Financials

JPMorgan Chase (JPM) options and signal

Figures as of 28 Sep 2026

JPM is JPMorgan Chase, 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
Trade Card	Bull put spread, 18 Dec	25 Sep
IV rank	80 of 100	28 Sep
At the money IV	29.4%	28 Sep
Priced move to 30 Oct	8.7% down, 8.5% up	28 Sep
Call wall and put wall	360 and 330	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	336.59	28 Sep
Next report	13 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for JPM was a bull put spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Bull put spread, credit
Legs	Sell the 315 put, Buy the 290 put
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $3.49
Probability of profit	71%, the option market's odds at expiry, from delta
Max loss	$2,151 per contract
Max profit	$349 per contract
Breakeven	311.51
IV rank at that expiry	63 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

JPM's IV rank is 80 of 100 on 28 Sep 2026.

Figure	Value
IV rank	80 of 100
At the money IV	29.4%, near month, 32 days
Put/call ratio, open interest	0.86
Call open interest, strikes captured near the price	211,000 contracts
Put open interest, strikes captured near the price	181,000 contracts
Cost to trade at the money	Fair, 22.1% of the option's mid price

IV rank is where the at the money IV sits among JPM'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, JPM options priced a move of 8.7 percent down and 8.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	2.8%	2.5%	327.09 to 344.85
9 Oct 2026	11	4.5%	3.7%	321.39 to 349.19
23 Oct 2026	25	8.3%	6.8%	308.79 to 359.49
30 Oct 2026	32	8.7%	8.5%	307.19 to 365.09
20 Nov 2026	53	10.2%	9.7%	302.29 to 369.39
18 Dec 2026	81	12.2%	11.9%	295.59 to 376.79
19 Mar 2027	172	16.9%	18.8%	279.59 to 399.99

The range is one standard deviation either side of the close of 336.59, 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, JPM's call wall is the 360 strike and its put wall is the 330 strike.

Figure	Value
Call wall, most open call gamma	360
Put wall, most open put gamma	330
Flip strike, where net gamma changes sign	340.15
Net dollar gamma, calls minus puts	$6.59 million
Total dollar gamma, both sides	$352.58 million
Close	336.59

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.

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Volatility History

On 28 Sep 2026, JPM's at the money IV is 29.4 percent against 20 day realized volatility of 19.3 percent.

Figure	Value
At the money IV	29.4%
Realized volatility, 20 trading days	19.3%
Realized volatility, 60 trading days	19.1%
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	28.2% 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, JPM's at the money IV runs from 25.1 percent at 4 days to 26.3 percent at 172 days.

Days to expiry	At the money IV
4	25.1%
11	25.4%
18	30.0%
25	28.5%
39	28.3%
53	26.4%
81	25.6%
172	26.3%

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, JPM's IV ten percent below the price sits 4.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	33.6%	+4.2 points
At the money	29.4%	0.0 points
10% above the price	27.3%	-2.2 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, JPM's surface spans 10 expiries out to 172 days, with IV from 23.9 to 38.4 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	140
Lowest IV among them	23.9%
Highest IV among them	38.4%

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, JPM 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	25.1%	13,538	8,904
9 Oct 2026	11	25.4%	7,515	6,803
16 Oct 2026	18	30.0%	50,824	32,619
23 Oct 2026	25	28.5%	3,676	2,592
30 Oct 2026	32	29.4%	2,138	1,878
6 Nov 2026	39	28.3%	47	87
20 Nov 2026	53	26.4%	28,638	26,089
18 Dec 2026	81	25.6%	35,214	26,914
15 Jan 2027	109	25.7%	53,232	53,230
19 Mar 2027	172	26.3%	16,130	22,051

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, JPM's largest open interest sits at the 360 strike, with 27,628 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
360	22,998	4,630	27,628
330	8,910	15,974	24,884
350	15,950	8,137	24,087
320	5,818	17,032	22,850
310	5,250	13,089	18,339
300	6,333	11,884	18,217

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, JPM's at the money IV moved from 27.4 percent to 29.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	27.4%	29.4%	+2.0 points
Open interest, strikes captured near the price	380,852	392,119	+11,267
Put/call ratio, open interest	0.84	0.86	+0.02

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, 51,473 JPM option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	33,638
Puts traded	17,835
Against its recent average	0.8 times
Busier than	15 of its last 20 trading days
Open interest, whole chain	516,607 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 JPM'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	362.04	$243.54 million	360	350
21 Sep 2026	352.04	$75.34 million	360	350
28 Sep 2026	336.59	$6.59 million	360	330

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 JPM was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	343.07, the swing high of 15 Sep 2026
Level below the close	335.28, the swing low of 24 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull put spread (sell a put spread 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 JPM sat at the 87th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	29 of 100	Neutral
20 trading days	78 of 100	Neutral
45 trading days	87 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, 1 of 3 timeframes put JPM on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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 JPM had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	87 of 100
24 Sep 2026	None	75 of 100
23 Sep 2026	None	70 of 100
22 Sep 2026	None	92 of 100
21 Sep 2026	None	25 of 100
18 Sep 2026	None	30 of 100
17 Sep 2026	None	50 of 100
16 Sep 2026	None	77 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

JPM closed at 336.59 on 28 Sep 2026.

Figure	Value
Last close	336.59
Change over 5 trading days	-4.4%
Change over 21 trading days	-5.0%
Change over 63 trading days	+2.2%
Change over 252 trading days	+7.4%
52 week high	366.50
52 week low	279.10
20 day moving average	350.21
50 day moving average	353.25
200 day moving average	321.44
RSI, 14 days	36

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

JPM reports next on 13 Oct 2026, and options priced an earnings move of 5.2 percent through 16 Oct 2026.

Figure	Value
Next report	13 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	5.2%, a straddle of $17.48 at the 337.5 strike, expiring 16 Oct 2026
Move after the report of 14 Jul 2026	+2.5%
Move after the report of 14 Apr 2026	-0.8%
Move after the report of 13 Jan 2026	-4.2%
Move after the report of 14 Oct 2025	-1.9%

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 2 recent trades in JPM shares.

Filed	Who	Trade	Size
17 Sep 2026	. Scott Scott Franklin, member of Congress	Sold part	$1,001 to $15,000
17 Sep 2026	. Scott Scott Franklin, 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, 36.0 percent of JPM's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	36.0%
Five day average	40.0%
52 week median	41.7%

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 36 Septembers on record, JPM's average change was minus 2.2 percent, and it rose in 55.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.2%	+0.3%	55.6%	36
October	+2.2%	+2.8%	61.1%	36
November	+1.9%	+1.9%	55.6%	36

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 JPM 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 JPM's IV rank?: JPM's IV rank is 80 of 100 on 28 Sep 2026.
What move are JPM options pricing?: On 28 Sep 2026, JPM options priced a move of 8.7 percent down and 8.5 percent up by 30 Oct 2026.
Where are JPM's call wall and put wall?: On 28 Sep 2026, JPM's call wall is the 360 strike and its put wall is the 330 strike.
What was the latest Trade Card for JPM on the Free plan?: On 25 Sep 2026 the Trade Card for JPM was a bull put spread expiring 18 Dec 2026, paper trading.
When does JPM report earnings next?: JPM reports next on 13 Oct 2026, and options priced an earnings move of 5.2 percent through 16 Oct 2026.

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