Information Technology

International Business Machines Corp (IBM) options and signal

Figures as of 28 Sep 2026

IBM is International Business Machines Corp, an Information Technology 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	99 of 100	28 Sep
At the money IV	46.7%	28 Sep
Priced move to 30 Oct	13.0% down, 14.2% up	28 Sep
Call wall and put wall	240 and 220	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	220.67	28 Sep
Next report	21 Oct 2026	28 Sep

Options Snapshot

IBM's IV rank is 99 of 100 on 28 Sep 2026.

Figure	Value
IV rank	99 of 100
At the money IV	46.7%, near month, 32 days
Put/call ratio, open interest	0.90
Call open interest, strikes captured near the price	165,000 contracts
Put open interest, strikes captured near the price	149,000 contracts
Cost to trade at the money	Tight, 9.6% of the option's mid price

IV rank is where the at the money IV sits among IBM'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, IBM options priced a move of 13.0 percent down and 14.2 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.5%	3.9%	212.95 to 229.24
9 Oct 2026	11	5.5%	5.8%	208.57 to 233.57
23 Oct 2026	25	13.3%	12.9%	191.27 to 249.07
30 Oct 2026	32	13.0%	14.2%	191.97 to 251.97
20 Nov 2026	53	15.8%	16.0%	185.77 to 256.07
18 Dec 2026	81	18.3%	19.2%	180.27 to 263.07
19 Feb 2027	144	25.0%	26.4%	165.57 to 278.97

The range is one standard deviation either side of the close of 220.67, 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, IBM's call wall is the 240 strike and its put wall is the 220 strike.

Figure	Value
Call wall, most open call gamma	240
Put wall, most open put gamma	220
Net dollar gamma, calls minus puts	minus $20.9 million
Total dollar gamma, both sides	$135.67 million
Close	220.67

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, IBM's at the money IV is 46.7 percent against 20 day realized volatility of 33.7 percent.

Figure	Value
At the money IV	46.7%
Realized volatility, 20 trading days	33.7%
Realized volatility, 60 trading days	68.4%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	32.9% 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, IBM's at the money IV runs from 33.9 percent at 4 days to 41.8 percent at 144 days.

Days to expiry	At the money IV
4	33.9%
11	33.0%
18	33.0%
25	50.7%
39	46.7%
53	43.9%
81	40.6%
144	41.8%

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, IBM's IV ten percent below the price sits 2.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	49.6%	+2.9 points
At the money	46.7%	0.0 points
10% above the price	46.6%	-0.1 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, IBM's surface spans 10 expiries out to 144 days, with IV from 32.4 to 51.1 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	97
Lowest IV among them	32.4%
Highest IV among them	51.1%

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, IBM has 10 captured expiries, from 2 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	33.9%	11,332	9,269
9 Oct 2026	11	33.0%	2,857	2,727
16 Oct 2026	18	33.0%	32,297	33,996
23 Oct 2026	25	50.7%	3,715	3,101
30 Oct 2026	32	46.7%	2,421	1,468
6 Nov 2026	39	46.7%	81	124
20 Nov 2026	53	43.9%	29,411	18,078
18 Dec 2026	81	40.6%	28,659	27,651
15 Jan 2027	109	38.6%	51,420	49,064
19 Feb 2027	144	41.8%	2,395	3,763

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, IBM's largest open interest sits at the 250 strike, with 21,932 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
250	14,363	7,569	21,932
260	16,478	3,055	19,533
220	3,429	15,185	18,614
240	12,509	5,847	18,356
230	7,120	10,623	17,743
200	1,897	14,891	16,788

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, IBM's at the money IV moved from 48.2 percent to 46.7 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	48.2%	46.7%	-1.5 points
Open interest, strikes captured near the price	336,213	313,829	-22,384
Put/call ratio, open interest	0.90	0.91	+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, 46,485 IBM option contracts traded, 1.1 times its own recent average.

Figure	Value
Calls traded	26,955
Puts traded	19,530
Against its recent average	1.1 times
Busier than	11 of its last 20 trading days
Open interest, whole chain	464,395 contracts
Volume to open interest	0.10
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 255 call expiring 15 Jan, 864 traded against 404 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 33 trading days of IBM'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	238.42	$61.63 million	250	220
21 Sep 2026	231.93	$1.76 million	240	220
28 Sep 2026	220.67	minus $20.9 million	240	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 IBM was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	228.35, the swing high of 21 Sep 2026
Level below the close	199.19, the swing low of 23 Jul 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.

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Rank by Timeframe

On 25 Sep 2026 IBM sat at the 39th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	37 of 100	Neutral
20 trading days	69 of 100	Neutral
45 trading days	39 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 IBM'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 IBM had carried no signal for 5 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	39 of 100
24 Sep 2026	None	69 of 100
23 Sep 2026	None	51 of 100
22 Sep 2026	None	53 of 100
21 Sep 2026	None	91 of 100
18 Sep 2026	Bullish	96 of 100
17 Sep 2026	None	83 of 100
16 Sep 2026	None	43 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, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	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

IBM closed at 220.67 on 28 Sep 2026.

Figure	Value
Last close	220.67
Change over 5 trading days	-4.9%
Change over 21 trading days	-7.6%
Change over 63 trading days	-20.6%
Change over 252 trading days	-21.6%
52 week high	332.46
52 week low	199.19
20 day moving average	234.37
50 day moving average	230.82
200 day moving average	257.27
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

IBM reports next on 21 Oct 2026, and options priced an earnings move of 10.1 percent through 23 Oct 2026.

Figure	Value
Next report	21 Oct 2026, after the close
Date	Confirmed by the company
Priced earnings move	10.1%, a straddle of $22.22 at the 220 strike, expiring 23 Oct 2026
Move after the report of 23 Apr 2026	+0.4%
Move after the report of 21 Jan 2026	-1.0%
Move after the report of 23 Apr 2025	-6.6%
Move after the report of 29 Jan 2025	+13.0%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

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

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Public Filings

The filings the desk holds carry 4 recent trades in IBM shares.

Filed	Who	Trade	Size
10 Sep 2026	. Gilbert Cisneros, member of Congress	Bought	$1,001 to $15,000
9 Sep 2026	. Maria Elvira Salazar, member of Congress	Sold part	$1,001 to $15,000
9 Sep 2026	. Maria Elvira Salazar, member of Congress	Sold part	$1,001 to $15,000
4 Sep 2026	. Gilbert Cisneros, 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, 41.7 percent of IBM's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	41.7%
Five day average	40.0%
52 week median	53.7%

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, IBM's average change was plus 2.0 percent, and it rose in 60.9 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+2.0%	+1.2%	60.9%	23
October	-1.7%	-1.4%	47.8%	23
November	+1.9%	+0.5%	60.9%	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 8 headlines naming IBM in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	8
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 IBM's IV rank?: IBM's IV rank is 99 of 100 on 28 Sep 2026.
What move are IBM options pricing?: On 28 Sep 2026, IBM options priced a move of 13.0 percent down and 14.2 percent up by 30 Oct 2026.
Where are IBM's call wall and put wall?: On 28 Sep 2026, IBM's call wall is the 240 strike and its put wall is the 220 strike.
What was the desk's latest view of IBM on the Free plan?: On 25 Sep 2026 the desk's view of IBM was neutral, paper trading.
When does IBM report earnings next?: IBM reports next on 21 Oct 2026, and options priced an earnings move of 10.1 percent through 23 Oct 2026.

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