Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
ENLV options intelligence
Enlivex Therapeutics Ltd options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
34
Market data through 16 Sep 2026
Checked 16 Sep 2026 19:58 · partial chain
Options-market disagreement
Mixed pressure
ENLV currently carries mixed options pressure with a 34/100 conviction score. The nearest-chain expected move is 213.7%, with volume/open-interest participation at 1.78.
Expected move
213.7%
Wider near-term move priced
Activity / OI
1.78
Current volume is elevated versus prior open interest
Put-call
1.13
Balanced tape
Trend fit
42
Options are not fully confirming trend
Weekly backdrop
-12.8%
RS -92.8
Expected move
213.7%
Put-call volume
1.13
Volume / OI
1.78
Reference IV
1.67
Max pain
7.50
Underlying
0.96
Nearest expiry
20 Nov 2026
Contracts
8
Research Brief
ENLV has a mixed 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 0.00–3.01; The largest call open-interest concentration is 2.50; the largest put concentration is 2.50. The most active strike by current volume is 7.50.
Priced range0.00–3.01
Call concentration2.50
Put concentration2.50
Max pain reference7.50
- A clear directional pressure reading develops and price begins to agree.
- 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
Options imply 0.00 to 3.01. Max pain at 7.50 lies outside the priced range, so it is a weak near-term anchor. The theoretical downside extends below zero, so the displayed lower bound is floored at 0.00.
Spot
Max pain
0.000.96 ± 2.053.01
Confirmation level
A close beyond 3.01 or below 0.00 at the 20 Nov 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 6/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure6 × 42%
+2.6
How strongly activity leans toward calls or puts.
Participation49 × 22%
+10.8
Volume relative to existing open interest and contract-level activity.
Trend agreement42 × 26%
+10.9
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 2.50; the largest put concentration is 2.50. The most active strike by current volume is 7.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
12
2.50160.6%
0
0
5.00421.1%
0
6
7.50681.7%
0
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-$3Delta change / 1% move
Positive peak-No positive strike
Negative peak2.50-$3
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50160.6%
-$3
7.50681.7%
-$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.
1.67
20 Nov
65d
0.33
19 Feb
156d
Volatility by Strike
Smile incomplete
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
12 stored transitions are available, but none had a directional bullish or bearish label.
Directional follow-through-
Moves contained by pricing92%
Average expiry move28.7%
20 Aug
Volatility · 51
-7.0% through expiry
70.3% priced · v2.0
14 Aug
Volatility · 51
-7.0% through expiry
70.3% priced · v2.0
13 Aug
Volatility · 51
-29.3% through expiry
53.4% priced · v2.0
11 Aug
Volatility · 51
-29.3% through expiry
53.4% priced · v2.0
10 Aug
Volatility · 51
-29.3% through expiry
53.4% priced · v2.0
7 Aug
Volatility · 51
-29.3% through expiry
53.4% priced · v2.0
6 Aug
Volatility · 51
-29.7% through expiry
53.1% priced · v2.0
5 Aug
Volatility · 51
-29.7% through expiry
53.1% priced · v2.0
4 Aug
Volatility · 51
-29.7% through expiry
53.1% priced · v2.0
3 Aug
Volatility · 51
-29.7% through expiry
53.1% priced · v2.0
31 Jul
Volatility · 51
-29.7% through expiry
53.1% priced · v2.0
30 Jul
Volatility · 51
-65.0% through expiry
26.4% 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 16 Sep 2026
- Calculation
- v2.0
- Contracts
- 8 / 8
- 100% of provider contracts were retained for this snapshot.
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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
The options read is mixed, so divergence is not strong enough to classify.
Put-heavy activity matters because it connects the options headline to the actual evidence: $6,395 of estimated gross traded notional, puts · 46-90 days · itm, 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-6
1W price-12.8%
Call premium1%
Put premium99%
Notional split
C 1% / P 99%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
1.78
Volume divided by open interest across the visible chain.
Trend fit
42/100
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.
Puts · 46-90 days · ITM
puts cluster with 7 contracts traded, $4,220 estimated gross traded notional, and 66% of visible notional.
$4,220
Puts · 91+ days · ITM
puts cluster with 10 contracts traded, $2,100 estimated gross traded notional, and 33% of visible notional.
$2,100
Calls · 46-90 days · OTM
calls cluster with 14 contracts traded, $70 estimated gross traded notional, and 1% of visible notional.
$70
Calls · 91+ days · OTM
calls cluster with 1 contracts traded, $5 estimated gross traded notional, and 0% of visible notional.
$5
Setup Classification
Opportunity and risk frame
Participation is active enough to treat follow-through risk carefully.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Quiet tape
Activity is muted versus this ticker's stored history.
Baseline: 22 completed sessions
Volume rank36th
Volume/OI rank36th
IV rank0th
Market Context
Underlying confirmation
Close0.9595
1W-12.8%
RS-92.8
Fair value-95.2%
Options pressure-6
Speculation49
Volatility96
Trend fit42
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
Pressure Trail
Recent pressure and volatility
31 Jul 11:01
Volatility
Pressure 64
Move 26.4%
31 Jul 13:46
Volatility
Pressure 64
Move 26.4%
31 Jul 15:45
Volatility
Pressure 64
Move 26.4%
1 Aug 14:32
Volatility
Pressure 64
Move 53.1%
2 Aug 14:34
Volatility
Pressure 64
Move 53.1%
3 Aug 08:56
Volatility
Pressure 64
Move 53.1%
3 Aug 19:00
Volatility
Pressure 64
Move 53.1%
3 Aug 21:57
Volatility
Pressure 64
Move 53.1%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 5 · OI 0
Puts · V 1 · OI 12
Strike5.00
Calls · V 5 · OI 0
Puts · V 0 · OI 0
Strike7.50
Calls · V 4 · OI 0
Puts · V 6 · OI 6
Term Structure
Expiration activity
Expiry20 Nov 2026
Contracts5
Avg IV1.67
Put-call0.50
Expiry19 Feb 2027
Contracts3
Avg IV0.33
Put-call10.00
Skew
Call/put IV balance
20 Nov 2026Incomplete skew
Call IV0.50
Put IV-
Skew-
19 Feb 2027Incomplete skew
Call IV0.50
Put IV-
Skew-
Contract Tape
Most active contracts
ContractENLV270219C00007500
SideCall
Expiry19 Feb 2027
Strike7.50
Volume-
OI-
IV0.50
ContractENLV270219P00002500
SidePut
Expiry19 Feb 2027
Strike2.50
Volume10
OI-
IV0.00
ContractENLV261120P00007500
SidePut
Expiry20 Nov 2026
Strike7.50
Volume6
OI6
IV2.75
ContractENLV261120C00002500
SideCall
Expiry20 Nov 2026
Strike2.50
Volume5
OI-
IV0.50
ContractENLV261120C00005000
SideCall
Expiry20 Nov 2026
Strike5.00
Volume5
OI-
IV0.50
ContractENLV261120C00007500
SideCall
Expiry20 Nov 2026
Strike7.50
Volume4
OI-
IV0.50
ContractENLV261120P00002500
SidePut
Expiry20 Nov 2026
Strike2.50
Volume1
OI12
IV4.11
ContractENLV270219C00002500
SideCall
Expiry19 Feb 2027
Strike2.50
Volume1
OI-
IV0.50
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.