Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
CRNX options intelligence
Crinetics Pharmaceuticals Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
47
Market data through 30 Jul 2026
Checked 31 Jul 2026 11:25 · complete available chain
Call-side pressure
Bullish pressure
CRNX currently carries bullish options pressure with a 47/100 conviction score. The nearest-chain expected move is 1.3%, with volume/open-interest participation at 0.02.
Expected move
1.3%
Near-term move context
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.66
Call-side skew
Trend fit
100
Options agree with trend context
Weekly backdrop
-0.2%
RS 80.2
Expected move
1.3%
Put-call volume
0.66
Volume / OI
0.02
Reference IV
0.13
Max pain
80.00
Underlying
83.73
Nearest expiry
21 Aug 2026
Contracts
222
Research Brief
CRNX has a bullish chain read with 47/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 82.68–84.78; The largest call open-interest concentration is 85.00; the largest put concentration is 50.00. The most active strike by current volume is 50.00.
Priced range82.68–84.78
Call concentration85.00
Put concentration50.00
Max pain reference80.00
- 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.
- 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 82.68 to 84.78. Max pain at 80.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
82.6883.73 ± 1.0584.78
Confirmation level
A close beyond 84.78 or below 82.68 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 47/100
Pressure is 26/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure26 × 42%
+11.1
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement100 × 26%
+26.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility14 × 10%
+1.4
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 85.00; the largest put concentration is 50.00. The most active strike by current volume is 50.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
39.00-53.4%
18
2
43.00-48.6%
58
22
44.00-47.5%
1
44
45.00-46.3%
94
26
46.00-45.1%
1
5
47.00-43.9%
0
147
48.00-42.7%
0
22
49.00-41.5%
0
1080
50.00-40.3%
0
165
55.00-34.3%
0
305
60.00-28.3%
0
162
65.00-22.4%
0
422
70.00-16.4%
1
169
75.00-10.4%
1
401
80.00-4.5%
49
30
85.001.5%
735
0
90.007.5%
32
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.13
21 Aug
22d
0.08
18 Sep
50d
0.07
18 Dec
141d
0.05
19 Mar
232d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
70
75
80
85
90
95
100
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
- 30 Jul 2026
- Calculation
- v2.0
- Contracts
- 222 / 222
- 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
Call-heavy activity with trend alignment
Call concentration and the underlying trend align, but aggregate volume cannot establish whether calls were bought or sold.
Call-side pressure is building before a meaningful weekly price response.
Call-heavy activity with trend alignment matters because it connects the options headline to the actual evidence: $155765 of estimated gross traded notional, calls · 46-90 days · itm, 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+26
1W price-0.2%
Call premium97%
Put premium3%
Notional split
C 97% / P 3%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
100/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 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 · 46-90 days · ITM
calls cluster with 126 contracts traded, $88575 estimated gross traded notional, and 57% of visible notional.
$88575
Calls · 91+ days · ITM
calls cluster with 35 contracts traded, $42650 estimated gross traded notional, and 27% of visible notional.
$42650
Calls · 8-21 days · ITM
calls cluster with 5 contracts traded, $20525 estimated gross traded notional, and 13% of visible notional.
$20525
Puts · 91+ days · ATM
puts cluster with 21 contracts traded, $2730 estimated gross traded notional, and 2% of visible notional.
$2730
Puts · 8-21 days · OTM
puts cluster with 90 contracts traded, $705 estimated gross traded notional, and 0% of visible notional.
$705
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
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
2 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 2 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close83.73
1W-0.2%
RS80.2
Fair value+106.0%
Options pressure26
Speculation40
Volatility14
Trend fit100
Today Versus Normal
Stored-options context
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
30d avg - · 2/10 sessions
-
90d avg - · 2/30 sessions
-
180d avg - · 2/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:50
Bullish
Pressure 86
Move 1.1%
30 Jul 10:41
Bearish
Pressure -60
Move 1.3%
31 Jul 10:25
Bullish
Pressure 26
Move 1.3%
Strike Map
Where activity is clustering
Strike25.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike27.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike28.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 3
Puts · V 0 · OI 0
Strike31.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike32.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike33.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts78
Avg IV0.13
Put-call18.40
Expiry18 Sep 2026
Contracts42
Avg IV0.08
Put-call-
Expiry18 Dec 2026
Contracts70
Avg IV0.07
Put-call0.75
Expiry19 Mar 2027
Contracts32
Avg IV0.05
Put-call-
Skew
Call/put IV balance
21 Aug 2026Put IV premium
Call IV0.03
Put IV0.15
Skew0.12
18 Sep 2026Put IV premium
Call IV0.01
Put IV0.12
Skew0.11
18 Dec 2026Put IV premium
Call IV0.01
Put IV0.10
Skew0.09
19 Mar 2027Balanced skew
Call IV0.05
Put IV0.03
Skew-0.02
Contract Tape
Most active contracts
ContractCRNX260918C00080000
SideCall
Expiry18 Sep 2026
Strike80.00
Volume121
OI250
IV0.26
ContractCRNX260821P00050000
SidePut
Expiry21 Aug 2026
Strike50.00
Volume42
OI1080
IV0.97
ContractCRNX261218P00085000
SidePut
Expiry18 Dec 2026
Strike85.00
Volume21
OI18
IV0.01
ContractCRNX261218C00080000
SideCall
Expiry18 Dec 2026
Strike80.00
Volume20
OI110
IV0.12
ContractCRNX261218C00085000
SideCall
Expiry18 Dec 2026
Strike85.00
Volume11
OI10044
IV0.01
ContractCRNX260821P00080000
SidePut
Expiry21 Aug 2026
Strike80.00
Volume11
OI401
IV0.15
ContractCRNX270319C00075000
SideCall
Expiry19 Mar 2027
Strike75.00
Volume10
OI-
IV0.09
ContractCRNX260821P00047000
SidePut
Expiry21 Aug 2026
Strike47.00
Volume8
OI5
IV0.84
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.