Financials

Canadian Imperial Bank of Commerce (CM) options and signal

Figures as of 28 Sep 2026

CM is Canadian Imperial Bank of Commerce, a Financials 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	83 of 100	28 Sep
At the money IV	24.9%	28 Sep
Priced move to 16 Oct	6.6% down, 5.6% up	28 Sep
Call wall and put wall	Both 110	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	112.15	28 Sep
Next report	3 Dec 2026	28 Sep

Options Snapshot

CM's IV rank is 83 of 100 on 28 Sep 2026.

Figure	Value
IV rank	83 of 100
At the money IV	24.9%, near month, 18 days
Put/call ratio, open interest	0.98
Call open interest, strikes captured near the price	6,050 contracts
Put open interest, strikes captured near the price	5,930 contracts
Cost to trade at the money	Fair, 30.3% of the option's mid price

IV rank is where the at the money IV sits among CM'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, CM options priced a move of 6.6 percent down and 5.6 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	6.6%	5.6%	104.73 to 118.46
20 Nov 2026	53	11.0%	9.3%	99.85 to 122.55
18 Dec 2026	81	13.3%	13.9%	97.25 to 127.75
15 Jan 2027	109	13.6%	13.7%	96.95 to 127.55
19 Mar 2027	172	17.9%	20.1%	92.05 to 134.65

The range is one standard deviation either side of the close of 112.15, 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, CM's call wall and put wall are both at the 110 strike.

Figure	Value
Call wall, most open call gamma	110
Put wall, most open put gamma	110
Net dollar gamma, calls minus puts	minus $377,641
Total dollar gamma, both sides	$4.88 million
Close	112.15

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, CM's at the money IV is 24.9 percent against 20 day realized volatility of 22.1 percent.

Figure	Value
At the money IV	24.9%
Realized volatility, 20 trading days	22.1%
Realized volatility, 60 trading days	22.6%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	823, from 8 Jan 2010
Weeks the price moved more than the one week priced move	27.2% 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, CM's at the money IV runs from 24.9 percent at 18 days to 26.3 percent at 172 days.

Days to expiry	At the money IV
18	24.9%
53	27.1%
81	25.7%
109	26.6%
172	26.3%

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, CM's IV ten percent below the price sits 16.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	43.2%	+16.1 points
At the money	27.1%	0.0 points
10% above the price	27.3%	+0.2 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, CM's surface spans 5 expiries out to 172 days, with IV from 22.7 to 36.7 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	20
Lowest IV among them	22.7%
Highest IV among them	36.7%

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, CM 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	24.9%	2,104	2,130
20 Nov 2026	53	27.1%	1,028	187
18 Dec 2026	81	25.7%	1,141	1,579
15 Jan 2027	109	26.6%	1,608	2,001
19 Mar 2027	172	26.3%	165	31

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, CM's largest open interest sits at the 110 strike, with 2,818 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
110	1,266	1,552	2,818
115	1,311	1,383	2,694
125	1,527	56	1,583
105	59	1,491	1,550
130	606	150	756
120	614	108	722

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, CM's at the money IV moved from 23.0 percent to 24.9 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	23.0%	24.9%	+1.9 points
Open interest, strikes captured near the price	10,476	11,974	+1,498
Put/call ratio, open interest	1.04	0.98	-0.06

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, 3,865 CM option contracts traded, 1.5 times its own recent average.

Figure	Value
Calls traded	2,744
Puts traded	1,121
Against its recent average	1.5 times
Busier than	20 of its last 20 trading days
Open interest, whole chain	13,024 contracts
Volume to open interest	0.30
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 75 call expiring 15 Jan, 565 traded against 249 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 26 trading days of CM's option positioning, from 12 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
12 Aug 2026	120.90	$2.99 million	125	115
21 Sep 2026	116.26	$165,651	125	105
28 Sep 2026	112.15	minus $377,641	110	110

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 CM was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	116.50, the swing high of 21 Sep 2026
Level below the close	112.00, the swing low of 16 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.

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Rank by Timeframe

On 25 Sep 2026 CM sat at the 42nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	65 of 100	Neutral
20 trading days	59 of 100	Neutral
45 trading days	42 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 CM'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 CM had carried no signal for 13 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	42 of 100
24 Sep 2026	None	59 of 100
23 Sep 2026	None	64 of 100
22 Sep 2026	None	58 of 100
21 Sep 2026	None	56 of 100
18 Sep 2026	None	44 of 100
17 Sep 2026	None	71 of 100
16 Sep 2026	None	84 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, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

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

CM closed at 112.15 on 28 Sep 2026.

Figure	Value
Last close	112.15
Change over 5 trading days	-3.5%
Change over 21 trading days	-2.3%
Change over 63 trading days	-1.3%
Change over 252 trading days	+39.6%
52 week high	124.86
52 week low	78.79
20 day moving average	114.35
50 day moving average	116.78
200 day moving average	106.31
RSI, 14 days	42

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

CM reports next on 3 Dec 2026, a date confirmed by the company.

Figure	Value
Next report	3 Dec 2026
Date	Confirmed by the company

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

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Seasonality

In the 28 Septembers on record, CM's average change was minus 0.2 percent, and it rose in 53.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.2%	+0.2%	53.6%	28
October	+1.5%	+2.4%	64.3%	28
November	+2.2%	+3.1%	75.0%	28

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 CM 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 CM's IV rank?: CM's IV rank is 83 of 100 on 28 Sep 2026.
What move are CM options pricing?: On 28 Sep 2026, CM options priced a move of 6.6 percent down and 5.6 percent up by 16 Oct 2026.
Where are CM's call wall and put wall?: On 28 Sep 2026, CM's call wall and put wall are both at the 110 strike.
What was the desk's latest view of CM on the Free plan?: On 25 Sep 2026 the desk's view of CM was neutral, paper trading.
When does CM report earnings next?: CM reports next on 3 Dec 2026, a date confirmed by the company.

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