Industrials

Cummins (CMI) options and signal

Figures as of 28 Sep 2026

CMI is Cummins, an Industrials 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	77 of 100	28 Sep
At the money IV	33.5%	28 Sep
Priced move to 16 Oct	7.6% down, 7.6% up	28 Sep
Call wall and put wall	540 and 530	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	517.84	28 Sep
Next report	5 Nov 2026	28 Sep

Options Snapshot

CMI's IV rank is 77 of 100 on 28 Sep 2026.

Figure	Value
IV rank	77 of 100
At the money IV	33.5%, near month, 18 days
Put/call ratio, open interest	1.17
Call open interest, strikes captured near the price	5,230 contracts
Put open interest, strikes captured near the price	6,140 contracts
Cost to trade at the money	Tight, 11.9% of the option's mid price

IV rank is where the at the money IV sits among CMI'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, CMI options priced a move of 7.6 percent down and 7.6 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	7.6%	7.6%	478.34 to 557.44
20 Nov 2026	53	15.3%	15.9%	438.44 to 600.14
18 Dec 2026	81	17.8%	18.2%	425.44 to 612.34
19 Mar 2027	172	24.3%	26.6%	391.84 to 655.84

The range is one standard deviation either side of the close of 517.84, 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, CMI's call wall is the 540 strike and its put wall is the 530 strike.

Figure	Value
Call wall, most open call gamma	540
Put wall, most open put gamma	530
Net dollar gamma, calls minus puts	minus $3.72 million
Total dollar gamma, both sides	$12.38 million
Close	517.84

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 3 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, CMI's at the money IV is 33.5 percent against 20 day realized volatility of 21.7 percent.

Figure	Value
At the money IV	33.5%
Realized volatility, 20 trading days	21.7%
Realized volatility, 60 trading days	28.5%
IV against its own weekly record	In the middle
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.

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Volatility Weather

On 28 Sep 2026, CMI's at the money IV runs from 33.5 percent at 18 days to 37.1 percent at 172 days.

Days to expiry	At the money IV
18	33.5%
53	40.1%
81	38.1%
172	37.1%

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, CMI's IV ten percent below the price sits 1.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	41.8%	+1.7 points
At the money	40.1%	0.0 points
10% above the price	41.5%	+1.4 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, CMI's surface spans 4 expiries out to 172 days, with IV from 33.2 to 123.0 percent near the price.

Figure	Value
Expiries captured	4
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	40
Lowest IV among them	33.2%
Highest IV among them	123.0%

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, CMI has 4 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	33.5%	1,690	2,021
20 Nov 2026	53	40.1%	223	1,089
18 Dec 2026	81	38.1%	2,053	1,545
19 Mar 2027	172	37.1%	1,266	1,486

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, CMI's largest open interest sits at the 530 strike, with 1,052 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
530	56	996	1,052
500	340	525	865
540	244	494	738
510	21	572	593
630	180	403	583
700	301	261	562

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, CMI's at the money IV moved from 31.4 percent to 33.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	31.4%	33.5%	+2.1 points
Open interest, strikes captured near the price	10,966	11,373	+407
Put/call ratio, open interest	1.09	1.17	+0.09

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, 2,484 CMI option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	1,172
Puts traded	1,312
Against its recent average	0.9 times
Busier than	4 of its last 20 trading days
Open interest, whole chain	15,652 contracts
Volume to open interest	0.16
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 CMI'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	632.95	minus $3.27 million	600	600
21 Sep 2026	534.78	minus $4.5 million	590	540
28 Sep 2026	517.84	minus $3.72 million	540	530

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 CMI was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	519.09, the swing high of 16 Sep 2026
Level below the close	514.37, 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.

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Rank by Timeframe

On 25 Sep 2026 CMI sat at the 61st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	81 of 100	Bullish
20 trading days	94 of 100	Bullish
45 trading days	61 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 CMI's near timeframes were bullish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 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.

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Signal History

On 25 Sep 2026 CMI had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	61 of 100
24 Sep 2026	None	57 of 100
23 Sep 2026	None	33 of 100
22 Sep 2026	None	46 of 100
21 Sep 2026	None	85 of 100
18 Sep 2026	None	75 of 100
17 Sep 2026	None	85 of 100
16 Sep 2026	None	66 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, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

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

CMI closed at 517.84 on 28 Sep 2026.

Figure	Value
Last close	517.84
Change over 5 trading days	-3.2%
Change over 21 trading days	-9.8%
Change over 63 trading days	-25.1%
Change over 252 trading days	+25.1%
52 week high	737.76
52 week low	400.72
20 day moving average	540.40
50 day moving average	591.58
200 day moving average	603.30
RSI, 14 days	30

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

CMI reports next on 5 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	5 Nov 2026, before the open
Date	Confirmed by the company
Move after the report of 4 Aug 2026	-2.0%
Move after the report of 5 May 2026	+2.8%
Move after the report of 5 Feb 2026	-10.7%
Move after the report of 6 Nov 2025	+5.4%

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

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Short Volume

On 25 Sep 2026, 52.8 percent of CMI's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	52.8%
Five day average	45.9%
52 week median	45.0%

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, CMI's average change was minus 2.9 percent, and it rose in 44.4 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.9%	-1.3%	44.4%	36
October	+1.4%	+1.5%	58.3%	36
November	+4.5%	+4.3%	69.4%	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 CMI 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 CMI's IV rank?: CMI's IV rank is 77 of 100 on 28 Sep 2026.
What move are CMI options pricing?: On 28 Sep 2026, CMI options priced a move of 7.6 percent down and 7.6 percent up by 16 Oct 2026.
Where are CMI's call wall and put wall?: On 28 Sep 2026, CMI's call wall is the 540 strike and its put wall is the 530 strike.
What was the desk's latest view of CMI on the Free plan?: On 25 Sep 2026 the desk's view of CMI was neutral, paper trading.
When does CMI report earnings next?: CMI reports next on 5 Nov 2026, a date confirmed by the company.

More Industrials names

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