Primary read
Mixed
Options-market disagreement
Ticker Options Intelligence
CMPS options intelligence
Compass Pathways Plc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
37
Market data through 21 Sep 2026
Checked 21 Sep 2026 19:59 · partial chain
Options-market disagreement
Mixed pressure
CMPS currently carries mixed options pressure with a 37/100 conviction score. The nearest-chain expected move is 13.2%, with volume/open-interest participation at 0.05.
Expected move
13.2%
Wider near-term move priced
Activity / OI
0.05
Current volume is quieter versus prior open interest
Put-call
1.21
Balanced tape
Trend fit
84
Options agree with trend context
Weekly backdrop
+5.9%
RS 57.5
Expected move
13.2%
Put-call volume
1.21
Volume / OI
0.05
Reference IV
0.64
Max pain
14.00
Underlying
15.19
Nearest expiry
16 Oct 2026
Contracts
141
Research Brief
CMPS has a mixed chain read with 37/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 13.19–17.19; The largest call open-interest concentration is 15.00; the largest put concentration is 14.00. The most active strike by current volume is 15.00.
Priced range13.19–17.19
Call concentration15.00
Put concentration14.00
Max pain reference14.00
- A clear directional pressure reading develops and price begins to agree.
- The current chain read already agrees with the stored weekly trend context.
- Volatility falls and the chain remains directionally mixed.
Priced Move
Where the chain says movement becomes exceptional
Options imply 13.19 to 17.19. Max pain at 14.00 sits inside that range, 7.8% below spot.
Spot
Max pain
13.1915.19 ± 2.0017.19
Confirmation level
A close beyond 17.19 or below 13.19 at the 16 Oct 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 37/100
Pressure is 0/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure0 × 42%
+0.1
How strongly activity leans toward calls or puts.
Participation29 × 22%
+6.4
Volume relative to existing open interest and contract-level activity.
Trend agreement84 × 26%
+21.8
How closely the chain read agrees with the underlying trend backdrop.
Volatility85 × 10%
+8.5
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 15.00; the largest put concentration is 14.00. The most active strike by current volume is 15.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
0
6.00-60.5%
3
0
7.00-53.9%
7
1
8.00-47.3%
0
2
9.00-40.8%
51
26
10.00-34.2%
100
7
11.00-27.6%
14
44
12.00-21.0%
61
342
13.00-14.4%
142
431
14.00-7.8%
102
158
15.00-1.3%
1596
11
16.005.3%
358
1
17.0011.9%
1449
0
18.0018.5%
51
0
19.0025.1%
12
0
20.0031.7%
79
0
21.0038.2%
1
0
22.0044.8%
63
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+$656,026Delta change / 1% move
Positive peak20.00+$141,043
Negative peak11.00-$5,174
Nearest balance11.05Interpolated sign change
StrikeNegativePositiveNet / 1% move
5.00-67.1%
+$242
6.00-60.5%
-$369
7.00-53.9%
+$3,697
8.00-47.3%
-$582
9.00-40.8%
+$918
10.00-34.2%
+$15,405
11.00-27.6%
-$5,174
12.00-21.0%
+$97,123
13.00-14.4%
+$25,969
14.00-7.8%
+$59,433
15.00-1.3%
+$119,674
16.005.3%
+$68,331
17.0011.9%
+$66,701
18.0018.5%
+$31,042
19.0025.1%
+$3,587
20.0031.7%
+$141,043
21.0038.2%
+$1,428
22.0044.8%
+$7,704
23.0051.4%
+$4,200
24.0058.0%
+$2,335
25.0064.6%
+$9,987
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.
0.64
16 Oct
25d
0.79
20 Nov
60d
0.83
15 Jan
116d
0.88
19 Feb
151d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
13
14
15
16
17
18
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 3 stored directional transitions, the next stored price moved in the labelled direction 67% of the time.
Directional follow-through67%
Moves contained by pricing76%
Average expiry move10.4%
16 Sep
Volatility · 52
5.9% through expiry
4.4% priced · v2.0
11 Sep
Volatility · 46
5.9% through expiry
7.8% priced · v2.0
10 Sep
Volatility · 60
14.5% through expiry
11.7% priced · v2.0
9 Sep
Volatility · 58
14.5% through expiry
16.8% priced · v2.0
8 Sep
Volatility · 61
14.5% through expiry
10.9% priced · v2.0
4 Sep
Bearish · 39
14.5% through expiry
9.8% priced · v2.0
3 Sep
Volatility · 58
10.6% through expiry
10.4% priced · v2.0
1 Sep
Volatility · 61
10.6% through expiry
12.2% priced · v2.0
25 Aug
Volatility · 57
14.0% through expiry
19.1% priced · v2.0
19 Aug
Volatility · 55
-0.9% through expiry
9.1% priced · v2.0
14 Aug
Volatility · 56
-0.9% through expiry
8.6% priced · v2.0
13 Aug
Volatility · 51
-1.6% through expiry
10.3% priced · v2.0
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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 21 Sep 2026
- Calculation
- v2.0
- Contracts
- 141 / 141
- 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
Multi-expiry position-maintenance candidate
Activity is spread across expirations with heavier open interest than current volume, which can be consistent with position maintenance.
The options read is mixed, so divergence is not strong enough to classify.
Multi-expiry position-maintenance candidate matters because it connects the options headline to the actual evidence: $658,500 of estimated gross traded notional, calls · 46-90 days · itm, and a no clean flow/price divergence backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+0
1W price+5.9%
Call premium66%
Put premium34%
Notional split
C 66% / P 34%
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
84/100
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.
Calls · 46-90 days · ITM
calls cluster with 240 contracts traded, $136,158 estimated gross traded notional, and 21% of visible notional.
$136,158
Calls · 91+ days · OTM
calls cluster with 592 contracts traded, $88,830 estimated gross traded notional, and 13% of visible notional.
$88,830
Puts · 46-90 days · ITM
puts cluster with 255 contracts traded, $85,450 estimated gross traded notional, and 13% of visible notional.
$85,450
Calls · 22-45 days · ITM
calls cluster with 129 contracts traded, $82,400 estimated gross traded notional, and 13% of visible notional.
$82,400
Calls · 91+ days · ITM
calls cluster with 110 contracts traded, $77,118 estimated gross traded notional, and 12% of visible notional.
$77,118
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
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 24 completed sessions
Volume rank62th
Volume/OI rank75th
IV rank21th
Market Context
Underlying confirmation
Close15.19
1W+5.9%
RS57.5
Fair value+116.6%
Options pressure0
Speculation29
Volatility85
Trend fit84
Today Versus Normal
Stored-options context
30d avg 11.8% · 10 sessions
70th
90d avg - · 24/30 sessions
-
180d avg - · 24/60 sessions
-
30d avg 0.73 · 10 sessions
30th
90d avg - · 24/30 sessions
-
180d avg - · 24/60 sessions
-
30d avg 0.42 · 10 sessions
90th
90d avg - · 24/30 sessions
-
180d avg - · 24/60 sessions
-
30d avg 0.06 · 10 sessions
70th
90d avg - · 24/30 sessions
-
180d avg - · 24/60 sessions
-
Pressure Trail
Recent pressure and volatility
31 Jul 15:36
Volatility
Pressure 36
Move 20.2%
31 Jul 17:19
Volatility
Pressure 37
Move 18.0%
31 Jul 19:59
Volatility
Pressure 48
Move 18.7%
31 Jul 23:52
Volatility
Pressure 56
Move 19.5%
2 Aug 21:21
Volatility
Pressure 100
Move 19.4%
3 Aug 20:44
Volatility
Pressure 45
Move 18.5%
4 Aug 04:44
Volatility
Pressure 55
Move 18.5%
4 Aug 15:39
Volatility
Pressure 50
Move 18.3%
Strike Map
Where activity is clustering
Strike6.00
Calls · V 3 · OI 3
Puts · V 0 · OI 0
Strike7.00
Calls · V 17 · OI 7
Puts · V 0 · OI 0
Strike8.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike9.00
Calls · V 100 · OI 51
Puts · V 0 · OI 2
Strike10.00
Calls · V 2 · OI 100
Puts · V 12 · OI 26
Strike11.00
Calls · V 1 · OI 14
Puts · V 1 · OI 7
Strike12.00
Calls · V 2 · OI 61
Puts · V 8 · OI 44
Strike13.00
Calls · V 3 · OI 142
Puts · V 244 · OI 342
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts26
Avg IV0.64
Put-call1.56
Expiry20 Nov 2026
Contracts45
Avg IV0.79
Put-call1.69
Expiry15 Jan 2027
Contracts42
Avg IV0.83
Put-call0.79
Expiry19 Feb 2027
Contracts28
Avg IV0.88
Put-call0.49
Skew
Call/put IV balance
16 Oct 2026Balanced skew
Call IV0.66
Put IV0.63
Skew-0.03
20 Nov 2026Balanced skew
Call IV0.77
Put IV0.80
Skew0.03
15 Jan 2027Call IV premium
Call IV0.86
Put IV0.79
Skew-0.07
19 Feb 2027Put IV premium
Call IV0.85
Put IV1.00
Skew0.15
Contract Tape
Most active contracts
ContractCMPS261120P00018000
SidePut
Expiry20 Nov 2026
Strike18.00
Volume-
OI59
IV0.67
ContractCMPS270219P00015000
SidePut
Expiry19 Feb 2027
Strike15.00
Volume-
OI30
IV0.76
ContractCMPS270219P00014000
SidePut
Expiry19 Feb 2027
Strike14.00
Volume-
OI3
IV1.00
ContractCMPS270219C00011000
SideCall
Expiry19 Feb 2027
Strike11.00
Volume-
OI2
IV0.73
ContractCMPS261016P00009000
SidePut
Expiry16 Oct 2026
Strike9.00
Volume-
OI2
IV0.96
ContractCMPS261016P00008000
SidePut
Expiry16 Oct 2026
Strike8.00
Volume-
OI1
IV2.07
ContractCMPS270219P00006000
SidePut
Expiry19 Feb 2027
Strike6.00
Volume-
OI1
IV0.96
ContractCMPS270219P00016000
SidePut
Expiry19 Feb 2027
Strike16.00
Volume-
OI1
IV0.81
Research Graph
Related research and context
Sharemaestro research
Related News
No recent ticker-specific news yet.
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.