Consumer Staples

British American Tobacco p.l.c. (BTI) options and signal

Figures as of 28 Sep 2026

BTI is British American Tobacco p.l.c., a Consumer Staples 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	75 of 100	28 Sep
At the money IV	26.6%	28 Sep
Priced move to 16 Oct	5.9% down, 5.7% up	28 Sep
Call wall and put wall	60 and 55	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	56.05	28 Sep

Options Snapshot

BTI's IV rank is 75 of 100 on 28 Sep 2026.

Figure	Value
IV rank	75 of 100
At the money IV	26.6%, near month, 18 days
Put/call ratio, open interest	0.52
Call open interest, strikes captured near the price	33,300 contracts
Put open interest, strikes captured near the price	17,200 contracts
Cost to trade at the money	Fair, 21.1% of the option's mid price

IV rank is where the at the money IV sits among BTI'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, BTI options priced a move of 5.9 percent down and 5.7 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.9%	5.7%	52.74 to 59.22
20 Nov 2026	53	9.0%	8.5%	50.98 to 60.80
18 Dec 2026	81	11.7%	11.5%	49.50 to 62.49
15 Jan 2027	109	13.5%	12.5%	48.46 to 63.06
19 Mar 2027	172	17.3%	16.4%	46.38 to 65.24

The range is one standard deviation either side of the close of 56.05, 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, BTI's call wall is the 60 strike and its put wall is the 55 strike.

Figure	Value
Call wall, most open call gamma	60
Put wall, most open put gamma	55
Flip strike, where net gamma changes sign	48.23
Net dollar gamma, calls minus puts	$2.08 million
Total dollar gamma, both sides	$5.89 million
Close	56.05

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, BTI's at the money IV is 26.6 percent against 20 day realized volatility of 17.8 percent.

Figure	Value
At the money IV	26.6%
Realized volatility, 20 trading days	17.8%
Realized volatility, 60 trading days	27.0%
IV against its own weekly record	In the middle
Weekly readings on record	826, from 19 Mar 2010
Weeks the price moved more than the one week priced move	27.5% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, BTI's at the money IV runs from 26.6 percent at 18 days to 25.1 percent at 172 days.

Days to expiry	At the money IV
18	26.6%
53	23.8%
81	24.8%
109	24.8%
172	25.1%

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, BTI's IV ten percent below the price sits 5.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	29.6%	+5.9 points
At the money	23.8%	0.0 points
10% above the price	22.2%	-1.5 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, BTI's surface spans 5 expiries out to 172 days, with IV from 22.2 to 35.8 percent near the price.

Figure	Value
Expiries captured	5
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	10
Lowest IV among them	22.2%
Highest IV among them	35.8%

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, BTI has 5 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	26.6%	2,921	2,141
20 Nov 2026	53	23.8%	490	314
18 Dec 2026	81	24.8%	10,327	4,686
15 Jan 2027	109	24.8%	16,967	8,614
19 Mar 2027	172	25.1%	2,551	1,401

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, BTI's largest open interest sits at the 55 strike, with 9,874 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
55	5,378	4,496	9,874
60	7,367	1,720	9,087
65	6,702	1,119	7,821
50	4,283	2,674	6,957
75	5,466	0	5,466
70	3,130	133	3,263

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, BTI's at the money IV moved from 25.2 percent to 26.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	25.2%	26.6%	+1.4 points
Open interest, strikes captured near the price	49,173	50,412	+1,239
Put/call ratio, open interest	0.53	0.52	-0.01

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, 5,287 BTI option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	4,328
Puts traded	959
Against its recent average	0.8 times
Busier than	1 of its last 20 trading days
Open interest, whole chain	66,318 contracts
Volume to open interest	0.08
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 BTI'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	56.81	$1.64 million	60	55
21 Sep 2026	55.75	$1.38 million	60	55
28 Sep 2026	56.05	$2.08 million	60	55

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 BTI was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	56.52, the swing high of 24 Sep 2026
Level below the close	55.18, the swing low of 23 Sep 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 BTI sat at the 46th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	65 of 100	Neutral
20 trading days	54 of 100	Neutral
45 trading days	46 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 BTI'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 BTI had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	46 of 100
24 Sep 2026	None	49 of 100
23 Sep 2026	None	71 of 100
22 Sep 2026	None	74 of 100
21 Sep 2026	None	43 of 100
18 Sep 2026	None	42 of 100
17 Sep 2026	None	27 of 100
16 Sep 2026	None	56 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, 9 of 50 Consumer Staples names were bullish and 22 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Staples	50	9	22	19

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

BTI closed at 56.05 on 28 Sep 2026.

Figure	Value
Last close	56.05
Change over 5 trading days	+0.5%
Change over 21 trading days	-0.4%
Change over 63 trading days	-10.7%
Change over 252 trading days	+7.1%
52 week high	67.30
52 week low	49.88
20 day moving average	55.74
50 day moving average	57.49
200 day moving average	59.07
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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Seasonality

In the 36 Septembers on record, BTI's average change was minus 0.3 percent, and it rose in 58.3 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.3%	+0.8%	58.3%	36
October	+0.1%	+0.5%	55.6%	36
November	+1.5%	+2.2%	58.3%	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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Questions

What is BTI's IV rank?: BTI's IV rank is 75 of 100 on 28 Sep 2026.
What move are BTI options pricing?: On 28 Sep 2026, BTI options priced a move of 5.9 percent down and 5.7 percent up by 16 Oct 2026.
Where are BTI's call wall and put wall?: On 28 Sep 2026, BTI's call wall is the 60 strike and its put wall is the 55 strike.
What was the desk's latest view of BTI on the Free plan?: On 25 Sep 2026 the desk's view of BTI was neutral, paper trading.

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