Primary read
Bullish
Call-side pressure
Ticker Options Intelligence
TRIB options intelligence
Trinity Biotech plc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
46
Market data through 11 Aug 2026
Checked 12 Aug 2026 13:21 · complete available chain
Call-side pressure
Bullish pressure
TRIB currently carries bullish options pressure with a 46/100 conviction score. The nearest-chain expected move is 38.4%, with volume/open-interest participation at 0.07.
Expected move
38.4%
Wider near-term move priced
Activity / OI
0.07
Current volume is quieter versus prior open interest
Put-call
0.10
Call-side skew
Trend fit
0
Options are not fully confirming trend
Weekly backdrop
+7.2%
RS -56.1
Expected move
38.4%
Put-call volume
0.10
Volume / OI
0.07
Reference IV
0.30
Max pain
2.50
Underlying
12.43
Nearest expiry
21 Aug 2026
Contracts
11
Research Brief
TRIB has a bullish chain read with 46/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 7.66–17.20; The largest call open-interest concentration is 2.50; the largest put concentration is 2.50. The most active strike by current volume is 2.50.
Priced range7.66–17.20
Call concentration2.50
Put concentration2.50
Max pain reference2.50
- 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 7.66 to 17.20. Max pain at 2.50 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
7.6612.43 ± 4.7717.20
Confirmation level
A close beyond 17.20 or below 7.66 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 46/100
Pressure is 93/100 toward calls; conviction uses its strength, while the signal label carries its direction.
Directional pressure93 × 42%
+39.0
How strongly activity leans toward calls or puts.
Participation6 × 22%
+1.2
Volume relative to existing open interest and contract-level activity.
Trend agreement0 × 26%
+0.0
How closely the chain read agrees with the underlying trend backdrop.
Volatility61 × 10%
+6.1
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 2.50; the largest put concentration is 2.50. The most active strike by current volume is 2.50. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
5
2.50-79.9%
271
4
5.00-59.8%
16
2
7.50-39.7%
0
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Negative gamma proxy
Put-side gamma sensitivity outweighs the call-side proxy across the retained chain. The largest bars mark levels where delta-hedging sensitivity may be most concentrated.
Net profile-$0Delta change / 1% move
Positive peak-No positive strike
Negative peak2.50-$0
Nearest balance-Interpolated sign change
StrikeNegativePositiveNet / 1% move
2.50-79.9%
-$0
5.00-59.8%
-$0
7.50-39.7%
-$0
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.
0.30
21 Aug
10d
0.25
18 Sep
38d
0.25
20 Nov
101d
0.25
19 Feb
192d
Volatility by Strike
Smile incomplete
There is not enough comparable OTM call and put volatility to classify the smile.
Comparable strike volatility is unavailable.
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
- 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
Usable with limits
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Complete available chain
- Market date
- 11 Aug 2026
- Calculation
- v2.0
- Contracts
- 11 / 11
- 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
Put-heavy activity
Put-side activity dominates. This can reflect hedging or directional positioning, but the chain alone cannot distinguish buying from selling.
Options pressure and weekly price action are pointing in the same constructive direction.
Put-heavy activity matters because it connects the options headline to the actual evidence: $2,545 of estimated gross traded notional, puts · 8-21 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+93
1W price+7.2%
Call premium10%
Put premium90%
Notional split
C 10% / P 90%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.07
Volume divided by open interest across the visible chain.
Trend fit
0/100
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.
Puts · 8-21 days · OTM
puts cluster with 3 contracts traded, $1,435 estimated gross traded notional, and 56% of visible notional.
$1,435
Puts · 91+ days · OTM
puts cluster with 4 contracts traded, $848 estimated gross traded notional, and 33% of visible notional.
$848
Calls · 91+ days · ITM
calls cluster with 39 contracts traded, $225 estimated gross traded notional, and 9% of visible notional.
$225
Calls · 8-21 days · ITM
calls cluster with 31 contracts traded, $37 estimated gross traded notional, and 1% of visible notional.
$37
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
Warming up
9 of 10 completed market sessions are available. More session history is needed before activity can be compared with a reliable normal.
Baseline: 9 completed sessions
Volume rank-
Volume/OI rank-
IV rank-
Market Context
Underlying confirmation
Close12.43
1W+7.2%
RS-56.1
Fair value-71.0%
Options pressure93
Speculation6
Volatility61
Trend fit0
Today Versus Normal
Stored-options context
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
30d avg - · 9/10 sessions
-
90d avg - · 9/30 sessions
-
180d avg - · 9/60 sessions
-
Pressure Trail
Recent pressure and volatility
1 Aug 04:22
Bullish
Pressure 93
Move 56.5%
7 Aug 12:44
Bullish
Pressure 93
Move 41.1%
12 Aug 12:21
Bullish
Pressure 93
Move 38.4%
Strike Map
Where activity is clustering
Strike2.50
Calls · V 30 · OI 271
Puts · V 1 · OI 5
Strike5.00
Calls · V 1 · OI 16
Puts · V 1 · OI 4
Strike7.50
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Term Structure
Expiration activity
Expiry21 Aug 2026
Contracts5
Avg IV0.30
Put-call0.10
Expiry18 Sep 2026
Contracts2
Avg IV0.25
Put-call-
Expiry20 Nov 2026
Contracts2
Avg IV0.25
Put-call0.13
Expiry19 Feb 2027
Contracts2
Avg IV0.25
Put-call-
Skew
Call/put IV balance
21 Aug 2026Incomplete skew
Call IV-
Put IV0.50
Skew-
18 Sep 2026Incomplete skew
Call IV-
Put IV0.50
Skew-
20 Nov 2026Incomplete skew
Call IV-
Put IV0.50
Skew-
19 Feb 2027Incomplete skew
Call IV-
Put IV0.50
Skew-
Contract Tape
Most active contracts
ContractTRIB270219P00002500
SidePut
Expiry19 Feb 2027
Strike2.50
Volume-
OI1
IV0.50
ContractTRIB260918C00005000
SideCall
Expiry18 Sep 2026
Strike5.00
Volume-
OI1
IV0.00
ContractTRIB260918P00005000
SidePut
Expiry18 Sep 2026
Strike5.00
Volume-
OI1
IV0.50
ContractTRIB261120C00002500
SideCall
Expiry20 Nov 2026
Strike2.50
Volume30
OI577
IV0.00
ContractTRIB260821C00002500
SideCall
Expiry21 Aug 2026
Strike2.50
Volume30
OI271
IV0.00
ContractTRIB270219C00002500
SideCall
Expiry19 Feb 2027
Strike2.50
Volume9
OI131
IV0.00
ContractTRIB261120P00002500
SidePut
Expiry20 Nov 2026
Strike2.50
Volume4
OI64
IV0.50
ContractTRIB260821C00005000
SideCall
Expiry21 Aug 2026
Strike5.00
Volume1
OI16
IV0.00
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
No upcoming matched earnings event.
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.