Health Care

Novartis AG (NVS) options and signal

Figures as of 28 Sep 2026

NVS is Novartis AG, 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	90 of 100	28 Sep
At the money IV	23.4%	28 Sep
Priced move to 16 Oct	5.1% down, 5.4% up	28 Sep
Call wall and put wall	145 and 150	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	146.88	28 Sep
Next report	27 Oct 2026	28 Sep

Options Snapshot

NVS's IV rank is 90 of 100 on 28 Sep 2026.

Figure	Value
IV rank	90 of 100
At the money IV	23.4%, near month, 18 days
Put/call ratio, open interest	2.20
Call open interest, strikes captured near the price	28,700 contracts
Put open interest, strikes captured near the price	63,000 contracts
Cost to trade at the money	Fair, 13.8% of the option's mid price

IV rank is where the at the money IV sits among NVS'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, NVS options priced a move of 5.1 percent down and 5.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.1%	5.4%	139.32 to 154.86
20 Nov 2026	53	9.3%	10.0%	133.28 to 161.58
18 Dec 2026	81	11.0%	12.5%	130.68 to 165.28
15 Jan 2027	109	12.2%	14.3%	128.98 to 167.88
16 Apr 2027	200	18.3%	18.9%	119.98 to 174.68

The range is one standard deviation either side of the close of 146.88, 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, NVS's call wall is the 145 strike and its put wall is the 150 strike.

Figure	Value
Call wall, most open call gamma	145
Put wall, most open put gamma	150
Flip strike, where net gamma changes sign	164.97
Net dollar gamma, calls minus puts	minus $14.62 million
Total dollar gamma, both sides	$37.9 million
Close	146.88

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.

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, NVS's at the money IV is 23.4 percent against 20 day realized volatility of 60.2 percent.

Figure	Value
At the money IV	23.4%
Realized volatility, 20 trading days	60.2%
Realized volatility, 60 trading days	39.4%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	849, from 8 Jan 2010
Weeks the price moved more than the one week priced move	31.8% 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, NVS's at the money IV runs from 23.4 percent at 18 days to 25.9 percent at 200 days.

Days to expiry	At the money IV
18	23.4%
53	25.3%
81	25.0%
109	24.5%
200	25.9%

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, NVS's IV ten percent below the price sits 5.4 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	30.7%	+5.4 points
At the money	25.3%	0.0 points
10% above the price	25.7%	+0.4 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, NVS's surface spans 5 expiries out to 200 days, with IV from 23.4 to 31.7 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	30
Lowest IV among them	23.4%
Highest IV among them	31.7%

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, NVS 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	23.4%	9,377	15,128
20 Nov 2026	53	25.3%	5,165	9,973
18 Dec 2026	81	25.0%	4,582	7,908
15 Jan 2027	109	24.5%	8,995	29,003
16 Apr 2027	200	25.9%	559	979

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, NVS's largest open interest sits at the 150 strike, with 11,582 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
150	2,489	9,093	11,582
140	1,747	9,181	10,928
160	3,690	6,793	10,483
155	3,972	5,832	9,804
130	825	8,008	8,833
145	3,901	4,422	8,323

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, NVS's at the money IV moved from 21.3 percent to 23.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	21.3%	23.4%	+2.1 points
Open interest, strikes captured near the price	92,017	91,669	-348
Put/call ratio, open interest	2.29	2.20	-0.10

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, 4,042 NVS option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	1,472
Puts traded	2,570
Against its recent average	0.8 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	107,284 contracts
Volume to open interest	0.04
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 NVS'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	154.61	minus $7.68 million	160	150
21 Sep 2026	140.98	minus $16.8 million	145	150
28 Sep 2026	146.88	minus $14.62 million	145	150

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 NVS was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	164.48, the swing high of 3 Sep 2026
Level below the close	141.64, the swing low of 14 Sep 2026
Strategy family	Iron condor (sell both sides, defined risk)
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 NVS sat at the 41st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	8 of 100	Bearish
20 trading days	25 of 100	Neutral
45 trading days	41 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 NVS's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	1 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	41 of 100
24 Sep 2026	None	43 of 100
23 Sep 2026	None	52 of 100
22 Sep 2026	None	44 of 100
21 Sep 2026	None	23 of 100
18 Sep 2026	None	18 of 100
17 Sep 2026	None	21 of 100
16 Sep 2026	None	40 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

NVS closed at 146.88 on 28 Sep 2026.

Figure	Value
Last close	146.88
Change over 5 trading days	+4.2%
Change over 21 trading days	-5.0%
Change over 63 trading days	-6.8%
Change over 252 trading days	+20.2%
52 week high	170.46
52 week low	121.57
20 day moving average	145.36
50 day moving average	151.37
200 day moving average	150.54
RSI, 14 days	51

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

NVS reports next on 27 Oct 2026, and options priced an earnings move of 7.7 percent through 20 Nov 2026.

Figure	Value
Next report	27 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	7.7%, a straddle of $11.25 at the 145 strike, expiring 20 Nov 2026
Move after the report of 20 Jul 2026	+2.9%
Move after the report of 25 Apr 2026	-0.9%
Move after the report of 23 Jan 2026	+1.4%
Move after the report of 29 Apr 2025	+0.7%

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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Seasonality

In the 23 Septembers on record, NVS's average change was plus 0.8 percent, and it rose in 69.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.8%	+1.4%	69.6%	23
October	-1.1%	-1.2%	47.8%	23
November	+1.8%	+2.6%	60.9%	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 4 headlines naming NVS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
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 NVS's IV rank?: NVS's IV rank is 90 of 100 on 28 Sep 2026.
What move are NVS options pricing?: On 28 Sep 2026, NVS options priced a move of 5.1 percent down and 5.4 percent up by 16 Oct 2026.
Where are NVS's call wall and put wall?: On 28 Sep 2026, NVS's call wall is the 145 strike and its put wall is the 150 strike.
What was the desk's latest view of NVS on the Free plan?: On 25 Sep 2026 the desk's view of NVS was neutral, paper trading.
When does NVS report earnings next?: NVS reports next on 27 Oct 2026, and options priced an earnings move of 7.7 percent through 20 Nov 2026.

More Health Care names

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