Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
IONS options intelligence
Ionis Pharmaceuticals Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
49
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:06 · complete available chain
Call-side pressure
Bullish pressure
IONS currently carries bullish options pressure with a 49/100 conviction score. The nearest-chain expected move is 5.9%, with volume/open-interest participation at 0.01.
Expected move
5.9%
Near-term move context
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.05
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+9.3%
RS -30.9
Expected move
5.9%
Put-call volume
0.05
Volume / OI
0.01
Reference IV
0.50
Max pain
60.00
Underlying
56.56
Nearest expiry
21 Aug 2026
Contracts
402
Research Brief
IONS has a bullish chain read with 49/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 53.21–59.91; The largest call open-interest concentration is 77.50; the largest put concentration is 55.00. The most active strike by current volume is 60.00.
Priced range53.21–59.91
Call concentration77.50
Put concentration55.00
Max pain reference60.00
- 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 53.21 to 59.91. Max pain at 60.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
53.2156.56 ± 3.3559.91
Confirmation level
A close beyond 59.91 or below 53.21 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 49/100
Pressure is 97/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure97 × 42%
+40.6
How strongly activity leans toward calls or puts.
Participation12 × 22%
+2.6
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.
Volatility58 × 10%
+5.8
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 77.50; the largest put concentration is 55.00. The most active strike by current volume is 60.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
129
47.50-16.0%
1
942
50.00-11.6%
18
376
52.50-7.2%
219
1783
55.00-2.8%
1212
6
57.501.7%
134
173
60.006.1%
6650
308
62.5010.5%
1017
1040
65.0014.9%
635
0
67.5019.3%
423
0
70.0023.8%
1024
172
72.5028.2%
273
9
75.0032.6%
365
0
77.5037.0%
10223
0
80.0041.4%
9937
0
82.5045.9%
118
0
90.0059.1%
317
0
100.0076.8%
3051
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+$1.6MDelta change / 1% move
Positive peak60.00+$1.5M
Negative peak52.50-$395,962
Nearest balance55.89Interpolated sign change
StrikeNegativePositiveNet / 1% move
32.50-42.5%
-$233
35.00-38.1%
+$1,870
37.50-33.7%
-$30,677
40.00-29.3%
-$15,896
42.50-24.9%
-$7,569
45.00-20.4%
-$2,378
47.50-16.0%
-$34,764
50.00-11.6%
-$157,764
52.50-7.2%
-$395,962
55.00-2.8%
-$111,090
57.501.7%
+$200,613
60.006.1%
+$1.5M
62.5010.5%
+$150,910
65.0014.9%
+$186,136
67.5019.3%
+$89,183
70.0023.8%
+$9,873
72.5028.2%
+$19,314
75.0032.6%
+$29,301
77.5037.0%
+$77,284
80.0041.4%
+$64,157
82.5045.9%
+$6,999
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.
0.50
21 Aug
9d
0.48
18 Sep
37d
0.48
16 Oct
65d
0.49
15 Jan
156d
0.44
17 Dec
492d
0.42
21 Jan
527d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
48
50
53
55
58
60
63
65
68
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
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 402 / 402
- 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: $206,452 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+97
1W price+9.3%
Call premium93%
Put premium7%
Notional split
C 93% / P 7%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.01
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 145 contracts traded, $74,665 estimated gross traded notional, and 36% of visible notional.
$74,665
Calls · 46-90 days · OTM
calls cluster with 236 contracts traded, $69,000 estimated gross traded notional, and 33% of visible notional.
$69,000
Calls · 46-90 days · ATM
calls cluster with 35 contracts traded, $16,275 estimated gross traded notional, and 8% of visible notional.
$16,275
Calls · 22-45 days · OTM
calls cluster with 73 contracts traded, $14,145 estimated gross traded notional, and 7% of visible notional.
$14,145
Puts · 46-90 days · ATM
puts cluster with 23 contracts traded, $11,730 estimated gross traded notional, and 6% of visible notional.
$11,730
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank0th
Volume/OI rank0th
IV rank82th
Market Context
Underlying confirmation
Close56.56
1W+9.3%
RS-30.9
Fair value+10.6%
Options pressure97
Speculation12
Volatility58
Trend fit0
Today Versus Normal
Stored-options context
30d avg 9.0% · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.48 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 1.43 · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.04 · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:24
Bullish
Pressure 42
Move 10.2%
30 Jul 10:21
Mixed
Pressure 12
Move 9.9%
31 Jul 08:00
Bearish
Pressure -51
Move 10.5%
31 Jul 13:35
Bearish
Pressure -32
Move 8.3%
1 Aug 02:48
Bearish
Pressure -19
Move 12.9%
3 Aug 03:42
Bearish
Pressure -19
Move 8.8%
3 Aug 19:45
Mixed
Pressure -3
Move 11.0%
5 Aug 10:11
Mixed
Pressure -8
Move 9.0%
Strike Map
Where activity is clustering
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 17
Strike45.00
Calls · V 0 · OI 4
Puts · V 0 · OI 65
Strike47.50
Calls · V 0 · OI 1
Puts · V 0 · OI 129
Strike50.00
Calls · V 0 · OI 18
Puts · V 0 · OI 942
Strike52.50
Calls · V 0 · OI 219
Puts · V 2 · OI 376
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.50
Put-call0.06
Expiry18 Sep 2026
Contracts60
Avg IV0.48
Put-call-
Expiry16 Oct 2026
Contracts62
Avg IV0.48
Put-call0.08
Expiry15 Jan 2027
Contracts78
Avg IV0.49
Put-call-
Expiry17 Dec 2027
Contracts76
Avg IV0.44
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.44
Put IV0.60
Skew0.16
18 Sep 2026Balanced skew
Call IV0.48
Put IV0.48
Skew-
16 Oct 2026Balanced skew
Call IV0.49
Put IV0.52
Skew0.03
15 Jan 2027Put IV premium
Call IV0.44
Put IV0.52
Skew0.08
17 Dec 2027Balanced skew
Call IV0.41
Put IV0.45
Skew0.05
Contract Tape
Most active contracts
ContractIONS261016C00060000
SideCall
Expiry16 Oct 2026
Strike60.00
Volume206
OI585
IV0.46
ContractIONS280121C00075000
SideCall
Expiry21 Jan 2028
Strike75.00
Volume114
OI79
IV0.40
ContractIONS260821C00060000
SideCall
Expiry21 Aug 2026
Strike60.00
Volume105
OI6650
IV0.44
ContractIONS260918C00060000
SideCall
Expiry18 Sep 2026
Strike60.00
Volume68
OI655
IV0.46
ContractIONS261016C00057500
SideCall
Expiry16 Oct 2026
Strike57.50
Volume35
OI1217
IV0.52
ContractIONS261016P00057500
SidePut
Expiry16 Oct 2026
Strike57.50
Volume23
OI269
IV0.50
ContractIONS260821C00055000
SideCall
Expiry21 Aug 2026
Strike55.00
Volume20
OI1212
IV0.43
ContractIONS270115C00090000
SideCall
Expiry15 Jan 2027
Strike90.00
Volume20
OI426
IV0.46
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
Market Watch
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.