Health Care

Baxter International Inc (BAX) options and signal

Figures as of 28 Sep 2026

BAX is Baxter International 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	99 of 100	28 Sep
At the money IV	55.6%	28 Sep
Priced move to 30 Oct	15.2% down, 14.9% up	28 Sep
Call wall and put wall	Both 25	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	23.49	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

BAX's IV rank is 99 of 100 on 28 Sep 2026.

Figure	Value
IV rank	99 of 100
At the money IV	55.6%, near month, 32 days
Put/call ratio, open interest	0.46
Call open interest, strikes captured near the price	40,900 contracts
Put open interest, strikes captured near the price	18,900 contracts
Cost to trade at the money	Wide, 103.7% of the option's mid price

IV rank is where the at the money IV sits among BAX'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, BAX options priced a move of 15.2 percent down and 14.9 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	7.4%	7.4%	21.75 to 25.23
9 Oct 2026	11	12.9%	12.9%	20.46 to 26.52
23 Oct 2026	25	10.9%	16.5%	20.94 to 27.37
30 Oct 2026	32	15.2%	14.9%	19.92 to 26.98
18 Dec 2026	81	20.7%	22.9%	18.63 to 28.87
15 Jan 2027	109	24.6%	25.6%	17.71 to 29.51
19 Mar 2027	172	30.7%	37.9%	16.27 to 32.40

The range is one standard deviation either side of the close of 23.49, 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, BAX's call wall and put wall are both at the 25 strike.

Figure	Value
Call wall, most open call gamma	25
Put wall, most open put gamma	25
Net dollar gamma, calls minus puts	$772,294
Total dollar gamma, both sides	$1.81 million
Close	23.49

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 2 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, BAX's at the money IV is 55.6 percent against 20 day realized volatility of 23.3 percent.

Figure	Value
At the money IV	55.6%
Realized volatility, 20 trading days	23.3%
Realized volatility, 60 trading days	38.6%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	28.6% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, BAX's at the money IV runs from 70.9 percent at 4 days to 48.9 percent at 172 days.

Days to expiry	At the money IV
4	70.9%
11	74.3%
18	65.9%
25	56.4%
53	59.2%
81	45.8%
109	45.8%
172	48.9%

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 32 day expiry, BAX's IV ten percent below the price sits 6.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	61.8%	+6.2 points
At the money	55.6%	0.0 points
10% above the price	66.0%	+10.4 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, BAX's surface spans 10 expiries out to 172 days, with IV from 40.8 to 81.0 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	36
Lowest IV among them	40.8%
Highest IV among them	81.0%

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, BAX has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	70.9%	292	359
9 Oct 2026	11	74.3%	201	158
16 Oct 2026	18	65.9%	2,993	865
23 Oct 2026	25	56.4%	353	352
30 Oct 2026	32	55.6%	2,774	82
20 Nov 2026	53	59.2%	7,692	3,049
18 Dec 2026	81	45.8%	2,427	3,260
15 Jan 2027	109	45.8%	21,456	8,880
19 Feb 2027	144	45.3%	442	546
19 Mar 2027	172	48.9%	2,250	1,393

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, BAX's largest open interest sits at the 30 strike, with 12,725 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
30	12,637	88	12,725
25	9,821	2,753	12,574
15	575	6,080	6,655
20	3,954	1,969	5,923
27.5	3,676	1,684	5,360
22.5	2,508	2,098	4,606

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, BAX's at the money IV moved from 51.0 percent to 55.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	51.0%	55.6%	+4.6 points
Open interest, strikes captured near the price	57,234	59,824	+2,590
Put/call ratio, open interest	0.51	0.46	-0.05

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, 3,123 BAX option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	1,289
Puts traded	1,834
Against its recent average	0.8 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	63,461 contracts
Volume to open interest	0.05
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 BAX'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	27.61	$1.8 million	30	27.5
21 Sep 2026	22.93	$106,214	25	22.5
28 Sep 2026	23.49	$772,294	25	25

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 BAX was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	24.30, the swing high of 23 Sep 2026, a close past it runs against the view
Level below the close	22.56, the swing low of 21 Sep 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above the price)
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 BAX sat at the 15th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	43 of 100	Neutral
20 trading days	39 of 100	Neutral
45 trading days	15 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 BAX on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Bearish	1 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 BAX had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	15 of 100
24 Sep 2026	None	44 of 100
23 Sep 2026	None	70 of 100
22 Sep 2026	None	66 of 100
21 Sep 2026	None	36 of 100
18 Sep 2026	None	54 of 100
17 Sep 2026	None	21 of 100
16 Sep 2026	None	18 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

BAX closed at 23.49 on 28 Sep 2026.

Figure	Value
Last close	23.49
Change over 5 trading days	+2.4%
Change over 21 trading days	-9.4%
Change over 63 trading days	+6.7%
Change over 252 trading days	+8.2%
52 week high	30.00
52 week low	15.73
20 day moving average	24.16
50 day moving average	25.11
200 day moving average	20.74
RSI, 14 days	40

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

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

Figure	Value
Next report	29 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 30 Jul 2026	+8.0%
Move after the report of 30 Apr 2026	+4.0%
Move after the report of 12 Feb 2026	-16.0%
Move after the report of 30 Oct 2025	-14.5%

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

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Short Volume

On 25 Sep 2026, 47.6 percent of BAX's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	47.6%
Five day average	41.0%
52 week median	62.1%

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, BAX's average change was minus 1.4 percent, and it rose in 50.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.4%	-0.2%	50.0%	36
October	-2.8%	-2.2%	41.7%	36
November	+2.6%	+2.5%	66.7%	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 1 headline naming BAX in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
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 BAX's IV rank?: BAX's IV rank is 99 of 100 on 28 Sep 2026.
What move are BAX options pricing?: On 28 Sep 2026, BAX options priced a move of 15.2 percent down and 14.9 percent up by 30 Oct 2026.
Where are BAX's call wall and put wall?: On 28 Sep 2026, BAX's call wall and put wall are both at the 25 strike.
What was the desk's latest view of BAX on the Free plan?: On 25 Sep 2026 the desk's view of BAX was bearish, paper trading.
When does BAX report earnings next?: BAX reports next on 29 Oct 2026, a date worked out from past quarters.

More Health Care names

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