Health Care

Intuitive Surgical Inc (ISRG) options and signal

Figures as of 28 Sep 2026

ISRG is Intuitive Surgical Inc, a Health Care 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	Bear call spread, 18 Dec	25 Sep
IV rank	99 of 100	28 Sep
At the money IV	49.0%	28 Sep
Priced move to 30 Oct	13.7% down, 15.2% up	28 Sep
Call wall and put wall	420 and 350	28 Sep
Signal and the desk's view	Bearish signal, view bearish	25 Sep
Last close	414.79	28 Sep
Next report	20 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for ISRG was a bear call spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Bearish, over 45 trading days
Strategy	Bear call spread, credit
Legs	Sell the 470 call, Buy the 520 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $6.28
Probability of profit	72%, the option market's odds at expiry, from delta
Max loss	$4,372 per contract
Max profit	$628 per contract
Breakeven	476.28
IV rank at that expiry	93 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

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

Figure	Value
IV rank	99 of 100
At the money IV	49.0%, near month, 32 days
Put/call ratio, open interest	0.98
Call open interest, strikes captured near the price	31,600 contracts
Put open interest, strikes captured near the price	31,000 contracts
Cost to trade at the money	Fair, 33.2% of the option's mid price

IV rank is where the at the money IV sits among ISRG'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, ISRG options priced a move of 13.7 percent down and 15.2 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.9%	5.4%	398.49 to 436.99
9 Oct 2026	11	8.1%	5.9%	381.19 to 439.29
23 Oct 2026	25	13.3%	14.4%	359.59 to 474.59
30 Oct 2026	32	13.7%	15.2%	357.79 to 477.69
20 Nov 2026	53	14.9%	16.4%	352.79 to 482.89
18 Dec 2026	81	19.0%	21.4%	335.79 to 503.49
19 Feb 2027	144	25.3%	27.2%	309.79 to 527.79

The range is one standard deviation either side of the close of 414.79, 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, ISRG's call wall is the 420 strike and its put wall is the 350 strike.

Figure	Value
Call wall, most open call gamma	420
Put wall, most open put gamma	350
Net dollar gamma, calls minus puts	$12.3 million
Total dollar gamma, both sides	$51.19 million
Close	414.79

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, ISRG's at the money IV is 49.0 percent against 20 day realized volatility of 28.2 percent.

Figure	Value
At the money IV	49.0%
Realized volatility, 20 trading days	28.2%
Realized volatility, 60 trading days	48.7%
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	26.6% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, ISRG's at the money IV runs from 39.4 percent at 4 days to 42.0 percent at 144 days.

Days to expiry	At the money IV
4	39.4%
11	42.4%
18	38.1%
25	52.3%
39	47.9%
53	44.7%
81	42.7%
144	42.0%

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, ISRG's IV ten percent below the price sits 3.5 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	52.5%	+3.5 points
At the money	49.0%	0.0 points
10% above the price	51.3%	+2.3 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, ISRG's surface spans 10 expiries out to 144 days, with IV from 34.0 to 90.5 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	159
Lowest IV among them	34.0%
Highest IV among them	90.5%

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, ISRG 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	39.4%	1,613	3,119
9 Oct 2026	11	42.4%	1,037	166
16 Oct 2026	18	38.1%	8,460	7,064
23 Oct 2026	25	52.3%	825	737
30 Oct 2026	32	49.0%	466	246
6 Nov 2026	39	47.9%	18	23
20 Nov 2026	53	44.7%	6,107	4,975
18 Dec 2026	81	42.7%	6,426	5,992
15 Jan 2027	109	40.4%	5,660	7,873
19 Feb 2027	144	42.0%	975	789

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, ISRG's largest open interest sits at the 350 strike, with 5,820 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
350	1,568	4,252	5,820
400	3,461	1,613	5,074
420	2,488	647	3,135
335	27	2,816	2,843
360	1,402	1,272	2,674
380	877	1,782	2,659

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, ISRG's at the money IV moved from 53.4 percent to 49.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	53.4%	49.0%	-4.4 points
Open interest, strikes captured near the price	67,487	62,571	-4,916
Put/call ratio, open interest	1.05	0.98	-0.07

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, 9,111 ISRG option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	5,296
Puts traded	3,815
Against its recent average	1.0 times
Busier than	10 of its last 20 trading days
Open interest, whole chain	93,891 contracts
Volume to open interest	0.10
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 ISRG'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	401.23	$8.42 million	400	350
21 Sep 2026	401.65	$5.25 million	400	350
28 Sep 2026	414.79	$12.3 million	420	350

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 ISRG was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, signal on
Level above the close	443.84, the swing high of 7 Jul 2026, a close past it runs against the view
Level below the close	405.34, the swing low of 19 Aug 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above 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 ISRG sat at the 3rd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	22 of 100	Neutral
20 trading days	14 of 100	Bearish
45 trading days	3 of 100	Bearish

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, 2 of 3 timeframes put ISRG on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 of 2
Long	45 day	Bearish	1 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 ISRG's bearish signal had held 4 trading days in a row, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	Bearish	3 of 100
24 Sep 2026	Bearish	4 of 100
23 Sep 2026	Bearish	5 of 100
22 Sep 2026	Bearish	5 of 100
21 Sep 2026	None	18 of 100
18 Sep 2026	None	44 of 100
17 Sep 2026	None	32 of 100
16 Sep 2026	None	13 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, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

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

ISRG closed at 414.79 on 28 Sep 2026.

Figure	Value
Last close	414.79
Change over 5 trading days	+3.3%
Change over 21 trading days	+13.0%
Change over 63 trading days	+2.2%
Change over 252 trading days	-5.3%
52 week high	603.88
52 week low	328.57
20 day moving average	381.17
50 day moving average	375.32
200 day moving average	450.18
RSI, 14 days	70

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

ISRG reports next on 20 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	20 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 16 Jul 2026	-14.2%
Move after the report of 20 Apr 2026	-3.1%
Move after the report of 18 Jan 2026	-1.4%
Move after the report of 22 Apr 2025	+1.9%

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

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Short Volume

On 25 Sep 2026, 58.1 percent of ISRG's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	58.1%
Five day average	56.2%
52 week median	42.7%
Short interest, share of shares outstanding	2.3% at the 15 Sep 2026 settlement
Days to cover	3.4

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, ISRG's average change was plus 0.1 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.1%	-0.3%	47.8%	23
October	+4.5%	+2.6%	56.5%	23
November	+4.7%	+4.7%	78.3%	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 ISRG in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
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 ISRG's IV rank?: ISRG's IV rank is 99 of 100 on 28 Sep 2026.
What move are ISRG options pricing?: On 28 Sep 2026, ISRG options priced a move of 13.7 percent down and 15.2 percent up by 30 Oct 2026.
Where are ISRG's call wall and put wall?: On 28 Sep 2026, ISRG's call wall is the 420 strike and its put wall is the 350 strike.
What was the latest Trade Card for ISRG on the Free plan?: On 25 Sep 2026 the Trade Card for ISRG was a bear call spread expiring 18 Dec 2026, paper trading.
When does ISRG report earnings next?: ISRG reports next on 20 Oct 2026, a date confirmed by the company.

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