Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
LGND options intelligence
Ligand Pharmaceuticals Incorporated options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
43
Market data through 31 Jul 2026
Checked 3 Aug 2026 11:15 · complete available chain
Put-side pressure
Bearish pressure
LGND currently carries bearish options pressure with a 43/100 conviction score. The nearest-chain expected move is 9.2%, with volume/open-interest participation at 0.03.
Expected move
9.2%
Wider near-term move priced
Activity / OI
0.03
Current volume is quieter versus prior open interest
Put-call
2.50
Put-side skew
Trend fit
59
Options are not fully confirming trend
Weekly backdrop
-4.3%
RS 26.6
Expected move
9.2%
Put-call volume
2.50
Volume / OI
0.03
Reference IV
0.49
Max pain
220.00
Underlying
287.54
Nearest expiry
21 Aug 2026
Contracts
620
Research Brief
LGND has a bearish chain read with 43/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 260.99–314.09; The largest call open-interest concentration is 220.00; the largest put concentration is 260.00. The most active strike by current volume is 290.00.
Priced range260.99–314.09
Call concentration220.00
Put concentration260.00
Max pain reference220.00
- Price remains weak while put-side concentration persists.
- Price recovers while put pressure fades or reverses toward calls.
- Options and the weekly trend are not yet giving the same message.
Priced Move
Where the chain says movement becomes exceptional
Options imply 260.99 to 314.09. Max pain at 220.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
260.99287.54 ± 26.55314.09
Confirmation level
A close beyond 314.09 or below 260.99 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 43/100
Pressure is 38/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure38 × 42%
+16.2
How strongly activity leans toward calls or puts.
Participation18 × 22%
+4.0
Volume relative to existing open interest and contract-level activity.
Trend agreement59 × 26%
+15.4
How closely the chain read agrees with the underlying trend backdrop.
Volatility71 × 10%
+7.1
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 220.00; the largest put concentration is 260.00. The most active strike by current volume is 290.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
8
125.00-56.5%
2
1
140.00-51.3%
10
2
175.00-39.1%
6
2
180.00-37.4%
24
5
200.00-30.4%
28
20
210.00-27.0%
7
3
220.00-23.5%
149
4
230.00-20.0%
9
11
250.00-13.1%
28
33
260.00-9.6%
22
6
270.00-6.1%
45
18
280.00-2.6%
6
12
290.000.9%
8
6
300.004.3%
9
0
310.007.8%
9
1
320.0011.3%
21
13
330.0014.8%
25
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.
0.49
21 Aug
21d
0.45
18 Sep
49d
0.44
20 Nov
112d
0.44
18 Dec
140d
0.44
15 Jan
168d
0.44
19 Feb
203d
0.47
17 Jun
321d
0.47
17 Dec
504d
Volatility by Strike
Upside optionality premium
Out-of-the-money calls carry higher implied volatility than comparable puts, indicating richer upside optionality.
240
250
260
270
280
290
300
310
320
330
340
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
- 620 / 620
- 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: $98085 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-38
1W price-4.3%
Call premium54%
Put premium46%
Notional split
C 54% / P 46%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.03
Volume divided by open interest across the visible chain.
Trend fit
59/100
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 26 contracts traded, $35230 estimated gross traded notional, and 36% of visible notional.
$35230
Calls · 8-21 days · ITM
calls cluster with 5 contracts traded, $20625 estimated gross traded notional, and 21% of visible notional.
$20625
Calls · 91+ days · ATM
calls cluster with 3 contracts traded, $18885 estimated gross traded notional, and 19% of visible notional.
$18885
Calls · 91+ days · OTM
calls cluster with 2 contracts traded, $12000 estimated gross traded notional, and 12% of visible notional.
$12000
Puts · 91+ days · ITM
puts cluster with 1 contracts traded, $6000 estimated gross traded notional, and 6% of visible notional.
$6000
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.
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
Close287.54
1W-4.3%
RS26.6
Fair value+118.8%
Options pressure-38
Speculation18
Volatility71
Trend fit59
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 10:40
Volatility
Pressure -50
Move 10.1%
30 Jul 10:38
Volatility
Pressure 68
Move 10.0%
31 Jul 10:24
Mixed
Pressure 0
Move 9.3%
31 Jul 13:54
Volatility
Pressure 11
Move 9.3%
31 Jul 16:45
Volatility
Pressure 12
Move 9.5%
1 Aug 05:20
Bearish
Pressure -38
Move 9.5%
3 Aug 10:15
Bearish
Pressure -38
Move 9.2%
Strike Map
Where activity is clustering
Strike105.00
Calls · V 0 · OI 1
Puts · V 0 · OI 1
Strike110.00
Calls · V 0 · OI 0
Puts · V 0 · OI 3
Strike115.00
Calls · V 0 · OI 0
Puts · V 0 · OI 4
Strike120.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike125.00
Calls · V 0 · OI 2
Puts · V 0 · OI 8
Strike130.00
Calls · V 0 · OI 1
Puts · V 0 · OI 2
Strike135.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike140.00
Calls · V 0 · OI 10
Puts · V 0 · OI 1
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts84
Avg IV0.49
Put-call4.00
Expiry18 Sep 2026
Contracts58
Avg IV0.45
Put-call-
Expiry20 Nov 2026
Contracts92
Avg IV0.44
Put-call-
Expiry18 Dec 2026
Contracts76
Avg IV0.44
Put-call-
Expiry15 Jan 2027
Contracts76
Avg IV0.44
Put-call-
Skew
Call/put IV balance
21 Aug 2026Balanced skew
Call IV0.51
Put IV0.47
Skew-0.04
18 Sep 2026Balanced skew
Call IV0.44
Put IV0.43
Skew-0.01
20 Nov 2026Balanced skew
Call IV0.44
Put IV0.44
Skew-
18 Dec 2026Balanced skew
Call IV0.44
Put IV0.43
Skew-0.01
15 Jan 2027Balanced skew
Call IV0.44
Put IV0.43
Skew-0.01
Contract Tape
Most active contracts
ContractLGND260821P00290000
SidePut
Expiry21 Aug 2026
Strike290.00
Volume26
OI12
IV0.45
ContractLGND260821C00250000
SideCall
Expiry21 Aug 2026
Strike250.00
Volume5
OI28
IV0.59
ContractLGND271217C00310000
SideCall
Expiry17 Dec 2027
Strike310.00
Volume2
OI2
IV0.47
ContractLGND271217C00290000
SideCall
Expiry17 Dec 2027
Strike290.00
Volume2
OI-
IV0.47
ContractLGND260821P00280000
SidePut
Expiry21 Aug 2026
Strike280.00
Volume1
OI18
IV0.47
ContractLGND260821C00310000
SideCall
Expiry21 Aug 2026
Strike310.00
Volume1
OI9
IV0.50
ContractLGND260821C00300000
SideCall
Expiry21 Aug 2026
Strike300.00
Volume1
OI9
IV0.50
ContractLGND270617C00290000
SideCall
Expiry17 Jun 2027
Strike290.00
Volume1
OI8
IV0.47
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.