Ticker Options Intelligence

IRWD options intelligence

Ironwood Pharmaceuticals Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 45 Market data through 31 Jul 2026 Checked 31 Jul 2026 18:06 · complete available chain

Volatility expansion watch

Volatility pressure

IRWD currently carries volatility options pressure with a 45/100 conviction score. The nearest-chain expected move is 20.2%, with volume/open-interest participation at 0.04.

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

Volatility expansion watch

Expected move 20.2%

Wider near-term move priced

Activity / OI 0.04

Current volume is quieter versus prior open interest

Put-call 0.19

Call-side skew

Trend fit 14

Options are not fully confirming trend

Weekly backdrop +14.0%

RS 23.0

Expected move 20.2%
Put-call volume 0.19
Volume / OI 0.04
Reference IV 1.37
Max pain 4.00
Underlying 3.71
Nearest expiry 21 Aug 2026
Contracts 27

Research Brief

IRWD has a volatility chain read with 45/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 2.96–4.46; The largest call open-interest concentration is 4.00; the largest put concentration is 3.00. The most active strike by current volume is 4.00.

Priced range2.96–4.46
Call concentration4.00
Put concentration3.00
Max pain reference4.00
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 21 Aug

Options imply 2.96 to 4.46. Max pain at 4.00 sits inside that range, 7.8% above spot.

Spot Max pain
2.963.71 ± 0.754.46
Confirmation level

A close beyond 4.46 or below 2.96 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 45/100

Evidence alignment, not probability

Pressure is 68/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure68 × 42%
+28.8

How strongly activity leans toward calls or puts.

Participation14 × 22%
+3.1

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

Trend agreement14 × 26%
+3.6

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 score45.1Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 4.00; the largest put concentration is 3.00. The most active strike by current volume is 4.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
3
1.00-73.0%
16
731
2.00-46.1%
256
3546
3.00-19.1%
229
519
4.007.8%
2540
32
5.0034.8%
1639
4
6.0061.7%
496
0
7.0088.7%
138
0
8.00115.6%
211
0
10.00169.5%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Volatility Curve

Front-loaded volatility

1.43× front/back

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

1.37 21 Aug 21d
1.58 18 Sep 49d
0.95 20 Nov 112d
0.95 19 Feb 203d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

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

3
4
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

A96/100
Retained chain100%
Implied volatility100%
Two-sided quotes96%
Open interest100%
Chain status
Complete available chain
Market date
31 Jul 2026
Calculation
v2.0
Contracts
27 / 27
  • 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

88/100
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: $46044 of estimated gross traded notional, calls · 91+ days · otm, 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+68
1W price+14.0%
Call premium88%
Put premium12%
Notional split C 88% / P 12% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.04 Volume divided by open interest across the visible chain.
Trend fit 14/100 Agreement between options pressure and Sharemaestro market context.
Event window 6 Aug Matched earnings event is 5 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 · OTM
Calls · 91+ days · OTM calls cluster with 238 contracts traded, $18885 estimated gross traded notional, and 41% of visible notional.
$18885
Calls · 91+ days · ITM calls cluster with 72 contracts traded, $14180 estimated gross traded notional, and 31% of visible notional.
$14180
Calls · 8-21 days · OTM calls cluster with 181 contracts traded, $6938 estimated gross traded notional, and 15% of visible notional.
$6938
Puts · 8-21 days · ITM puts cluster with 28 contracts traded, $3198 estimated gross traded notional, and 7% of visible notional.
$3198
Puts · 91+ days · ITM puts cluster with 11 contracts traded, $1702 estimated gross traded notional, and 4% of visible notional.
$1702

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

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
Close4.23
1W+14.0%
RS23.0
Fair value-15.6%
Options pressure68
Speculation14
Volatility96
Trend fit14

Today Versus Normal

Stored-options context

View history
Expected move 20.2% history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
IV 1.37 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Put-call 0.19 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.04 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 11:21 Bullish
Pressure 69
Move 16.8%
30 Jul 11:09 Mixed
Pressure -8
Move 23.6%
30 Jul 14:33 Mixed
Pressure -15
Move 21.6%
30 Jul 15:12 Mixed
Pressure -15
Move 17.5%
30 Jul 15:35 Mixed
Pressure -15
Move 18.9%
31 Jul 17:06 Volatility
Pressure 68
Move 20.2%

Strike Map

Where activity is clustering

Full strike map
Strike1.00
Calls · V 1 · OI 16
Puts · V 4 · OI 3
Strike2.00
Calls · V 1 · OI 256
Puts · V 25 · OI 731
Strike3.00
Calls · V 1 · OI 229
Puts · V 15 · OI 3546
Strike4.00
Calls · V 142 · OI 2540
Puts · V 15 · OI 519
Strike5.00
Calls · V 35 · OI 1639
Puts · V 10 · OI 32
Strike6.00
Calls · V 1 · OI 496
Puts · V 1 · OI 4
Strike7.00
Calls · V 1 · OI 138
Puts · V 0 · OI 0
Strike8.00
Calls · V 1 · OI 211
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts16
Avg IV1.37
Put-call0.39
Expiry18 Sep 2026
Contracts2
Avg IV1.58
Put-call-
Expiry20 Nov 2026
Contracts5
Avg IV0.95
Put-call0.67
Expiry19 Feb 2027
Contracts4
Avg IV0.95
Put-call0.06

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.90
Put IV1.23
Skew0.34
18 Sep 2026Incomplete skew
Call IV-
Put IV2.19
Skew-
20 Nov 2026Call IV premium
Call IV0.96
Put IV0.89
Skew-0.06
19 Feb 2027Put IV premium
Call IV0.87
Put IV1.19
Skew0.31

Contract Tape

Most active contracts

Full contract tape
ContractIRWD260918P00005000
SidePut
Expiry18 Sep 2026
Strike5.00
Volume-
OI110
IV0.97
ContractIRWD260918P00002500
SidePut
Expiry18 Sep 2026
Strike2.50
Volume-
OI100
IV2.19
ContractIRWD270219C00005000
SideCall
Expiry19 Feb 2027
Strike5.00
Volume234
OI427
IV0.87
ContractIRWD260821C00004000
SideCall
Expiry21 Aug 2026
Strike4.00
Volume142
OI2540
IV0.90
ContractIRWD270219C00002500
SideCall
Expiry19 Feb 2027
Strike2.50
Volume70
OI74
IV0.95
ContractIRWD260821C00005000
SideCall
Expiry21 Aug 2026
Strike5.00
Volume35
OI1639
IV1.00
ContractIRWD260821P00002000
SidePut
Expiry21 Aug 2026
Strike2.00
Volume25
OI731
IV3.18
ContractIRWD260821P00003000
SidePut
Expiry21 Aug 2026
Strike3.00
Volume15
OI3546
IV1.23