Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
HCM options intelligence
HUTCHMED DRC options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
27
Market data through 11 Aug 2026
Checked 12 Aug 2026 14:21 · complete available chain
Options-market disagreement
Mixed pressure
HCM currently carries mixed options pressure with a 27/100 conviction score. The nearest-chain expected move is 20.4%, with volume/open-interest participation at 0.00.
Expected move
20.4%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
-
Balanced tape
Trend fit
68
Options agree with trend context
Weekly backdrop
+12.4%
RS -22.5
Expected move
20.4%
Put-call volume
-
Volume / OI
-
Reference IV
0.74
Max pain
12.50
Underlying
12.51
Nearest expiry
21 Aug 2026
Contracts
78
Research Brief
HCM has a mixed chain read with 27/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 9.96–15.06; The largest call open-interest concentration is 15.00; the largest put concentration is 12.50. The most active strike by current volume is 2.50.
Priced range9.96–15.06
Call concentration15.00
Put concentration12.50
Max pain reference12.50
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- 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
Options imply 9.96 to 15.06. Max pain at 12.50 sits inside that range, 0.1% below spot.
Spot
Max pain
9.9612.51 ± 2.5515.06
Confirmation level
A close beyond 15.06 or below 9.96 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 27/100
Pressure is 1/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure1 × 42%
+0.3
How strongly activity leans toward calls or puts.
Participation0 × 22%
+0.0
Volume relative to existing open interest and contract-level activity.
Trend agreement68 × 26%
+17.7
How closely the chain read agrees with the underlying trend backdrop.
Volatility92 × 10%
+9.2
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 15.00; the largest put concentration is 12.50. The most active strike by current volume is 2.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
2.50-80.0%
0
14
5.00-60.0%
0
0
7.50-40.0%
5
1
10.00-20.1%
1
18
12.50-0.1%
5
6
15.0019.9%
22
1
17.5039.9%
1
0
20.0059.9%
5
0
22.5079.9%
0
0
25.0099.8%
1
0
30.00139.8%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
Call-side gamma sensitivity outweighs the put-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile+$5,967Delta change / 1% move
Positive peak12.50+$5,679
Negative peak5.00-$7
Nearest balance5.68Interpolated sign change
StrikeNegativePositiveNet / 1% move
5.00-60.0%
-$7
7.50-40.0%
+$20
10.00-20.1%
+$54
12.50-0.1%
+$5,679
15.0019.9%
+$197
17.5039.9%
+$7
20.0059.9%
+$16
25.0099.8%
+$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.
0.74
21 Aug
10d
0.51
18 Sep
38d
0.50
20 Nov
101d
0.31
19 Feb
192d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
13
15
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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 78 / 78
- 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
Likely noise
Visible options activity is too thin or mixed to support a strong intent classification.
The options read is mixed, so divergence is not strong enough to classify.
Likely noise matters because it connects the options headline to the actual evidence: $0 of estimated gross traded notional, no dominant cluster, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-1
1W price+12.4%
Call premium0%
Put premium0%
Notional split
C 0% / P 0%
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
68/100
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.
No high-conviction option cluster is visible in this snapshot.
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Underlying price is close to the max-pain zone.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 10 completed sessions
Volume rank50th
Volume/OI rank50th
IV rank40th
Market Context
Underlying confirmation
Close12.51
1W+12.4%
RS-22.5
Fair value-20.5%
Options pressure-1
Speculation0
Volatility92
Trend fit68
Today Versus Normal
Stored-options context
30d avg 18.9% · 10 sessions
70th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg 0.97 · 10 sessions
40th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg 0.08 · 10 sessions
50th
90d avg - · 10/30 sessions
-
180d avg - · 10/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 11:01
Mixed
Pressure 2
Move 23.1%
30 Jul 10:50
Mixed
Pressure 2
Move 24.7%
31 Jul 01:36
Volatility
Pressure -98
Move 17.0%
31 Jul 18:15
Bullish
Pressure 28
Move 17.6%
1 Aug 06:39
Bullish
Pressure 33
Move 16.3%
3 Aug 06:54
Bullish
Pressure 33
Move 16.3%
3 Aug 14:44
Bullish
Pressure 26
Move 17.4%
3 Aug 18:16
Mixed
Pressure 8
Move 17.4%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike5.00
Calls · V 0 · OI 0
Puts · V 0 · OI 14
Strike7.50
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Strike10.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike12.50
Calls · V 0 · OI 5
Puts · V 0 · OI 18
Strike15.00
Calls · V 0 · OI 22
Puts · V 0 · OI 6
Strike17.50
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike20.00
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts22
Avg IV0.74
Put-call-
Expiry18 Sep 2026
Contracts18
Avg IV0.51
Put-call-
Expiry20 Nov 2026
Contracts22
Avg IV0.50
Put-call-
Expiry19 Feb 2027
Contracts16
Avg IV0.31
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.55
Put IV2.99
Skew2.44
18 Sep 2026Call IV premium
Call IV0.28
Put IV0.01
Skew-0.26
20 Nov 2026Put IV premium
Call IV0.16
Put IV0.83
Skew0.67
19 Feb 2027Call IV premium
Call IV0.63
Put IV0.01
Skew-0.61
Contract Tape
Most active contracts
ContractHCM261120P00012500
SidePut
Expiry20 Nov 2026
Strike12.50
Volume-
OI31
IV0.83
ContractHCM260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume-
OI22
IV0.55
ContractHCM260821P00012500
SidePut
Expiry21 Aug 2026
Strike12.50
Volume-
OI18
IV2.99
ContractHCM261120C00012500
SideCall
Expiry20 Nov 2026
Strike12.50
Volume-
OI15
IV1.03
ContractHCM260821P00005000
SidePut
Expiry21 Aug 2026
Strike5.00
Volume-
OI14
IV2.37
ContractHCM270219C00010000
SideCall
Expiry19 Feb 2027
Strike10.00
Volume-
OI6
IV0.58
ContractHCM260821P00015000
SidePut
Expiry21 Aug 2026
Strike15.00
Volume-
OI6
IV0.01
ContractHCM261120P00010000
SidePut
Expiry20 Nov 2026
Strike10.00
Volume-
OI6
IV0.22
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.