Consumer Staples

Hormel Foods Corp (HRL) options and signal

Figures as of 28 Sep 2026

HRL is Hormel Foods Corp, a Consumer Staples 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	79 of 100	28 Sep
At the money IV	30.3%	28 Sep
Priced move to 30 Oct	9.0% down, 6.1% up	28 Sep
Call wall and put wall	Both 21	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	19.97	28 Sep

Options Snapshot

HRL's IV rank is 79 of 100 on 28 Sep 2026.

Figure	Value
IV rank	79 of 100
At the money IV	30.3%, near month, 32 days
Put/call ratio, open interest	0.72
Call open interest, strikes captured near the price	39,200 contracts
Put open interest, strikes captured near the price	28,400 contracts
Cost to trade at the money	Wide, 95.0% of the option's mid price

IV rank is where the at the money IV sits among HRL'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, HRL options priced a move of 9.0 percent down and 6.1 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.8%	7.1%	19.21 to 21.38
9 Oct 2026	11	4.7%	8.1%	19.02 to 21.59
23 Oct 2026	25	8.5%	6.1%	18.27 to 21.18
30 Oct 2026	32	9.0%	6.1%	18.18 to 21.19
20 Nov 2026	53	10.8%	8.5%	17.81 to 21.66
18 Dec 2026	81	15.0%	12.6%	16.97 to 22.48
19 Mar 2027	172	23.1%	21.0%	15.36 to 24.16

The range is one standard deviation either side of the close of 19.97, 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, HRL's call wall and put wall are both at the 21 strike.

Figure	Value
Call wall, most open call gamma	21
Put wall, most open put gamma	21
Net dollar gamma, calls minus puts	$97,729
Total dollar gamma, both sides	$2.94 million
Close	19.97

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, HRL's at the money IV is 30.3 percent against 20 day realized volatility of 17.3 percent.

Figure	Value
At the money IV	30.3%
Realized volatility, 20 trading days	17.3%
Realized volatility, 60 trading days	29.3%
IV against its own weekly record	In the middle
Weekly readings on record	807, from 8 Jan 2010
Weeks the price moved more than the one week priced move	25.8% 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, HRL's at the money IV runs from 67.4 percent at 4 days to 30.2 percent at 172 days.

Days to expiry	At the money IV
4	67.4%
11	39.6%
18	29.5%
25	31.8%
39	25.6%
53	27.8%
81	28.6%
172	30.2%

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, HRL's IV ten percent below the price sits 3.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	33.5%	+3.2 points
At the money	30.3%	0.0 points
10% above the price	40.5%	+10.2 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, HRL's surface spans 10 expiries out to 172 days, with IV from 25.2 to 59.2 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	41
Lowest IV among them	25.2%
Highest IV among them	59.2%

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, HRL 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	67.4%	906	3,095
9 Oct 2026	11	39.6%	2,593	4,258
16 Oct 2026	18	29.5%	7,370	3,065
23 Oct 2026	25	31.8%	175	2,090
30 Oct 2026	32	30.3%	168	1,756
6 Nov 2026	39	25.6%	5	11
20 Nov 2026	53	27.8%	152	314
18 Dec 2026	81	28.6%	4,565	3,825
15 Jan 2027	109	33.6%	20,643	8,844
19 Mar 2027	172	30.2%	2,668	1,139

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, HRL's largest open interest sits at the 21 strike, with 14,072 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
21	7,482	6,590	14,072
30	13,320	309	13,629
23	3,619	4,848	8,467
20	1,420	3,873	5,293
22	3,157	1,724	4,881
25	2,401	1,597	3,998

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, HRL's at the money IV moved from 37.0 percent to 30.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	37.0%	30.3%	-6.7 points
Open interest, strikes captured near the price	68,294	67,642	-652
Put/call ratio, open interest	0.72	0.72	-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, 6,623 HRL option contracts traded, 1.2 times its own recent average.

Figure	Value
Calls traded	1,360
Puts traded	5,263
Against its recent average	1.2 times
Busier than	7 of its last 12 trading days
Open interest, whole chain	80,486 contracts
Volume to open interest	0.08
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 13 trading days of HRL's option positioning, from 10 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
10 Sep 2026	20.84	$210,189	22	21
21 Sep 2026	20.46	minus $410,192	21	21
28 Sep 2026	19.97	$97,729	21	21

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 HRL was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	20.44, the swing high of 11 Sep 2026
Level below the close	19.42, the swing low of 25 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put 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 HRL sat at the 67th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	17 of 100	Bearish
20 trading days	44 of 100	Neutral
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 HRL'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	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 HRL had carried no signal for at least 13 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	67 of 100
24 Sep 2026	None	62 of 100
23 Sep 2026	None	85 of 100
22 Sep 2026	None	86 of 100
21 Sep 2026	None	93 of 100
18 Sep 2026	None	90 of 100
17 Sep 2026	None	69 of 100
16 Sep 2026	None	68 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, 9 of 50 Consumer Staples names were bullish and 22 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Staples	50	9	22	19

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

HRL closed at 19.97 on 28 Sep 2026.

Figure	Value
Last close	19.97
Change over 5 trading days	-2.4%
Change over 21 trading days	-6.2%
Change over 63 trading days	-24.1%
Change over 252 trading days	-18.2%
52 week high	26.60
52 week low	19.42
20 day moving average	20.85
50 day moving average	23.08
200 day moving average	23.24
RSI, 14 days	28

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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Public Filings

The filings the desk holds carry 1 recent trade in HRL shares.

Filed	Who	Trade	Size
1 Sep 2026	. Kevin Hern, member of Congress	Sold	$1,001 to $15,000

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, 60.9 percent of HRL's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	60.9%
Five day average	58.7%
52 week median	53.6%

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 23 Septembers on record, HRL's average change was minus 0.3 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.3%	+0.4%	56.5%	23
October	-0.1%	+2.0%	65.2%	23
November	+3.5%	+3.6%	73.9%	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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Headlines

The desk's news feeds carried 2 headlines naming HRL in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
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 HRL's IV rank?: HRL's IV rank is 79 of 100 on 28 Sep 2026.
What move are HRL options pricing?: On 28 Sep 2026, HRL options priced a move of 9.0 percent down and 6.1 percent up by 30 Oct 2026.
Where are HRL's call wall and put wall?: On 28 Sep 2026, HRL's call wall and put wall are both at the 21 strike.
What was the desk's latest view of HRL on the Free plan?: On 25 Sep 2026 the desk's view of HRL was bullish, paper trading.

More Consumer Staples names

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.

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