Ticker Options Intelligence

KYTX options intelligence

Kyverna Therapeutics, Inc. Common Stock options pressure, expected move, strike concentration, and Sharemaestro trend context.

Conviction 37 Market data through 5 Aug 2026 Checked 5 Aug 2026 18:24 · complete available chain

Call-side pressure

Bullish pressure

KYTX currently carries bullish options pressure with a 37/100 conviction score. The nearest-chain expected move is 13.0%, with volume/open-interest participation at 0.16.

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

Call-side pressure

Expected move 13.0%

Wider near-term move priced

Activity / OI 0.16

Current volume is quieter versus prior open interest

Put-call 0.78

Balanced tape

Trend fit 53

Options are not fully confirming trend

Weekly backdrop -1.5%

RS -10.1

Expected move 13.0%
Put-call volume 0.78
Volume / OI 0.16
Reference IV 2.86
Max pain 7.50
Underlying 7.30
Nearest expiry 21 Aug 2026
Contracts 42

Research Brief

KYTX has a bullish 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 6.35–8.25; The largest call open-interest concentration is 7.50; the largest put concentration is 7.50. The most active strike by current volume is 5.00.

Priced range6.35–8.25
Call concentration7.50
Put concentration7.50
Max pain reference7.50
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 6.35 to 8.25. Max pain at 7.50 sits inside that range, 2.7% above spot.

Spot Max pain
6.357.30 ± 0.958.25
Confirmation level

A close beyond 8.25 or below 6.35 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 37/100

Evidence alignment, not probability

Pressure is 20/100 toward calls; conviction uses its strength, while the signal label carries its direction.

Directional pressure20 × 42%
+8.5

How strongly activity leans toward calls or puts.

Participation26 × 22%
+5.6

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

Trend agreement53 × 26%
+13.7

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 score37.4Matches stored calculation

Positioning by Strike

Where open interest and current activity concentrate

Full strike map

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

Put open interestStrikeCall open interest
138
5.00-31.5%
7
921
7.502.7%
1222
82
10.0037.0%
349
30
12.5071.2%
50
0
15.00105.5%
4
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+$27,290Delta change / 1% move
Positive peak7.50+$16,957
Negative peak20.00-$76
Nearest balance17.57Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50-65.8%
+$217
5.00-31.5%
+$2,003
7.502.7%
+$16,957
10.0037.0%
+$6,434
12.5071.2%
+$1,170
15.00105.5%
+$582
17.50139.7%
+$2
20.00174.0%
-$76
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

2.20× front/back

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

2.86 21 Aug 16d
3.05 18 Sep 44d
2.32 18 Dec 135d
1.30 19 Mar 226d

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.

8
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

A97/100
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
Chain status
Complete available chain
Market date
5 Aug 2026
Calculation
v2.0
Contracts
42 / 42
  • 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

83/100
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 against weak price

Options are leaning call-side while the stock is down on the week, a divergence that needs price confirmation.

Why this matters

Earnings/event positioning matters because it connects the options headline to the actual evidence: $446,423 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+20
1W price-1.5%
Call premium61%
Put premium39%
Notional split C 61% / P 39% Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness 0.16 Volume divided by open interest across the visible chain.
Trend fit 53/100 Agreement between options pressure and Sharemaestro market context.
Event window 11 Aug Matched earnings event is 5 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 Calls · 91+ days · ITM
Calls · 91+ days · ITM calls cluster with 458 contracts traded, $195,700 estimated gross traded notional, and 44% of visible notional.
$195,700
Puts · 91+ days · ITM puts cluster with 368 contracts traded, $112,250 estimated gross traded notional, and 25% of visible notional.
$112,250
Calls · 91+ days · OTM calls cluster with 222 contracts traded, $42,160 estimated gross traded notional, and 9% of visible notional.
$42,160
Puts · 8-21 days · ITM puts cluster with 93 contracts traded, $40,495 estimated gross traded notional, and 9% of visible notional.
$40,495
Calls · 22-45 days · ITM calls cluster with 128 contracts traded, $31,350 estimated gross traded notional, and 7% of visible notional.
$31,350

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.

Activity Anomaly

Warming up

-

6 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.

Baseline: 6 completed sessions

Volume rank-
Volume/OI rank-
IV rank-

Market Context

Underlying confirmation

Sharemaestro weekly
Close7.30
1W-1.5%
RS-10.1
Fair value-9.8%
Options pressure20
Speculation26
Volatility96
Trend fit53

Today Versus Normal

Stored-options context

View history
Expected move 13.0% history building
30d avg - · 6/10 sessions -
90d avg - · 6/30 sessions -
180d avg - · 6/60 sessions -
IV 2.86 history building
30d avg - · 6/10 sessions -
90d avg - · 6/30 sessions -
180d avg - · 6/60 sessions -
Put-call 0.78 history building
30d avg - · 6/10 sessions -
90d avg - · 6/30 sessions -
180d avg - · 6/60 sessions -
Volume/OI 0.16 history building
30d avg - · 6/10 sessions -
90d avg - · 6/30 sessions -
180d avg - · 6/60 sessions -

Pressure Trail

Recent pressure and volatility

Open trail
29 Jul 11:25 Bullish
Pressure 25
Move 17.9%
30 Jul 11:11 Volatility
Pressure 100
Move 15.9%
31 Jul 10:45 Volatility
Pressure 100
Move 14.5%
3 Aug 10:28 Volatility
Pressure 85
Move 15.1%
3 Aug 14:19 Bullish
Pressure 35
Move 22.9%
5 Aug 10:21 Volatility
Pressure 100
Move 14.0%
5 Aug 17:24 Bullish
Pressure 20
Move 13.0%

Strike Map

Where activity is clustering

Full strike map
Strike5.00
Calls · V 5 · OI 7
Puts · V 100 · OI 138
Strike7.50
Calls · V 1 · OI 1222
Puts · V 10 · OI 921
Strike10.00
Calls · V 8 · OI 349
Puts · V 1 · OI 82
Strike12.50
Calls · V 1 · OI 50
Puts · V 82 · OI 30
Strike15.00
Calls · V 0 · OI 4
Puts · V 0 · OI 0

Term Structure

Expiration activity

Volume and IV
Expiry21 Aug 2026
Contracts9
Avg IV2.86
Put-call12.87
Expiry18 Sep 2026
Contracts13
Avg IV3.05
Put-call0.55
Expiry18 Dec 2026
Contracts13
Avg IV2.32
Put-call0.17
Expiry19 Mar 2027
Contracts7
Avg IV1.30
Put-call1.90

Skew

Call/put IV balance

OTM demand
21 Aug 2026Put IV premium
Call IV0.69
Put IV1.55
Skew0.85
18 Sep 2026Put IV premium
Call IV0.78
Put IV2.79
Skew2.00
18 Dec 2026Put IV premium
Call IV1.05
Put IV2.65
Skew1.60
19 Mar 2027Incomplete skew
Call IV1.40
Put IV-
Skew-

Contract Tape

Most active contracts

Full contract tape
ContractKYTX270319C00015000
SideCall
Expiry19 Mar 2027
Strike15.00
Volume-
OI5
IV1.67
ContractKYTX260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume-
OI4
IV2.60
ContractKYTX261218C00020000
SideCall
Expiry18 Dec 2026
Strike20.00
Volume-
OI1
IV1.29
ContractKYTX270319P00007500
SidePut
Expiry19 Mar 2027
Strike7.50
Volume220
OI218
IV1.09
ContractKYTX261218C00007500
SideCall
Expiry18 Dec 2026
Strike7.50
Volume175
OI814
IV1.05
ContractKYTX261218C00005000
SideCall
Expiry18 Dec 2026
Strike5.00
Volume173
OI278
IV1.28
ContractKYTX261218C00002500
SideCall
Expiry18 Dec 2026
Strike2.50
Volume155
OI331
IV2.16
ContractKYTX270319C00005000
SideCall
Expiry19 Mar 2027
Strike5.00
Volume130
OI92
IV1.06