Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
BIIB options intelligence
Biogen Inc options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
44
Market data through 31 Jul 2026
Checked 31 Jul 2026 16:56 · complete available chain
Put-side pressure
Bearish pressure
BIIB currently carries bearish options pressure with a 44/100 conviction score. The nearest-chain expected move is 1.2%, with volume/open-interest participation at 0.11.
Expected move
1.2%
Near-term move context
Activity / OI
0.11
Current volume is quieter versus prior open interest
Put-call
1.50
Put-side skew
Trend fit
85
Options agree with trend context
Weekly backdrop
+0.4%
RS 6.0
Expected move
1.2%
Put-call volume
1.50
Volume / OI
0.11
Reference IV
0.60
Max pain
205.00
Underlying
202.19
Nearest expiry
31 Jul 2026
Contracts
598
Research Brief
BIIB has a bearish 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 199.84–204.54; The largest call open-interest concentration is 235.00; the largest put concentration is 180.00. The most active strike by current volume is 215.00.
Priced range199.84–204.54
Call concentration235.00
Put concentration180.00
Max pain reference205.00
- Price remains weak while put-side concentration persists.
- The current chain read already agrees with the stored weekly trend context.
- Price recovers while put pressure fades or reverses toward calls.
- 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 199.84 to 204.54. Max pain at 205.00 lies outside the priced range, so it is a weak near-term anchor.
Spot
Max pain
199.84202.19 ± 2.35204.54
Confirmation level
A close beyond 204.54 or below 199.84 at the 31 Jul 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 18/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure18 × 42%
+7.7
How strongly activity leans toward calls or puts.
Participation43 × 22%
+9.4
Volume relative to existing open interest and contract-level activity.
Trend agreement85 × 26%
+22.1
How closely the chain read agrees with the underlying trend backdrop.
Volatility47 × 10%
+4.7
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 235.00; the largest put concentration is 180.00. The most active strike by current volume is 215.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
130
100.00-50.5%
0
35
175.00-13.4%
1
287
180.00-11.0%
15
65
185.00-8.5%
0
28
190.00-6.0%
10
177
195.00-3.6%
66
46
200.00-1.1%
10
22
202.500.2%
82
65
205.001.4%
119
17
210.003.9%
51
159
215.006.3%
55
0
217.507.6%
44
0
220.008.8%
72
0
225.0011.3%
22
0
227.5012.5%
54
0
230.0013.8%
104
0
235.0016.2%
242
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Volatility Curve
Front-loaded volatility
Near-term options are materially richer than later expirations, consistent with concentrated event or immediate-risk pricing.
0.60
31 Jul
0d
0.42
7 Aug
7d
0.41
14 Aug
14d
0.40
21 Aug
21d
0.42
28 Aug
28d
0.41
4 Sep
35d
0.38
18 Sep
49d
0.37
16 Oct
77d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
170
175
178
183
185
188
193
195
198
200
203
208
210
213
218
220
225
228
230
235
240
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Forward validation is building. The earliest eligible stored read expires 31 Jul 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
- 598 / 598
- 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.
Put-side pressure is present before a decisive weekly price breakdown.
Put-heavy activity matters because it connects the options headline to the actual evidence: $8.6M of estimated gross traded notional, puts · 91+ days · otm, and a bearish flow before price confirmation backdrop. Use it as a research priority signal, then validate the chart, liquidity, event calendar, and risk before acting.
Options pressure-18
1W price+0.4%
Call premium57%
Put premium43%
Notional split
C 57% / P 43%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.11
Volume divided by open interest across the visible chain.
Trend fit
85/100
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 · 91+ days · OTM
puts cluster with 1808 contracts traded, $2.4M estimated gross traded notional, and 28% of visible notional.
$2.4M
Calls · 91+ days · ITM
calls cluster with 313 contracts traded, $1.8M estimated gross traded notional, and 21% of visible notional.
$1.8M
Calls · 8-21 days · ITM
calls cluster with 324 contracts traded, $941680 estimated gross traded notional, and 11% of visible notional.
$941680
Calls · 91+ days · OTM
calls cluster with 589 contracts traded, $929425 estimated gross traded notional, and 11% of visible notional.
$929425
Puts · 91+ days · ITM
puts cluster with 234 contracts traded, $581301 estimated gross traded notional, and 7% of visible notional.
$581301
Setup Classification
Opportunity and risk frame
Positioning agrees with the Sharemaestro trend backdrop.
Underlying price is close to the max-pain zone.
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
Close202.95
1W+0.4%
RS6.0
Fair value+8.0%
Options pressure-18
Speculation43
Volatility47
Trend fit85
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 10:14
Mixed
Pressure -4
Move 5.6%
30 Jul 10:11
Bullish
Pressure 18
Move 4.3%
30 Jul 17:20
Mixed
Pressure -15
Move 3.0%
31 Jul 11:08
Bullish
Pressure 25
Move 2.9%
31 Jul 15:56
Bearish
Pressure -18
Move 1.2%
Strike Map
Where activity is clustering
Strike100.00
Calls · V 0 · OI 0
Puts · V 1 · OI 130
Strike105.00
Calls · V 0 · OI 0
Puts · V 1 · OI 5
Strike115.00
Calls · V 0 · OI 1
Puts · V 0 · OI 0
Strike130.00
Calls · V 0 · OI 0
Puts · V 2 · OI 4
Strike160.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike170.00
Calls · V 0 · OI 0
Puts · V 2 · OI 2
Strike175.00
Calls · V 2 · OI 1
Puts · V 10 · OI 35
Strike177.50
Calls · V 0 · OI 0
Puts · V 1 · OI 5
Term Structure
Expiration activity
Expiry31 Jul 2026
Contracts51
Avg IV0.60
Put-call2.28
Expiry7 Aug 2026
Contracts33
Avg IV0.42
Put-call0.42
Expiry14 Aug 2026
Contracts24
Avg IV0.41
Put-call1.19
Expiry21 Aug 2026
Contracts43
Avg IV0.40
Put-call0.09
Expiry28 Aug 2026
Contracts18
Avg IV0.42
Put-call0.18
Skew
Call/put IV balance
31 Jul 2026Put IV premium
Call IV0.86
Put IV1.17
Skew0.31
7 Aug 2026Put IV premium
Call IV0.38
Put IV0.45
Skew0.07
14 Aug 2026Put IV premium
Call IV0.36
Put IV0.51
Skew0.15
21 Aug 2026Put IV premium
Call IV0.41
Put IV0.55
Skew0.13
28 Aug 2026Put IV premium
Call IV0.43
Put IV0.49
Skew0.05
Contract Tape
Most active contracts
ContractBIIB260807P00105000
SidePut
Expiry7 Aug 2026
Strike105.00
Volume-
OI-
IV3.11
ContractBIIB260731C00227500
SideCall
Expiry31 Jul 2026
Strike227.50
Volume-
OI54
IV1.67
ContractBIIB280121P00175000
SidePut
Expiry21 Jan 2028
Strike175.00
Volume-
OI34
IV0.42
ContractBIIB280121P00085000
SidePut
Expiry21 Jan 2028
Strike85.00
Volume-
OI25
IV0.66
ContractBIIB260828C00230000
SideCall
Expiry28 Aug 2026
Strike230.00
Volume-
OI23
IV0.48
ContractBIIB280121P00075000
SidePut
Expiry21 Jan 2028
Strike75.00
Volume-
OI15
IV0.66
ContractBIIB270617P00110000
SidePut
Expiry17 Jun 2027
Strike110.00
Volume-
OI10
IV0.54
ContractBIIB261016P00230000
SidePut
Expiry16 Oct 2026
Strike230.00
Volume-
OI8
IV0.37
Research Graph
Related research and context
Sharemaestro research
Related News
Market Watch
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.