Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
SMMT options intelligence
Summit Therapeutics PLC options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
40
Market data through 12 Aug 2026
Checked 13 Aug 2026 11:42 · complete available chain
Call-side pressure
Bullish pressure
SMMT currently carries bullish options pressure with a 40/100 conviction score. The nearest-chain expected move is 8.0%, with volume/open-interest participation at 0.01.
Expected move
8.0%
Wider near-term move priced
Activity / OI
0.01
Current volume is quieter versus prior open interest
Put-call
0.53
Call-side skew
Trend fit
25
Options are not fully confirming trend
Weekly backdrop
+7.2%
RS -32.4
Expected move
8.0%
Put-call volume
0.53
Volume / OI
0.01
Reference IV
1.08
Max pain
13.00
Underlying
13.96
Nearest expiry
14 Aug 2026
Contracts
738
Research Brief
SMMT has a bullish chain read with 40/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 12.85–15.07; The largest call open-interest concentration is 14.50; the largest put concentration is 12.50. The most active strike by current volume is 15.50.
Priced range12.85–15.07
Call concentration14.50
Put concentration12.50
Max pain reference13.00
- 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.
- 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 12.85 to 15.07. Max pain at 13.00 sits inside that range, 6.9% below spot.
Spot
Max pain
12.8513.96 ± 1.1115.07
Confirmation level
A close beyond 15.07 or below 12.85 at the 14 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 40/100
Pressure is 38/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure38 × 42%
+15.8
How strongly activity leans toward calls or puts.
Participation40 × 22%
+8.9
Volume relative to existing open interest and contract-level activity.
Trend agreement25 × 26%
+6.6
How closely the chain read agrees with the underlying trend backdrop.
Volatility88 × 10%
+8.8
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 14.50; the largest put concentration is 12.50. The most active strike by current volume is 15.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
7
5.00-64.2%
14
15
6.00-57.0%
13
9
8.00-42.7%
50
1
8.50-39.1%
46
15
9.00-35.5%
83
2
9.50-31.9%
81
560
11.00-21.2%
5
22
12.00-14.0%
4
743
12.50-10.5%
2
301
13.00-6.9%
16
59
13.50-3.3%
155
36
14.000.3%
118
20
14.503.9%
518
17
15.007.4%
334
2
15.5011.0%
214
0
16.0014.6%
74
8
17.0021.8%
126
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+$576,311Delta change / 1% move
Positive peak15.00+$214,056
Negative peak12.00-$29,600
Nearest balance13.42Interpolated sign change
StrikeNegativePositiveNet / 1% move
9.00-35.5%
-$1,935
9.50-31.9%
+$393
10.00-28.4%
+$20,008
10.50-24.8%
-$5
11.00-21.2%
-$6,661
11.50-17.6%
+$10
12.00-14.0%
-$29,600
12.50-10.5%
-$5,973
13.00-6.9%
-$24,050
13.50-3.3%
+$4,276
14.000.3%
+$26,588
14.503.9%
+$37,909
15.007.4%
+$214,056
15.5011.0%
+$29,904
16.0014.6%
+$60,167
16.5018.2%
+$923
17.0021.8%
+$11,954
17.5025.4%
+$37
18.0028.9%
+$62,728
18.5032.5%
+$25
19.0036.1%
-$3,607
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.
1.08
14 Aug
2d
0.79
21 Aug
9d
0.64
28 Aug
16d
0.52
4 Sep
23d
0.57
11 Sep
30d
0.65
18 Sep
37d
0.51
25 Sep
44d
0.85
16 Oct
65d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
12
12
13
13
14
14
15
15
16
16
17
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 100% of the time.
Directional follow-through100%
Moves contained by pricing50%
Average expiry move6.8%
6 Aug
Mixed · 35
7.2% through expiry
3.2% priced · v2.0
5 Aug
Bullish · 41
7.2% through expiry
2.3% priced · v2.0
4 Aug
Bullish · 41
7.2% through expiry
6.7% priced · v2.0
3 Aug
Volatility · 53
7.2% through expiry
7.7% priced · v2.0
31 Jul
Bullish · 48
7.2% through expiry
10.2% priced · v2.0
30 Jul
Volatility · 52
-4.7% through expiry
4.9% 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
High
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 12 Aug 2026
- Calculation
- v2.0
- Contracts
- 738 / 738
- 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
Short-dated OTM call concentration
Call activity is concentrated in upside and shorter-dated contracts; trade direction remains unconfirmed without aggressor data.
Options pressure and weekly price action are pointing in the same constructive direction.
Short-dated OTM call concentration matters because it connects the options headline to the actual evidence: $302,482 of estimated gross traded notional, calls · 91+ days · otm, 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+38
1W price+7.2%
Call premium74%
Put premium26%
Notional split
C 74% / P 26%
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
25/100
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.
Calls · 91+ days · OTM
calls cluster with 339 contracts traded, $111,285 estimated gross traded notional, and 37% of visible notional.
$111,285
Calls · 46-90 days · OTM
calls cluster with 334 contracts traded, $37,692 estimated gross traded notional, and 12% of visible notional.
$37,692
Puts · 8-21 days · ITM
puts cluster with 342 contracts traded, $30,882 estimated gross traded notional, and 10% of visible notional.
$30,882
Calls · 0-7 days · ITM
calls cluster with 33 contracts traded, $26,880 estimated gross traded notional, and 9% of visible notional.
$26,880
Puts · 0-7 days · ITM
puts cluster with 32 contracts traded, $19,068 estimated gross traded notional, and 6% of visible notional.
$19,068
Setup Classification
Opportunity and risk frame
The tape is pricing or displaying unusually elevated activity.
Expected move or upcoming earnings makes the setup more event-sensitive.
Options positioning is not confirming the underlying trend context.
Activity Anomaly
Normal range
Activity is broadly in line with recent stored snapshots.
Baseline: 11 completed sessions
Volume rank18th
Volume/OI rank18th
IV rank91th
Market Context
Underlying confirmation
Close13.96
1W+7.2%
RS-32.4
Fair value-2.8%
Options pressure38
Speculation40
Volatility88
Trend fit25
Today Versus Normal
Stored-options context
30d avg 6.5% · 11 sessions
73th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.63 · 11 sessions
91th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.44 · 11 sessions
82th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
30d avg 0.03 · 11 sessions
18th
90d avg - · 11/30 sessions
-
180d avg - · 11/60 sessions
-
Pressure Trail
Recent pressure and volatility
29 Jul 10:24
Bullish
Pressure 64
Move 7.9%
30 Jul 10:20
Bullish
Pressure 89
Move 3.1%
31 Jul 10:10
Volatility
Pressure 85
Move 4.9%
2 Aug 18:35
Bullish
Pressure 77
Move 10.2%
4 Aug 10:06
Volatility
Pressure 84
Move 7.7%
5 Aug 10:14
Bullish
Pressure 54
Move 6.7%
6 Aug 10:13
Bullish
Pressure 69
Move 2.3%
7 Aug 11:00
Mixed
Pressure -6
Move 3.2%
Strike Map
Where activity is clustering
Strike5.00
Calls · V 9 · OI 14
Puts · V 0 · OI 7
Strike6.00
Calls · V 6 · OI 13
Puts · V 0 · OI 15
Strike7.00
Calls · V 8 · OI 10
Puts · V 0 · OI 6
Strike8.00
Calls · V 4 · OI 50
Puts · V 0 · OI 9
Strike8.50
Calls · V 3 · OI 46
Puts · V 0 · OI 1
Strike9.00
Calls · V 1 · OI 83
Puts · V 0 · OI 15
Strike9.50
Calls · V 0 · OI 81
Puts · V 0 · OI 2
Strike10.00
Calls · V 0 · OI 5
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry14 Aug 2026
Contracts84
Avg IV1.08
Put-call0.10
Expiry21 Aug 2026
Contracts74
Avg IV0.79
Put-call0.69
Expiry28 Aug 2026
Contracts70
Avg IV0.64
Put-call17.76
Expiry4 Sep 2026
Contracts66
Avg IV0.52
Put-call0.46
Expiry11 Sep 2026
Contracts66
Avg IV0.57
Put-call-
Skew
Call/put IV balance
14 Aug 2026Put IV premium
Call IV0.69
Put IV0.81
Skew0.12
21 Aug 2026Call IV premium
Call IV1.32
Put IV0.39
Skew-0.94
28 Aug 2026Call IV premium
Call IV0.70
Put IV0.29
Skew-0.41
4 Sep 2026Call IV premium
Call IV0.79
Put IV0.24
Skew-0.55
11 Sep 2026Put IV premium
Call IV0.11
Put IV0.21
Skew0.10
Contract Tape
Most active contracts
ContractSMMT260828P00014500
SidePut
Expiry28 Aug 2026
Strike14.50
Volume300
OI-
IV0.67
ContractSMMT270115C00020000
SideCall
Expiry15 Jan 2027
Strike20.00
Volume161
OI6334
IV1.09
ContractSMMT261016C00018000
SideCall
Expiry16 Oct 2026
Strike18.00
Volume153
OI3797
IV0.90
ContractSMMT260814C00015500
SideCall
Expiry14 Aug 2026
Strike15.50
Volume128
OI214
IV0.69
ContractSMMT261016C00035000
SideCall
Expiry16 Oct 2026
Strike35.00
Volume105
OI164
IV0.76
ContractSMMT260918P00013000
SidePut
Expiry18 Sep 2026
Strike13.00
Volume95
OI236
IV0.25
ContractSMMT260821C00015000
SideCall
Expiry21 Aug 2026
Strike15.00
Volume65
OI2060
IV0.63
ContractSMMT270115P00012000
SidePut
Expiry15 Jan 2027
Strike12.00
Volume62
OI1322
IV1.03
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.