Communication Services

Nebius Group N.V. (NBIS) options and signal

Figures as of 28 Sep 2026

NBIS is Nebius Group N.V., a Communication Services 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 put spread, 18 Dec	25 Sep
IV rank	10 of 100	28 Sep
At the money IV	76.6%	28 Sep
Priced move to 30 Oct	22.7% down, 23.6% up	28 Sep
Call wall and put wall	300 and 220	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	231.88	28 Sep
Next report	10 Nov 2026	28 Sep

Trade Cards

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

Figure	Value
Signal	Neutral
Strategy	Bear put spread, debit
Legs	Buy the 250 put, Sell the 190 put
Expiry	18 Dec 2026, 84 days to expiry
Limit	A debit of at most $29.23
Probability of profit	37%, the option market's odds at expiry, from delta
Max loss	$2,923 per contract
Max profit	$3,077 per contract
Breakeven	220.77
IV rank at that expiry	27 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

NBIS's IV rank is 10 of 100 on 28 Sep 2026.

Figure	Value
IV rank	10 of 100
At the money IV	76.6%, near month, 32 days
Put/call ratio, open interest	0.65
Call open interest, strikes captured near the price	350,000 contracts
Put open interest, strikes captured near the price	226,000 contracts
Cost to trade at the money	Fair, 14.2% of the option's mid price

IV rank is where the at the money IV sits among NBIS'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, NBIS options priced a move of 22.7 percent down and 23.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	8.1%	8.3%	213.08 to 251.18
9 Oct 2026	11	12.9%	13.5%	202.08 to 263.08
23 Oct 2026	25	19.9%	20.5%	185.78 to 279.38
30 Oct 2026	32	22.7%	23.6%	179.28 to 286.58
20 Nov 2026	53	31.7%	33.2%	158.38 to 308.78
18 Dec 2026	81	38.5%	41.4%	142.68 to 327.78
19 Feb 2027	144	51.3%	55.6%	112.88 to 360.88

The range is one standard deviation either side of the close of 231.88, 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, NBIS's call wall is the 300 strike and its put wall is the 220 strike.

Figure	Value
Call wall, most open call gamma	300
Put wall, most open put gamma	220
Net dollar gamma, calls minus puts	$31.78 million
Total dollar gamma, both sides	$152.64 million
Close	231.88

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 5 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, NBIS's at the money IV is 76.6 percent against 20 day realized volatility of 65.3 percent.

Figure	Value
At the money IV	76.6%
Realized volatility, 20 trading days	65.3%
Realized volatility, 60 trading days	128.6%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	73, from 22 Nov 2024
Weeks the price moved more than the one week priced move	33.3% of 72 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, NBIS's at the money IV runs from 78.3 percent at 4 days to 86.2 percent at 144 days.

Days to expiry	At the money IV
4	78.3%
11	76.0%
18	76.7%
25	76.7%
39	80.6%
53	85.3%
81	85.5%
144	86.2%

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 32 day expiry, NBIS's IV ten percent below the price sits 0.2 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	76.4%	-0.2 points
At the money	76.6%	0.0 points
10% above the price	78.8%	+2.2 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, NBIS's surface spans 10 expiries out to 144 days, with IV from 72.4 to 85.9 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	88
Lowest IV among them	72.4%
Highest IV among them	85.9%

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, NBIS 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	78.3%	32,680	25,440
9 Oct 2026	11	76.0%	15,216	11,103
16 Oct 2026	18	76.7%	54,008	49,224
23 Oct 2026	25	76.7%	4,894	7,672
30 Oct 2026	32	76.6%	6,508	7,169
6 Nov 2026	39	80.6%	329	1,195
20 Nov 2026	53	85.3%	41,774	32,755
18 Dec 2026	81	85.5%	44,514	33,402
15 Jan 2027	109	83.4%	140,952	51,288
19 Feb 2027	144	86.2%	9,099	7,004

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, NBIS's largest open interest sits at the 300 strike, with 44,534 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
300	43,093	1,441	44,534
200	17,341	21,486	38,827
250	21,236	8,364	29,600
210	13,432	15,604	29,036
260	19,047	5,684	24,731
230	11,018	11,235	22,253

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, NBIS's at the money IV moved from 72.9 percent to 76.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	72.9%	76.6%	+3.7 points
Open interest, strikes captured near the price	611,124	576,226	-34,898
Put/call ratio, open interest	0.63	0.65	+0.02

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, 136,664 NBIS option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	79,245
Puts traded	57,419
Against its recent average	0.8 times
Busier than	10 of its last 20 trading days
Open interest, whole chain	1 million contracts
Volume to open interest	0.14
Unusual volume flag	Yes, 13 contracts traded well above open interest
Largest flagged contract	The 237.5 call expiring 2 Oct, 2,298 traded against 335 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 33 trading days of NBIS'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	193.23	minus $5.2 million	200	180
21 Sep 2026	232.80	$24.5 million	230	220
28 Sep 2026	231.88	$31.78 million	300	220

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 NBIS was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	249.19, the swing high of 24 Sep 2026, a close past it runs against the view
Level below the close	203.87, the swing low of 14 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

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

Timeframe	Percentile	Side
10 trading days	20 of 100	Neutral
20 trading days	16 of 100	Bearish
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, 2 of 3 timeframes put NBIS 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 NBIS had carried no signal for 2 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	13 of 100
24 Sep 2026	None	7 of 100
23 Sep 2026	Bearish	5 of 100
22 Sep 2026	Bearish	2 of 100
21 Sep 2026	None	16 of 100
18 Sep 2026	None	37 of 100
17 Sep 2026	None	42 of 100
16 Sep 2026	Bearish	1 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, 10 of 37 Communication Services names were bullish and 12 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Communication Services	37	10	12	15

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

NBIS closed at 231.88 on 28 Sep 2026.

Figure	Value
Last close	231.88
Change over 5 trading days	-0.4%
Change over 21 trading days	+6.1%
Change over 63 trading days	-11.2%
Change over 252 trading days	+114.8%
52 week high	299.86
52 week low	73.52
20 day moving average	223.13
50 day moving average	216.66
200 day moving average	164.78
RSI, 14 days	53

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

NBIS reports next on 10 Nov 2026, and options priced an earnings move of 25.8 percent through 20 Nov 2026.

Figure	Value
Next report	10 Nov 2026, before the open
Date	Confirmed by the company
Priced earnings move	25.8%, a straddle of $59.90 at the 230 strike, expiring 20 Nov 2026
Move after the report of 12 Aug 2026	+34.1%
Move after the report of 13 May 2026	+6.7%
Move after the report of 12 Feb 2026	+9.2%
Move after the report of 12 Nov 2025	-6.1%

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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Headlines

The desk's news feeds carried 8 headlines naming NBIS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	8
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 NBIS's IV rank?: NBIS's IV rank is 10 of 100 on 28 Sep 2026.
What move are NBIS options pricing?: On 28 Sep 2026, NBIS options priced a move of 22.7 percent down and 23.6 percent up by 30 Oct 2026.
Where are NBIS's call wall and put wall?: On 28 Sep 2026, NBIS's call wall is the 300 strike and its put wall is the 220 strike.
What was the latest Trade Card for NBIS on the Free plan?: On 25 Sep 2026 the Trade Card for NBIS was a bear put spread expiring 18 Dec 2026, paper trading.
When does NBIS report earnings next?: NBIS reports next on 10 Nov 2026, and options priced an earnings move of 25.8 percent through 20 Nov 2026.

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