Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
ASND options intelligence
Ascendis Pharma AS options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 2 Aug 2026 19:23 · complete available chain
Put-side pressure
Bearish pressure
ASND currently carries bearish options pressure with a 44/100 conviction score. The nearest-chain expected move is 11.0%, with volume/open-interest participation at 0.01.
Expected move
11.0%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
1.91
Put-side skew
Trend fit
86
Options agree with trend context
Weekly backdrop
-3.9%
RS 1.3
Expected move
11.0%
Put-call volume
1.91
Volume / OI
0.01
Reference IV
0.58
Max pain
260.00
Underlying
243.91
Nearest expiry
21 Aug 2026
Contracts
540
Research Brief
ASND has a bearish chain read with 44/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 217.01–270.81; The largest call open-interest concentration is 320.00; the largest put concentration is 260.00. The most active strike by current volume is 220.00.
Priced range217.01–270.81
Call concentration320.00
Put concentration260.00
Max pain reference260.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
- 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
Options imply 217.01 to 270.81. Max pain at 260.00 sits inside that range, 6.6% above spot.
Spot
Max pain
217.01243.91 ± 26.90270.81
Confirmation level
A close beyond 270.81 or below 217.01 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 44/100
Pressure is 23/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure23 × 42%
+9.6
How strongly activity leans toward calls or puts.
Participation16 × 22%
+3.6
Volume relative to existing open interest and contract-level activity.
Trend agreement86 × 26%
+22.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility81 × 10%
+8.1
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 320.00; the largest put concentration is 260.00. The most active strike by current volume is 220.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
61
200.00-18.0%
5
26
210.00-13.9%
14
264
220.00-9.8%
14
150
230.00-5.7%
25
119
240.00-1.6%
121
336
250.002.5%
83
446
260.006.6%
99
30
270.0010.7%
396
26
280.0014.8%
320
15
290.0018.9%
98
11
300.0023.0%
97
0
310.0027.1%
336
3
320.0031.2%
1114
0
330.0035.3%
1057
0
340.0039.4%
1056
0
350.0043.5%
1000
0
360.0047.6%
58
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+$333,760Delta change / 1% move
Positive peak270.00+$260,598
Negative peak260.00-$158,029
Nearest balance237.11Interpolated sign change
StrikeNegativePositiveNet / 1% move
160.00-34.4%
+$2,256
165.00-32.4%
+$106
170.00-30.3%
+$5,026
175.00-28.3%
-$1,132
180.00-26.2%
+$1,463
185.00-24.2%
+$1,868
190.00-22.1%
+$6,041
195.00-20.1%
+$8,928
200.00-18.0%
+$3,345
210.00-13.9%
-$154,206
220.00-9.8%
-$115,453
230.00-5.7%
-$63,874
240.00-1.6%
+$25,920
250.002.5%
+$33,682
260.006.6%
-$158,029
270.0010.7%
+$260,598
280.0014.8%
+$143,745
290.0018.9%
+$32,723
300.0023.0%
+$137,937
310.0027.1%
+$3,606
320.0031.2%
+$43,257
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
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.58
21 Aug
21d
0.51
18 Sep
49d
0.47
16 Oct
77d
0.45
18 Dec
140d
0.45
15 Jan
168d
0.44
19 Mar
231d
0.41
17 Dec
504d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
200
210
220
230
240
250
260
270
280
290
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
- 540 / 540
- 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 pressure and weekly price action are both cautionary.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $100,865 of estimated gross traded notional, puts · 8-21 days · atm, and a bearish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-23
1W price-3.9%
Call premium40%
Put premium60%
Notional split
C 40% / P 60%
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
86/100
Agreement between options pressure and Sharemaestro market context.
Event window
6 Aug
Matched earnings event is 3 days away.
Aggregate chain data does not identify trade aggressor or opening versus closing activity; call/put concentration is not proof of market direction.
Puts · 8-21 days · ATM
puts cluster with 30 contracts traded, $39,000 estimated gross traded notional, and 39% of visible notional.
$39,000
Calls · 91+ days · OTM
calls cluster with 22 contracts traded, $26,735 estimated gross traded notional, and 27% of visible notional.
$26,735
Calls · 46-90 days · ITM
calls cluster with 3 contracts traded, $12,545 estimated gross traded notional, and 12% of visible notional.
$12,545
Puts · 8-21 days · OTM
puts cluster with 29 contracts traded, $11,798 estimated gross traded notional, and 12% of visible notional.
$11,798
Puts · 46-90 days · ITM
puts cluster with 1 contracts traded, $8,630 estimated gross traded notional, and 9% of visible notional.
$8,630
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close243.91
1W-3.9%
RS1.3
Fair value+49.3%
Options pressure-23
Speculation16
Volatility81
Trend fit86
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 10:22
Volatility
Pressure 41
Move 11.1%
30 Jul 10:19
Mixed
Pressure 10
Move 11.2%
31 Jul 10:10
Volatility
Pressure -18
Move 10.6%
2 Aug 18:23
Bearish
Pressure -23
Move 11.0%
Strike Map
Where activity is clustering
Strike100.00
Calls · V 0 · OI 5
Puts · V 0 · OI 0
Strike105.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike110.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike120.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike125.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 2
Puts · V 0 · OI 0
Strike135.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts74
Avg IV0.58
Put-call9.83
Expiry18 Sep 2026
Contracts64
Avg IV0.51
Put-call-
Expiry16 Oct 2026
Contracts72
Avg IV0.47
Put-call0.50
Expiry18 Dec 2026
Contracts84
Avg IV0.45
Put-call-
Expiry15 Jan 2027
Contracts80
Avg IV0.45
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.59
Put IV0.58
Skew-0.01
18 Sep 2026Balanced skew
Call IV0.47
Put IV0.48
Skew0.01
16 Oct 2026Balanced skew
Call IV0.43
Put IV0.47
Skew0.04
18 Dec 2026Put IV premium
Call IV0.39
Put IV0.45
Skew0.07
15 Jan 2027Put IV premium
Call IV0.39
Put IV0.45
Skew0.07
Contract Tape
Most active contracts
ContractASND260821P00220000
SidePut
Expiry21 Aug 2026
Strike220.00
Volume28
OI264
IV0.58
ContractASND260821P00240000
SidePut
Expiry21 Aug 2026
Strike240.00
Volume20
OI119
IV0.57
ContractASND260821P00250000
SidePut
Expiry21 Aug 2026
Strike250.00
Volume10
OI336
IV0.59
ContractASND270115C00270000
SideCall
Expiry15 Jan 2027
Strike270.00
Volume6
OI51
IV0.43
ContractASND270115C00330000
SideCall
Expiry15 Jan 2027
Strike330.00
Volume6
OI27
IV0.37
ContractASND260821C00280000
SideCall
Expiry21 Aug 2026
Strike280.00
Volume5
OI320
IV0.54
ContractASND270115C00300000
SideCall
Expiry15 Jan 2027
Strike300.00
Volume5
OI6
IV0.40
ContractASND270115C00290000
SideCall
Expiry15 Jan 2027
Strike290.00
Volume4
OI2
IV0.41
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.