Financials

Coinbase Global Inc (COIN) options and signal

Figures as of 28 Sep 2026

COIN is Coinbase Global Inc, 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
Trade Card	Bear put spread, 18 Dec	25 Sep
IV rank	26 of 100	28 Sep
At the money IV	64.3%	28 Sep
Priced move to 30 Oct	18.0% down, 21.8% up	28 Sep
Call wall and put wall	202.5 and 190	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	191.79	28 Sep
Next report	29 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for COIN was a bear put spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Bear put spread, debit
Legs	Buy the 200 put, Sell the 165 put
Expiry	18 Dec 2026, 84 days to expiry
Limit	A debit of at most $15.75
Probability of profit	39%, the option market's odds at expiry, from delta
Max loss	$1,575 per contract
Max profit	$1,925 per contract
Breakeven	184.25
IV rank at that expiry	31 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

COIN's IV rank is 26 of 100 on 28 Sep 2026.

Figure	Value
IV rank	26 of 100
At the money IV	64.3%, near month, 32 days
Put/call ratio, open interest	0.74
Call open interest, strikes captured near the price	280,000 contracts
Put open interest, strikes captured near the price	206,000 contracts
Cost to trade at the money	Fair, 18.9% of the option's mid price

IV rank is where the at the money IV sits among COIN'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, COIN options priced a move of 18.0 percent down and 21.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	6.5%	7.0%	179.29 to 205.19
9 Oct 2026	11	9.2%	10.8%	174.09 to 212.49
23 Oct 2026	25	14.4%	16.3%	164.09 to 222.99
30 Oct 2026	32	18.0%	21.8%	157.29 to 233.59
20 Nov 2026	53	24.8%	26.0%	144.29 to 241.69
18 Dec 2026	81	29.2%	32.0%	135.79 to 253.19
19 Feb 2027	144	37.7%	41.9%	119.39 to 272.19

The range is one standard deviation either side of the close of 191.79, 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, COIN's call wall is the 202.5 strike and its put wall is the 190 strike.

Figure	Value
Call wall, most open call gamma	202.5
Put wall, most open put gamma	190
Net dollar gamma, calls minus puts	$37.1 million
Total dollar gamma, both sides	$140.8 million
Close	191.79

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, COIN's at the money IV is 64.3 percent against 20 day realized volatility of 87.9 percent.

Figure	Value
At the money IV	64.3%
Realized volatility, 20 trading days	87.9%
Realized volatility, 60 trading days	76.2%
IV against its own weekly record	In the middle
Weekly readings on record	276, from 23 Apr 2021
Weeks the price moved more than the one week priced move	31.3% 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, COIN's at the money IV runs from 63.4 percent at 4 days to 65.1 percent at 144 days.

Days to expiry	At the money IV
4	63.4%
11	62.3%
18	60.6%
25	60.8%
39	64.3%
53	68.0%
81	64.9%
144	65.1%

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 32 day expiry, COIN's IV ten percent below the price sits 0.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	65.2%	+0.9 points
At the money	64.3%	0.0 points
10% above the price	67.7%	+3.4 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, COIN's surface spans 10 expiries out to 144 days, with IV from 55.5 to 75.8 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	103
Lowest IV among them	55.5%
Highest IV among them	75.8%

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, COIN has 10 captured expiries, from 2 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	63.4%	59,070	18,989
9 Oct 2026	11	62.3%	6,957	4,821
16 Oct 2026	18	60.6%	66,062	33,379
23 Oct 2026	25	60.8%	3,995	4,033
30 Oct 2026	32	64.3%	4,271	4,106
6 Nov 2026	39	64.3%	240	90
20 Nov 2026	53	68.0%	48,167	29,463
18 Dec 2026	81	64.9%	37,377	46,566
15 Jan 2027	109	63.6%	45,922	55,191
19 Feb 2027	144	65.1%	7,827	9,466

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, COIN's largest open interest sits at the 200 strike, with 36,956 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
200	23,719	13,237	36,956
170	15,179	11,478	26,657
150	11,992	12,417	24,409
210	20,614	2,749	23,363
190	8,349	10,588	18,937
220	15,512	2,408	17,920

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, COIN's at the money IV moved from 57.8 percent to 64.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	57.8%	64.3%	+6.5 points
Open interest, strikes captured near the price	480,885	485,992	+5,107
Put/call ratio, open interest	0.80	0.74	-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, 86,853 COIN option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	46,720
Puts traded	40,133
Against its recent average	0.6 times
Busier than	1 of its last 20 trading days
Open interest, whole chain	837,260 contracts
Volume to open interest	0.10
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 180 put expiring 9 Oct, 517 traded against 215 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 COIN'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	148.58	$6.68 million	155	145
21 Sep 2026	201.05	$62.88 million	200	190
28 Sep 2026	191.79	$37.1 million	202.5	190

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 COIN was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	193.22, the swing high of 14 Sep 2026, a close past it runs against the view
Level below the close	170.39, the swing low of 10 Sep 2026
The chart	Sits against the view
Strategy family	Bear put spread (buy a put 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 COIN sat at the 7th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	6 of 100	Bearish
20 trading days	4 of 100	Bearish
45 trading days	7 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, 3 of 3 timeframes put COIN on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 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 COIN had carried no signal for 1 trading day, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	7 of 100
24 Sep 2026	Bearish	2 of 100
23 Sep 2026	Bearish	1 of 100
22 Sep 2026	Bearish	1 of 100
21 Sep 2026	None	5 of 100
18 Sep 2026	None	10 of 100
17 Sep 2026	None	30 of 100
16 Sep 2026	Bearish	5 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

COIN closed at 191.79 on 28 Sep 2026.

Figure	Value
Last close	191.79
Change over 5 trading days	-4.6%
Change over 21 trading days	+0.6%
Change over 63 trading days	+26.5%
Change over 252 trading days	-37.5%
52 week high	402.16
52 week low	139.11
20 day moving average	185.05
50 day moving average	171.13
200 day moving average	186.98
RSI, 14 days	55

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

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

Figure	Value
Next report	29 Oct 2026, after the close
Date	Worked out from past quarters
Move after the report of 30 Jul 2026	-10.6%
Move after the report of 7 May 2026	+4.2%
Move after the report of 12 Feb 2026	+16.5%
Move after the report of 30 Oct 2025	+4.7%

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

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Public Filings

The filings the desk holds carry 2 recent trades in COIN shares.

Filed	Who	Trade	Size
10 Sep 2026	. Gilbert Cisneros, member of Congress	Sold	$1,001 to $15,000
4 Sep 2026	. Gilbert Cisneros, member of Congress	Bought	$1,001 to $15,000

Tracked fund managers listing COIN among their top holdings: ARK Investment Management.

Every filing is reproduced as filed, and each one reaches the public days or weeks after the trade.

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

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Short Volume

On 25 Sep 2026, 65.9 percent of COIN's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	65.9%
Five day average	60.5%
52 week median	48.8%
Short interest, share of shares outstanding	9.6% at the 15 Sep 2026 settlement
Days to cover	2.8

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 5 Septembers on record, COIN's average change was minus 2.7 percent, and it rose in 20.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.7%	-3.5%	20.0%	5
October	+9.7%	+2.7%	100.0%	5
November	+14.8%	-1.4%	40.0%	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 COIN 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 COIN's IV rank?: COIN's IV rank is 26 of 100 on 28 Sep 2026.
What move are COIN options pricing?: On 28 Sep 2026, COIN options priced a move of 18.0 percent down and 21.8 percent up by 30 Oct 2026.
Where are COIN's call wall and put wall?: On 28 Sep 2026, COIN's call wall is the 202.5 strike and its put wall is the 190 strike.
What was the latest Trade Card for COIN on the Free plan?: On 25 Sep 2026 the Trade Card for COIN was a bear put spread expiring 18 Dec 2026, paper trading.
When does COIN report earnings next?: COIN reports next on 29 Oct 2026, a date worked out from past quarters.

More Financials names

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