Health Care

Madrigal Pharmaceuticals, Inc. (MDGL) options and signal

Figures as of 28 Sep 2026

MDGL is Madrigal Pharmaceuticals, 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
IV rank	0 of 100	28 Sep
At the money IV	48.6%	28 Sep
Priced move to 16 Oct	11.2% down, 11.0% up	28 Sep
Call wall and put wall	520 and 500	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	517.04	28 Sep
Next report	4 Nov 2026	28 Sep

Options Snapshot

MDGL's IV rank is 0 of 100 on 28 Sep 2026.

Figure	Value
IV rank	0 of 100
At the money IV	48.6%, near month, 18 days
Put/call ratio, open interest	0.44
Call open interest, strikes captured near the price	6,000 contracts
Put open interest, strikes captured near the price	2,650 contracts
Cost to trade at the money	Fair, 36.1% of the option's mid price

IV rank is where the at the money IV sits among MDGL'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, MDGL options priced a move of 11.2 percent down and 11.0 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	11.2%	11.0%	459.24 to 573.74
20 Nov 2026	53	20.1%	20.3%	413.04 to 622.04
18 Dec 2026	81	28.8%	24.8%	368.04 to 645.04
15 Jan 2027	109	27.5%	38.9%	375.04 to 718.04
19 Mar 2027	172	35.8%	50.7%	332.04 to 779.04

The range is one standard deviation either side of the close of 517.04, 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, MDGL's call wall is the 520 strike and its put wall is the 500 strike.

Figure	Value
Call wall, most open call gamma	520
Put wall, most open put gamma	500
Net dollar gamma, calls minus puts	$2.59 million
Total dollar gamma, both sides	$6.5 million
Close	517.04

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 6 strikes, so no single flip strike is named.

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, MDGL's at the money IV is 48.6 percent against 20 day realized volatility of 21.9 percent.

Figure	Value
At the money IV	48.6%
Realized volatility, 20 trading days	21.9%
Realized volatility, 60 trading days	41.5%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	412, from 29 Jul 2016
Weeks the price moved more than the one week priced move	18.2% 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, MDGL's at the money IV runs from 48.6 percent at 18 days to 63.7 percent at 172 days.

Days to expiry	At the money IV
18	48.6%
53	53.0%
81	52.9%
109	69.1%
172	63.7%

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, MDGL's IV ten percent below the price sits 0.5 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	52.6%	-0.5 points
At the money	53.0%	0.0 points
10% above the price	53.6%	+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, MDGL's surface spans 5 expiries out to 172 days, with IV from 23.9 to 84.7 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	38
Lowest IV among them	23.9%
Highest IV among them	84.7%

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, MDGL 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	48.6%	1,803	655
20 Nov 2026	53	53.0%	10	153
18 Dec 2026	81	52.9%	2,662	1,238
15 Jan 2027	109	69.1%	454	508
19 Mar 2027	172	63.7%	1,069	98

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, MDGL's largest open interest sits at the 500 strike, with 2,158 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
500	1,734	424	2,158
400	228	654	882
600	676	4	680
520	616	16	632
540	465	90	555
700	391	0	391

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, MDGL's at the money IV moved from 45.3 percent to 48.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	45.3%	48.6%	+3.3 points
Open interest, strikes captured near the price	8,624	8,650	+26
Put/call ratio, open interest	0.44	0.44	-0.00

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, 1,127 MDGL option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	664
Puts traded	463
Against its recent average	0.8 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	9,149 contracts
Volume to open interest	0.12
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 MDGL'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	535.27	$1.6 million	520	510
21 Sep 2026	521.96	$3.34 million	520	500
28 Sep 2026	517.04	$2.59 million	520	500

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 MDGL was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	549.97, the swing high of 9 Sep 2026, a close past it runs against the view
Level below the close	513.36, the swing low of 15 Sep 2026
The chart	Sits against the view
Strategy family	Bear put spread (buy a put 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.

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Rank by Timeframe

On 25 Sep 2026 MDGL sat at the 13th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	47 of 100	Neutral
20 trading days	26 of 100	Neutral
45 trading days	13 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, 1 of 3 timeframes put MDGL on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	13 of 100
24 Sep 2026	None	10 of 100
23 Sep 2026	None	18 of 100
22 Sep 2026	None	16 of 100
21 Sep 2026	None	45 of 100
18 Sep 2026	None	33 of 100
17 Sep 2026	None	55 of 100
16 Sep 2026	None	21 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, 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.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

MDGL closed at 517.04 on 28 Sep 2026.

Figure	Value
Last close	517.04
Change over 5 trading days	-0.9%
Change over 21 trading days	-4.9%
Change over 63 trading days	-1.9%
Change over 252 trading days	+22.2%
52 week high	615.00
52 week low	393.61
20 day moving average	530.84
50 day moving average	526.27
200 day moving average	511.83
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

MDGL reports next on 4 Nov 2026, a date confirmed by the company.

Figure	Value
Next report	4 Nov 2026, before the open
Date	Confirmed by the company
Move after the report of 30 Jul 2026	-9.8%
Move after the report of 30 Apr 2026	-0.7%
Move after the report of 28 Jan 2026	-0.4%
Move after the report of 1 May 2025	-1.9%

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

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Seasonality

In the 19 Septembers on record, MDGL's average change was plus 7.2 percent, and it rose in 47.4 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+7.2%	-3.6%	47.4%	19
October	-0.9%	-1.7%	47.4%	19
November	+6.4%	+6.4%	63.2%	19

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 MDGL's IV rank?: MDGL's IV rank is 0 of 100 on 28 Sep 2026.
What move are MDGL options pricing?: On 28 Sep 2026, MDGL options priced a move of 11.2 percent down and 11.0 percent up by 16 Oct 2026.
Where are MDGL's call wall and put wall?: On 28 Sep 2026, MDGL's call wall is the 520 strike and its put wall is the 500 strike.
What was the desk's latest view of MDGL on the Free plan?: On 25 Sep 2026 the desk's view of MDGL was bearish, paper trading.
When does MDGL report earnings next?: MDGL reports next on 4 Nov 2026, a date confirmed by the company.

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