Ticker Options Intelligence

CHRS options intelligence

Coherus BioSciences Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 39 Market data through 3 Aug 2026 Checked 3 Aug 2026 15:44 · complete available chain

Call-side pressure

Bullish pressure

CHRS currently carries bullish options pressure with a 39/100 conviction score. The nearest-chain expected move is 31.2%, with volume/open-interest participation at 0.07.

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

Call-side pressure

Expected move 31.2%

Wider near-term move priced

Activity / OI 0.07

Current volume is quieter versus prior open interest

Put-call 0.36

Call-side skew

Trend fit 14

Options are not fully confirming trend

Weekly backdrop +0.0%

RS -15.7

Expected move 31.2%
Put-call volume 0.36
Volume / OI 0.07
Reference IV 2.34
Max pain 2.00
Underlying 1.41
Nearest expiry 21 Aug 2026
Contracts 33

Research Brief

CHRS 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 0.97–1.85; The largest call open-interest concentration is 3.00; the largest put concentration is 3.00. The most active strike by current volume is 1.50.

Priced range0.97–1.85
Call concentration3.00
Put concentration3.00
Max pain reference2.00
What would confirm it
  • Price holds or improves while call-side concentration remains elevated.
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 0.97 to 1.85. Max pain at 2.00 lies outside the priced range, so it is a weak near-term anchor.

Spot Max pain
0.971.41 ± 0.441.85
Confirmation level

A close beyond 1.85 or below 0.97 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 57/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure57 × 42%
+23.9

How strongly activity leans toward calls or puts.

Participation10 × 22%
+2.1

Volume relative to existing open interest and contract-level activity.

Trend agreement14 × 26%
+3.5

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 score39.1Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 3.00; the largest put concentration is 3.00. The most active strike by current volume is 1.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
7
0.50-64.5%
40
4
1.00-29.1%
127
0
1.506.4%
1237
517
2.0041.8%
3301
1087
3.00112.8%
3404
0
4.00183.7%
1093
0
5.00254.6%
254
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Positive gamma proxy

Model-estimated Greeks · 100% coverage

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+$7,773Delta change / 1% move
Positive peak2.00+$4,062
Negative peak-No negative strike
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
0.50-64.5%
+$6
1.00-29.1%
+$117
1.506.4%
+$1,800
2.0041.8%
+$4,062
3.00112.8%
+$1,216
4.00183.7%
+$445
5.00254.6%
+$128
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

1.33× front/back

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

2.34 21 Aug 18d
1.49 18 Sep 46d
1.51 20 Nov 109d
1.76 19 Feb 200d

Volatility by Strike

Smile incomplete

Nearest expiry, within 20% of spot

There is not enough comparable OTM call and put volatility to classify the smile.

2
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
3 Aug 2026
Calculation
v2.0
Contracts
33 / 33
  • 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

92/100
Primary intent Earnings/event positioning

Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.

Flow vs price divergence Bullish flow before price confirmation

Call-side pressure is building before a meaningful weekly price response.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $53,450 of estimated gross traded notional, puts · 8-21 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+57
1W price+0.0%
Call premium28%
Put premium72%
Notional split C 28% / P 72% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.07 Volume divided by open interest across the visible chain.
Trend fit 14/100 Agreement between options pressure and Sharemaestro market context.
Event window 5 Aug Matched earnings event is 2 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Conviction clusters Puts · 8-21 days · ITM
Puts · 8-21 days · ITM puts cluster with 227 contracts traded, $36,100 estimated gross traded notional, and 68% of visible notional.
$36,100
Calls · 8-21 days · OTM calls cluster with 605 contracts traded, $9,862 estimated gross traded notional, and 18% of visible notional.
$9,862
Calls · 91+ days · OTM calls cluster with 100 contracts traded, $2,748 estimated gross traded notional, and 5% of visible notional.
$2,748
Puts · 91+ days · ITM puts cluster with 31 contracts traded, $2,443 estimated gross traded notional, and 5% of visible notional.
$2,443
Calls · 91+ days · ITM calls cluster with 18 contracts traded, $1,305 estimated gross traded notional, and 2% of visible notional.
$1,305

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.

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

Sharemaestro weekly
Close1.41
1W+0.0%
RS-15.7
Fair value-19.4%
Options pressure57
Speculation10
Volatility96
Trend fit14

Today Versus Normal

Stored-options context

View history
Expected move 31.2% history building
30d avg - · 4/10 sessions -
90d avg - · 4/30 sessions -
180d avg - · 4/60 sessions -
IV 2.34 history building
30d avg - · 4/10 sessions -
90d avg - · 4/30 sessions -
180d avg - · 4/60 sessions -
Put-call 0.36 history building
30d avg - · 3/10 sessions -
90d avg - · 3/30 sessions -
180d avg - · 3/60 sessions -
Volume/OI 0.07 history building
30d avg - · 4/10 sessions -
90d avg - · 4/30 sessions -
180d avg - · 4/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:38 Mixed
Pressure 10
Move 28.4%
30 Jul 11:17 Bullish
Pressure 27
Move 26.6%
31 Jul 10:52 Volatility
Pressure 78
Move 18.1%
3 Aug 13:11 Volatility
Pressure 100
Move 35.5%
3 Aug 14:44 Bullish
Pressure 57
Move 31.2%

Strike Map

Where activity is clustering

Full strike map
Strike0.50
Calls · V 8 · OI 40
Puts · V 7 · OI 7
Strike1.00
Calls · V 3 · OI 127
Puts · V 1 · OI 4
Strike1.50
Calls · V 500 · OI 1237
Puts · V 0 · OI 0
Strike2.00
Calls · V 100 · OI 3301
Puts · V 2 · OI 517
Strike3.00
Calls · V 1 · OI 3404
Puts · V 225 · OI 1087
Strike4.00
Calls · V 1 · OI 1093
Puts · V 0 · OI 0
Strike5.00
Calls · V 3 · OI 254
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts12
Avg IV2.34
Put-call0.38
Expiry18 Sep 2026
Contracts2
Avg IV1.49
Put-call-
Expiry20 Nov 2026
Contracts10
Avg IV1.51
Put-call0.78
Expiry19 Feb 2027
Contracts9
Avg IV1.76
Put-call-

Skew

Call/put IV balance

OTM demand
21 Aug 2026Call IV premium
Call IV2.09
Put IV1.81
Skew-0.28
18 Sep 2026Incomplete skew
Call IV1.38
Put IV-
Skew-
20 Nov 2026Put IV premium
Call IV1.45
Put IV2.93
Skew1.48
19 Feb 2027Incomplete skew
Call IV1.32
Put IV-
Skew-

Contract Tape

Most active contracts

Full contract tape
ContractCHRS270219P00003000
SidePut
Expiry19 Feb 2027
Strike3.00
Volume-
OI130
IV1.17
ContractCHRS270219C00005000
SideCall
Expiry19 Feb 2027
Strike5.00
Volume-
OI21
IV2.28
ContractCHRS270219P00001500
SidePut
Expiry19 Feb 2027
Strike1.50
Volume-
OI20
IV1.23
ContractCHRS260918C00001000
SideCall
Expiry18 Sep 2026
Strike1.00
Volume-
OI10
IV1.61
ContractCHRS261120P00001000
SidePut
Expiry20 Nov 2026
Strike1.00
Volume-
OI10
IV2.93
ContractCHRS260918C00002000
SideCall
Expiry18 Sep 2026
Strike2.00
Volume-
OI10
IV1.38
ContractCHRS270219C00004000
SideCall
Expiry19 Feb 2027
Strike4.00
Volume-
OI1
IV2.13
ContractCHRS260821P00001500
SidePut
Expiry21 Aug 2026
Strike1.50
Volume-
OI-
IV0.00