Financials

MARA Holdings, Inc. (MARA) options and signal

Figures as of 28 Sep 2026

MARA is MARA Holdings, Inc., 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.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans

At a glance

Figure	Value	Date
Trade Card	Bull call spread, 18 Dec	25 Sep
IV rank	5 of 100	28 Sep
At the money IV	79.3%	28 Sep
Priced move to 30 Oct	22.5% down, 24.0% up	28 Sep
Call wall and put wall	13 and 12.5	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	12.11	28 Sep
Next report	4 Nov 2026	28 Sep

Trade Cards

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

Figure	Value
Signal	Neutral
Strategy	Bull call spread, debit
Legs	Buy the 13 call, Sell the 18 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A debit of at most $1.18
Probability of profit	43%, the option market's odds at expiry, from delta
Max loss	$118 per contract
Max profit	$382 per contract
Breakeven	14.18
IV rank at that expiry	8 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.

Open Trade Cards in RingMaster The Trade Cards guide

Options Snapshot

MARA's IV rank is 5 of 100 on 28 Sep 2026.

Figure	Value
IV rank	5 of 100
At the money IV	79.3%, near month, 32 days
Put/call ratio, open interest	0.55
Call open interest, strikes captured near the price	522,000 contracts
Put open interest, strikes captured near the price	286,000 contracts
Cost to trade at the money	Tight, 4.8% of the option's mid price

IV rank is where the at the money IV sits among MARA'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.

Open Options Snapshot in RingMaster The Options Snapshot guide

Priced Range

On 28 Sep 2026, MARA options priced a move of 22.5 percent down and 24.0 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	8.1%	8.8%	11.12 to 13.17
9 Oct 2026	11	13.2%	14.1%	10.51 to 13.82
23 Oct 2026	25	19.7%	21.1%	9.73 to 14.66
30 Oct 2026	32	22.5%	24.0%	9.38 to 15.02
20 Nov 2026	53	31.6%	32.6%	8.28 to 16.06
18 Dec 2026	81	38.6%	39.8%	7.43 to 16.93
19 Mar 2027	172	56.8%	60.5%	5.23 to 19.44

The range is one standard deviation either side of the close of 12.11, 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.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, MARA's call wall is the 13 strike and its put wall is the 12.5 strike.

Figure	Value
Call wall, most open call gamma	13
Put wall, most open put gamma	12.5
Flip strike, where net gamma changes sign	12.03
Net dollar gamma, calls minus puts	$5.81 million
Total dollar gamma, both sides	$15.3 million
Close	12.11

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, MARA's at the money IV is 79.3 percent against 20 day realized volatility of 78.0 percent.

Figure	Value
At the money IV	79.3%
Realized volatility, 20 trading days	78.0%
Realized volatility, 60 trading days	93.9%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	502, from 24 Apr 2015
Weeks the price moved more than the one week priced move	28.4% of 236 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, MARA's at the money IV runs from 81.5 percent at 4 days to 82.8 percent at 172 days.

Days to expiry	At the money IV
4	81.5%
11	79.3%
18	79.1%
25	79.0%
39	81.1%
53	83.0%
81	82.0%
172	82.8%

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.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 32 day expiry, MARA's IV ten percent below the price sits 0.4 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	79.0%	-0.4 points
At the money	79.3%	0.0 points
10% above the price	79.8%	+0.5 points

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

Open Volatility Smile in RingMaster The Volatility Smile guide

Volatility Surface

On 28 Sep 2026, MARA's surface spans 10 expiries out to 172 days, with IV from 77.1 to 85.0 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	37
Lowest IV among them	77.1%
Highest IV among them	85.0%

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

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, MARA 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	81.5%	144,465	44,102
9 Oct 2026	11	79.3%	27,513	23,356
16 Oct 2026	18	79.1%	64,954	36,817
23 Oct 2026	25	79.0%	18,749	14,689
30 Oct 2026	32	79.3%	14,879	4,222
6 Nov 2026	39	81.1%	371	828
20 Nov 2026	53	83.0%	35,684	22,123
18 Dec 2026	81	82.0%	64,872	58,652
15 Jan 2027	109	79.6%	104,296	76,430
19 Mar 2027	172	82.8%	46,022	4,392

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.

Open Expiry Ladder in RingMaster The Expiry Ladder guide

Strike Table

On 28 Sep 2026, MARA's largest open interest sits at the 13 strike, with 121,509 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
13	95,797	25,712	121,509
12.5	51,776	17,587	69,363
15	61,861	5,290	67,151
10	18,470	42,871	61,341
14	48,367	6,815	55,182
12	28,126	26,060	54,186

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

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, MARA's at the money IV moved from 76.8 percent to 79.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	76.8%	79.3%	+2.6 points
Open interest, strikes captured near the price	707,757	807,416	+99,659
Put/call ratio, open interest	0.60	0.55	-0.05

Open interest changes cannot identify buyers or sellers.

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

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 92,662 MARA option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	56,140
Puts traded	36,522
Against its recent average	0.6 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	1.26 million contracts
Volume to open interest	0.07
Unusual volume flag	Yes, 3 contracts traded well above open interest
Largest flagged contract	The 10 put expiring 23 Oct, 2,195 traded against 267 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.

Open Changed Hands in RingMaster The Changed Hands guide

Positioning Replay

The replay holds 33 trading days of MARA'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	9.68	minus $531,189	10.5	10
21 Sep 2026	13.28	$9.65 million	13	13
28 Sep 2026	12.11	$5.81 million	13	12.5

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.

Open Positioning Replay in RingMaster The Positioning Replay guide

Read-out

On 25 Sep 2026 the desk's view of MARA was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	12.39, the swing high of 11 Sep 2026
Level below the close	10.77, the swing low of 16 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull call spread (buy a call spread)
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 MARA sat at the 68th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	52 of 100	Neutral
20 trading days	79 of 100	Neutral
45 trading days	68 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.

Open Rank by Timeframe in RingMaster The Rank by Timeframe guide

Timeframe Agreement

On 25 Sep 2026 MARA'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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 MARA had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	68 of 100
24 Sep 2026	None	57 of 100
23 Sep 2026	None	16 of 100
22 Sep 2026	None	29 of 100
21 Sep 2026	None	47 of 100
18 Sep 2026	None	50 of 100
17 Sep 2026	None	70 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.

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.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

MARA closed at 12.11 on 28 Sep 2026.

Figure	Value
Last close	12.11
Change over 5 trading days	-8.8%
Change over 21 trading days	+2.0%
Change over 63 trading days	-13.7%
Change over 252 trading days	-24.6%
52 week high	23.45
52 week low	6.66
20 day moving average	11.90
50 day moving average	11.32
200 day moving average	10.97
RSI, 14 days	52

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.

Open Price Chart in RingMaster The Price Chart guide

Earnings Radar

MARA reports next on 4 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	4 Nov 2026, after the close
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	-5.2%
Move after the report of 30 Apr 2026	-4.4%
Move after the report of 28 Jan 2026	-4.9%
Move after the report of 8 May 2025	+10.3%

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

Open Earnings Radar in RingMaster The Earnings Radar guide

Company Events

MARA filed 1 current report in the 14 days to 28 Sep 2026, the latest on 25 Sep 2026.

Filed	Report	What it covers
25 Sep 2026	Current report	Entry into a Material Definitive Agreement

Filings as of 28 Sep 2026. Current on every plan.

Open Company Events in RingMaster The Company Events guide

Seasonality

In the 13 Septembers on record, MARA's average change was minus 7.7 percent, and it rose in 23.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-7.7%	-9.6%	23.1%	13
October	+1.9%	+0.1%	53.8%	13
November	+29.0%	+4.3%	61.5%	13

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.

Open Seasonality in RingMaster The Seasonality guide

Headlines

The desk's news feeds carried 2 headlines naming MARA in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
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.

Open Headlines in RingMaster The Headlines guide

Questions

What is MARA's IV rank?: MARA's IV rank is 5 of 100 on 28 Sep 2026.
What move are MARA options pricing?: On 28 Sep 2026, MARA options priced a move of 22.5 percent down and 24.0 percent up by 30 Oct 2026.
Where are MARA's call wall and put wall?: On 28 Sep 2026, MARA's call wall is the 13 strike and its put wall is the 12.5 strike.
What was the latest Trade Card for MARA on the Free plan?: On 25 Sep 2026 the Trade Card for MARA was a bull call spread expiring 18 Dec 2026, paper trading.
When does MARA report earnings next?: MARA reports next on 4 Nov 2026, a date worked out from past quarters.

More Financials names

Guides and the full list

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans