Financials

Marsh & McLennan Companies, Inc. (MRSH) options and signal

Figures as of 28 Sep 2026

MRSH is Marsh & McLennan Companies, 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.

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At a glance

Figure	Value	Date
Priced move to 16 Oct	8.0% down, 6.5% up	28 Sep
Call wall and put wall	180 and 170	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	169.03	28 Sep
Next report	15 Oct 2026	28 Sep

Options Snapshot

MRSH's at the money implied volatility is 31.2 percent on 28 Sep 2026.

Figure	Value
IV rank	Not stated, 27 weeks of record
At the money IV	31.2%, near month, 18 days
Put/call ratio, open interest	0.91
Call open interest, strikes captured near the price	6,230 contracts
Put open interest, strikes captured near the price	5,650 contracts
Cost to trade at the money	Fair, 25.5% of the option's mid price

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, MRSH options priced a move of 8.0 percent down and 6.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.0%	6.5%	155.43 to 180.03
20 Nov 2026	53	12.1%	9.8%	148.53 to 185.53
15 Jan 2027	109	13.7%	15.9%	145.93 to 195.83
19 Mar 2027	172	14.7%	18.8%	144.23 to 200.73
16 Apr 2027	200	20.0%	19.9%	135.23 to 202.63

The range is one standard deviation either side of the close of 169.03, 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, MRSH's call wall is the 180 strike and its put wall is the 170 strike.

Figure	Value
Call wall, most open call gamma	180
Put wall, most open put gamma	170
Flip strike, where net gamma changes sign	177.26
Net dollar gamma, calls minus puts	minus $891,965
Total dollar gamma, both sides	$5.01 million
Close	169.03

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, MRSH's at the money IV is 31.2 percent against 20 day realized volatility of 18.1 percent.

Figure	Value
At the money IV	31.2%
Realized volatility, 20 trading days	18.1%
Realized volatility, 60 trading days	24.6%
Weekly readings on record	27, from 30 Jan 2026

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, MRSH's at the money IV runs from 31.2 percent at 18 days to 26.8 percent at 200 days.

Days to expiry	At the money IV
18	31.2%
53	27.4%
109	26.3%
172	27.8%
200	26.8%

Near expiries price more volatility than far ones, an inverted 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, MRSH's IV ten percent below the price sits 7.5 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	34.9%	+7.5 points
At the money	27.4%	0.0 points
10% above the price	25.6%	-1.7 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, MRSH's surface spans 5 expiries out to 200 days, with IV from 25.1 to 86.8 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	33
Lowest IV among them	25.1%
Highest IV among them	86.8%

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, MRSH has 5 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	31.2%	3,818	4,161
20 Nov 2026	53	27.4%	158	144
15 Jan 2027	109	26.3%	1,812	990
19 Mar 2027	172	27.8%	385	298
16 Apr 2027	200	26.8%	60	55

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, MRSH's largest open interest sits at the 195 strike, with 1,824 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
195	1,793	31	1,824
155	3	1,413	1,416
170	279	932	1,211
185	750	450	1,200
180	764	302	1,066
175	178	606	784

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, MRSH's at the money IV moved from 33.5 percent to 31.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	33.5%	31.2%	-2.2 points
Open interest, strikes captured near the price	11,851	11,881	+30
Put/call ratio, open interest	0.91	0.91	-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, 869 MRSH option contracts traded, 0.4 times its own recent average.

Figure	Value
Calls traded	377
Puts traded	492
Against its recent average	0.4 times
Busier than	2 of its last 20 trading days
Open interest, whole chain	12,374 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 MRSH'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	191.25	$1.71 million	195	185
21 Sep 2026	172.72	minus $1.13 million	180	170
28 Sep 2026	169.03	minus $891,965	180	170

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 MRSH was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	175.52, the swing high of 11 Sep 2026, a close past it runs against the view
Level below the close	167.93, the swing low of 22 Sep 2026
The chart	Sits with 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 MRSH sat at the 16th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	2 of 100	Bearish
20 trading days	3 of 100	Bearish
45 trading days	16 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, 3 of 3 timeframes put MRSH on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 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 MRSH had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	16 of 100
24 Sep 2026	None	20 of 100
23 Sep 2026	None	32 of 100
22 Sep 2026	None	28 of 100
21 Sep 2026	None	11 of 100
18 Sep 2026	None	12 of 100
17 Sep 2026	None	10 of 100
16 Sep 2026	None	17 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, 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

MRSH closed at 169.03 on 28 Sep 2026.

Figure	Value
Last close	169.03
Change over 5 trading days	-2.1%
Change over 21 trading days	-11.0%
Change over 63 trading days	+1.4%
Change over 252 trading days	-14.6%
52 week high	207.83
52 week low	156.60
20 day moving average	178.04
50 day moving average	184.52
200 day moving average	177.43
RSI, 14 days	30

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

MRSH reports next on 15 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	15 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 21 Jul 2026	-0.3%
Move after the report of 20 Apr 2026	+2.5%
Move after the report of 18 Jan 2026	-0.8%

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

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Public Filings

The filings the desk holds carry 3 recent trades in MRSH shares.

Filed	Who	Trade	Size
25 Sep 2026	. Kevin Hern, member of Congress	Sold part	$1,001 to $15,000
25 Sep 2026	. Kevin Hern, member of Congress	Sold part	$1,001 to $15,000
1 Sep 2026	. Kevin Hern, member of Congress	Sold	$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, 44.0 percent of MRSH's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	44.0%
Five day average	34.0%
52 week median	46.5%

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, MRSH's average change was minus 0.3 percent, and it rose in 34.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.3%	-0.7%	34.8%	23
October	-1.5%	+0.3%	52.2%	23
November	+2.7%	+3.7%	73.9%	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 1 headline naming MRSH in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
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 MRSH's IV rank?: MRSH's at the money implied volatility is 31.2 percent on 28 Sep 2026.
What move are MRSH options pricing?: On 28 Sep 2026, MRSH options priced a move of 8.0 percent down and 6.5 percent up by 16 Oct 2026.
Where are MRSH's call wall and put wall?: On 28 Sep 2026, MRSH's call wall is the 180 strike and its put wall is the 170 strike.
What was the desk's latest view of MRSH on the Free plan?: On 25 Sep 2026 the desk's view of MRSH was bearish, paper trading.
When does MRSH report earnings next?: MRSH reports next on 15 Oct 2026, a date confirmed by the company.

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