Health Care

Alcon Inc. (ALC) options and signal

Figures as of 28 Sep 2026

ALC is Alcon Inc., a Health Care 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	33 of 100	28 Sep
At the money IV	24.8%	28 Sep
Priced move to 16 Oct	5.7% down, 5.6% up	28 Sep
Call wall and put wall	67.5 and 65	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	65.26	28 Sep
Next report	10 Nov 2026	28 Sep

Options Snapshot

ALC's IV rank is 33 of 100 on 28 Sep 2026.

Figure	Value
IV rank	33 of 100
At the money IV	24.8%, near month, 18 days
Put/call ratio, open interest	0.82
Call open interest, strikes captured near the price	8,820 contracts
Put open interest, strikes captured near the price	7,210 contracts
Cost to trade at the money	Tight, 11.0% of the option's mid price

IV rank is where the at the money IV sits among ALC'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, ALC options priced a move of 5.7 percent down and 5.6 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.7%	5.6%	61.54 to 68.89
20 Nov 2026	53	11.4%	12.4%	57.83 to 73.32
18 Dec 2026	81	13.3%	14.7%	56.59 to 74.87
15 Jan 2027	109	14.7%	16.7%	55.64 to 76.16
19 Feb 2027	144	16.4%	19.3%	54.56 to 77.86

The range is one standard deviation either side of the close of 65.26, 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, ALC's call wall is the 67.5 strike and its put wall is the 65 strike.

Figure	Value
Call wall, most open call gamma	67.5
Put wall, most open put gamma	65
Net dollar gamma, calls minus puts	minus $56,938
Total dollar gamma, both sides	$2.51 million
Close	65.26

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.

Net gamma changes sign at 5 strikes, so no single flip strike is named.

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, ALC's at the money IV is 24.8 percent against 20 day realized volatility of 20.9 percent.

Figure	Value
At the money IV	24.8%
Realized volatility, 20 trading days	20.9%
Realized volatility, 60 trading days	25.5%
IV against its own weekly record	In the middle
Weekly readings on record	341, from 6 Sep 2019
Weeks the price moved more than the one week priced move	25.4% of 236 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, ALC's at the money IV runs from 24.8 percent at 18 days to 28.7 percent at 144 days.

Days to expiry	At the money IV
18	24.8%
53	31.6%
81	29.8%
109	28.9%
144	28.7%

Far expiries price more volatility than near ones, an upward sloping 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, ALC's IV ten percent below the price sits 2.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	33.9%	+2.2 points
At the money	31.6%	0.0 points
10% above the price	29.2%	-2.4 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, ALC's surface spans 5 expiries out to 144 days, with IV from 24.7 to 35.3 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	25
Lowest IV among them	24.7%
Highest IV among them	35.3%

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, ALC has 5 captured expiries, from 16 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	24.8%	785	1,042
20 Nov 2026	53	31.6%	2,160	2,709
18 Dec 2026	81	29.8%	2,921	1,981
15 Jan 2027	109	28.9%	2,284	1,434
19 Feb 2027	144	28.7%	673	46

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, ALC's largest open interest sits at the 70 strike, with 2,428 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
70	1,052	1,376	2,428
72.5	1,350	950	2,300
65	995	1,055	2,050
67.5	1,347	460	1,807
60	430	896	1,326
55	49	873	922

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, ALC's at the money IV moved from 24.0 percent to 24.8 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	24.0%	24.8%	+0.9 points
Open interest, strikes captured near the price	15,861	16,035	+174
Put/call ratio, open interest	0.84	0.82	-0.02

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, 2,653 ALC option contracts traded, 1.1 times its own recent average.

Figure	Value
Calls traded	1,176
Puts traded	1,477
Against its recent average	1.1 times
Busier than	14 of its last 20 trading days
Open interest, whole chain	19,589 contracts
Volume to open interest	0.14
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 ALC'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	75.35	$3 million	75	70
21 Sep 2026	64.87	minus $201,068	67.5	65
28 Sep 2026	65.26	minus $56,938	67.5	65

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 ALC was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	65.94, the swing high of 11 Sep 2026
Level below the close	64.54, the swing low of 18 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull call spread (buy a call spread)
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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 ALC sat at the 69th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	38 of 100	Neutral
20 trading days	79 of 100	Neutral
45 trading days	69 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 ALC's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	69 of 100
24 Sep 2026	None	64 of 100
23 Sep 2026	None	63 of 100
22 Sep 2026	None	62 of 100
21 Sep 2026	None	49 of 100
18 Sep 2026	None	45 of 100
17 Sep 2026	None	53 of 100
16 Sep 2026	None	50 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, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

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

ALC closed at 65.26 on 28 Sep 2026.

Figure	Value
Last close	65.26
Change over 5 trading days	+0.6%
Change over 21 trading days	-9.6%
Change over 63 trading days	-3.5%
Change over 252 trading days	-10.9%
52 week high	87.64
52 week low	61.84
20 day moving average	67.55
50 day moving average	69.79
200 day moving average	73.56
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

ALC reports next on 10 Nov 2026, and options priced an earnings move of 9.2 percent through 20 Nov 2026.

Figure	Value
Next report	10 Nov 2026, after the close
Date	Confirmed by the company
Priced earnings move	9.2%, a straddle of $6.03 at the 65 strike, expiring 20 Nov 2026
Move after the report of 10 Aug 2026	+2.3%
Move after the report of 5 May 2026	-12.1%
Move after the report of 24 Feb 2026	+2.5%
Move after the report of 11 Nov 2025	+2.7%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

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

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Seasonality

In the 7 Septembers on record, ALC's average change was minus 4.3 percent, and it rose in 14.3 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-4.3%	-4.4%	14.3%	7
October	-1.0%	-0.2%	42.9%	7
November	+3.4%	+6.0%	57.1%	7

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 2 headlines naming ALC in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
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 ALC's IV rank?: ALC's IV rank is 33 of 100 on 28 Sep 2026.
What move are ALC options pricing?: On 28 Sep 2026, ALC options priced a move of 5.7 percent down and 5.6 percent up by 16 Oct 2026.
Where are ALC's call wall and put wall?: On 28 Sep 2026, ALC's call wall is the 67.5 strike and its put wall is the 65 strike.
What was the desk's latest view of ALC on the Free plan?: On 25 Sep 2026 the desk's view of ALC was bullish, paper trading.
When does ALC report earnings next?: ALC reports next on 10 Nov 2026, and options priced an earnings move of 9.2 percent through 20 Nov 2026.

More Health Care names

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