Financials

Itaú Unibanco Holding S.A. (ITUB) options and signal

Figures as of 28 Sep 2026

ITUB is Itaú Unibanco Holding S.A., 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	70 of 100	28 Sep
At the money IV	51.6%	28 Sep
Priced move to 16 Oct	11.5% down, 11.5% up	28 Sep
Call wall and put wall	Both 8	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	7.99	28 Sep
Next report	3 Nov 2026	28 Sep

Options Snapshot

ITUB's IV rank is 70 of 100 on 28 Sep 2026.

Figure	Value
IV rank	70 of 100
At the money IV	51.6%, near month, 18 days
Put/call ratio, open interest	0.78
Call open interest, strikes captured near the price	20,700 contracts
Put open interest, strikes captured near the price	16,200 contracts
Cost to trade at the money	Fair, 22.0% of the option's mid price

IV rank is where the at the money IV sits among ITUB'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, ITUB options priced a move of 11.5 percent down and 11.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	11.5%	11.5%	7.08 to 8.91
20 Nov 2026	53	18.6%	18.6%	6.50 to 9.48
18 Dec 2026	81	20.3%	20.3%	6.37 to 9.61
15 Jan 2027	109	21.9%	21.9%	6.24 to 9.74
19 Mar 2027	172	99.9%	99.9%	0.01 to 15.97

The range is one standard deviation either side of the close of 7.99, 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, ITUB's call wall and put wall are both at the 8 strike.

Figure	Value
Call wall, most open call gamma	8
Put wall, most open put gamma	8
Flip strike, where net gamma changes sign	8.33
Net dollar gamma, calls minus puts	$73,361
Total dollar gamma, both sides	$568,211
Close	7.99

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.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, ITUB's at the money IV is 51.6 percent against 20 day realized volatility of 31.4 percent.

Figure	Value
At the money IV	51.6%
Realized volatility, 20 trading days	31.4%
Realized volatility, 60 trading days	30.6%
IV against its own weekly record	In the middle
Weekly readings on record	786, from 8 Jan 2010
Weeks the price moved more than the one week priced move	9.1% of 186 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, ITUB's at the money IV runs from 51.6 percent at 18 days to 145.4 percent at 172 days.

Days to expiry	At the money IV
18	51.6%
53	49.0%
81	43.1%
109	40.1%
172	145.4%

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 53 day expiry, ITUB'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	52.3%	+3.2 points
At the money	49.0%	0.0 points
10% above the price	48.4%	-0.6 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, ITUB's surface spans 5 expiries out to 172 days, with IV from 40.0 to 51.6 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	4
Lowest IV among them	40.0%
Highest IV among them	51.6%

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, ITUB has 5 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	51.6%	5,963	2,846
20 Nov 2026	53	49.0%	1,985	1,950
18 Dec 2026	81	43.1%	8,439	3,645
15 Jan 2027	109	40.1%	4,347	7,771
19 Mar 2027	172	145.4%	8	0

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, ITUB's largest open interest sits at the 8 strike, with 16,119 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
8	5,799	10,320	16,119
10	7,106	1	7,107
9	6,412	94	6,506
7	1,113	4,878	5,991
5	30	842	872
12	204	0	204

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, ITUB's at the money IV moved from 50.1 percent to 51.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	50.1%	51.6%	+1.4 points
Open interest, strikes captured near the price	36,609	36,954	+345
Put/call ratio, open interest	0.77	0.78	+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, 6,428 ITUB option contracts traded, 2.2 times its own recent average.

Figure	Value
Calls traded	806
Puts traded	5,622
Against its recent average	2.2 times
Busier than	17 of its last 20 trading days
Open interest, whole chain	45,137 contracts
Volume to open interest	0.14
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 ITUB'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	7.50	minus $116,633	9	8
21 Sep 2026	8.45	$169,755	9	8
28 Sep 2026	7.99	$73,361	8	8

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 ITUB was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	8.10, the swing high of 18 Sep 2026
Level below the close	7.16, the swing low of 20 Aug 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 ITUB sat at the 82nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	76 of 100	Neutral
20 trading days	94 of 100	Bullish
45 trading days	82 of 100	Bullish

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 ITUB on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Bullish	1 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 ITUB had carried no signal for 2 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	82 of 100
24 Sep 2026	None	93 of 100
23 Sep 2026	Bullish	95 of 100
22 Sep 2026	Bullish	90 of 100
21 Sep 2026	None	84 of 100
18 Sep 2026	Bullish	93 of 100
17 Sep 2026	None	75 of 100
16 Sep 2026	None	89 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, 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

ITUB closed at 7.99 on 28 Sep 2026.

Figure	Value
Last close	7.99
Change over 5 trading days	-5.4%
Change over 21 trading days	+6.1%
Change over 63 trading days	-2.8%
Change over 252 trading days	+14.3%
52 week high	9.60
52 week low	6.54
20 day moving average	8.16
50 day moving average	8.00
200 day moving average	8.15
RSI, 14 days	47

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

ITUB reports next on 3 Nov 2026, and options priced an earnings move of 14.0 percent through 20 Nov 2026.

Figure	Value
Next report	3 Nov 2026, after the close
Date	Confirmed by the company
Priced earnings move	14.0%, a straddle of $1.12 at the 8 strike, expiring 20 Nov 2026
Move after the report of 29 Jul 2026	+3.6%
Move after the report of 30 Apr 2026	-0.9%
Move after the report of 28 Jan 2026	+0.6%
Move after the report of 8 May 2025	+6.3%

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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Seasonality

In the 23 Septembers on record, ITUB's average change was plus 1.2 percent, and it rose in 52.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.2%	+2.0%	52.2%	23
October	+3.6%	+3.5%	69.6%	23
November	+1.3%	+1.0%	56.5%	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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Questions

What is ITUB's IV rank?: ITUB's IV rank is 70 of 100 on 28 Sep 2026.
What move are ITUB options pricing?: On 28 Sep 2026, ITUB options priced a move of 11.5 percent down and 11.5 percent up by 16 Oct 2026.
Where are ITUB's call wall and put wall?: On 28 Sep 2026, ITUB's call wall and put wall are both at the 8 strike.
What was the desk's latest view of ITUB on the Free plan?: On 25 Sep 2026 the desk's view of ITUB was bullish, paper trading.
When does ITUB report earnings next?: ITUB reports next on 3 Nov 2026, and options priced an earnings move of 14.0 percent through 20 Nov 2026.

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Guides and the full list

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