Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
INDV options intelligence
Indivior PLC Ordinary Shares options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
65
Market data through 18 Sep 2026
Checked 20 Sep 2026 00:37 · complete available chain
Put-side pressure
Bearish pressure
INDV currently carries bearish options pressure with a 65/100 conviction score. The nearest-chain expected move is 10.0%, with volume/open-interest participation at 0.01.
Expected move
10.0%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
11.00
Put-side skew
Trend fit
56
Options are not fully confirming trend
Weekly backdrop
+1.1%
RS -7.7
Expected move
10.0%
Put-call volume
11.00
Volume / OI
0.01
Reference IV
0.46
Max pain
39.00
Underlying
34.88
Nearest expiry
16 Oct 2026
Contracts
296
Research Brief
INDV has a bearish chain read with 65/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 31.38–38.38; The largest call open-interest concentration is 39.00; the largest put concentration is 39.00. The most active strike by current volume is 35.00.
Priced range31.38–38.38
Call concentration39.00
Put concentration39.00
Max pain reference39.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 31.38 to 38.38. Max pain at 39.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
31.3834.88 ± 3.5038.38
Confirmation level
A close beyond 38.38 or below 31.38 at the 16 Oct 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 65/100
Pressure is 83/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure83 × 42%
+35.0
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.8
Volume relative to existing open interest and contract-level activity.
Trend agreement56 × 26%
+14.5
How closely the chain read agrees with the underlying trend backdrop.
Volatility72 × 10%
+7.2
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 39.00; the largest put concentration is 39.00. The most active strike by current volume is 35.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
27.00-22.6%
0
0
28.00-19.7%
0
0
29.00-16.9%
0
0
30.00-14.0%
7
1
31.00-11.1%
0
0
32.00-8.3%
1
4
33.00-5.4%
2
4
34.00-2.5%
4
10
35.000.3%
5
1
36.003.2%
22
1
37.006.1%
4
0
38.008.9%
3
300
39.0011.8%
301
0
40.0014.7%
2
0
41.0017.5%
0
0
42.0020.4%
0
0
43.0023.3%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile+$15,796Delta change / 1% move
Positive peak47.00+$124,246
Negative peak35.00-$62,104
Nearest balance35.97Interpolated sign change
StrikeNegativePositiveNet / 1% move
24.00-31.2%
-$15
25.00-28.3%
+$3,430
26.00-25.5%
-$19
27.00-22.6%
+$0
28.00-19.7%
+$705
29.00-16.9%
-$70
30.00-14.0%
-$9,501
31.00-11.1%
+$69
32.00-8.3%
-$59
33.00-5.4%
-$519
34.00-2.5%
-$331
35.000.3%
-$62,104
36.003.2%
+$1,675
37.006.1%
+$969
38.008.9%
+$481
39.0011.8%
+$2,380
40.0014.7%
-$23,590
41.0017.5%
+$42
42.0020.4%
-$13,694
43.0023.3%
-$38
45.0029.0%
-$8,452
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.46
16 Oct
28d
0.54
20 Nov
63d
0.39
18 Dec
91d
0.43
15 Jan
119d
0.50
19 Feb
154d
0.52
19 Mar
182d
0.51
21 May
245d
0.47
17 Dec
455d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
28
29
30
31
32
33
34
35
36
37
38
39
40
41
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 12 stored directional transitions, the next stored price moved in the labelled direction 33% of the time.
Directional follow-through33%
Moves contained by pricing95%
Average expiry move4.3%
17 Sep
Bullish · 38
1.1% through expiry
1.9% priced · v2.0
16 Sep
Mixed · 36
1.1% through expiry
9.2% priced · v2.0
15 Sep
Mixed · 34
1.1% through expiry
5.4% priced · v2.0
14 Sep
Bullish · 48
1.1% through expiry
5.4% priced · v2.0
10 Sep
Mixed · 38
-0.2% through expiry
8.4% priced · v2.0
8 Sep
Bullish · 48
-0.2% through expiry
3.4% priced · v2.0
3 Sep
Bearish · 39
0.0% through expiry
7.8% priced · v2.0
1 Sep
Bearish · 52
0.0% through expiry
9.6% priced · v2.0
27 Aug
Mixed · 44
-5.4% through expiry
9.3% priced · v2.0
21 Aug
Volatility · 51
-5.4% through expiry
13.2% priced · v2.0
14 Aug
Bullish · 40
-5.5% through expiry
6.7% priced · v2.0
13 Aug
Bullish · 40
-5.0% through expiry
7.3% 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
- 18 Sep 2026
- Calculation
- v2.0
- Contracts
- 296 / 296
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Put-side pressure is building while price is rising, a cautionary divergence.
Put-heavy activity matters because it connects the options headline to the actual evidence: $53,338 of estimated gross traded notional, puts · 91+ days · itm, and a bearish flow against rising price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-83
1W price+1.1%
Call premium3%
Put premium97%
Notional split
C 3% / P 97%
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
56/100
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 · 91+ days · ITM
puts cluster with 93 contracts traded, $51,150 estimated gross traded notional, and 96% of visible notional.
$51,150
Calls · 22-45 days · ATM
calls cluster with 7 contracts traded, $1,172 estimated gross traded notional, and 2% of visible notional.
$1,172
Puts · 22-45 days · OTM
puts cluster with 3 contracts traded, $338 estimated gross traded notional, and 1% of visible notional.
$338
Calls · 46-90 days · OTM
calls cluster with 2 contracts traded, $305 estimated gross traded notional, and 1% of visible notional.
$305
Puts · 46-90 days · ATM
puts cluster with 1 contracts traded, $292 estimated gross traded notional, and 1% of visible notional.
$292
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
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 23 completed sessions
Volume rank30th
Volume/OI rank39th
IV rank52th
Market Context
Underlying confirmation
Close34.88
1W+1.1%
RS-7.7
Fair value+63.5%
Options pressure-83
Speculation40
Volatility72
Trend fit56
Today Versus Normal
Stored-options context
30d avg 7.4% · 10 sessions
90th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
30d avg 0.50 · 10 sessions
50th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 22/30 sessions
-
180d avg - · 22/60 sessions
-
30d avg 0.12 · 10 sessions
40th
90d avg - · 23/30 sessions
-
180d avg - · 23/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:43
Volatility
Pressure 100
Move 14.9%
30 Jul 10:39
Volatility
Pressure 97
Move 15.0%
30 Jul 15:23
Volatility
Pressure 100
Move 14.6%
30 Jul 19:54
Volatility
Pressure 100
Move 14.6%
1 Aug 07:59
Volatility
Pressure 100
Move 15.3%
2 Aug 12:06
Volatility
Pressure 100
Move 14.3%
4 Aug 01:04
Bullish
Pressure 86
Move 13.6%
4 Aug 20:48
Volatility
Pressure 91
Move 10.8%
Strike Map
Where activity is clustering
Strike27.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike28.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike29.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike30.00
Calls · V 0 · OI 7
Puts · V 0 · OI 0
Strike31.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike32.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike33.00
Calls · V 0 · OI 2
Puts · V 0 · OI 4
Strike34.00
Calls · V 0 · OI 4
Puts · V 3 · OI 4
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts44
Avg IV0.46
Put-call0.43
Expiry20 Nov 2026
Contracts50
Avg IV0.54
Put-call-
Expiry18 Dec 2026
Contracts28
Avg IV0.39
Put-call0.50
Expiry15 Jan 2027
Contracts34
Avg IV0.43
Put-call-
Expiry19 Feb 2027
Contracts44
Avg IV0.50
Put-call-
Skew
Call/put IV balance
16 Oct 2026Balanced skew
Call IV0.41
Put IV0.41
Skew-
20 Nov 2026Put IV premium
Call IV0.54
Put IV0.75
Skew0.20
18 Dec 2026Call IV premium
Call IV0.45
Put IV0.14
Skew-0.31
15 Jan 2027Balanced skew
Call IV0.50
Put IV0.49
Skew-0.01
19 Feb 2027Balanced skew
Call IV0.52
Put IV0.51
Skew-0.01
Contract Tape
Most active contracts
ContractINDV270219P00036000
SidePut
Expiry19 Feb 2027
Strike36.00
Volume93
OI1
IV0.57
ContractINDV261016C00035000
SideCall
Expiry16 Oct 2026
Strike35.00
Volume7
OI5
IV0.43
ContractINDV261016P00034000
SidePut
Expiry16 Oct 2026
Strike34.00
Volume3
OI4
IV0.41
ContractINDV261218C00040000
SideCall
Expiry18 Dec 2026
Strike40.00
Volume2
OI130
IV0.45
ContractINDV261120P00028000
SidePut
Expiry20 Nov 2026
Strike28.00
Volume2
OI11
IV0.23
ContractINDV261218P00035000
SidePut
Expiry18 Dec 2026
Strike35.00
Volume1
OI106
IV0.43
ContractINDV271217P00035000
SidePut
Expiry17 Dec 2027
Strike35.00
Volume-
OI5003
IV0.47
ContractINDV271217C00047000
SideCall
Expiry17 Dec 2027
Strike47.00
Volume-
OI5000
IV0.49
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.