Energy

Chevron Corp (CVX) options and signal

Figures as of 28 Sep 2026

CVX is Chevron Corp, an Energy 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	84 of 100	28 Sep
At the money IV	30.4%	28 Sep
Priced move to 30 Oct	8.9% down, 8.6% up	28 Sep
Call wall and put wall	210 and 200	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	206.37	28 Sep
Next report	30 Oct 2026	28 Sep

Options Snapshot

CVX's IV rank is 84 of 100 on 28 Sep 2026.

Figure	Value
IV rank	84 of 100
At the money IV	30.4%, near month, 32 days
Put/call ratio, open interest	0.55
Call open interest, strikes captured near the price	230,000 contracts
Put open interest, strikes captured near the price	126,000 contracts
Cost to trade at the money	Tight, 13.0% of the option's mid price

IV rank is where the at the money IV sits among CVX'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, CVX options priced a move of 8.9 percent down and 8.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.3%	3.1%	199.48 to 212.72
9 Oct 2026	11	5.1%	5.0%	195.77 to 216.77
23 Oct 2026	25	7.4%	7.1%	191.07 to 221.07
30 Oct 2026	32	8.9%	8.6%	187.97 to 224.17
20 Nov 2026	53	11.4%	10.8%	182.77 to 228.67
18 Dec 2026	81	13.4%	12.8%	178.67 to 232.87
19 Mar 2027	172	19.3%	20.2%	166.47 to 248.07

The range is one standard deviation either side of the close of 206.37, 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, CVX's call wall is the 210 strike and its put wall is the 200 strike.

Figure	Value
Call wall, most open call gamma	210
Put wall, most open put gamma	200
Flip strike, where net gamma changes sign	203.51
Net dollar gamma, calls minus puts	$76.35 million
Total dollar gamma, both sides	$194.76 million
Close	206.37

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.

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, CVX's at the money IV is 30.4 percent against 20 day realized volatility of 24.4 percent.

Figure	Value
At the money IV	30.4%
Realized volatility, 20 trading days	24.4%
Realized volatility, 60 trading days	24.3%
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	26.6% 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, CVX's at the money IV runs from 30.4 percent at 4 days to 27.9 percent at 172 days.

Days to expiry	At the money IV
4	30.4%
11	28.0%
18	27.8%
25	30.2%
39	33.7%
53	29.6%
81	28.0%
172	27.9%

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, CVX's IV ten percent below the price sits 5.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	36.1%	+5.7 points
At the money	30.4%	0.0 points
10% above the price	30.9%	+0.6 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, CVX's surface spans 10 expiries out to 172 days, with IV from 26.8 to 39.2 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	75
Lowest IV among them	26.8%
Highest IV among them	39.2%

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, CVX 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	30.4%	23,963	7,121
9 Oct 2026	11	28.0%	5,427	3,574
16 Oct 2026	18	27.8%	41,028	21,228
23 Oct 2026	25	30.2%	3,216	1,568
30 Oct 2026	32	30.4%	2,024	1,225
6 Nov 2026	39	33.7%	20	44
20 Nov 2026	53	29.6%	33,053	8,335
18 Dec 2026	81	28.0%	46,135	27,639
15 Jan 2027	109	27.3%	62,572	41,139
19 Mar 2027	172	27.9%	13,031	13,645

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, CVX's largest open interest sits at the 210 strike, with 51,187 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
210	43,884	7,303	51,187
220	35,452	2,491	37,943
200	15,346	15,756	31,102
230	30,072	266	30,338
185	11,764	12,797	24,561
190	7,643	14,693	22,336

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, CVX's at the money IV moved from 27.7 percent to 30.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	27.7%	30.4%	+2.6 points
Open interest, strikes captured near the price	338,113	355,987	+17,874
Put/call ratio, open interest	0.58	0.54	-0.04

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, 53,907 CVX option contracts traded, 1.4 times its own recent average.

Figure	Value
Calls traded	41,154
Puts traded	12,753
Against its recent average	1.4 times
Busier than	17 of its last 20 trading days
Open interest, whole chain	429,561 contracts
Volume to open interest	0.13
Unusual volume flag	Yes, 3 contracts traded well above open interest
Largest flagged contract	The 220 call expiring 20 Nov, 13,024 traded against 3,104 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 CVX'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	196.66	$175.8 million	200	190
21 Sep 2026	203.67	$39.92 million	210	200
28 Sep 2026	206.37	$76.35 million	210	200

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 CVX was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	207.12, the swing high of 4 Sep 2026, a close past it runs against the view
Level below the close	200.78, the swing low of 22 Sep 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above the price)
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 CVX sat at the 2nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	41 of 100	Neutral
20 trading days	12 of 100	Bearish
45 trading days	2 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, 2 of 3 timeframes put CVX on the bearish side, paper trading.

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	2 of 100
24 Sep 2026	None	5 of 100
23 Sep 2026	None	8 of 100
22 Sep 2026	None	12 of 100
21 Sep 2026	None	3 of 100
18 Sep 2026	None	3 of 100
17 Sep 2026	None	3 of 100
16 Sep 2026	None	13 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, 17 of 56 Energy names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Energy	56	17	33	6

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

CVX closed at 206.37 on 28 Sep 2026.

Figure	Value
Last close	206.37
Change over 5 trading days	+1.3%
Change over 21 trading days	+3.3%
Change over 63 trading days	+22.5%
Change over 252 trading days	+28.4%
52 week high	217.78
52 week low	146.49
20 day moving average	209.50
50 day moving average	201.46
200 day moving average	185.53
RSI, 14 days	51

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

CVX reports next on 30 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	30 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 31 Jul 2026	+2.4%
Move after the report of 1 May 2026	-1.4%
Move after the report of 30 Jan 2026	+3.3%
Move after the report of 31 Oct 2025	+2.7%

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

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Public Filings

1 of the 10 fund managers the desk tracks list CVX among the top holdings of their latest quarterly report.

Fund manager
Berkshire Hathaway

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, 61.3 percent of CVX's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	61.3%
Five day average	54.0%
52 week median	41.8%

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 36 Septembers on record, CVX's average change was plus 0.7 percent, and it rose in 61.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.7%	+0.8%	61.1%	36
October	+0.7%	-0.5%	47.2%	36
November	+0.6%	+0.5%	52.8%	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 8 headlines naming CVX in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	8
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 CVX's IV rank?: CVX's IV rank is 84 of 100 on 28 Sep 2026.
What move are CVX options pricing?: On 28 Sep 2026, CVX options priced a move of 8.9 percent down and 8.6 percent up by 30 Oct 2026.
Where are CVX's call wall and put wall?: On 28 Sep 2026, CVX's call wall is the 210 strike and its put wall is the 200 strike.
What was the desk's latest view of CVX on the Free plan?: On 25 Sep 2026 the desk's view of CVX was bearish, paper trading.
When does CVX report earnings next?: CVX reports next on 30 Oct 2026, a date worked out from past quarters.

More Energy names

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