Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
EWTX options intelligence
Edgewise Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 2 Aug 2026 13:06 · complete available chain
Call-side pressure
Bullish pressure
EWTX currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 11.3%, with volume/open-interest participation at 0.00.
Expected move
11.3%
Wider near-term move priced
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.50
Call-side skew
Trend fit
63
Options agree with trend context
Weekly backdrop
-5.9%
RS 32.5
Expected move
11.3%
Put-call volume
0.50
Volume / OI
0.00
Reference IV
0.66
Max pain
30.00
Underlying
38.43
Nearest expiry
21 Aug 2026
Contracts
426
Research Brief
EWTX has a bullish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 34.08–42.78; The largest call open-interest concentration is 36.00; the largest put concentration is 30.00. The most active strike by current volume is 30.00.
Priced range34.08–42.78
Call concentration36.00
Put concentration30.00
Max pain reference30.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 34.08 to 42.78. Max pain at 30.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
34.0838.43 ± 4.3542.78
Confirmation level
A close beyond 42.78 or below 34.08 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 44/100
Pressure is 42/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure42 × 42%
+17.5
How strongly activity leans toward calls or puts.
Participation8 × 22%
+1.8
Volume relative to existing open interest and contract-level activity.
Trend agreement63 × 26%
+16.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility87 × 10%
+8.7
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 36.00; the largest put concentration is 30.00. 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
146
20.00-48.0%
27
12
25.00-34.9%
1140
7
29.00-24.5%
39
896
30.00-21.9%
54
1
31.00-19.3%
73
3
32.00-16.7%
32
11
33.00-14.1%
7
0
34.00-11.5%
303
50
35.00-8.9%
1346
29
36.00-6.3%
2160
161
37.00-3.7%
22
11
38.00-1.1%
10
19
40.004.1%
89
18
43.0011.9%
2
60
45.0017.1%
812
0
46.0019.7%
18
5
50.0030.1%
58
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.66
21 Aug
21d
0.62
18 Sep
49d
0.60
20 Nov
112d
0.61
18 Dec
140d
0.60
15 Jan
168d
0.57
19 Feb
203d
0.60
19 Mar
231d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
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
- 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 426 / 426
- 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
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $3930 of estimated gross traded notional, calls · 8-21 days · itm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+42
1W price-5.9%
Call premium83%
Put premium17%
Notional split
C 83% / P 17%
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
63/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 4 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Calls · 8-21 days · ITM
calls cluster with 3 contracts traded, $2715 estimated gross traded notional, and 69% of visible notional.
$2715
Puts · 91+ days · OTM
puts cluster with 3 contracts traded, $650 estimated gross traded notional, and 17% of visible notional.
$650
Calls · 8-21 days · OTM
calls cluster with 3 contracts traded, $565 estimated gross traded notional, and 14% of visible notional.
$565
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.
Call pressure is building while the stock sits above Sharemaestro fair value.
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
Close38.43
1W-5.9%
RS32.5
Fair value+84.3%
Options pressure42
Speculation8
Volatility87
Trend fit63
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:51
Mixed
Pressure -6
Move 14.0%
30 Jul 10:42
Mixed
Pressure 8
Move 16.2%
31 Jul 10:26
Volatility
Pressure 91
Move 13.7%
31 Jul 13:37
Bearish
Pressure -50
Move 17.1%
31 Jul 15:39
Volatility
Pressure -50
Move 12.9%
1 Aug 02:59
Volatility
Pressure 42
Move 13.6%
2 Aug 12:06
Bullish
Pressure 42
Move 11.3%
Strike Map
Where activity is clustering
Strike14.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike15.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike16.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike17.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike18.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike19.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike20.00
Calls · V 0 · OI 27
Puts · V 0 · OI 146
Strike21.00
Calls · V 0 · OI 0
Puts · V 0 · OI 9
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts80
Avg IV0.66
Put-call-
Expiry18 Sep 2026
Contracts42
Avg IV0.62
Put-call-
Expiry20 Nov 2026
Contracts68
Avg IV0.60
Put-call-
Expiry18 Dec 2026
Contracts70
Avg IV0.61
Put-call-
Expiry15 Jan 2027
Contracts70
Avg IV0.60
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.68
Put IV0.71
Skew0.03
18 Sep 2026Balanced skew
Call IV0.63
Put IV0.62
Skew-0.01
20 Nov 2026Put IV premium
Call IV0.63
Put IV0.73
Skew0.10
18 Dec 2026Balanced skew
Call IV0.65
Put IV0.64
Skew-0.01
15 Jan 2027Balanced skew
Call IV0.61
Put IV0.61
Skew-
Contract Tape
Most active contracts
ContractEWTX260821C00030000
SideCall
Expiry21 Aug 2026
Strike30.00
Volume3
OI54
IV0.96
ContractEWTX260821C00048000
SideCall
Expiry21 Aug 2026
Strike48.00
Volume1
OI6
IV1.49
ContractEWTX260821C00044000
SideCall
Expiry21 Aug 2026
Strike44.00
Volume1
OI4
IV1.00
ContractEWTX260821C00042000
SideCall
Expiry21 Aug 2026
Strike42.00
Volume1
OI2
IV0.73
ContractEWTX261218P00028000
SidePut
Expiry18 Dec 2026
Strike28.00
Volume1
OI2
IV0.81
ContractEWTX261218P00026000
SidePut
Expiry18 Dec 2026
Strike26.00
Volume1
OI1
IV0.73
ContractEWTX261218P00032000
SidePut
Expiry18 Dec 2026
Strike32.00
Volume1
OI-
IV0.64
ContractEWTX260821C00036000
SideCall
Expiry21 Aug 2026
Strike36.00
Volume-
OI2160
IV0.63
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
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.