Consumer Discretionary

GameStop Corp. (GME) options and signal

Figures as of 28 Sep 2026

GME is GameStop Corp., a Consumer Discretionary 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
Trade Card	Bull put spread, 18 Dec	25 Sep
IV rank	57 of 100	28 Sep
At the money IV	55.0%	28 Sep
Priced move to 30 Oct	14.9% down, 16.6% up	28 Sep
Call wall and put wall	25 and 23	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	23.96	28 Sep
Next report	8 Dec 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for GME was a bull put spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Bull put spread, credit
Legs	Sell the 22 put, Buy the 19 put
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $0.93
Probability of profit	68%, the option market's odds at expiry, from delta
Max loss	$207 per contract
Max profit	$93 per contract
Breakeven	21.07
IV rank at that expiry	57 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

GME's IV rank is 57 of 100 on 28 Sep 2026.

Figure	Value
IV rank	57 of 100
At the money IV	55.0%, near month, 32 days
Put/call ratio, open interest	0.25
Call open interest, strikes captured near the price	811,000 contracts
Put open interest, strikes captured near the price	205,000 contracts
Cost to trade at the money	Fair, 20.8% of the option's mid price

IV rank is where the at the money IV sits among GME'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, GME options priced a move of 14.9 percent down and 16.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.1%	6.3%	22.75 to 25.46
9 Oct 2026	11	8.0%	9.7%	22.05 to 26.28
23 Oct 2026	25	12.1%	14.4%	21.06 to 27.42
30 Oct 2026	32	14.9%	16.6%	20.39 to 27.93
20 Nov 2026	53	21.1%	20.4%	18.90 to 28.84
18 Dec 2026	81	23.9%	26.9%	18.23 to 30.40
19 Mar 2027	172	34.6%	37.7%	15.68 to 33.00

The range is one standard deviation either side of the close of 23.96, 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, GME's call wall is the 25 strike and its put wall is the 23 strike.

Figure	Value
Call wall, most open call gamma	25
Put wall, most open put gamma	23
Net dollar gamma, calls minus puts	$27.45 million
Total dollar gamma, both sides	$42.77 million
Close	23.96

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 2 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, GME's at the money IV is 55.0 percent against 20 day realized volatility of 42.8 percent.

Figure	Value
At the money IV	55.0%
Realized volatility, 20 trading days	42.8%
Realized volatility, 60 trading days	42.3%
IV against its own weekly record	In the middle
Weekly readings on record	846, from 8 Jan 2010
Weeks the price moved more than the one week priced move	18.2% 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, GME's at the money IV runs from 51.5 percent at 4 days to 53.9 percent at 172 days.

Days to expiry	At the money IV
4	51.5%
11	50.9%
18	51.0%
25	52.4%
39	53.1%
53	51.3%
81	53.1%
172	53.9%

Far expiries price more volatility than near ones, an upward sloping 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, GME's IV ten percent below the price sits 2.3 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	52.7%	-2.3 points
At the money	55.0%	0.0 points
10% above the price	55.7%	+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, GME's surface spans 10 expiries out to 172 days, with IV from 48.4 to 60.7 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	62
Lowest IV among them	48.4%
Highest IV among them	60.7%

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, GME 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	51.5%	86,860	15,664
9 Oct 2026	11	50.9%	27,882	3,673
16 Oct 2026	18	51.0%	153,272	45,368
23 Oct 2026	25	52.4%	17,060	3,196
30 Oct 2026	32	55.0%	80,500	5,111
6 Nov 2026	39	53.1%	2,136	709
20 Nov 2026	53	51.3%	30,015	6,527
18 Dec 2026	81	53.1%	139,419	55,950
15 Jan 2027	109	51.6%	231,333	63,650
19 Mar 2027	172	53.9%	42,908	5,577

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, GME's largest open interest sits at the 25 strike, with 203,313 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
25	190,921	12,392	203,313
30	127,379	14,868	142,247
20	67,235	35,704	102,939
23	37,986	22,740	60,726
22	36,453	19,647	56,100
24	45,365	8,662	54,027

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, GME's at the money IV moved from 52.8 percent to 55.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	52.8%	55.0%	+2.2 points
Open interest, strikes captured near the price	961,562	1.02 million	+55,248
Put/call ratio, open interest	0.24	0.25	+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, 200,774 GME option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	169,264
Puts traded	31,510
Against its recent average	0.6 times
Busier than	8 of its last 18 trading days
Open interest, whole chain	1.41 million contracts
Volume to open interest	0.14
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 24 call expiring 6 Nov, 904 traded against 285 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 19 trading days of GME's option positioning, from 1 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
1 Sep 2026	18.81	$7.74 million	20	18
21 Sep 2026	22.76	$20.86 million	25	20
28 Sep 2026	23.96	$27.45 million	25	23

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 GME was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	25.25, the swing high of 24 Sep 2026
Level below the close	18.72, the swing low of 8 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull put spread (sell a put spread below 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 GME sat at the 67th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	7 of 100	Bearish
20 trading days	15 of 100	Bearish
45 trading days	67 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 GME'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	2 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 GME had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	67 of 100
24 Sep 2026	None	48 of 100
23 Sep 2026	None	56 of 100
22 Sep 2026	None	44 of 100
21 Sep 2026	None	68 of 100
18 Sep 2026	None	84 of 100
17 Sep 2026	None	58 of 100
16 Sep 2026	None	72 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, 27 of 106 Consumer Discretionary names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Discretionary	106	27	33	46

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

GME closed at 23.96 on 28 Sep 2026.

Figure	Value
Last close	23.96
Change over 5 trading days	+5.3%
Change over 21 trading days	+31.3%
Change over 63 trading days	+8.8%
Change over 252 trading days	-5.2%
52 week high	28.10
52 week low	17.79
20 day moving average	21.43
50 day moving average	20.31
200 day moving average	22.21
RSI, 14 days	68

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

GME reports next on 8 Dec 2026, a date worked out from past quarters.

Figure	Value
Next report	8 Dec 2026
Date	Worked out from past quarters

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

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Seasonality

In the 23 Septembers on record, GME's average change was plus 4.7 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+4.7%	-1.1%	47.8%	23
October	+0.5%	+3.8%	56.5%	23
November	+2.3%	+0.5%	56.5%	23

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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Questions

What is GME's IV rank?: GME's IV rank is 57 of 100 on 28 Sep 2026.
What move are GME options pricing?: On 28 Sep 2026, GME options priced a move of 14.9 percent down and 16.6 percent up by 30 Oct 2026.
Where are GME's call wall and put wall?: On 28 Sep 2026, GME's call wall is the 25 strike and its put wall is the 23 strike.
What was the latest Trade Card for GME on the Free plan?: On 25 Sep 2026 the Trade Card for GME was a bull put spread expiring 18 Dec 2026, paper trading.
When does GME report earnings next?: GME reports next on 8 Dec 2026, a date worked out from past quarters.

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