Industrials

Howmet Aerospace Inc (HWM) options and signal

Figures as of 28 Sep 2026

HWM is Howmet Aerospace Inc, an Industrials 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	73 of 100	28 Sep
At the money IV	39.6%	28 Sep
Priced move to 30 Oct	10.6% down, 12.1% up	28 Sep
Call wall and put wall	230 and 220	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	228.32	28 Sep
Next report	5 Nov 2026	28 Sep

Options Snapshot

HWM's IV rank is 73 of 100 on 28 Sep 2026.

Figure	Value
IV rank	73 of 100
At the money IV	39.6%, near month, 32 days
Put/call ratio, open interest	2.37
Call open interest, strikes captured near the price	15,500 contracts
Put open interest, strikes captured near the price	36,800 contracts
Cost to trade at the money	Fair, 31.7% of the option's mid price

IV rank is where the at the money IV sits among HWM'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, HWM options priced a move of 10.6 percent down and 12.1 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.8%	4.6%	219.63 to 238.72
9 Oct 2026	11	8.2%	6.0%	209.62 to 242.12
23 Oct 2026	25	8.6%	8.7%	208.62 to 248.12
30 Oct 2026	32	10.6%	12.1%	204.12 to 256.02
20 Nov 2026	53	14.5%	15.3%	195.32 to 263.22
18 Dec 2026	81	17.0%	18.2%	189.42 to 269.92
19 Mar 2027	172	25.0%	29.4%	171.32 to 295.42

The range is one standard deviation either side of the close of 228.32, 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, HWM's call wall is the 230 strike and its put wall is the 220 strike.

Figure	Value
Call wall, most open call gamma	230
Put wall, most open put gamma	220
Net dollar gamma, calls minus puts	minus $19.15 million
Total dollar gamma, both sides	$34.86 million
Close	228.32

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 6 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, HWM's at the money IV is 39.6 percent against 20 day realized volatility of 54.7 percent.

Figure	Value
At the money IV	39.6%
Realized volatility, 20 trading days	54.7%
Realized volatility, 60 trading days	39.0%
IV against its own weekly record	In the middle
Weekly readings on record	325, from 1 May 2020
Weeks the price moved more than the one week priced move	21.2% of 250 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, HWM's at the money IV runs from 36.6 percent at 4 days to 38.9 percent at 172 days.

Days to expiry	At the money IV
4	36.6%
11	36.7%
18	35.2%
25	33.9%
39	43.9%
53	38.5%
81	37.4%
172	38.9%

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, HWM's IV ten percent below the price sits 8.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	47.8%	+8.2 points
At the money	39.6%	0.0 points
10% above the price	39.2%	-0.4 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, HWM's surface spans 10 expiries out to 172 days, with IV from 32.5 to 55.8 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	80
Lowest IV among them	32.5%
Highest IV among them	55.8%

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, HWM 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	36.6%	1,465	3,898
9 Oct 2026	11	36.7%	545	205
16 Oct 2026	18	35.2%	3,193	14,644
23 Oct 2026	25	33.9%	870	4,948
30 Oct 2026	32	39.6%	240	222
6 Nov 2026	39	43.9%	12	7
20 Nov 2026	53	38.5%	453	2,883
18 Dec 2026	81	37.4%	2,698	4,854
15 Jan 2027	109	36.7%	4,553	3,666
19 Mar 2027	172	38.9%	1,439	1,500

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, HWM's largest open interest sits at the 220 strike, with 10,426 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
220	480	9,946	10,426
240	1,227	5,502	6,729
215	8	4,739	4,747
230	1,578	2,139	3,717
190	158	3,532	3,690
270	1,818	1,423	3,241

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, HWM's at the money IV moved from 34.2 percent to 39.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	34.2%	39.6%	+5.4 points
Open interest, strikes captured near the price	53,050	52,295	-755
Put/call ratio, open interest	2.24	2.38	+0.14

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, 6,981 HWM option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	2,323
Puts traded	4,658
Against its recent average	0.9 times
Busier than	4 of its last 20 trading days
Open interest, whole chain	58,828 contracts
Volume to open interest	0.12
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 HWM'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	281.34	$324,796	280	270
21 Sep 2026	227.37	minus $17.88 million	230	220
28 Sep 2026	228.32	minus $19.15 million	230	220

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 HWM was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	231.91, the swing high of 21 Sep 2026
Level below the close	223.28, the swing low of 22 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 HWM sat at the 75th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	47 of 100	Neutral
20 trading days	41 of 100	Neutral
45 trading days	75 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 HWM'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.

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Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	75 of 100
24 Sep 2026	None	75 of 100
23 Sep 2026	None	66 of 100
22 Sep 2026	None	64 of 100
21 Sep 2026	None	66 of 100
18 Sep 2026	None	68 of 100
17 Sep 2026	None	67 of 100
16 Sep 2026	None	74 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, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

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

HWM closed at 228.32 on 28 Sep 2026.

Figure	Value
Last close	228.32
Change over 5 trading days	+0.4%
Change over 21 trading days	-14.7%
Change over 63 trading days	-15.0%
Change over 252 trading days	+20.3%
52 week high	310.00
52 week low	183.83
20 day moving average	235.04
50 day moving average	262.22
200 day moving average	247.82
RSI, 14 days	37

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

HWM reports next on 5 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	5 Nov 2026, before the open
Date	Worked out from past quarters
Move after the report of 6 Aug 2026	-0.6%
Move after the report of 30 Apr 2026	-1.4%
Move after the report of 28 Jan 2026	-0.9%
Move after the report of 1 May 2025	+6.8%

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

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Public Filings

The filings the desk holds carry 2 recent trades in HWM shares.

Filed	Who	Trade	Size
15 Sep 2026	. Byron Donalds, member of Congress	Sold part	$1,001 to $15,000
15 Sep 2026	. Byron Donalds, member of Congress	Sold part	$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, 34.6 percent of HWM's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	34.6%
Five day average	32.9%
52 week median	41.8%

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 9 Septembers on record, HWM's average change was minus 1.4 percent, and it rose in 33.3 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.4%	-1.7%	33.3%	9
October	+1.3%	+1.0%	55.6%	9
November	+10.0%	+6.0%	66.7%	9

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 3 headlines naming HWM in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
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 HWM's IV rank?: HWM's IV rank is 73 of 100 on 28 Sep 2026.
What move are HWM options pricing?: On 28 Sep 2026, HWM options priced a move of 10.6 percent down and 12.1 percent up by 30 Oct 2026.
Where are HWM's call wall and put wall?: On 28 Sep 2026, HWM's call wall is the 230 strike and its put wall is the 220 strike.
What was the desk's latest view of HWM on the Free plan?: On 25 Sep 2026 the desk's view of HWM was bullish, paper trading.
When does HWM report earnings next?: HWM reports next on 5 Nov 2026, a date worked out from past quarters.

More Industrials names

Guides and the full list

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