Financials

Arthur J Gallagher & Co (AJG) options and signal

Figures as of 28 Sep 2026

AJG is Arthur J Gallagher & Co, a Financials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	78 of 100	28 Sep
At the money IV	37.0%	28 Sep
Priced move to 16 Oct	8.0% down, 7.8% up	28 Sep
Call wall and put wall	250 and 240	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	229.46	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

AJG's IV rank is 78 of 100 on 28 Sep 2026.

Figure	Value
IV rank	78 of 100
At the money IV	37.0%, near month, 18 days
Put/call ratio, open interest	0.40
Call open interest, strikes captured near the price	9,670 contracts
Put open interest, strikes captured near the price	3,910 contracts
Cost to trade at the money	Fair, 19.1% of the option's mid price

IV rank is where the at the money IV sits among AJG's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, AJG options priced a move of 8.0 percent down and 7.8 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.0%	7.8%	211.06 to 247.46
20 Nov 2026	53	14.0%	14.6%	197.26 to 262.86
18 Dec 2026	81	16.4%	17.3%	191.86 to 269.06
15 Jan 2027	109	18.1%	18.1%	187.96 to 270.96
16 Apr 2027	200	23.2%	26.9%	176.26 to 291.26

The range is one standard deviation either side of the close of 229.46, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, AJG's call wall is the 250 strike and its put wall is the 240 strike.

Figure	Value
Call wall, most open call gamma	250
Put wall, most open put gamma	240
Flip strike, where net gamma changes sign	243.05
Net dollar gamma, calls minus puts	$1.75 million
Total dollar gamma, both sides	$6.42 million
Close	229.46

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, AJG's at the money IV is 37.0 percent against 20 day realized volatility of 31.6 percent.

Figure	Value
At the money IV	37.0%
Realized volatility, 20 trading days	31.6%
Realized volatility, 60 trading days	32.8%
IV against its own weekly record	In the middle
Weekly readings on record	748, from 8 Jan 2010
Weeks the price moved more than the one week priced move	27.8% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, AJG's at the money IV runs from 37.0 percent at 18 days to 34.6 percent at 200 days.

Days to expiry	At the money IV
18	37.0%
53	37.7%
81	35.8%
109	33.1%
200	34.6%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, AJG's IV ten percent below the price sits 0.6 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	37.1%	-0.6 points
At the money	37.7%	0.0 points
10% above the price	37.5%	-0.2 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, AJG's surface spans 5 expiries out to 200 days, with IV from 31.3 to 109.4 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	25
Lowest IV among them	31.3%
Highest IV among them	109.4%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, AJG has 5 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	37.0%	4,654	1,366
20 Nov 2026	53	37.7%	764	1,634
18 Dec 2026	81	35.8%	2,413	480
15 Jan 2027	109	33.1%	1,387	385
16 Apr 2027	200	34.6%	454	44

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, AJG's largest open interest sits at the 250 strike, with 3,378 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
250	2,451	927	3,378
260	2,239	103	2,342
240	429	1,049	1,478
270	1,100	124	1,224
290	1,042	0	1,042
280	903	31	934

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, AJG's at the money IV moved from 33.7 percent to 37.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	33.7%	37.0%	+3.3 points
Open interest, strikes captured near the price	13,568	13,581	+13
Put/call ratio, open interest	0.40	0.40	-0.00

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 1,089 AJG option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	664
Puts traded	425
Against its recent average	0.6 times
Busier than	2 of its last 20 trading days
Open interest, whole chain	15,162 contracts
Volume to open interest	0.07
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of AJG's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	253.51	$2.8 million	250	250
21 Sep 2026	236.61	$427,536	250	240
28 Sep 2026	229.46	$1.75 million	250	240

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of AJG was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	240.32, the swing high of 11 Sep 2026
Level below the close	224.49, the swing low of 30 Jun 2026
Strategy family	Iron condor (sell both sides, defined risk)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 AJG sat at the 27th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	26 of 100	Neutral
20 trading days	10 of 100	Bearish
45 trading days	27 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 AJG's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 AJG had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	27 of 100
24 Sep 2026	None	36 of 100
23 Sep 2026	None	34 of 100
22 Sep 2026	None	33 of 100
21 Sep 2026	None	14 of 100
18 Sep 2026	None	16 of 100
17 Sep 2026	None	18 of 100
16 Sep 2026	None	22 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

AJG closed at 229.46 on 28 Sep 2026.

Figure	Value
Last close	229.46
Change over 5 trading days	-3.0%
Change over 21 trading days	-11.8%
Change over 63 trading days	+1.0%
Change over 252 trading days	-24.3%
52 week high	313.55
52 week low	190.75
20 day moving average	245.39
50 day moving average	251.18
200 day moving average	233.39
RSI, 14 days	36

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

AJG reports next on 29 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	29 Oct 2026, after the close
Date	Worked out from past quarters
Move after the report of 30 Jul 2026	-2.8%
Move after the report of 30 Apr 2026	+0.8%
Move after the report of 29 Jan 2026	+1.4%
Move after the report of 30 Oct 2025	-4.8%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 60.0 percent of AJG's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	60.0%
Five day average	55.7%
52 week median	53.4%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 36 Septembers on record, AJG's average change was plus 1.7 percent, and it rose in 61.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.7%	+1.0%	61.1%	36
October	+1.1%	+2.0%	52.8%	36
November	+2.7%	+2.6%	69.4%	36

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 4 headlines naming AJG in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is AJG's IV rank?: AJG's IV rank is 78 of 100 on 28 Sep 2026.
What move are AJG options pricing?: On 28 Sep 2026, AJG options priced a move of 8.0 percent down and 7.8 percent up by 16 Oct 2026.
Where are AJG's call wall and put wall?: On 28 Sep 2026, AJG's call wall is the 250 strike and its put wall is the 240 strike.
What was the desk's latest view of AJG on the Free plan?: On 25 Sep 2026 the desk's view of AJG was neutral, paper trading.
When does AJG report earnings next?: AJG reports next on 29 Oct 2026, a date worked out from past quarters.

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