Health Care

Novo Nordisk A/S (NVO) options and signal

Figures as of 28 Sep 2026

NVO is Novo Nordisk A/S, 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
Trade Card	Long straddle, 30 Oct	25 Sep
IV rank	79 of 100	28 Sep
At the money IV	32.0%	28 Sep
Priced move to 30 Oct	9.3% down, 10.1% up	28 Sep
Call wall and put wall	Both 40	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	38.71	28 Sep
Next report	4 Nov 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for NVO was a long straddle expiring 30 Oct 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Long straddle, debit
Legs	Buy the 39 call, Buy the 39 put
Expiry	30 Oct 2026, 35 days to expiry
Limit	A debit of at most $2.91
Probability of profit	44%, the option market's odds at expiry, from delta
Max loss	$291 per contract
Breakeven	36.09 and 41.91
IV rank at that expiry	77 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

NVO's IV rank is 79 of 100 on 28 Sep 2026.

Figure	Value
IV rank	79 of 100
At the money IV	32.0%, near month, 32 days
Put/call ratio, open interest	1.16
Call open interest, strikes captured near the price	330,000 contracts
Put open interest, strikes captured near the price	384,000 contracts
Cost to trade at the money	Tight, 8.8% of the option's mid price

IV rank is where the at the money IV sits among NVO'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, NVO options priced a move of 9.3 percent down and 10.1 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.1%	3.6%	37.51 to 40.09
9 Oct 2026	11	5.2%	5.8%	36.71 to 40.95
23 Oct 2026	25	7.9%	8.5%	35.67 to 42.01
30 Oct 2026	32	9.3%	10.1%	35.11 to 42.61
20 Nov 2026	53	15.2%	16.1%	32.81 to 44.93
18 Dec 2026	81	16.8%	18.1%	32.22 to 45.70
19 Mar 2027	172	23.5%	28.4%	29.61 to 49.71

The range is one standard deviation either side of the close of 38.71, 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, NVO's call wall and put wall are both at the 40 strike.

Figure	Value
Call wall, most open call gamma	40
Put wall, most open put gamma	40
Net dollar gamma, calls minus puts	minus $14.34 million
Total dollar gamma, both sides	$55.64 million
Close	38.71

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 9 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, NVO's at the money IV is 32.0 percent against 20 day realized volatility of 41.0 percent.

Figure	Value
At the money IV	32.0%
Realized volatility, 20 trading days	41.0%
Realized volatility, 60 trading days	39.7%
IV against its own weekly record	In the middle
Weekly readings on record	834, from 8 Jan 2010
Weeks the price moved more than the one week priced move	32.2% 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, NVO's at the money IV runs from 32.2 percent at 4 days to 37.7 percent at 172 days.

Days to expiry	At the money IV
4	32.2%
11	32.1%
18	32.0%
25	32.1%
39	45.8%
53	41.0%
81	36.9%
172	37.7%

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 32 day expiry, NVO's IV ten percent below the price sits 5.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	37.8%	+5.8 points
At the money	32.0%	0.0 points
10% above the price	38.7%	+6.7 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, NVO's surface spans 10 expiries out to 172 days, with IV from 31.1 to 64.8 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	68
Lowest IV among them	31.1%
Highest IV among them	64.8%

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, NVO 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	32.2%	14,068	11,342
9 Oct 2026	11	32.1%	6,250	4,723
16 Oct 2026	18	32.0%	53,066	69,468
23 Oct 2026	25	32.1%	1,923	6,849
30 Oct 2026	32	32.0%	3,888	24,212
6 Nov 2026	39	45.8%	434	147
20 Nov 2026	53	41.0%	30,425	57,921
18 Dec 2026	81	36.9%	66,082	66,036
15 Jan 2027	109	35.6%	120,682	107,456
19 Mar 2027	172	37.7%	33,441	35,372

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, NVO's largest open interest sits at the 40 strike, with 118,391 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
40	44,848	73,543	118,391
45	56,337	57,562	113,899
50	61,120	25,907	87,027
35	11,775	59,799	71,574
55	49,340	2,924	52,264
37.5	4,807	35,661	40,468

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, NVO's at the money IV moved from 31.1 percent to 32.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	31.1%	32.0%	+0.9 points
Open interest, strikes captured near the price	691,637	713,785	+22,148
Put/call ratio, open interest	1.19	1.16	-0.03

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, 63,369 NVO option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	25,859
Puts traded	37,510
Against its recent average	0.6 times
Busier than	14 of its last 20 trading days
Open interest, whole chain	1.12 million contracts
Volume to open interest	0.06
Unusual volume flag	Yes, 5 contracts traded well above open interest
Largest flagged contract	The 40 put expiring 17 Sep, 5,939 traded against 710 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 NVO'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	47.17	$5.93 million	50	45
21 Sep 2026	39.80	minus $13.22 million	45	40
28 Sep 2026	38.71	minus $14.34 million	40	40

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 NVO was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	41.47, the swing high of 16 Sep 2026
Level below the close	37.92, the swing low of 24 Sep 2026
Strategy family	Long straddle (buy a call and a put at the same strike)
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 NVO sat at the 56th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	47 of 100	Neutral
20 trading days	46 of 100	Neutral
45 trading days	56 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.

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Timeframe Agreement

On 25 Sep 2026 NVO'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.

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Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	56 of 100
24 Sep 2026	None	57 of 100
23 Sep 2026	None	60 of 100
22 Sep 2026	None	57 of 100
21 Sep 2026	None	62 of 100
18 Sep 2026	None	73 of 100
17 Sep 2026	None	55 of 100
16 Sep 2026	None	45 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, 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.

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Price Chart

NVO closed at 38.71 on 28 Sep 2026.

Figure	Value
Last close	38.71
Change over 5 trading days	-2.7%
Change over 21 trading days	-16.3%
Change over 63 trading days	-19.9%
Change over 252 trading days	-30.9%
52 week high	64.16
52 week low	35.12
20 day moving average	42.79
50 day moving average	45.57
200 day moving average	45.90
RSI, 14 days	31

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

NVO 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 4 Aug 2026	+0.6%
Move after the report of 30 Apr 2026	+3.9%
Move after the report of 28 Jan 2026	-1.7%
Move after the report of 7 May 2025	+1.9%

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 NVO shares.

Filed	Who	Trade	Size
25 Sep 2026	. Kevin Hern, member of Congress	Sold	$1,001 to $15,000
25 Sep 2026	. Kevin Hern, member of Congress	Sold part	$1,001 to $15,000
17 Sep 2026	. Scott Scott Franklin, member of Congress	Bought	$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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Seasonality

In the 23 Septembers on record, NVO's average change was minus 0.9 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.9%	-0.8%	47.8%	23
October	-0.1%	+0.9%	52.2%	23
November	+2.8%	+3.4%	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 7 headlines naming NVO in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	7
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 NVO's IV rank?: NVO's IV rank is 79 of 100 on 28 Sep 2026.
What move are NVO options pricing?: On 28 Sep 2026, NVO options priced a move of 9.3 percent down and 10.1 percent up by 30 Oct 2026.
Where are NVO's call wall and put wall?: On 28 Sep 2026, NVO's call wall and put wall are both at the 40 strike.
What was the latest Trade Card for NVO on the Free plan?: On 25 Sep 2026 the Trade Card for NVO was a long straddle expiring 30 Oct 2026, paper trading.
When does NVO report earnings next?: NVO reports next on 4 Nov 2026, a date confirmed by the company.

More Health Care names

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