Ticker Options Intelligence

CTMX options intelligence

CytomX Therapeutics Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 39 Market data through 12 Aug 2026 Checked 12 Aug 2026 21:11 · complete available chain

Call-side pressure

Bullish pressure

CTMX currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 16.6%, with volume/open-interest participation at 0.05.

Options Intelligence Opportunities Bullish confirmation Risks Unusual flow Vol expansion Repeated pressure Compare Chart Weekly report
Primary read Bullish

Call-side pressure

Expected move 16.6%

Wider near-term move priced

Activity / OI 0.05

Current volume is quieter versus prior open interest

Put-call 0.33

Call-side skew

Trend fit 0

Options are not fully confirming trend

Weekly backdrop +11.6%

RS -21.6

Expected move 16.6%
Put-call volume 0.33
Volume / OI 0.05
Reference IV 3.35
Max pain 4.00
Underlying 3.46
Nearest expiry 21 Aug 2026
Contracts 84

Research Brief

CTMX has a bullish chain read with 39/100 evidence alignment.

The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 2.88–4.04; The largest call open-interest concentration is 8.00; the largest put concentration is 4.00. The most active strike by current volume is 4.00.

Priced range2.88–4.04
Call concentration8.00
Put concentration4.00
Max pain reference4.00
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
  • Participation is above the ticker's stored normal, which makes the read more noteworthy.
What would weaken it
  • 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

Size, not direction · through 21 Aug

Options imply 2.88 to 4.04. Max pain at 4.00 sits inside that range, 15.6% above spot.

Spot Max pain
2.883.46 ± 0.584.04
Confirmation level

A close beyond 4.04 or below 2.88 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 39/100

Evidence alignment, not probability

Pressure is 58/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure58 × 42%
+24.2

How strongly activity leans toward calls or puts.

Participation25 × 22%
+5.5

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.

Volatility96 × 10%
+9.6

The intensity of implied volatility and the priced move.

Reconstructed score39.4Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 8.00; the largest put concentration is 4.00. The most active strike by current volume is 4.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
2
1.00-71.1%
0
54
2.00-42.2%
1
2203
3.00-13.3%
868
4621
4.0015.6%
1147
1
5.0044.5%
713
1
6.0073.4%
94
9
7.00102.3%
916
0
8.00131.2%
7527
0
9.00160.1%
68
0
10.00189.0%
0
0
11.00217.9%
1760
0
14.00304.6%
0
0
15.00333.5%
0
0
16.00362.4%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Balanced gamma proxy

Model-estimated Greeks · 93% coverage

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-$5,879Delta change / 1% move
Positive peak5.00+$5,753
Negative peak4.00-$15,339
Nearest balance4.73Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-71.1%
+$12
1.50-56.6%
+$4
2.00-42.2%
+$130
3.00-13.3%
-$6,939
4.0015.6%
-$15,339
5.0044.5%
+$5,753
6.0073.4%
+$849
7.00102.3%
+$2,077
8.00131.2%
+$4,747
9.00160.1%
+$87
10.00189.0%
+$693
11.00217.9%
+$1,948
12.00246.8%
+$2
13.00275.7%
+$4
15.00333.5%
+$94
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

3.13× front/back

Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.

3.35 21 Aug 9d
1.37 18 Sep 37d
1.06 20 Nov 100d
1.03 15 Jan 156d
1.20 19 Feb 191d
1.07 21 Jan 527d

Volatility by Strike

Downside protection premium

Nearest expiry, within 20% of spot

Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.

3
4
Put IV Call IV

Historical Replay

How matured reads behaved through expiry

0 matured · 0 directional

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

A96/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
12 Aug 2026
Calculation
v2.0
Contracts
84 / 84
  • 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

67/100
Primary intent Multi-expiry position-maintenance candidate

Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.

Flow vs price divergence Bullish flow confirms price

Options pressure and weekly price action are pointing in the same constructive direction.

Why this matters

Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $104,277 of estimated gross traded notional, calls · 91+ days · itm, 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+58
1W price+11.6%
Call premium60%
Put premium40%
Notional split C 60% / P 40% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.05 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.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 122 contracts traded, $31,775 estimated gross traded notional, and 30% of visible notional.
$31,775
Puts · 91+ days · ITM puts cluster with 142 contracts traded, $30,806 estimated gross traded notional, and 30% of visible notional.
$30,806
Calls · 91+ days · OTM calls cluster with 496 contracts traded, $22,462 estimated gross traded notional, and 22% of visible notional.
$22,462
Puts · 91+ days · OTM puts cluster with 128 contracts traded, $9,058 estimated gross traded notional, and 9% of visible notional.
$9,058
Calls · 22-45 days · ITM calls cluster with 60 contracts traded, $5,225 estimated gross traded notional, and 5% of visible notional.
$5,225

Setup Classification

Opportunity and risk frame

Context, not advice
Warning Volatility expansion

The tape is pricing or displaying unusually elevated activity.

Warning Event-risk setup

Expected move or upcoming earnings makes the setup more event-sensitive.

Negative Options disagreement

Options positioning is not confirming the underlying trend context.

Warning Bullish pressure over fair value

Call pressure is building while the stock sits above Sharemaestro fair value.

Activity Anomaly

High anomaly

90

Current options activity is unusually hot versus this ticker's stored history.

Baseline: 10 completed sessions

Volume rank90th
Volume/OI rank90th
IV rank90th

Market Context

Underlying confirmation

Sharemaestro weekly
Close3.46
1W+11.6%
RS-21.6
Fair value+53.3%
Options pressure58
Speculation25
Volatility96
Trend fit0

Today Versus Normal

Stored-options context

View history
Expected move 16.6% muted
30d avg 21.1% · 10 sessions 10th
90d avg - · 10/30 sessions -
180d avg - · 10/60 sessions -
IV 3.35 elevated
30d avg 1.27 · 10 sessions 90th
90d avg - · 10/30 sessions -
180d avg - · 10/60 sessions -
Put-call 0.33 near normal
30d avg 0.79 · 10 sessions 70th
90d avg - · 10/30 sessions -
180d avg - · 10/60 sessions -
Volume/OI 0.05 elevated
30d avg 0.02 · 10 sessions 90th
90d avg - · 10/30 sessions -
180d avg - · 10/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:17 Volatility
Pressure -66
Move 17.0%
30 Jul 11:02 Bullish
Pressure 51
Move 24.6%
31 Jul 10:42 Volatility
Pressure 100
Move 19.8%
2 Aug 18:09 Volatility
Pressure 94
Move 24.1%
4 Aug 10:40 Volatility
Pressure 100
Move 17.7%
5 Aug 11:10 Volatility
Pressure 100
Move 30.6%
6 Aug 11:14 Volatility
Pressure 100
Move 26.3%
9 Aug 19:50 Volatility
Pressure 100
Move 18.3%

Strike Map

Where activity is clustering

Full strike map
Strike1.00
Calls · V 1 · OI 0
Puts · V 2 · OI 2
Strike2.00
Calls · V 0 · OI 1
Puts · V 50 · OI 54
Strike3.00
Calls · V 2 · OI 868
Puts · V 1 · OI 2203
Strike4.00
Calls · V 100 · OI 1147
Puts · V 2 · OI 4621
Strike5.00
Calls · V 1 · OI 713
Puts · V 1 · OI 1
Strike6.00
Calls · V 15 · OI 94
Puts · V 0 · OI 1
Strike7.00
Calls · V 100 · OI 916
Puts · V 0 · OI 9
Strike8.00
Calls · V 20 · OI 7527
Puts · V 1 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts22
Avg IV3.35
Put-call0.20
Expiry18 Sep 2026
Contracts5
Avg IV1.37
Put-call-
Expiry20 Nov 2026
Contracts13
Avg IV1.06
Put-call0.14
Expiry15 Jan 2027
Contracts20
Avg IV1.03
Put-call0.34
Expiry19 Feb 2027
Contracts5
Avg IV1.20
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.70
Put IV1.16
Skew0.45
18 Sep 2026Incomplete skew
Call IV0.66
Put IV-
Skew-
20 Nov 2026Put IV premium
Call IV0.94
Put IV1.07
Skew0.13
15 Jan 2027Call IV premium
Call IV1.25
Put IV0.06
Skew-1.19
19 Feb 2027Put IV premium
Call IV1.10
Put IV1.30
Skew0.19

Contract Tape

Most active contracts

Full contract tape
ContractCTMX280121P00010000
SidePut
Expiry21 Jan 2028
Strike10.00
Volume-
OI10
IV0.66
ContractCTMX260821P00007000
SidePut
Expiry21 Aug 2026
Strike7.00
Volume-
OI9
IV0.00
ContractCTMX270115P00001000
SidePut
Expiry15 Jan 2027
Strike1.00
Volume-
OI3
IV3.20
ContractCTMX261120P00006000
SidePut
Expiry20 Nov 2026
Strike6.00
Volume-
OI2
IV0.66
ContractCTMX260821P00006000
SidePut
Expiry21 Aug 2026
Strike6.00
Volume-
OI1
IV0.00
ContractCTMX260821C00002000
SideCall
Expiry21 Aug 2026
Strike2.00
Volume-
OI1
IV17.41
ContractCTMX280121P00001000
SidePut
Expiry21 Jan 2028
Strike1.00
Volume-
OI1
IV1.74
ContractCTMX261120C00012000
SideCall
Expiry20 Nov 2026
Strike12.00
Volume-
OI1
IV2.01

Evidence context