Consumer Discretionary

MGM Resorts International (MGM) options and signal

Figures as of 28 Sep 2026

MGM is MGM Resorts International, a Consumer Discretionary 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	54 of 100	28 Sep
At the money IV	38.5%	28 Sep
Priced move to 16 Oct	8.1% down, 8.5% up	28 Sep
Call wall and put wall	40 and 30	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	31.86	28 Sep
Next report	28 Oct 2026	28 Sep

Options Snapshot

MGM's IV rank is 54 of 100 on 28 Sep 2026.

Figure	Value
IV rank	54 of 100
At the money IV	38.5%, near month, 18 days
Put/call ratio, open interest	0.58
Call open interest, strikes captured near the price	85,600 contracts
Put open interest, strikes captured near the price	49,800 contracts
Cost to trade at the money	Fair, 14.5% of the option's mid price

IV rank is where the at the money IV sits among MGM'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, MGM options priced a move of 8.1 percent down and 8.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.1%	8.5%	29.29 to 34.57
20 Nov 2026	53	15.2%	16.7%	27.03 to 37.17
18 Dec 2026	81	18.6%	19.8%	25.92 to 38.18
15 Jan 2027	109	20.0%	21.5%	25.50 to 38.70
19 Mar 2027	172	24.2%	28.2%	24.14 to 40.83

The range is one standard deviation either side of the close of 31.86, 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, MGM's call wall is the 40 strike and its put wall is the 30 strike.

Figure	Value
Call wall, most open call gamma	40
Put wall, most open put gamma	30
Net dollar gamma, calls minus puts	$190,505
Total dollar gamma, both sides	$6.26 million
Close	31.86

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 3 strikes, so no single flip strike is named.

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, MGM's at the money IV is 38.5 percent against 20 day realized volatility of 44.6 percent.

Figure	Value
At the money IV	38.5%
Realized volatility, 20 trading days	44.6%
Realized volatility, 60 trading days	30.5%
IV against its own weekly record	In the middle
Weekly readings on record	861, from 8 Jan 2010
Weeks the price moved more than the one week priced move	26.2% 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, MGM's at the money IV runs from 38.5 percent at 18 days to 38.8 percent at 172 days.

Days to expiry	At the money IV
18	38.5%
53	41.7%
81	40.0%
109	39.0%
172	38.8%

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 53 day expiry, MGM's IV ten percent below the price sits 4.0 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	45.8%	+4.0 points
At the money	41.7%	0.0 points
10% above the price	44.1%	+2.4 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, MGM's surface spans 5 expiries out to 172 days, with IV from 36.6 to 47.1 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	30
Lowest IV among them	36.6%
Highest IV among them	47.1%

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, MGM 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	38.5%	10,003	18,612
20 Nov 2026	53	41.7%	4,481	2,270
18 Dec 2026	81	40.0%	32,507	14,470
15 Jan 2027	109	39.0%	35,223	8,520
19 Mar 2027	172	38.8%	3,408	5,902

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, MGM's largest open interest sits at the 40 strike, with 21,466 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
40	19,832	1,634	21,466
30	3,268	11,323	14,591
50	13,090	668	13,758
39	6,730	3,819	10,549
33	4,443	2,863	7,306
46	7,160	5	7,165

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, MGM's at the money IV moved from 37.3 percent to 38.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	37.3%	38.5%	+1.2 points
Open interest, strikes captured near the price	151,683	135,396	-16,287
Put/call ratio, open interest	0.46	0.58	+0.12

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, 25,570 MGM option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	11,879
Puts traded	13,691
Against its recent average	0.8 times
Open interest, whole chain	220,652 contracts
Volume to open interest	0.12
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 33 call expiring 20 Nov, 1,446 traded against 138 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.

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Positioning Replay

The replay holds 14 trading days of MGM'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	44.13	$5.84 million	40	40
25 Aug 2026	43.34	$2.93 million	40	43
28 Sep 2026	31.86	$190,505	40	30

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 MGM was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	37.50, the swing high of 18 Sep 2026
Level below the close	31.72, the swing low of 28 Sep 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.

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Rank by Timeframe

On 25 Sep 2026 MGM sat at the 85th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	49 of 100	Neutral
20 trading days	87 of 100	Bullish
45 trading days	85 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 MGM 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.

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Signal History

On 25 Sep 2026 MGM had carried no signal for at least 5 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	85 of 100
24 Sep 2026	None	83 of 100
23 Sep 2026	None	95 of 100
22 Sep 2026	None	96 of 100
21 Sep 2026	None	95 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, 27 of 106 Consumer Discretionary names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Discretionary	106	27	33	46

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

MGM closed at 31.86 on 28 Sep 2026.

Figure	Value
Last close	31.86
Change over 5 trading days	-17.7%
Change over 21 trading days	-25.9%
Change over 63 trading days	-35.9%
Change over 252 trading days	-7.6%
52 week high	51.59
52 week low	29.19
20 day moving average	38.76
50 day moving average	42.16
200 day moving average	39.88
RSI, 14 days	13

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

MGM reports next on 28 Oct 2026, and options priced an earnings move of 11.9 percent through 20 Nov 2026.

Figure	Value
Next report	28 Oct 2026, after the close
Date	Confirmed by the company
Priced earnings move	11.9%, a straddle of $3.80 at the 32 strike, expiring 20 Nov 2026
Move after the report of 29 Jul 2026	-0.4%
Move after the report of 30 Apr 2026	-1.1%
Move after the report of 28 Jan 2026	+1.8%
Move after the report of 30 Apr 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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Short Volume

On 25 Sep 2026, 56.8 percent of MGM's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	56.8%
Five day average	58.9%
52 week median	64.8%

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 23 Septembers on record, MGM's average change was plus 2.1 percent, and it rose in 52.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+2.1%	+0.8%	52.2%	23
October	-1.1%	-3.1%	43.5%	23
November	+4.5%	+4.0%	69.6%	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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Headlines

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

Figure	Value
Headlines in the window	3
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 MGM's IV rank?: MGM's IV rank is 54 of 100 on 28 Sep 2026.
What move are MGM options pricing?: On 28 Sep 2026, MGM options priced a move of 8.1 percent down and 8.5 percent up by 16 Oct 2026.
Where are MGM's call wall and put wall?: On 28 Sep 2026, MGM's call wall is the 40 strike and its put wall is the 30 strike.
What was the desk's latest view of MGM on the Free plan?: On 25 Sep 2026 the desk's view of MGM was bullish, paper trading.
When does MGM report earnings next?: MGM reports next on 28 Oct 2026, and options priced an earnings move of 11.9 percent through 20 Nov 2026.

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