Health Care

argenx SE (ARGX) options and signal

Figures as of 28 Sep 2026

ARGX is argenx SE, 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	32 of 100	28 Sep
At the money IV	38.5%	28 Sep
Priced move to 16 Oct	9.3% down, 8.8% up	28 Sep
Call wall and put wall	920 and 950	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	972.25	28 Sep
Next report	22 Oct 2026	28 Sep

Options Snapshot

ARGX's IV rank is 32 of 100 on 28 Sep 2026.

Figure	Value
IV rank	32 of 100
At the money IV	38.5%, near month, 18 days
Put/call ratio, open interest	0.60
Call open interest, strikes captured near the price	3,330 contracts
Put open interest, strikes captured near the price	2,000 contracts
Cost to trade at the money	Fair, 22.3% of the option's mid price

IV rank is where the at the money IV sits among ARGX'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, ARGX options priced a move of 9.3 percent down and 8.8 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	9.3%	8.8%	881.75 to 1,058.15
20 Nov 2026	53	15.3%	16.0%	823.25 to 1,128.25
18 Dec 2026	81	18.9%	20.5%	788.25 to 1,171.25
15 Jan 2027	109	21.3%	23.7%	765.25 to 1,202.25
19 Feb 2027	144	23.8%	26.9%	741.25 to 1,234.25
19 Mar 2027	172	25.7%	30.0%	722.25 to 1,264.25

The range is one standard deviation either side of the close of 972.25, 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, ARGX's call wall is the 920 strike and its put wall is the 950 strike.

Figure	Value
Call wall, most open call gamma	920
Put wall, most open put gamma	950
Net dollar gamma, calls minus puts	$2.21 million
Total dollar gamma, both sides	$9.93 million
Close	972.25

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 9 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, ARGX's at the money IV is 38.5 percent against 20 day realized volatility of 22.5 percent.

Figure	Value
At the money IV	38.5%
Realized volatility, 20 trading days	22.5%
Realized volatility, 60 trading days	44.6%
IV against its own weekly record	In the middle
Weekly readings on record	385, from 30 Nov 2018
Weeks the price moved more than the one week priced move	23.3% 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, ARGX's at the money IV runs from 38.5 percent at 18 days to 36.9 percent at 172 days.

Days to expiry	At the money IV
18	38.5%
53	40.7%
81	39.6%
109	41.3%
144	36.7%
172	36.9%

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, ARGX's IV ten percent below the price sits 1.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	42.5%	+1.8 points
At the money	40.7%	0.0 points
10% above the price	41.7%	+1.0 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, ARGX's surface spans 6 expiries out to 172 days, with IV from 31.3 to 124.6 percent near the price.

Figure	Value
Expiries captured	6
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	73
Lowest IV among them	31.3%
Highest IV among them	124.6%

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, ARGX has 6 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	38.5%	1,051	357
20 Nov 2026	53	40.7%	488	304
18 Dec 2026	81	39.6%	978	798
15 Jan 2027	109	41.3%	566	198
19 Feb 2027	144	36.7%	119	62
19 Mar 2027	172	36.9%	124	283

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, ARGX's largest open interest sits at the 950 strike, with 782 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
950	102	680	782
920	276	121	397
900	273	53	326
940	79	243	322
1,080	273	3	276
750	103	129	232

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, ARGX's at the money IV moved from 36.2 percent to 38.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	36.2%	38.5%	+2.3 points
Open interest, strikes captured near the price	5,188	5,328	+140
Put/call ratio, open interest	0.62	0.60	-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.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 1,918 ARGX option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	1,201
Puts traded	717
Against its recent average	1.0 times
Busier than	17 of its last 20 trading days
Open interest, whole chain	5,737 contracts
Volume to open interest	0.33
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 ARGX'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	864.74	$544,736	920	800
21 Sep 2026	988.20	$1.96 million	920	950
28 Sep 2026	972.25	$2.21 million	920	950

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 ARGX was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	974.26, the swing high of 16 Sep 2026, a close past it runs against the view
Level below the close	934.18, the swing low of 23 Sep 2026
The chart	Sits against the view
Strategy family	Bear put spread (buy a put 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 ARGX sat at the 16th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	87 of 100	Bullish
20 trading days	64 of 100	Neutral
45 trading days	16 of 100	Bearish

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, 1 of 3 timeframes put ARGX on the bearish side, paper trading.

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

The near timeframes and the long ones were on opposite sides, and the desk states both.

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 ARGX had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	16 of 100
24 Sep 2026	None	17 of 100
23 Sep 2026	None	20 of 100
22 Sep 2026	None	17 of 100
21 Sep 2026	None	31 of 100
18 Sep 2026	None	40 of 100
17 Sep 2026	None	47 of 100
16 Sep 2026	None	24 of 100

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

Open Signal History in RingMaster The Signal History guide

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

ARGX closed at 972.25 on 28 Sep 2026.

Figure	Value
Last close	972.25
Change over 5 trading days	-1.6%
Change over 21 trading days	-8.2%
Change over 63 trading days	+6.6%
Change over 252 trading days	+36.7%
52 week high	1,072.75
52 week low	661.85
20 day moving average	995.64
50 day moving average	950.97
200 day moving average	849.84
RSI, 14 days	48

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

ARGX reports next on 22 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	22 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 23 Jul 2026	+8.6%
Move after the report of 7 May 2026	-2.5%
Move after the report of 26 Feb 2026	-5.6%
Move after the report of 30 Oct 2025	-0.2%

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

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Seasonality

In the 9 Septembers on record, ARGX's average change was minus 2.2 percent, and it rose in 44.4 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.2%	-2.2%	44.4%	9
October	+3.7%	+5.5%	66.7%	9
November	+11.6%	+11.4%	77.8%	9

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 1 headline naming ARGX in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	26 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 ARGX's IV rank?: ARGX's IV rank is 32 of 100 on 28 Sep 2026.
What move are ARGX options pricing?: On 28 Sep 2026, ARGX options priced a move of 9.3 percent down and 8.8 percent up by 16 Oct 2026.
Where are ARGX's call wall and put wall?: On 28 Sep 2026, ARGX's call wall is the 920 strike and its put wall is the 950 strike.
What was the desk's latest view of ARGX on the Free plan?: On 25 Sep 2026 the desk's view of ARGX was bearish, paper trading.
When does ARGX report earnings next?: ARGX reports next on 22 Oct 2026, a date confirmed by the company.

More Health Care names

Guides and the full list

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