Health Care

CVS Health (CVS) options and signal

Figures as of 28 Sep 2026

CVS is CVS Health, a Health Care 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	98 of 100	28 Sep
At the money IV	40.2%	28 Sep
Priced move to 30 Oct	11.1% down, 11.8% up	28 Sep
Call wall and put wall	90 and 85	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	87.85	28 Sep
Next report	28 Oct 2026	28 Sep

Options Snapshot

CVS's IV rank is 98 of 100 on 28 Sep 2026.

Figure	Value
IV rank	98 of 100
At the money IV	40.2%, near month, 32 days
Put/call ratio, open interest	0.68
Call open interest, strikes captured near the price	116,000 contracts
Put open interest, strikes captured near the price	78,500 contracts
Cost to trade at the money	Fair, 35.9% of the option's mid price

IV rank is where the at the money IV sits among CVS'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, CVS options priced a move of 11.1 percent down and 11.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.8%	4.0%	84.53 to 91.34
9 Oct 2026	11	6.1%	6.2%	82.51 to 93.32
23 Oct 2026	25	10.1%	9.3%	78.99 to 96.02
30 Oct 2026	32	11.1%	11.8%	78.10 to 98.25
20 Nov 2026	53	14.3%	14.0%	75.25 to 100.15
18 Dec 2026	81	16.2%	16.6%	73.65 to 102.45
19 Feb 2027	144	21.1%	22.5%	69.35 to 107.65

The range is one standard deviation either side of the close of 87.85, 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, CVS's call wall is the 90 strike and its put wall is the 85 strike.

Figure	Value
Call wall, most open call gamma	90
Put wall, most open put gamma	85
Net dollar gamma, calls minus puts	$7.19 million
Total dollar gamma, both sides	$38 million
Close	87.85

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, CVS's at the money IV is 40.2 percent against 20 day realized volatility of 28.5 percent.

Figure	Value
At the money IV	40.2%
Realized volatility, 20 trading days	28.5%
Realized volatility, 60 trading days	27.7%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	32.9% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, CVS's at the money IV runs from 40.3 percent at 4 days to 34.9 percent at 144 days.

Days to expiry	At the money IV
4	40.3%
11	35.6%
18	36.4%
25	37.6%
39	49.1%
53	37.2%
81	34.8%
144	34.9%

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 32 day expiry, CVS's IV ten percent below the price sits 1.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	41.9%	+1.8 points
At the money	40.2%	0.0 points
10% above the price	45.9%	+5.7 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, CVS's surface spans 10 expiries out to 144 days, with IV from 32.7 to 52.4 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	110
Lowest IV among them	32.7%
Highest IV among them	52.4%

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, CVS 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	40.3%	9,826	2,664
9 Oct 2026	11	35.6%	5,085	2,561
16 Oct 2026	18	36.4%	13,868	9,919
23 Oct 2026	25	37.6%	1,517	1,025
30 Oct 2026	32	40.2%	2,207	647
6 Nov 2026	39	49.1%	49	179
20 Nov 2026	53	37.2%	15,406	16,123
18 Dec 2026	81	34.8%	18,766	13,917
15 Jan 2027	109	34.1%	47,533	30,544
19 Feb 2027	144	34.9%	1,739	876

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, CVS's largest open interest sits at the 90 strike, with 18,066 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
90	12,479	5,587	18,066
85	5,075	10,979	16,054
70	7,573	6,932	14,505
100	9,747	3,602	13,349
95	8,467	4,460	12,927
80	5,515	7,030	12,545

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, CVS's at the money IV moved from 40.8 percent to 40.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	40.8%	40.2%	-0.7 points
Open interest, strikes captured near the price	188,851	194,451	+5,600
Put/call ratio, open interest	0.74	0.68	-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, 29,311 CVS option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	20,352
Puts traded	8,959
Against its recent average	1.0 times
Busier than	5 of its last 20 trading days
Open interest, whole chain	265,164 contracts
Volume to open interest	0.11
Unusual volume flag	Yes, 4 contracts traded well above open interest
Largest flagged contract	The 80 put expiring 20 Nov, 2,427 traded against 1,137 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 CVS'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	93.50	minus $890,701	100	95
21 Sep 2026	87.60	minus $658,998	90	85
28 Sep 2026	87.85	$7.19 million	90	85

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 CVS was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	92.79, the swing high of 9 Sep 2026
Level below the close	84.50, the swing low of 24 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 CVS sat at the 50th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	13 of 100	Bearish
20 trading days	52 of 100	Neutral
45 trading days	50 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 CVS's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 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 CVS had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	50 of 100
24 Sep 2026	None	82 of 100
23 Sep 2026	None	91 of 100
22 Sep 2026	None	94 of 100
21 Sep 2026	None	87 of 100
18 Sep 2026	None	72 of 100
17 Sep 2026	None	65 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, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

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

CVS closed at 87.85 on 28 Sep 2026.

Figure	Value
Last close	87.85
Change over 5 trading days	+0.3%
Change over 21 trading days	-5.5%
Change over 63 trading days	-15.2%
Change over 252 trading days	+17.7%
52 week high	110.68
52 week low	69.51
20 day moving average	92.38
50 day moving average	96.68
200 day moving average	87.56
RSI, 14 days	37

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

CVS reports next on 28 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	28 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	-5.1%
Move after the report of 6 May 2026	+7.7%
Move after the report of 10 Feb 2026	-0.1%
Move after the report of 29 Oct 2025	-1.9%

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

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Short Volume

On 25 Sep 2026, 23.1 percent of CVS's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	23.1%
Five day average	31.9%
52 week median	42.0%

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, CVS's average change was plus 0.7 percent, and it rose in 47.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.7%	-1.5%	47.2%	36
October	-0.9%	-1.2%	45.7%	35
November	+2.9%	+3.6%	61.1%	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 5 headlines naming CVS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	5
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 CVS's IV rank?: CVS's IV rank is 98 of 100 on 28 Sep 2026.
What move are CVS options pricing?: On 28 Sep 2026, CVS options priced a move of 11.1 percent down and 11.8 percent up by 30 Oct 2026.
Where are CVS's call wall and put wall?: On 28 Sep 2026, CVS's call wall is the 90 strike and its put wall is the 85 strike.
What was the desk's latest view of CVS on the Free plan?: On 25 Sep 2026 the desk's view of CVS was neutral, paper trading.
When does CVS report earnings next?: CVS reports next on 28 Oct 2026, a date worked out from past quarters.

More Health Care names

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