Consumer Staples

Coca-Cola Co (KO) options and signal

Figures as of 28 Sep 2026

KO is Coca-Cola Co, a Consumer Staples 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	94 of 100	28 Sep
At the money IV	23.2%	28 Sep
Priced move to 30 Oct	6.5% down, 6.9% up	28 Sep
Call wall and put wall	90 and 85	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	87.18	28 Sep
Next report	20 Oct 2026	28 Sep

Trade Cards

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

Figure	Value
Signal	Neutral
Strategy	Bear call spread, credit
Legs	Sell the 92.5 call, Buy the 97.5 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $1.08
Probability of profit	70%, the option market's odds at expiry, from delta
Max loss	$392 per contract
Max profit	$108 per contract
Breakeven	93.58
IV rank at that expiry	88 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

KO's IV rank is 94 of 100 on 28 Sep 2026.

Figure	Value
IV rank	94 of 100
At the money IV	23.2%, near month, 32 days
Put/call ratio, open interest	0.66
Call open interest, strikes captured near the price	234,000 contracts
Put open interest, strikes captured near the price	155,000 contracts
Cost to trade at the money	Fair, 18.7% of the option's mid price

IV rank is where the at the money IV sits among KO'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, KO options priced a move of 6.5 percent down and 6.9 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	2.4%	2.9%	85.09 to 89.73
9 Oct 2026	11	3.9%	4.4%	83.74 to 90.99
23 Oct 2026	25	5.4%	5.7%	82.50 to 92.19
30 Oct 2026	32	6.5%	6.9%	81.53 to 93.17
20 Nov 2026	53	8.0%	8.7%	80.22 to 94.75
18 Dec 2026	81	9.9%	10.0%	78.53 to 95.89
19 Feb 2027	144	12.8%	13.9%	75.98 to 99.28

The range is one standard deviation either side of the close of 87.18, 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, KO's call wall is the 90 strike and its put wall is the 85 strike.

Figure	Value
Call wall, most open call gamma	90
Put wall, most open put gamma	85
Flip strike, where net gamma changes sign	87.1
Net dollar gamma, calls minus puts	$32.34 million
Total dollar gamma, both sides	$126.08 million
Close	87.18

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, KO's at the money IV is 23.2 percent against 20 day realized volatility of 12.8 percent.

Figure	Value
At the money IV	23.2%
Realized volatility, 20 trading days	12.8%
Realized volatility, 60 trading days	20.5%
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.

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Volatility Weather

On 28 Sep 2026, KO's at the money IV runs from 20.8 percent at 4 days to 21.5 percent at 144 days.

Days to expiry	At the money IV
4	20.8%
11	20.3%
18	20.0%
25	20.2%
39	23.1%
53	22.2%
81	21.3%
144	21.5%

Near and far expiries price about the same volatility, a flat 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, KO's IV ten percent below the price sits 10.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	34.1%	+10.9 points
At the money	23.2%	0.0 points
10% above the price	24.0%	+0.8 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, KO's surface spans 10 expiries out to 144 days, with IV from 19.1 to 44.2 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	116
Lowest IV among them	19.1%
Highest IV among them	44.2%

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, KO 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	20.8%	25,274	9,768
9 Oct 2026	11	20.3%	5,128	4,032
16 Oct 2026	18	20.0%	42,736	36,881
23 Oct 2026	25	20.2%	6,234	1,016
30 Oct 2026	32	23.2%	1,895	1,696
6 Nov 2026	39	23.1%	65	126
20 Nov 2026	53	22.2%	32,435	23,283
18 Dec 2026	81	21.3%	41,831	28,837
15 Jan 2027	109	20.7%	57,110	37,393
19 Feb 2027	144	21.5%	21,495	12,319

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, KO's largest open interest sits at the 90 strike, with 42,723 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
90	34,845	7,878	42,723
87.5	24,680	10,265	34,945
85	15,494	16,669	32,163
75	9,350	20,655	30,005
80	13,315	16,356	29,671
92.5	21,779	4,208	25,987

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, KO's at the money IV moved from 19.4 percent to 23.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	19.4%	23.2%	+3.8 points
Open interest, strikes captured near the price	397,884	389,554	-8,330
Put/call ratio, open interest	0.70	0.66	-0.03

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, 39,735 KO option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	26,779
Puts traded	12,956
Against its recent average	0.9 times
Busier than	10 of its last 20 trading days
Open interest, whole chain	564,387 contracts
Volume to open interest	0.07
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 KO'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	86.48	$66.21 million	85	87
21 Sep 2026	87.12	$28.09 million	90	85
28 Sep 2026	87.18	$32.34 million	90	85

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 KO was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	87.41, the swing high of 9 Sep 2026, a close past it runs against the view
Level below the close	87.12, the swing low of 21 Sep 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 KO sat at the 15th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	11 of 100	Bearish
20 trading days	30 of 100	Neutral
45 trading days	15 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 KO 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 KO had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	15 of 100
24 Sep 2026	None	16 of 100
23 Sep 2026	None	35 of 100
22 Sep 2026	None	26 of 100
21 Sep 2026	None	2 of 100
18 Sep 2026	None	4 of 100
17 Sep 2026	None	9 of 100
16 Sep 2026	None	48 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, 9 of 50 Consumer Staples names were bullish and 22 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Staples	50	9	22	19

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

KO closed at 87.18 on 28 Sep 2026.

Figure	Value
Last close	87.18
Change over 5 trading days	+0.1%
Change over 21 trading days	-2.1%
Change over 63 trading days	+5.5%
Change over 252 trading days	+32.1%
52 week high	92.49
52 week low	65.35
20 day moving average	88.15
50 day moving average	87.59
200 day moving average	79.69
RSI, 14 days	45

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

KO reports next on 20 Oct 2026, and options priced an earnings move of 4.0 percent through 23 Oct 2026.

Figure	Value
Next report	20 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	4.0%, a straddle of $3.52 at the 87 strike, expiring 23 Oct 2026
Move after the report of 28 Jul 2026	+5.0%
Move after the report of 28 Apr 2026	+3.9%
Move after the report of 10 Feb 2026	-1.5%
Move after the report of 21 Oct 2025	+4.1%

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 1 recent trade in KO shares.

Filed	Who	Trade	Size
25 Sep 2026	. Kevin Hern, member of Congress	Bought	$1,001 to $15,000

Tracked fund managers listing KO among their top holdings: Berkshire Hathaway.

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, 49.9 percent of KO's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	49.9%
Five day average	51.6%
52 week median	46.2%

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, KO's average change was minus 1.4 percent, and it rose in 36.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.4%	-1.1%	36.1%	36
October	+2.7%	+2.4%	69.4%	36
November	+2.1%	+1.5%	66.7%	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 7 headlines naming KO in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	7
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 KO's IV rank?: KO's IV rank is 94 of 100 on 28 Sep 2026.
What move are KO options pricing?: On 28 Sep 2026, KO options priced a move of 6.5 percent down and 6.9 percent up by 30 Oct 2026.
Where are KO's call wall and put wall?: On 28 Sep 2026, KO's call wall is the 90 strike and its put wall is the 85 strike.
What was the latest Trade Card for KO on the Free plan?: On 25 Sep 2026 the Trade Card for KO was a bear call spread expiring 18 Dec 2026, paper trading.
When does KO report earnings next?: KO reports next on 20 Oct 2026, and options priced an earnings move of 4.0 percent through 23 Oct 2026.

More Consumer Staples names

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