Financials

HSBC Holdings plc (HSBC) options and signal

Figures as of 28 Sep 2026

HSBC is HSBC Holdings plc, a Financials 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	98 of 100	28 Sep
At the money IV	40.2%	28 Sep
Priced move to 30 Oct	14.3% down, 11.6% up	28 Sep
Call wall and put wall	Both 105	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	101.18	28 Sep
Next report	27 Oct 2026	28 Sep

Options Snapshot

HSBC's IV rank is 98 of 100 on 28 Sep 2026.

Figure	Value
IV rank	98 of 100
At the money IV	40.2%, near month, 32 days
Put/call ratio, open interest	1.17
Call open interest, strikes captured near the price	25,000 contracts
Put open interest, strikes captured near the price	29,300 contracts
Cost to trade at the money	Wide, 71.8% of the option's mid price

IV rank is where the at the money IV sits among HSBC'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, HSBC options priced a move of 14.3 percent down and 11.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.1%	5.0%	96.02 to 106.23
9 Oct 2026	11	7.0%	5.0%	94.09 to 106.19
16 Oct 2026	18	6.1%	5.4%	94.98 to 106.66
30 Oct 2026	32	14.3%	11.6%	86.68 to 112.88
20 Nov 2026	53	11.5%	15.2%	89.58 to 116.58
18 Dec 2026	81	16.9%	13.0%	84.08 to 114.38
19 Mar 2027	172	23.4%	19.4%	77.48 to 120.78

The range is one standard deviation either side of the close of 101.18, 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, HSBC's call wall and put wall are both at the 105 strike.

Figure	Value
Call wall, most open call gamma	105
Put wall, most open put gamma	105
Net dollar gamma, calls minus puts	minus $143,275
Total dollar gamma, both sides	$14.27 million
Close	101.18

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 5 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, HSBC's at the money IV is 40.2 percent against 20 day realized volatility of 19.4 percent.

Figure	Value
At the money IV	40.2%
Realized volatility, 20 trading days	19.4%
Realized volatility, 60 trading days	21.0%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	648, from 15 Nov 2013
Weeks the price moved more than the one week priced move	27.1% 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, HSBC's at the money IV runs from 47.7 percent at 4 days to 33.0 percent at 172 days.

Days to expiry	At the money IV
4	47.7%
11	36.7%
18	35.0%
25	41.9%
32	40.2%
53	36.9%
81	28.8%
172	33.0%

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, HSBC's IV ten percent below the price sits 18.6 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	58.7%	+18.6 points
At the money	40.2%	0.0 points
10% above the price	56.4%	+16.2 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, HSBC's surface spans 9 expiries out to 172 days, with IV from 23.8 to 66.0 percent near the price.

Figure	Value
Expiries captured	9
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	77
Lowest IV among them	23.8%
Highest IV among them	66.0%

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, HSBC has 9 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	47.7%	2,812	2,775
9 Oct 2026	11	36.7%	130	104
16 Oct 2026	18	35.0%	3,361	2,595
23 Oct 2026	25	41.9%	60	28
30 Oct 2026	32	40.2%	327	56
20 Nov 2026	53	36.9%	343	63
18 Dec 2026	81	28.8%	6,645	15,999
15 Jan 2027	109	31.7%	7,737	5,469
19 Mar 2027	172	33.0%	3,582	2,208

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, HSBC's largest open interest sits at the 105 strike, with 15,736 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
105	9,015	6,721	15,736
100	2,533	3,376	5,909
80	933	4,863	5,796
75	179	4,864	5,043
90	1,475	2,914	4,389
110	4,038	19	4,057

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, HSBC's at the money IV moved from 30.6 percent to 40.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	30.6%	40.2%	+9.6 points
Open interest, strikes captured near the price	53,977	54,294	+317
Put/call ratio, open interest	1.17	1.17	-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, 49,510 HSBC option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	47,839
Puts traded	1,671
Against its recent average	1.0 times
Busier than	11 of its last 20 trading days
Open interest, whole chain	69,337 contracts
Volume to open interest	0.71
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 HSBC'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	103.21	$3.18 million	105	95
21 Sep 2026	103.21	$680,906	105	105
28 Sep 2026	101.18	minus $143,275	105	105

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 HSBC was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	103.76, the swing high of 21 Sep 2026
Level below the close	99.87, the swing low of 16 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 HSBC sat at the 51st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	53 of 100	Neutral
20 trading days	75 of 100	Neutral
45 trading days	51 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 HSBC's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 HSBC had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	51 of 100
24 Sep 2026	None	49 of 100
23 Sep 2026	None	47 of 100
22 Sep 2026	None	47 of 100
21 Sep 2026	None	55 of 100
18 Sep 2026	None	49 of 100
17 Sep 2026	None	68 of 100
16 Sep 2026	None	65 of 100

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

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

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

HSBC closed at 101.18 on 28 Sep 2026.

Figure	Value
Last close	101.18
Change over 5 trading days	-2.0%
Change over 21 trading days	-1.6%
Change over 63 trading days	+6.4%
Change over 252 trading days	+46.8%
52 week high	107.92
52 week low	64.65
20 day moving average	103.22
50 day moving average	103.44
200 day moving average	91.68
RSI, 14 days	45

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

HSBC reports next on 27 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	27 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 4 Aug 2026	-1.7%
Move after the report of 30 Apr 2026	+0.1%

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

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Seasonality

In the 23 Septembers on record, HSBC's average change was plus 0.4 percent, and it rose in 69.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.4%	+2.1%	69.6%	23
October	+1.2%	+1.4%	60.9%	23
November	+1.5%	+1.6%	65.2%	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 1 headline naming HSBC in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	26 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 HSBC's IV rank?: HSBC's IV rank is 98 of 100 on 28 Sep 2026.
What move are HSBC options pricing?: On 28 Sep 2026, HSBC options priced a move of 14.3 percent down and 11.6 percent up by 30 Oct 2026.
Where are HSBC's call wall and put wall?: On 28 Sep 2026, HSBC's call wall and put wall are both at the 105 strike.
What was the desk's latest view of HSBC on the Free plan?: On 25 Sep 2026 the desk's view of HSBC was neutral, paper trading.
When does HSBC report earnings next?: HSBC reports next on 27 Oct 2026, a date confirmed by the company.

More Financials names

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