Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
TEVA options intelligence
Teva Pharma Industries Ltd ADR options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
53
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:21 · complete available chain
Call-side pressure
Bullish pressure
TEVA currently carries bullish options pressure with a 53/100 conviction score. The nearest-chain expected move is 4.1%, with volume/open-interest participation at 0.03.
Expected move
4.1%
Near-term move context
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
0.09
Call-side skew
Trend fit
4
Options are not fully confirming trend
Weekly backdrop
+1.0%
RS 10.2
Expected move
4.1%
Put-call volume
0.09
Volume / OI
0.03
Reference IV
0.49
Max pain
34.00
Underlying
35.36
Nearest expiry
14 Aug 2026
Contracts
660
Research Brief
TEVA has a bullish chain read with 53/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 33.92–36.80; The largest call open-interest concentration is 36.00; the largest put concentration is 32.00. The most active strike by current volume is 38.00.
Priced range33.92–36.80
Call concentration36.00
Put concentration32.00
Max pain reference34.00
- Price holds or improves while call-side concentration remains elevated.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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 33.92 to 36.80. Max pain at 34.00 sits inside that range, 3.8% below spot.
Spot
Max pain
33.9235.36 ± 1.4436.80
Confirmation level
A close beyond 36.80 or below 33.92 at the 14 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 53/100
Pressure is 91/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure91 × 42%
+38.2
How strongly activity leans toward calls or puts.
Participation41 × 22%
+9.0
Volume relative to existing open interest and contract-level activity.
Trend agreement4 × 26%
+1.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility51 × 10%
+5.1
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 32.00. The most active strike by current volume is 38.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
20.00-43.4%
86
0
21.00-40.6%
89
12
27.00-23.6%
53
50
31.50-10.9%
5
214
32.00-9.5%
49
205
32.50-8.1%
4
92
33.00-6.7%
33
79
33.50-5.3%
8
117
34.00-3.8%
15
49
34.50-2.4%
80
121
35.00-1.0%
343
58
35.500.4%
150
42
36.001.8%
562
27
36.503.2%
131
10
37.004.6%
209
0
37.506.1%
8
4
38.007.5%
108
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+$18.7MDelta change / 1% move
Positive peak37.00+$5.1M
Negative peak27.00-$148,613
Nearest balance34.50Interpolated sign change
StrikeNegativePositiveNet / 1% move
30.00-15.2%
+$1.1M
30.50-13.7%
-$145
31.00-12.3%
-$77,465
31.50-10.9%
+$1,869
32.00-9.5%
+$252,924
32.50-8.1%
-$3,019
33.00-6.7%
+$483,988
33.50-5.3%
-$3,975
34.00-3.8%
+$313,473
34.50-2.4%
-$11,495
35.00-1.0%
+$1.8M
35.500.4%
+$75,170
36.001.8%
+$672,047
36.503.2%
+$221,695
37.004.6%
+$5.1M
37.506.1%
+$13,477
38.007.5%
+$515,820
38.508.9%
+$335
39.0010.3%
+$426,135
40.0013.1%
+$1.5M
41.0016.0%
+$5.1M
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.
0.49
14 Aug
2d
0.41
21 Aug
9d
0.34
28 Aug
16d
0.36
4 Sep
23d
0.33
11 Sep
30d
0.35
18 Sep
37d
0.35
25 Sep
44d
0.40
18 Dec
128d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
29
29
30
31
31
32
33
33
34
34
35
36
36
37
38
38
39
39
40
41
42
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 6 stored directional transitions, the next stored price moved in the labelled direction 83% of the time.
Directional follow-through83%
Moves contained by pricing83%
Average expiry move3.1%
6 Aug
Bullish · 45
1.0% through expiry
2.6% priced · v2.0
5 Aug
Bullish · 44
1.0% through expiry
2.9% priced · v2.0
4 Aug
Bullish · 50
1.0% through expiry
3.8% priced · v2.0
3 Aug
Bullish · 49
1.0% through expiry
3.6% priced · v2.0
31 Jul
Bullish · 46
1.0% through expiry
3.8% priced · v2.0
30 Jul
Bearish · 59
13.6% through expiry
3.2% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 660 / 660
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Call-side pressure is building before a meaningful weekly price response.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $640,024 of estimated gross traded notional, calls · 91+ days · otm, and a bullish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+91
1W price+1.0%
Call premium73%
Put premium27%
Notional split
C 73% / P 27%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
4/100
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.
Calls · 91+ days · OTM
calls cluster with 542 contracts traded, $142,284 estimated gross traded notional, and 22% of visible notional.
$142,284
Calls · 22-45 days · ITM
calls cluster with 166 contracts traded, $107,680 estimated gross traded notional, and 17% of visible notional.
$107,680
Puts · 91+ days · ATM
puts cluster with 293 contracts traded, $81,624 estimated gross traded notional, and 13% of visible notional.
$81,624
Calls · 0-7 days · OTM
calls cluster with 11507 contracts traded, $70,937 estimated gross traded notional, and 11% of visible notional.
$70,937
Puts · 91+ days · OTM
puts cluster with 236 contracts traded, $30,566 estimated gross traded notional, and 5% of visible notional.
$30,566
Setup Classification
Opportunity and risk frame
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 11 completed sessions
Volume rank82th
Volume/OI rank82th
IV rank64th
Market Context
Underlying confirmation
Close35.36
1W+1.0%
RS10.2
Fair value+80.5%
Options pressure91
Speculation41
Volatility51
Trend fit4
Today Versus Normal
Stored-options context
30d avg 4.6% · 11 sessions
73th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.52 · 11 sessions
64th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.72 · 11 sessions
0th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.03 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:11
Volatility
Pressure 86
Move 6.6%
30 Jul 10:06
Volatility
Pressure 83
Move 13.7%
31 Jul 10:03
Bearish
Pressure -60
Move 3.2%
1 Aug 13:48
Bullish
Pressure 48
Move 4.5%
2 Aug 16:34
Bearish
Pressure -58
Move 3.8%
2 Aug 23:56
Bullish
Pressure 48
Move 3.8%
4 Aug 10:10
Bullish
Pressure 63
Move 3.6%
5 Aug 10:15
Bullish
Pressure 68
Move 3.8%
Strike Map
Where activity is clustering
Strike20.00
Calls · V 1 · OI 86
Puts · V 0 · OI 0
Strike21.00
Calls · V 0 · OI 89
Puts · V 0 · OI 0
Strike22.00
Calls · V 2 · OI 11
Puts · V 0 · OI 0
Strike23.00
Calls · V 1 · OI 11
Puts · V 0 · OI 0
Strike24.00
Calls · V 0 · OI 10
Puts · V 0 · OI 0
Strike25.00
Calls · V 1 · OI 3
Puts · V 0 · OI 4
Strike26.00
Calls · V 1 · OI 3
Puts · V 0 · OI 1
Strike27.00
Calls · V 0 · OI 53
Puts · V 0 · OI 12
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts78
Avg IV0.49
Put-call0.01
Expiry21 Aug 2026
Contracts92
Avg IV0.41
Put-call0.63
Expiry28 Aug 2026
Contracts74
Avg IV0.34
Put-call1.32
Expiry4 Sep 2026
Contracts52
Avg IV0.36
Put-call1.05
Expiry11 Sep 2026
Contracts44
Avg IV0.33
Put-call0.28
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.35
Put IV0.56
Skew0.21
21 Aug 2026Balanced skew
Call IV0.40
Put IV0.41
Skew0.01
28 Aug 2026Balanced skew
Call IV0.42
Put IV0.38
Skew-0.05
4 Sep 2026Balanced skew
Call IV0.36
Put IV0.35
Skew-0.01
11 Sep 2026Balanced skew
Call IV0.33
Put IV0.30
Skew-0.03
Contract Tape
Most active contracts
ContractTEVA260814C00038000
SideCall
Expiry14 Aug 2026
Strike38.00
Volume11308
OI108
IV0.38
ContractTEVA260918P00033000
SidePut
Expiry18 Sep 2026
Strike33.00
Volume208
OI584
IV0.32
ContractTEVA261218P00032000
SidePut
Expiry18 Dec 2026
Strike32.00
Volume178
OI7311
IV0.40
ContractTEVA260814C00037500
SideCall
Expiry14 Aug 2026
Strike37.50
Volume164
OI8
IV0.35
ContractTEVA261218C00045000
SideCall
Expiry18 Dec 2026
Strike45.00
Volume132
OI302
IV0.38
ContractTEVA280121C00045000
SideCall
Expiry21 Jan 2028
Strike45.00
Volume111
OI3400
IV0.40
ContractTEVA260918C00030000
SideCall
Expiry18 Sep 2026
Strike30.00
Volume106
OI35664
IV0.60
ContractTEVA261218P00035000
SidePut
Expiry18 Dec 2026
Strike35.00
Volume101
OI179
IV0.39
Research Graph
Related research and context
Sharemaestro research
Related News
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.