Industrials

Delta Air Lines Inc (DAL) options and signal

Figures as of 28 Sep 2026

DAL is Delta Air Lines Inc, 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	84 of 100	28 Sep
At the money IV	52.5%	28 Sep
Priced move to 30 Oct	14.0% down, 17.1% up	28 Sep
Call wall and put wall	87.5 and 85	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	84.03	28 Sep
Next report	9 Oct 2026	28 Sep

Options Snapshot

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

Figure	Value
IV rank	84 of 100
At the money IV	52.5%, near month, 32 days
Put/call ratio, open interest	0.36
Call open interest, strikes captured near the price	296,000 contracts
Put open interest, strikes captured near the price	108,000 contracts
Cost to trade at the money	Wide, 54.2% of the option's mid price

IV rank is where the at the money IV sits among DAL'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, DAL options priced a move of 14.0 percent down and 17.1 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	4.7%	4.6%	80.06 to 87.91
9 Oct 2026	11	8.7%	9.6%	76.72 to 92.06
23 Oct 2026	25	12.7%	13.1%	73.33 to 95.03
30 Oct 2026	32	14.0%	17.1%	72.23 to 98.43
20 Nov 2026	53	16.2%	16.9%	70.43 to 98.23
18 Dec 2026	81	18.9%	20.2%	68.13 to 101.03
19 Mar 2027	172	29.5%	29.8%	59.23 to 109.03

The range is one standard deviation either side of the close of 84.03, 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, DAL's call wall is the 87.5 strike and its put wall is the 85 strike.

Figure	Value
Call wall, most open call gamma	87.5
Put wall, most open put gamma	85
Flip strike, where net gamma changes sign	81.11
Net dollar gamma, calls minus puts	$47.19 million
Total dollar gamma, both sides	$74.45 million
Close	84.03

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, DAL's at the money IV is 52.5 percent against 20 day realized volatility of 29.4 percent.

Figure	Value
At the money IV	52.5%
Realized volatility, 20 trading days	29.4%
Realized volatility, 60 trading days	31.3%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	864, from 8 Jan 2010
Weeks the price moved more than the one week priced move	30.6% 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, DAL's at the money IV runs from 44.4 percent at 4 days to 43.0 percent at 172 days.

Days to expiry	At the money IV
4	44.4%
11	58.6%
18	51.8%
25	54.9%
39	48.3%
53	44.0%
81	42.3%
172	43.0%

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, DAL's IV ten percent below the price sits 1.2 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	51.3%	-1.2 points
At the money	52.5%	0.0 points
10% above the price	54.9%	+2.4 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, DAL's surface spans 10 expiries out to 172 days, with IV from 41.2 to 63.2 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	100
Lowest IV among them	41.2%
Highest IV among them	63.2%

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, DAL 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	44.4%	25,268	6,226
9 Oct 2026	11	58.6%	4,724	3,553
16 Oct 2026	18	51.8%	135,187	12,414
23 Oct 2026	25	54.9%	1,721	740
30 Oct 2026	32	52.5%	3,107	801
6 Nov 2026	39	48.3%	28	8
20 Nov 2026	53	44.0%	35,718	8,193
18 Dec 2026	81	42.3%	25,682	27,110
15 Jan 2027	109	43.5%	55,222	35,481
19 Mar 2027	172	43.0%	9,476	13,638

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, DAL's largest open interest sits at the 87.5 strike, with 57,814 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
87.5	56,934	880	57,814
97.5	54,859	127	54,986
90	34,456	2,164	36,620
85	25,501	8,181	33,682
95	21,754	1,761	23,515
75	9,522	12,483	22,005

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, DAL's at the money IV moved from 51.0 percent to 52.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	51.0%	52.5%	+1.4 points
Open interest, strikes captured near the price	382,174	404,297	+22,123
Put/call ratio, open interest	0.37	0.37	-0.00

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, 37,464 DAL option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	29,404
Puts traded	8,060
Against its recent average	0.9 times
Busier than	13 of its last 20 trading days
Open interest, whole chain	457,535 contracts
Volume to open interest	0.08
Unusual volume flag	Yes, 3 contracts traded well above open interest
Largest flagged contract	The 83 call expiring 2 Oct, 1,754 traded against 809 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 DAL'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	90.41	$12.34 million	90	85
21 Sep 2026	82.50	$45.2 million	87.5	80
28 Sep 2026	84.03	$47.19 million	87.5	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 DAL was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	84.88, the swing high of 22 Sep 2026
Level below the close	80.71, 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 DAL sat at the 39th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	85 of 100	Bullish
20 trading days	57 of 100	Neutral
45 trading days	39 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 DAL'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	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 DAL had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	39 of 100
24 Sep 2026	None	63 of 100
23 Sep 2026	None	36 of 100
22 Sep 2026	None	41 of 100
21 Sep 2026	None	60 of 100
18 Sep 2026	None	59 of 100
17 Sep 2026	None	52 of 100
16 Sep 2026	None	36 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

DAL closed at 84.03 on 28 Sep 2026.

Figure	Value
Last close	84.03
Change over 5 trading days	+1.9%
Change over 21 trading days	+3.6%
Change over 63 trading days	-9.8%
Change over 252 trading days	+48.1%
52 week high	95.68
52 week low	55.03
20 day moving average	80.14
50 day moving average	84.05
200 day moving average	75.52
RSI, 14 days	56

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

DAL reports next on 9 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	9 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 10 Jul 2026	-1.8%
Move after the report of 8 Apr 2026	+3.8%
Move after the report of 13 Jan 2026	-2.4%
Move after the report of 9 Oct 2025	+4.3%

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 DAL 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, 51.3 percent of DAL's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	51.3%
Five day average	56.7%
52 week median	56.6%

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 19 Septembers on record, DAL's average change was plus 2.8 percent, and it rose in 52.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+2.8%	+2.2%	52.6%	19
October	+6.8%	+6.1%	73.7%	19
November	+5.8%	+5.8%	68.4%	19

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 DAL 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 DAL's IV rank?: DAL's IV rank is 84 of 100 on 28 Sep 2026.
What move are DAL options pricing?: On 28 Sep 2026, DAL options priced a move of 14.0 percent down and 17.1 percent up by 30 Oct 2026.
Where are DAL's call wall and put wall?: On 28 Sep 2026, DAL's call wall is the 87.5 strike and its put wall is the 85 strike.
What was the desk's latest view of DAL on the Free plan?: On 25 Sep 2026 the desk's view of DAL was neutral, paper trading.
When does DAL report earnings next?: DAL reports next on 9 Oct 2026, a date confirmed by the company.

More Industrials names

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