Energy

Diamondback Energy Inc (FANG) options and signal

Figures as of 28 Sep 2026

FANG is Diamondback Energy Inc, 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	56 of 100	28 Sep
At the money IV	39.1%	28 Sep
Priced move to 16 Oct	8.7% down, 8.4% up	28 Sep
Call wall and put wall	220 and 180	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	185.23	28 Sep
Next report	2 Nov 2026	28 Sep

Options Snapshot

FANG's IV rank is 56 of 100 on 28 Sep 2026.

Figure	Value
IV rank	56 of 100
At the money IV	39.1%, near month, 18 days
Put/call ratio, open interest	0.54
Call open interest, strikes captured near the price	30,400 contracts
Put open interest, strikes captured near the price	16,300 contracts
Cost to trade at the money	Fair, 31.4% of the option's mid price

IV rank is where the at the money IV sits among FANG'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, FANG options priced a move of 8.7 percent down and 8.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.7%	8.4%	169.03 to 200.73
20 Nov 2026	53	16.9%	16.0%	153.93 to 214.93
18 Dec 2026	81	19.3%	20.2%	149.53 to 222.63
15 Jan 2027	109	21.9%	22.8%	144.63 to 227.53
19 Mar 2027	172	26.4%	28.3%	136.33 to 237.63

The range is one standard deviation either side of the close of 185.23, 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, FANG's call wall is the 220 strike and its put wall is the 180 strike.

Figure	Value
Call wall, most open call gamma	220
Put wall, most open put gamma	180
Net dollar gamma, calls minus puts	$4.67 million
Total dollar gamma, both sides	$14.23 million
Close	185.23

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, FANG's at the money IV is 39.1 percent against 20 day realized volatility of 38.0 percent.

Figure	Value
At the money IV	39.1%
Realized volatility, 20 trading days	38.0%
Realized volatility, 60 trading days	37.1%
IV against its own weekly record	In the middle
Weekly readings on record	680, from 26 Jul 2013
Weeks the price moved more than the one week priced move	29.4% 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, FANG's at the money IV runs from 39.1 percent at 18 days to 39.9 percent at 172 days.

Days to expiry	At the money IV
18	39.1%
53	39.9%
81	40.1%
109	40.2%
172	39.9%

Near and far expiries price about the same volatility, a flat 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 53 day expiry, FANG's IV ten percent below the price sits 1.0 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	40.9%	+1.0 points
At the money	39.9%	0.0 points
10% above the price	42.7%	+2.8 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, FANG's surface spans 5 expiries out to 172 days, with IV from 38.9 to 47.3 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	35
Lowest IV among them	38.9%
Highest IV among them	47.3%

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, FANG has 5 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	39.1%	6,004	3,457
20 Nov 2026	53	39.9%	906	399
18 Dec 2026	81	40.1%	5,454	3,741
15 Jan 2027	109	40.2%	14,110	7,836
19 Mar 2027	172	39.9%	3,936	821

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, FANG's largest open interest sits at the 220 strike, with 7,481 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
220	7,299	182	7,481
210	4,578	417	4,995
200	2,917	1,774	4,691
195	2,855	677	3,532
230	2,689	11	2,700
170	1,554	813	2,367

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, FANG's at the money IV moved from 39.9 percent to 39.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	39.9%	39.1%	-0.8 points
Open interest, strikes captured near the price	46,011	46,664	+653
Put/call ratio, open interest	0.55	0.53	-0.01

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, 3,736 FANG option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	1,968
Puts traded	1,768
Against its recent average	1.0 times
Busier than	6 of its last 20 trading days
Open interest, whole chain	56,357 contracts
Volume to open interest	0.07
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.

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Positioning Replay

The replay holds 33 trading days of FANG'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	201.71	$7.18 million	220	180
21 Sep 2026	189.27	$3.76 million	220	200
28 Sep 2026	185.23	$4.67 million	220	180

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 FANG was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	191.40, the swing high of 24 Sep 2026, a close past it runs against the view
Level below the close	183.51, the swing low of 23 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 FANG sat at the 15th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	41 of 100	Neutral
20 trading days	35 of 100	Neutral
45 trading days	15 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, 1 of 3 timeframes put FANG on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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 FANG had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	15 of 100
24 Sep 2026	None	11 of 100
23 Sep 2026	None	29 of 100
22 Sep 2026	None	54 of 100
21 Sep 2026	None	22 of 100
18 Sep 2026	None	33 of 100
17 Sep 2026	None	25 of 100
16 Sep 2026	None	31 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

FANG closed at 185.23 on 28 Sep 2026.

Figure	Value
Last close	185.23
Change over 5 trading days	-2.1%
Change over 21 trading days	-7.6%
Change over 63 trading days	+2.6%
Change over 252 trading days	+27.1%
52 week high	216.90
52 week low	137.03
20 day moving average	197.17
50 day moving average	198.96
200 day moving average	184.08
RSI, 14 days	38

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

FANG reports next on 2 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	2 Nov 2026, after the close
Date	Worked out from past quarters
Move after the report of 3 Aug 2026	-3.5%
Move after the report of 30 Apr 2026	+1.0%
Move after the report of 28 Jan 2026	+1.8%
Move after the report of 5 May 2025	-0.8%

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

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Short Volume

On 25 Sep 2026, 50.3 percent of FANG's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	50.3%
Five day average	53.4%
52 week median	55.6%
Short interest, share of shares outstanding	2.7% at the 15 Sep 2026 settlement
Days to cover	4.1

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 13 Septembers on record, FANG's average change was minus 1.8 percent, and it rose in 46.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.8%	-3.8%	46.2%	13
October	+3.5%	+2.5%	61.5%	13
November	+3.4%	-0.4%	46.2%	13

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 FANG 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 FANG's IV rank?: FANG's IV rank is 56 of 100 on 28 Sep 2026.
What move are FANG options pricing?: On 28 Sep 2026, FANG options priced a move of 8.7 percent down and 8.4 percent up by 16 Oct 2026.
Where are FANG's call wall and put wall?: On 28 Sep 2026, FANG's call wall is the 220 strike and its put wall is the 180 strike.
What was the desk's latest view of FANG on the Free plan?: On 25 Sep 2026 the desk's view of FANG was bearish, paper trading.
When does FANG report earnings next?: FANG reports next on 2 Nov 2026, a date worked out from past quarters.

More Energy names

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