 2026
Strike7.50
Volume80
OI474
IV1.08
ContractLENZ261016C00002500
SideCall
Expiry16 Oct 2026
Strike2.50
Volume74
OI37
IV2.68
ContractLENZ271217C00002500
SideCall
Expiry17 Dec 2027
Strike2.50
Volume56
OI44
IV1.43
ContractLENZ260918P00005000
SidePut
Expiry18 Sep 2026
Strike5.00
Volume50
OI-
IV2.38
ContractLENZ260918P00007500
SidePut
Expiry18 Sep 2026
Strike7.50
Volume30
OI30
IV2.55
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.