Options

DBA options

Figures as of 28 Sep 2026

The options figures are from the close on 28 Sep 2026.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans

At a glance

Figure	Value	Date
IV rank	100 of 100	28 Sep
At the money IV	34.0%	28 Sep
Priced move to 16 Oct	7.6% down, 6.5% up	28 Sep
Call wall and put wall	30 and 28	28 Sep
Last close	28.25	28 Sep

Options Snapshot

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

Figure	Value
IV rank	100 of 100
At the money IV	34.0%, near month, 18 days
Put/call ratio, open interest	0.05
Call open interest, strikes captured near the price	129,000 contracts
Put open interest, strikes captured near the price	6,190 contracts
Cost to trade at the money	Wide, 76.1% of the option's mid price

IV rank is where the at the money IV sits among DBA'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.

Open Options Snapshot in RingMaster The Options Snapshot guide

Priced Range

On 28 Sep 2026, DBA options priced a move of 7.6 percent down and 6.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	7.6%	6.5%	26.11 to 30.10
20 Nov 2026	53	9.0%	14.8%	25.70 to 32.42
15 Jan 2027	109	22.4%	19.9%	21.92 to 33.88
16 Apr 2027	200	17.7%	17.7%	23.24 to 33.25

The range is one standard deviation either side of the close of 28.25, 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.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, DBA's call wall is the 30 strike and its put wall is the 28 strike.

Figure	Value
Call wall, most open call gamma	30
Put wall, most open put gamma	28
Flip strike, where net gamma changes sign	27.04
Net dollar gamma, calls minus puts	$7.55 million
Total dollar gamma, both sides	$8.69 million
Close	28.25

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.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, DBA's at the money IV is 34.0 percent against 20 day realized volatility of 13.4 percent.

Figure	Value
At the money IV	34.0%
Realized volatility, 20 trading days	13.4%
Realized volatility, 60 trading days	14.1%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	844, from 8 Jan 2010
Weeks the price moved more than the one week priced move	21.2% of 236 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, DBA's at the money IV runs from 34.0 percent at 18 days to 23.9 percent at 200 days.

Days to expiry	At the money IV
18	34.0%
53	36.6%
109	27.7%
200	23.9%

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.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 53 day expiry, DBA's IV ten percent below the price sits 57.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	94.5%	+57.9 points
At the money	36.6%	0.0 points
10% above the price	45.9%	+9.3 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Smile in RingMaster The Volatility Smile guide

Volatility Surface

On 28 Sep 2026, DBA's surface spans 4 expiries out to 200 days, with IV from 23.7 to 83.7 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	22
Lowest IV among them	23.7%
Highest IV among them	83.7%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, DBA has 4 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	34.0%	37,357	3,062
20 Nov 2026	53	36.6%	176	41
15 Jan 2027	109	27.7%	83,378	2,547
16 Apr 2027	200	23.9%	8,073	536

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.

Open Expiry Ladder in RingMaster The Expiry Ladder guide

Strike Table

On 28 Sep 2026, DBA's largest open interest sits at the 30 strike, with 43,489 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
30	43,091	398	43,489
35	25,799	0	25,799
31	11,906	150	12,056
29	10,588	889	11,477
33	9,647	0	9,647
28	6,604	2,147	8,751

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, DBA's at the money IV moved from 29.0 percent to 34.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	29.0%	34.0%	+5.0 points
Open interest, strikes captured near the price	134,542	135,170	+628
Put/call ratio, open interest	0.05	0.05	+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.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 3,853 DBA option contracts traded, 1.3 times its own recent average.

Figure	Value
Calls traded	3,050
Puts traded	803
Against its recent average	1.3 times
Open interest, whole chain	138,501 contracts
Volume to open interest	0.03
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.

Open Changed Hands in RingMaster The Changed Hands guide

Positioning Replay

The replay holds 3 trading days of DBA's option positioning, from 24 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
24 Sep 2026	28.55	$9.13 million	30	28
28 Sep 2026	28.25	$7.55 million	30	28

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.

Open Positioning Replay in RingMaster The Positioning Replay guide

Price Chart

DBA closed at 28.25 on 28 Sep 2026.

Figure	Value
Last close	28.25
Change over 5 trading days	-1.5%
Change over 21 trading days	-2.0%
Change over 63 trading days	+6.6%
Change over 252 trading days	+5.3%
52 week high	29.52
52 week low	25.40
20 day moving average	28.84
50 day moving average	28.33
200 day moving average	27.11
RSI, 14 days	43

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.

Open Price Chart in RingMaster The Price Chart guide

Questions

What is DBA's IV rank?: DBA's IV rank is 100 of 100 on 28 Sep 2026.
What move are DBA options pricing?: On 28 Sep 2026, DBA options priced a move of 7.6 percent down and 6.5 percent up by 16 Oct 2026.
Where are DBA's call wall and put wall?: On 28 Sep 2026, DBA's call wall is the 30 strike and its put wall is the 28 strike.

Guides and the full list

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans