Information Technology

Cipher Digital Inc. (CIFR) options and signal

Figures as of 28 Sep 2026

CIFR is Cipher Digital Inc., an Information Technology 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	3 of 100	28 Sep
At the money IV	95.2%	28 Sep
Priced move to 30 Oct	25.3% down, 30.5% up	28 Sep
Call wall and put wall	20 and 18	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	16.74	28 Sep
Next report	2 Nov 2026	28 Sep

Options Snapshot

CIFR's IV rank is 3 of 100 on 28 Sep 2026.

Figure	Value
IV rank	3 of 100
At the money IV	95.2%, near month, 32 days
Put/call ratio, open interest	0.44
Call open interest, strikes captured near the price	679,000 contracts
Put open interest, strikes captured near the price	299,000 contracts
Cost to trade at the money	Fair, 29.3% of the option's mid price

IV rank is where the at the money IV sits among CIFR'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, CIFR options priced a move of 25.3 percent down and 30.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	9.5%	10.0%	15.15 to 18.42
9 Oct 2026	11	15.0%	16.2%	14.23 to 19.45
23 Oct 2026	25	24.0%	23.9%	12.73 to 20.74
30 Oct 2026	32	25.3%	30.5%	12.50 to 21.84
20 Nov 2026	53	36.1%	38.1%	10.70 to 23.11
18 Dec 2026	81	43.0%	46.8%	9.55 to 24.58
19 Mar 2027	172	60.3%	72.3%	6.64 to 28.84

The range is one standard deviation either side of the close of 16.74, 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, CIFR's call wall is the 20 strike and its put wall is the 18 strike.

Figure	Value
Call wall, most open call gamma	20
Put wall, most open put gamma	18
Net dollar gamma, calls minus puts	$4.57 million
Total dollar gamma, both sides	$15.62 million
Close	16.74

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 4 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, CIFR's at the money IV is 95.2 percent against 20 day realized volatility of 96.7 percent.

Figure	Value
At the money IV	95.2%
Realized volatility, 20 trading days	96.7%
Realized volatility, 60 trading days	126.5%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	229, from 19 Nov 2021
Weeks the price moved more than the one week priced move	23.2% of 228 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, CIFR's at the money IV runs from 93.1 percent at 4 days to 92.6 percent at 172 days.

Days to expiry	At the money IV
4	93.1%
11	89.5%
18	90.3%
25	91.1%
39	97.0%
53	96.8%
81	94.7%
172	92.6%

Near and far expiries price about the same volatility, a flat 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, CIFR's IV ten percent below the price sits 7.1 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	88.1%	-7.1 points
At the money	95.2%	0.0 points
10% above the price	97.5%	+2.3 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, CIFR's surface spans 10 expiries out to 172 days, with IV from 85.6 to 106.8 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	42
Lowest IV among them	85.6%
Highest IV among them	106.8%

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, CIFR 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	93.1%	44,271	36,776
9 Oct 2026	11	89.5%	13,486	18,912
16 Oct 2026	18	90.3%	131,099	67,984
23 Oct 2026	25	91.1%	6,135	10,297
30 Oct 2026	32	95.2%	4,278	6,309
6 Nov 2026	39	97.0%	113	50
20 Nov 2026	53	96.8%	205,807	25,717
18 Dec 2026	81	94.7%	67,936	33,258
15 Jan 2027	109	93.0%	183,453	84,623
19 Mar 2027	172	92.6%	22,072	15,185

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, CIFR's largest open interest sits at the 20 strike, with 128,816 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
20	123,783	5,033	128,816
22	71,006	36,518	107,524
15	52,331	48,065	100,396
25	70,198	1,520	71,718
18	25,879	31,117	56,996
19	37,983	16,726	54,709

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, CIFR's at the money IV moved from 92.7 percent to 95.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	92.7%	95.2%	+2.4 points
Open interest, strikes captured near the price	981,504	977,761	-3,743
Put/call ratio, open interest	0.43	0.44	+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.

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Changed Hands

On 28 Sep 2026, 79,357 CIFR option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	52,637
Puts traded	26,720
Against its recent average	0.7 times
Busier than	2 of its last 20 trading days
Open interest, whole chain	1.18 million contracts
Volume to open interest	0.07
Unusual volume flag	Yes, 6 contracts traded well above open interest
Largest flagged contract	The 17 call expiring 2 Oct, 3,604 traded against 890 open

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 CIFR'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	17.21	minus $1.8 million	20	18
21 Sep 2026	18.90	$7.11 million	20	22
28 Sep 2026	16.74	$4.57 million	20	18

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 CIFR was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	19.49, the swing high of 8 Sep 2026
Level below the close	15.28, the swing low of 10 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.

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Rank by Timeframe

On 25 Sep 2026 CIFR sat at the 85th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	64 of 100	Neutral
20 trading days	87 of 100	Bullish
45 trading days	85 of 100	Bullish

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, 2 of 3 timeframes put CIFR on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Bullish	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 CIFR had carried no signal for 9 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	85 of 100
24 Sep 2026	None	52 of 100
23 Sep 2026	None	14 of 100
22 Sep 2026	None	10 of 100
21 Sep 2026	None	23 of 100
18 Sep 2026	None	31 of 100
17 Sep 2026	None	43 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, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	46

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

CIFR closed at 16.74 on 28 Sep 2026.

Figure	Value
Last close	16.74
Change over 5 trading days	-11.4%
Change over 21 trading days	-0.2%
Change over 63 trading days	-32.6%
Change over 252 trading days	+43.6%
52 week high	30.14
52 week low	11.01
20 day moving average	17.01
50 day moving average	18.19
200 day moving average	18.35
RSI, 14 days	47

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

CIFR reports next on 2 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	2 Nov 2026, before the open
Date	Confirmed by the company
Move after the report of 4 Aug 2026	-15.7%
Move after the report of 5 May 2026	+23.5%
Move after the report of 24 Feb 2026	+12.5%
Move after the report of 3 Nov 2025	+22.0%

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

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Company Events

CIFR filed 1 current report in the 14 days to 28 Sep 2026, the latest on 25 Sep 2026.

Filed	Report	What it covers
25 Sep 2026	Current report	Regulation FD Disclosure; Other Events

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

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Seasonality

In the 5 Septembers on record, CIFR's average change was plus 1.4 percent, and it rose in 40.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.4%	-4.0%	40.0%	5
October	+14.9%	+27.4%	60.0%	5
November	+1.2%	+0.4%	60.0%	5

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 7 headlines naming CIFR in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	7
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 CIFR's IV rank?: CIFR's IV rank is 3 of 100 on 28 Sep 2026.
What move are CIFR options pricing?: On 28 Sep 2026, CIFR options priced a move of 25.3 percent down and 30.5 percent up by 30 Oct 2026.
Where are CIFR's call wall and put wall?: On 28 Sep 2026, CIFR's call wall is the 20 strike and its put wall is the 18 strike.
What was the desk's latest view of CIFR on the Free plan?: On 25 Sep 2026 the desk's view of CIFR was bullish, paper trading.
When does CIFR report earnings next?: CIFR reports next on 2 Nov 2026, a date confirmed by the company.

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