Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
INCY options intelligence
Incyte Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 2 Aug 2026 12:43 · complete available chain
Call-side pressure
Bullish pressure
INCY currently carries bullish options pressure with a 44/100 conviction score. The nearest-chain expected move is 6.4%, with volume/open-interest participation at 0.02.
Expected move
6.4%
Wider near-term move priced
Activity / OI
0.02
Current volume is quieter versus prior open interest
Put-call
0.43
Call-side skew
Trend fit
63
Options agree with trend context
Weekly backdrop
+1.6%
RS 11.5
Expected move
6.4%
Put-call volume
0.43
Volume / OI
0.02
Reference IV
0.36
Max pain
115.00
Underlying
119.52
Nearest expiry
21 Aug 2026
Contracts
414
Research Brief
INCY has a bullish 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 111.87–127.17; The largest call open-interest concentration is 135.00; the largest put concentration is 120.00. The most active strike by current volume is 55.00.
Priced range111.87–127.17
Call concentration135.00
Put concentration120.00
Max pain reference115.00
- Price holds or improves while call-side concentration remains elevated.
- The current chain read already agrees with the stored weekly trend context.
- Price weakens while call pressure fades or reverses toward puts.
Priced Move
Where the chain says movement becomes exceptional
Options imply 111.87 to 127.17. Max pain at 115.00 sits inside that range, 3.8% below spot.
Spot
Max pain
111.87119.52 ± 7.65127.17
Confirmation level
A close beyond 127.17 or below 111.87 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 32/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure32 × 42%
+13.6
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement63 × 26%
+16.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility51 × 10%
+5.1
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 135.00; the largest put concentration is 120.00. The most active strike by current volume is 55.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
13
55.00-54.0%
0
0
60.00-49.8%
0
1
65.00-45.6%
0
0
70.00-41.4%
0
2
75.00-37.2%
0
0
80.00-33.1%
0
83
95.00-20.5%
2
17
100.00-16.3%
3
89
105.00-12.1%
41
333
110.00-8.0%
378
54
115.00-3.8%
170
337
120.000.4%
280
23
125.004.6%
394
38
130.008.8%
125
8
135.0013.0%
440
1
140.0017.1%
10
0
145.0021.3%
175
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.36
21 Aug
21d
0.34
18 Sep
49d
0.39
18 Dec
140d
0.38
15 Jan
168d
0.39
19 Mar
231d
0.38
17 Dec
504d
Volatility by Strike
Balanced wings
Comparable upside calls and downside puts carry broadly similar implied volatility.
100
105
110
115
120
125
130
135
140
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
- Versioned calculationv2 observations only
- Independent entryone read per market session
- Point-in-time referencerequired at entry
- Matched expiry closereported only after maturity
Only v2 snapshots with a point-in-time market reference are eligible. Each observation uses one read per market session and the first weekly close on or immediately after expiry. 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
- 414 / 414
- 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 pointing in the same constructive direction.
Earnings/event positioning matters because it connects the options headline to the actual evidence: $169406 of estimated gross traded notional, calls · 91+ days · itm, and a bullish flow confirms price backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure+32
1W price+1.6%
Call premium96%
Put premium4%
Notional split
C 96% / P 4%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.02
Volume divided by open interest across the visible chain.
Trend fit
63/100
Agreement between options pressure and Sharemaestro market context.
Event window
4 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 25 contracts traded, $89685 estimated gross traded notional, and 53% of visible notional.
$89685
Calls · 46-90 days · OTM
calls cluster with 130 contracts traded, $24445 estimated gross traded notional, and 14% of visible notional.
$24445
Calls · 8-21 days · ATM
calls cluster with 54 contracts traded, $21600 estimated gross traded notional, and 13% of visible notional.
$21600
Calls · 91+ days · OTM
calls cluster with 9 contracts traded, $10135 estimated gross traded notional, and 6% of visible notional.
$10135
Calls · 46-90 days · ATM
calls cluster with 10 contracts traded, $6250 estimated gross traded notional, and 4% of visible notional.
$6250
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
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
Close119.52
1W+1.6%
RS11.5
Fair value+59.3%
Options pressure32
Speculation40
Volatility51
Trend fit63
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 10:19
Bullish
Pressure 33
Move 11.6%
30 Jul 13:15
Bearish
Pressure -26
Move 9.1%
31 Jul 12:57
Bullish
Pressure 72
Move 7.1%
31 Jul 13:53
Bullish
Pressure 41
Move 6.5%
31 Jul 14:27
Bullish
Pressure 40
Move 6.4%
31 Jul 15:36
Bullish
Pressure 37
Move 6.5%
31 Jul 16:46
Bullish
Pressure 41
Move 6.3%
31 Jul 17:54
Bullish
Pressure 43
Move 6.4%
Strike Map
Where activity is clustering
Strike55.00
Calls · V 0 · OI 0
Puts · V 84 · OI 13
Strike60.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike65.00
Calls · V 0 · OI 0
Puts · V 0 · OI 1
Strike70.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike75.00
Calls · V 0 · OI 0
Puts · V 0 · OI 2
Strike80.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike85.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Strike90.00
Calls · V 0 · OI 0
Puts · V 0 · OI 0
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts58
Avg IV0.36
Put-call1.42
Expiry18 Sep 2026
Contracts58
Avg IV0.34
Put-call0.01
Expiry18 Dec 2026
Contracts74
Avg IV0.39
Put-call0.85
Expiry15 Jan 2027
Contracts96
Avg IV0.38
Put-call-
Expiry19 Mar 2027
Contracts64
Avg IV0.39
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.34
Put IV0.33
Skew-0.01
18 Sep 2026Put IV premium
Call IV0.30
Put IV0.36
Skew0.06
18 Dec 2026Balanced skew
Call IV0.37
Put IV0.39
Skew0.02
15 Jan 2027Balanced skew
Call IV0.36
Put IV0.38
Skew0.02
19 Mar 2027Balanced skew
Call IV0.37
Put IV0.38
Skew0.01
Contract Tape
Most active contracts
ContractINCY260918C00130000
SideCall
Expiry18 Sep 2026
Strike130.00
Volume126
OI1040
IV0.30
ContractINCY260821P00055000
SidePut
Expiry21 Aug 2026
Strike55.00
Volume84
OI13
IV1.11
ContractINCY260821C00120000
SideCall
Expiry21 Aug 2026
Strike120.00
Volume54
OI280
IV0.36
ContractINCY260918C00120000
SideCall
Expiry18 Sep 2026
Strike120.00
Volume10
OI313
IV0.36
ContractINCY261218C00110000
SideCall
Expiry18 Dec 2026
Strike110.00
Volume10
OI39
IV0.43
ContractINCY271217C00070000
SideCall
Expiry17 Dec 2027
Strike70.00
Volume10
OI5
IV0.42
ContractINCY260821P00115000
SidePut
Expiry21 Aug 2026
Strike115.00
Volume6
OI54
IV0.33
ContractINCY271217C00145000
SideCall
Expiry17 Dec 2027
Strike145.00
Volume6
OI23
IV0.38
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.