Primary read
Bearish
Put-side pressure
Ticker Options Intelligence
UTHR options intelligence
United Therapeutics Corporation options pressure, expected move, strike concentration, and Sharemaestro trend context.
Conviction
65
Market data through 22 Sep 2026
Checked 22 Sep 2026 16:37 · partial chain
Put-side pressure
Bearish pressure
UTHR currently carries bearish options pressure with a 65/100 conviction score. The nearest-chain expected move is 6.4%, with volume/open-interest participation at 0.24.
Expected move
6.4%
Wider near-term move priced
Activity / OI
0.24
Current volume is quieter versus prior open interest
Put-call
13.12
Put-side skew
Trend fit
56
Options are not fully confirming trend
Weekly backdrop
-0.5%
RS -12.4
Expected move
6.4%
Put-call volume
13.12
Volume / OI
0.24
Reference IV
0.36
Max pain
520.00
Underlying
494.63
Nearest expiry
16 Oct 2026
Contracts
209
Research Brief
UTHR has a bearish chain read with 65/100 evidence alignment.
The practical question is whether the underlying confirms the options concentration. The chain prices a reference range of 463.13–526.13; The largest call open-interest concentration is 540.00; the largest put concentration is 460.00. The most active strike by current volume is 430.00.
Priced range463.13–526.13
Call concentration540.00
Put concentration460.00
Max pain reference520.00
- Price remains weak while put-side concentration persists.
- Participation is above the ticker's stored normal, which makes the read more noteworthy.
- 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 463.13 to 526.13. Max pain at 520.00 sits inside that range, 5.1% above spot.
Spot
Max pain
463.13494.63 ± 31.50526.13
Confirmation level
A close beyond 526.13 or below 463.13 at the 16 Oct 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 65/100
Pressure is 85/100 toward puts; conviction uses its strength, while the signal label carries its direction.
Directional pressure85 × 42%
+35.8
How strongly activity leans toward calls or puts.
Participation46 × 22%
+10.0
Volume relative to existing open interest and contract-level activity.
Trend agreement56 × 26%
+14.5
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 540.00; the largest put concentration is 460.00. The most active strike by current volume is 430.00. Open-interest concentrations show where positions exist; they are not proven support, resistance or dealer exposure.
Put open interestStrikeCall open interest
10
390.00-21.2%
0
28
400.00-19.1%
0
14
410.00-17.1%
0
7
420.00-15.1%
1
8300
430.00-13.1%
0
15
450.00-9.0%
0
8312
460.00-7.0%
0
10
480.00-3.0%
0
169
500.001.1%
222
547
510.003.1%
235
362
520.005.1%
185
0
530.007.2%
31
287
540.009.2%
8503
0
550.0011.2%
211
0
560.0013.2%
117
0
570.0015.2%
8323
0
650.0031.4%
200
Nearest spot strike Max pain strikeBars show relative OI within this expiry
Gamma Profile by Strike
Balanced gamma proxy
Call- and put-side gamma sensitivity is broadly balanced across the retained chain. Individual strike concentrations may still matter more than the chain-wide net.
Net profile-$1.3MDelta change / 1% move
Positive peak540.00+$11.7M
Negative peak460.00-$12.5M
Nearest balance525.91Interpolated sign change
StrikeNegativePositiveNet / 1% move
390.00-21.2%
-$8,917
400.00-19.1%
-$42,324
410.00-17.1%
-$7,686
420.00-15.1%
-$3,325
430.00-13.1%
-$6.5M
440.00-11.0%
-$4,979
450.00-9.0%
-$71,071
460.00-7.0%
-$12.5M
470.00-5.0%
-$106,700
480.00-3.0%
-$29,358
490.00-0.9%
-$4,572
500.001.1%
-$387,825
510.003.1%
-$498,270
520.005.1%
-$210,621
530.007.2%
+$146,023
540.009.2%
+$11.7M
550.0011.2%
+$248,303
560.0013.2%
+$262,393
570.0015.2%
+$6.0M
580.0017.3%
+$47,811
590.0019.3%
+$54,221
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
Balanced volatility curve
Near- and longer-dated implied volatility are broadly aligned; no exceptional front-expiry premium is visible.
0.36
16 Oct
24d
0.48
20 Nov
59d
0.38
15 Jan
115d
0.36
19 Feb
150d
Volatility by Strike
Downside protection premium
Out-of-the-money puts carry higher implied volatility than comparable calls, indicating richer downside protection.
400
410
420
430
440
450
460
480
490
500
510
520
530
540
550
560
570
580
590
Put IV Call IV
Historical Replay
How matured reads behaved through expiry
Across 25 stored directional transitions, the next stored price moved in the labelled direction 52% of the time.
Directional follow-through52%
Moves contained by pricing100%
Average expiry move2.6%
16 Sep
Bullish · 33
-0.5% through expiry
2.7% priced · v2.0
14 Sep
Bearish · 61
-0.5% through expiry
3.5% priced · v2.0
11 Sep
Bullish · 34
1.4% through expiry
4.0% priced · v2.0
10 Sep
Bullish · 46
1.4% through expiry
5.1% priced · v2.0
8 Sep
Bullish · 34
1.4% through expiry
5.7% priced · v2.0
4 Sep
Bearish · 62
1.4% through expiry
5.6% priced · v2.0
3 Sep
Bullish · 56
-4.0% through expiry
7.8% priced · v2.0
1 Sep
Bullish · 48
-4.0% through expiry
5.8% priced · v2.0
28 Aug
Bullish · 30
-4.0% through expiry
6.3% priced · v2.0
25 Aug
Bullish · 43
-3.6% through expiry
6.9% priced · v2.0
24 Aug
Bullish · 52
-3.6% through expiry
7.0% priced · v2.0
21 Aug
Bearish · 62
-1.0% through expiry
7.7% 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
Good
Retained chain100%
Implied volatility100%
Two-sided quotes100%
Open interest100%
- Chain status
- Retained chain subset
- Market date
- 22 Sep 2026
- Calculation
- v2.0
- Contracts
- 209 / 209
- 100% of provider contracts were retained for this snapshot.
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: $5.1M of estimated gross traded notional, puts · 22-45 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-85
1W price-0.5%
Call premium16%
Put premium84%
Notional split
C 16% / P 84%
Estimated gross traded notional uses volume × contract multiplier × midpoint, or last price when no valid midpoint is available.
Freshness
0.24
Volume divided by open interest across the visible chain.
Trend fit
56/100
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 · 22-45 days · OTM
puts cluster with 8327 contracts traded, $1.4M estimated gross traded notional, and 26% of visible notional.
$1.4M
Puts · 22-45 days · ITM
puts cluster with 250 contracts traded, $1.2M estimated gross traded notional, and 23% of visible notional.
$1.2M
Puts · 46-90 days · ITM
puts cluster with 132 contracts traded, $762,920 estimated gross traded notional, and 15% of visible notional.
$762,920
Calls · 46-90 days · OTM
calls cluster with 271 contracts traded, $492,749 estimated gross traded notional, and 10% of visible notional.
$492,749
Puts · 91+ days · ATM
puts cluster with 111 contracts traded, $432,260 estimated gross traded notional, and 8% of visible notional.
$432,260
Setup Classification
Opportunity and risk frame
Expected move or upcoming earnings makes the setup more event-sensitive.
Activity Anomaly
Above normal
Activity is running above the recent historical baseline.
Baseline: 32 completed sessions
Volume rank81th
Volume/OI rank78th
IV rank56th
Market Context
Underlying confirmation
Close494.63
1W-0.5%
RS-12.4
Fair value+34.3%
Options pressure-85
Speculation46
Volatility51
Trend fit56
Today Versus Normal
Stored-options context
30d avg 5.7% · 13 sessions
62th
90d avg 6.1% · 32 sessions
53th
180d avg - · 32/60 sessions
-
30d avg 0.38 · 13 sessions
62th
90d avg 0.39 · 32 sessions
56th
180d avg - · 32/60 sessions
-
30d avg 1.41 · 13 sessions
100th
90d avg 10.50 · 32 sessions
94th
180d avg - · 32/60 sessions
-
30d avg 0.35 · 13 sessions
92th
90d avg 0.32 · 32 sessions
78th
180d avg - · 32/60 sessions
-
Pressure Trail
Recent pressure and volatility
6 Aug 03:42
Bearish
Pressure -67
Move 5.3%
7 Aug 10:40
Bullish
Pressure 29
Move 6.1%
10 Aug 10:25
Bullish
Pressure 65
Move 5.2%
10 Aug 15:49
Bearish
Pressure -86
Move 5.1%
12 Aug 10:26
Bearish
Pressure -65
Move 6.5%
13 Aug 10:20
Bearish
Pressure -31
Move 6.8%
14 Aug 10:07
Bearish
Pressure -75
Move 7.6%
17 Aug 10:07
Mixed
Pressure -13
Move 3.5%
Strike Map
Where activity is clustering
Strike370.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Strike380.00
Calls · V 0 · OI 0
Puts · V 1 · OI 3
Strike390.00
Calls · V 0 · OI 0
Puts · V 8 · OI 10
Strike400.00
Calls · V 0 · OI 0
Puts · V 4 · OI 28
Strike410.00
Calls · V 0 · OI 0
Puts · V 2 · OI 14
Strike420.00
Calls · V 1 · OI 1
Puts · V 5 · OI 7
Strike430.00
Calls · V 0 · OI 0
Puts · V 8300 · OI 8300
Strike440.00
Calls · V 0 · OI 0
Puts · V 1 · OI 2
Term Structure
Expiration activity
Expiry16 Oct 2026
Contracts32
Avg IV0.36
Put-call28.47
Expiry20 Nov 2026
Contracts74
Avg IV0.48
Put-call1.14
Expiry15 Jan 2027
Contracts71
Avg IV0.38
Put-call0.57
Expiry19 Feb 2027
Contracts32
Avg IV0.36
Put-call2.60
Skew
Call/put IV balance
16 Oct 2026Balanced skew
Call IV0.37
Put IV0.36
Skew-0.01
20 Nov 2026Balanced skew
Call IV0.39
Put IV0.40
Skew0.01
15 Jan 2027Put IV premium
Call IV0.02
Put IV0.35
Skew0.33
19 Feb 2027Balanced skew
Call IV0.38
Put IV0.33
Skew-0.04
Contract Tape
Most active contracts
ContractUTHR270115P00640000
SidePut
Expiry15 Jan 2027
Strike640.00
Volume-
OI461
IV0.00
ContractUTHR261016P00480000
SidePut
Expiry16 Oct 2026
Strike480.00
Volume-
OI10
IV0.39
ContractUTHR270115P00260000
SidePut
Expiry15 Jan 2027
Strike260.00
Volume-
OI10
IV0.82
ContractUTHR270219C00580000
SideCall
Expiry19 Feb 2027
Strike580.00
Volume-
OI4
IV0.37
ContractUTHR261120C00720000
SideCall
Expiry20 Nov 2026
Strike720.00
Volume-
OI4
IV0.85
ContractUTHR270115P00470000
SidePut
Expiry15 Jan 2027
Strike470.00
Volume-
OI4
IV0.35
ContractUTHR270219C00610000
SideCall
Expiry19 Feb 2027
Strike610.00
Volume-
OI3
IV0.37
ContractUTHR270115P00760000
SidePut
Expiry15 Jan 2027
Strike760.00
Volume-
OI3
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
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.