Primary read
Volatility
Volatility expansion watch
Ticker Options Intelligence
TVTX options intelligence
Travere Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
52
Market data through 3 Aug 2026
Checked 4 Aug 2026 11:30 · complete available chain
Volatility expansion watch
Volatility pressure
TVTX currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 14.6%, with volume/open-interest participation at 0.01.
Expected move
14.6%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.27
Call-side skew
Trend fit
48
Options are not fully confirming trend
Weekly backdrop
-2.6%
RS 48.0
Expected move
14.6%
Put-call volume
0.27
Volume / OI
0.01
Reference IV
0.80
Max pain
47.50
Underlying
55.89
Nearest expiry
21 Aug 2026
Contracts
302
Research Brief
TVTX has a volatility chain read with 52/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 47.74–64.04; The largest call open-interest concentration is 57.50; the largest put concentration is 47.50. The most active strike by current volume is 45.00.
Priced range47.74–64.04
Call concentration57.50
Put concentration47.50
Max pain reference47.50
- 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 47.74 to 64.04. Max pain at 47.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
47.7455.89 ± 8.1564.04
Confirmation level
A close beyond 64.04 or below 47.74 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 52/100
Pressure is 64/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure64 × 42%
+27.1
How strongly activity leans toward calls or puts.
Participation14 × 22%
+3.0
Volume relative to existing open interest and contract-level activity.
Trend agreement48 × 26%
+12.4
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 57.50; the largest put concentration is 47.50. The most active strike by current volume is 45.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
1
35.00-37.4%
56
12
40.00-28.4%
4
0
42.50-24.0%
11
44
45.00-19.5%
238
995
47.50-15.0%
18
92
50.00-10.5%
61
25
52.50-6.1%
72
69
55.00-1.6%
164
107
57.502.9%
1028
31
60.007.4%
346
0
62.5011.8%
16
0
65.0016.3%
152
0
67.5020.8%
21
0
70.0025.2%
107
0
75.0034.2%
101
0
80.0043.1%
8
0
85.0052.1%
7
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+$561,663Delta change / 1% move
Positive peak50.00+$406,992
Negative peak47.50-$151,635
Nearest balance48.18Interpolated sign change
StrikeNegativePositiveNet / 1% move
27.50-50.8%
+$69
30.00-46.3%
+$52,102
32.50-41.9%
-$207
35.00-37.4%
+$2,859
37.50-32.9%
-$14,926
40.00-28.4%
-$10,724
42.50-24.0%
-$25,506
45.00-19.5%
-$3,083
47.50-15.0%
-$151,635
50.00-10.5%
+$406,992
52.50-6.1%
+$25,729
55.00-1.6%
+$27,377
57.502.9%
+$118,092
60.007.4%
+$72,845
62.5011.8%
+$10,342
65.0016.3%
+$19,384
67.5020.8%
+$600
70.0025.2%
+$5,517
75.0034.2%
+$4,963
80.0043.1%
+$1,461
85.0052.1%
+$457
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.
0.80
21 Aug
18d
0.67
18 Sep
46d
0.65
18 Dec
137d
0.68
15 Jan
165d
0.68
19 Mar
228d
0.63
21 Jan
536d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
45
48
50
53
55
58
60
63
65
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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 3 Aug 2026
- Calculation
- v2.0
- Contracts
- 302 / 302
- 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 pricing movement more than direction; compare expected move with the stock's actual weekly change.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $317,240 of estimated gross traded notional, calls · 91+ days · itm, and a volatility flow versus price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+64
1W price-2.6%
Call premium98%
Put premium2%
Notional split
C 98% / P 2%
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
48/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 Aug
Matched earnings event is 0 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 · 91+ days · ITM
calls cluster with 202 contracts traded, $258,175 estimated gross traded notional, and 81% of visible notional.
$258,175
Calls · 91+ days · OTM
calls cluster with 16 contracts traded, $19,655 estimated gross traded notional, and 6% of visible notional.
$19,655
Calls · 22-45 days · ITM
calls cluster with 7 contracts traded, $11,510 estimated gross traded notional, and 4% of visible notional.
$11,510
Calls · 22-45 days · OTM
calls cluster with 23 contracts traded, $8,428 estimated gross traded notional, and 3% of visible notional.
$8,428
Puts · 8-21 days · OTM
puts cluster with 75 contracts traded, $6,788 estimated gross traded notional, and 2% of visible notional.
$6,788
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.
Activity Anomaly
Warming up
4 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 4 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close55.89
1W-2.6%
RS48.0
Fair value+177.5%
Options pressure64
Speculation14
Volatility96
Trend fit48
Today Versus Normal
Stored-options context
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
30d avg - · 4/10 sessions
-
90d avg - · 4/30 sessions
-
180d avg - · 4/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:42
Volatility
Pressure 84
Move 13.4%
30 Jul 06:59
Volatility
Pressure 19
Move 12.7%
31 Jul 12:38
Volatility
Pressure 100
Move 15.0%
2 Aug 11:56
Volatility
Pressure 7
Move 14.4%
4 Aug 10:30
Volatility
Pressure 64
Move 14.6%
Strike Map
Where activity is clustering
Strike20.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike22.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike27.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0
Strike32.50
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike35.00
Calls · V 0 · OI 56
Puts · V 0 · OI 1
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts48
Avg IV0.80
Put-call2.50
Expiry18 Sep 2026
Contracts54
Avg IV0.67
Put-call-
Expiry18 Dec 2026
Contracts54
Avg IV0.65
Put-call-
Expiry15 Jan 2027
Contracts54
Avg IV0.68
Put-call-
Expiry19 Mar 2027
Contracts38
Avg IV0.68
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.71
Put IV0.82
Skew0.12
18 Sep 2026Call IV premium
Call IV0.79
Put IV0.73
Skew-0.06
18 Dec 2026Balanced skew
Call IV0.65
Put IV0.68
Skew0.03
15 Jan 2027Balanced skew
Call IV0.67
Put IV0.64
Skew-0.03
19 Mar 2027Balanced skew
Call IV0.68
Put IV0.67
Skew-0.01
Contract Tape
Most active contracts
ContractTVTX270115C00050000
SideCall
Expiry15 Jan 2027
Strike50.00
Volume200
OI10837
IV0.69
ContractTVTX260821P00045000
SidePut
Expiry21 Aug 2026
Strike45.00
Volume60
OI44
IV0.81
ContractTVTX260918C00057500
SideCall
Expiry18 Sep 2026
Strike57.50
Volume22
OI93
IV0.60
ContractTVTX260821P00052500
SidePut
Expiry21 Aug 2026
Strike52.50
Volume15
OI25
IV0.71
ContractTVTX280121C00080000
SideCall
Expiry21 Jan 2028
Strike80.00
Volume10
OI10
IV0.64
ContractTVTX260821C00080000
SideCall
Expiry21 Aug 2026
Strike80.00
Volume8
OI8
IV0.62
ContractTVTX260918C00040000
SideCall
Expiry18 Sep 2026
Strike40.00
Volume6
OI8
IV0.60
ContractTVTX261218C00055000
SideCall
Expiry18 Dec 2026
Strike55.00
Volume5
OI183
IV0.62
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.