Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
RPRX options intelligence
Royalty Pharma Plc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
45
Market data through 31 Jul 2026
Checked 2 Aug 2026 12:52 · complete available chain
Call-side pressure
Bullish pressure
RPRX currently carries bullish options pressure with a 45/100 conviction score. The nearest-chain expected move is 5.4%, with volume/open-interest participation at 0.00.
Expected move
5.4%
Near-term move context
Activity / OI
0.00
Current volume is quieter versus prior open interest
Put-call
0.22
Call-side skew
Trend fit
26
Options are not fully confirming trend
Weekly backdrop
-0.7%
RS 21.7
Expected move
5.4%
Put-call volume
0.22
Volume / OI
0.00
Reference IV
0.22
Max pain
55.00
Underlying
58.43
Nearest expiry
21 Aug 2026
Contracts
192
Research Brief
RPRX has a bullish chain read with 45/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 55.28–61.58; The largest call open-interest concentration is 65.00; the largest put concentration is 55.00. The most active strike by current volume is 65.00.
Priced range55.28–61.58
Call concentration65.00
Put concentration55.00
Max pain reference55.00
- Price holds or improves while call-side concentration remains elevated.
- Price weakens while call pressure fades or reverses toward puts.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 55.28 to 61.58. Max pain at 55.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
55.2858.43 ± 3.1561.58
Confirmation level
A close beyond 61.58 or below 55.28 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 45/100
Pressure is 74/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure74 × 42%
+31.2
How strongly activity leans toward calls or puts.
Participation16 × 22%
+3.5
Volume relative to existing open interest and contract-level activity.
Trend agreement26 × 26%
+6.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility37 × 10%
+3.7
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 65.00; the largest put concentration is 55.00. The most active strike by current volume is 65.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
32.50-44.4%
0
0
35.00-40.1%
0
0
37.50-35.8%
0
0
40.00-31.5%
0
0
42.50-27.3%
0
0
45.00-23.0%
0
0
47.50-18.7%
0
1
50.00-14.4%
4
13
52.50-10.1%
2
151
55.00-5.9%
60
55
57.50-1.6%
26
2
60.002.7%
403
2
62.507.0%
15
0
65.0011.2%
728
0
67.5015.5%
0
0
70.0019.8%
7
0
75.0028.4%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Positive gamma proxy
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+$675,530Delta change / 1% move
Positive peak60.00+$191,968
Negative peak32.50-$1,533
Nearest balance38.40Interpolated sign change
StrikeNegativePositiveNet / 1% move
22.50-61.5%
-$1
32.50-44.4%
-$1,533
35.00-40.1%
+$203
37.50-35.8%
-$101
40.00-31.5%
+$180
42.50-27.3%
+$2,499
45.00-23.0%
+$82,194
47.50-18.7%
+$92,266
50.00-14.4%
+$44,030
52.50-10.1%
+$7,853
55.00-5.9%
+$96,284
57.50-1.6%
+$6,438
60.002.7%
+$191,968
62.507.0%
+$57,908
65.0011.2%
+$94,115
70.0019.8%
+$488
75.0028.4%
+$590
80.0036.9%
+$147
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
Back-loaded volatility
Longer-dated options carry more implied volatility than the front expiry, so risk is priced farther out.
0.22
21 Aug
21d
0.28
18 Sep
49d
0.29
16 Oct
77d
0.26
18 Dec
140d
0.26
15 Jan
168d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
48
50
53
55
58
60
63
65
68
70
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
- 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
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 31 Jul 2026
- Calculation
- v2.0
- Contracts
- 192 / 192
- 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
Options activity is concentrated around a live event window, so the cleanest read is event positioning rather than pure direction.
Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $12,538 of estimated gross traded notional, calls · 91+ days · itm, and a bullish flow against weak price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+74
1W price-0.7%
Call premium95%
Put premium5%
Notional split
C 95% / P 5%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.00
Volume divided by open interest across the visible chain.
Trend fit
26/100
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.
Calls · 91+ days · ITM
calls cluster with 6 contracts traded, $10,030 estimated gross traded notional, and 80% of visible notional.
$10,030
Calls · 46-90 days · ITM
calls cluster with 2 contracts traded, $1,255 estimated gross traded notional, and 10% of visible notional.
$1,255
Puts · 46-90 days · OTM
puts cluster with 6 contracts traded, $560 estimated gross traded notional, and 4% of visible notional.
$560
Calls · 8-21 days · OTM
calls cluster with 23 contracts traded, $402 estimated gross traded notional, and 3% of visible notional.
$402
Calls · 8-21 days · ATM
calls cluster with 1 contracts traded, $240 estimated gross traded notional, and 2% of visible notional.
$240
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Call pressure is building while the stock sits above Sharemaestro fair value.
Activity Anomaly
Warming up
3 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 3 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close58.43
1W-0.7%
RS21.7
Fair value+74.4%
Options pressure74
Speculation16
Volatility37
Trend fit26
Today Versus Normal
Stored-options context
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
30d avg - · 3/10 sessions
-
90d avg - · 3/30 sessions
-
180d avg - · 3/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:13
Bullish
Pressure 74
Move 8.0%
30 Jul 10:10
Bullish
Pressure 100
Move 5.0%
31 Jul 10:04
Bullish
Pressure 90
Move 5.9%
2 Aug 04:52
Bullish
Pressure 81
Move 6.2%
2 Aug 11:52
Bullish
Pressure 74
Move 5.4%
Strike Map
Where activity is clustering
Strike32.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike35.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike37.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike40.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike42.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike45.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike47.50
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike50.00
Calls · V 0 · OI 4
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts36
Avg IV0.22
Put-call0.04
Expiry18 Sep 2026
Contracts34
Avg IV0.28
Put-call-
Expiry16 Oct 2026
Contracts40
Avg IV0.29
Put-call3.00
Expiry18 Dec 2026
Contracts44
Avg IV0.26
Put-call-
Expiry15 Jan 2027
Contracts38
Avg IV0.26
Put-call-
Skew
Call/put IV balance
21 Aug 2026Call IV premium
Call IV0.31
Put IV0.04
Skew-0.26
18 Sep 2026Balanced skew
Call IV0.36
Put IV0.37
Skew0.01
16 Oct 2026Call IV premium
Call IV0.37
Put IV0.28
Skew-0.09
18 Dec 2026Call IV premium
Call IV0.37
Put IV0.28
Skew-0.09
15 Jan 2027Put IV premium
Call IV0.34
Put IV0.44
Skew0.11
Contract Tape
Most active contracts
ContractRPRX260821C00065000
SideCall
Expiry21 Aug 2026
Strike65.00
Volume23
OI728
IV0.31
ContractRPRX261218C00045000
SideCall
Expiry18 Dec 2026
Strike45.00
Volume5
OI2286
IV0.30
ContractRPRX261016P00052500
SidePut
Expiry16 Oct 2026
Strike52.50
Volume2
OI1
IV0.11
ContractRPRX261016C00055000
SideCall
Expiry16 Oct 2026
Strike55.00
Volume1
OI582
IV0.27
ContractRPRX260821P00055000
SidePut
Expiry21 Aug 2026
Strike55.00
Volume1
OI151
IV0.12
ContractRPRX260821C00057500
SideCall
Expiry21 Aug 2026
Strike57.50
Volume1
OI26
IV0.33
ContractRPRX261016C00052500
SideCall
Expiry16 Oct 2026
Strike52.50
Volume1
OI12
IV0.33
ContractRPRX261016P00055000
SidePut
Expiry16 Oct 2026
Strike55.00
Volume1
OI10
IV0.28
Research Graph
Related research and context
Sharemaestro research
Related News
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.