Ticker Options Intelligence

ZNTL options intelligence

Zentalis Pharmaceuticals Llc options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 52 Market data through 16 Sep 2026 Checked 16 Sep 2026 15:18 · partial chain

Volatility expansion watch

Volatility pressure

ZNTL currently carries volatility options pressure with a 52/100 conviction score. The nearest-chain expected move is 67.7%, with volume/open-interest participation at 0.12.

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

Volatility expansion watch

Expected move 67.7%

Wider near-term move priced

Activity / OI 0.12

Current volume is quieter versus prior open interest

Put-call 0.22

Call-side skew

Trend fit 8

Options are not fully confirming trend

Weekly backdrop -12.0%

RS 9.0

Expected move 67.7%
Put-call volume 0.22
Volume / OI 0.12
Reference IV 7.57
Max pain 5.00
Underlying 3.51
Nearest expiry 18 Sep 2026
Contracts 33

Research Brief

ZNTL 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 1.14–5.88; The largest call open-interest concentration is 5.00; the largest put concentration is 5.00. The most active strike by current volume is 7.50.

Priced range1.14–5.88
Call concentration5.00
Put concentration5.00
Max pain reference5.00
What would confirm it
  • A clear directional pressure reading develops and price begins to agree.
  • Participation is above the ticker's stored normal, which makes the read more noteworthy.
What would weaken it
  • 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

Size, not direction · through 18 Sep

Options imply 1.14 to 5.88. Max pain at 5.00 sits inside that range, 42.5% above spot.

Spot Max pain
1.143.51 ± 2.375.88
Confirmation level

A close beyond 5.88 or below 1.14 at the 18 Sep 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

Evidence alignment, not probability

Pressure is 73/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure73 × 42%
+30.7

How strongly activity leans toward calls or puts.

Participation43 × 22%
+9.4

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

Trend agreement8 × 26%
+2.2

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 score51.9Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

The largest call open-interest concentration is 5.00; the largest put concentration is 5.00. The most active strike by current volume is 7.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.

Put open interestStrikeCall open interest
11
2.50-28.8%
0
20
5.0042.5%
191
0
7.50113.7%
100
Nearest spot strike Max pain strikeBars show relative OI within this expiry

Gamma Profile by Strike

Positive gamma proxy

Model-estimated Greeks · 84% 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+$7,002Delta change / 1% move
Positive peak5.00+$6,389
Negative peak1.50-$5
Nearest balance1.52Interpolated sign change
StrikeNegativePositiveNet / 1% move
1.00-71.5%
+$3
1.50-57.3%
-$5
2.50-28.8%
+$180
5.0042.5%
+$6,389
7.50113.7%
+$148
10.00184.9%
+$197
12.50256.1%
+$90
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

4.73× front/back

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

7.57 18 Sep 2d
5.63 16 Oct 30d
2.55 18 Dec 93d
1.60 15 Jan 121d

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.

Comparable strike volatility is unavailable.

Put IV Call IV

Historical Replay

How matured reads behaved through expiry

11 matured · 0 directional

11 stored transitions are available, but none had a directional bullish or bearish label.

Directional follow-through-
Moves contained by pricing82%
Average expiry move13.7%
18 Aug Volatility · 57 7.4% through expiry 21.6% priced · v2.0
14 Aug Volatility · 48 7.4% through expiry 31.5% priced · v2.0
12 Aug Mixed · 38 -9.4% through expiry 25.1% priced · v2.0
11 Aug Volatility · 48 -9.4% through expiry 43.5% priced · v2.0
7 Aug Volatility · 61 -9.4% through expiry 37.3% priced · v2.0
6 Aug Volatility · 59 -19.3% through expiry 17.9% priced · v2.0
5 Aug Mixed · 35 -19.3% through expiry 16.4% priced · v2.0
4 Aug Volatility · 61 -19.3% through expiry 20.6% priced · v2.0
3 Aug Volatility · 69 -19.3% through expiry 23.7% priced · v2.0
31 Jul Volatility · 69 -19.3% through expiry 36.5% priced · v2.0
30 Jul Volatility · 67 -11.7% through expiry 27.7% priced · legacy

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

Usable with limits

C69/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Retained chain subset
Market date
16 Sep 2026
Calculation
v2.0
Contracts
33 / 33
  • 100% of provider contracts were retained for this snapshot.

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

Volatility expansion bet

92/100
Primary intent Volatility expansion bet

The strongest message is movement risk: expected move and implied volatility are carrying more signal than direction.

Flow vs price divergence Volatility flow versus price

Options are pricing movement more than direction; compare expected move with the stock's actual weekly change.

Why this matters

Volatility expansion bet matters because it connects the options headline to the actual evidence: $155,760 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+73
1W price-12.0%
Call premium72%
Put premium28%
Notional split C 72% / P 28% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.12 Volume divided by open interest across the visible chain.
Trend fit 8/100 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.
Conviction clusters Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 225 contracts traded, $59,222 estimated gross traded notional, and 38% of visible notional.
$59,222
Calls · 22-45 days · ITM calls cluster with 116 contracts traded, $36,890 estimated gross traded notional, and 24% of visible notional.
$36,890
Puts · 91+ days · ITM puts cluster with 74 contracts traded, $34,852 estimated gross traded notional, and 22% of visible notional.
$34,852
Calls · 91+ days · OTM calls cluster with 101 contracts traded, $15,102 estimated gross traded notional, and 10% of visible notional.
$15,102
Puts · 22-45 days · ITM puts cluster with 23 contracts traded, $6,912 estimated gross traded notional, and 4% of visible notional.
$6,912

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

High anomaly

93

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

Baseline: 20 completed sessions

Volume rank90th
Volume/OI rank90th
IV rank100th

Market Context

Underlying confirmation

Sharemaestro weekly
Close3.51
1W-12.0%
RS9.0
Fair value-36.2%
Options pressure73
Speculation43
Volatility96
Trend fit8

Today Versus Normal

Stored-options context

View history
Expected move 67.7% history building
30d avg - · 8/10 sessions -
90d avg - · 20/30 sessions -
180d avg - · 20/60 sessions -
IV 7.57 history building
30d avg - · 8/10 sessions -
90d avg - · 20/30 sessions -
180d avg - · 20/60 sessions -
Put-call 0.22 history building
30d avg - · 7/10 sessions -
90d avg - · 17/30 sessions -
180d avg - · 17/60 sessions -
Volume/OI 0.12 history building
30d avg - · 8/10 sessions -
90d avg - · 20/30 sessions -
180d avg - · 20/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:37 Volatility
Pressure 100
Move 65.2%
30 Jul 11:17 Volatility
Pressure 96
Move 60.6%
30 Jul 15:10 Volatility
Pressure 96
Move 27.7%
30 Jul 15:41 Volatility
Pressure 94
Move 27.7%
3 Aug 12:17 Volatility
Pressure 100
Move 36.5%
3 Aug 14:57 Volatility
Pressure 95
Move 20.6%
3 Aug 15:39 Volatility
Pressure 95
Move 20.6%
3 Aug 19:27 Volatility
Pressure 95
Move 23.7%

Strike Map

Where activity is clustering

Full strike map
Strike2.50
Calls · V 0 · OI 0
Puts · V 1 · OI 11
Strike5.00
Calls · V 4 · OI 191
Puts · V 2 · OI 20
Strike7.50
Calls · V 100 · OI 100
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry18 Sep 2026
Contracts4
Avg IV7.57
Put-call0.03
Expiry16 Oct 2026
Contracts8
Avg IV5.63
Put-call0.18
Expiry18 Dec 2026
Contracts9
Avg IV2.55
Put-call0.14
Expiry15 Jan 2027
Contracts12
Avg IV1.60
Put-call0.41

Skew

Call/put IV balance

OTM demand
18 Sep 2026Call IV premium
Call IV3.69
Put IV2.47
Skew-1.22
16 Oct 2026Put IV premium
Call IV1.84
Put IV14.44
Skew12.59
18 Dec 2026Put IV premium
Call IV3.39
Put IV3.63
Skew0.24
15 Jan 2027Put IV premium
Call IV3.32
Put IV3.90
Skew0.59

Contract Tape

Most active contracts

Full contract tape
ContractZNTL261016P00001500
SidePut
Expiry16 Oct 2026
Strike1.50
Volume-
OI52
IV10.75
ContractZNTL261016P00002500
SidePut
Expiry16 Oct 2026
Strike2.50
Volume-
OI30
IV14.44
ContractZNTL260918C00007500
SideCall
Expiry18 Sep 2026
Strike7.50
Volume100
OI100
IV17.70
ContractZNTL270115C00007500
SideCall
Expiry15 Jan 2027
Strike7.50
Volume80
OI80
IV2.43
ContractZNTL261016C00000500
SideCall
Expiry16 Oct 2026
Strike0.50
Volume76
OI68
IV-
ContractZNTL261218C00001000
SideCall
Expiry18 Dec 2026
Strike1.00
Volume68
OI12
IV3.16
ContractZNTL270115C00001000
SideCall
Expiry15 Jan 2027
Strike1.00
Volume60
OI10
IV-
ContractZNTL270115P00007500
SidePut
Expiry15 Jan 2027
Strike7.50
Volume56
OI16
IV2.38

Evidence context