Energy

Occidental Petroleum Corp (OXY) options and signal

Figures as of 28 Sep 2026

OXY is Occidental Petroleum Corp, an Energy 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 call spread, 18 Dec	25 Sep
IV rank	75 of 100	28 Sep
At the money IV	36.7%	28 Sep
Priced move to 30 Oct	10.0% down, 10.8% up	28 Sep
Call wall and put wall	65 and 60	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	56.10	28 Sep
Next report	9 Nov 2026	28 Sep

Trade Cards

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

Figure	Value
Signal	Neutral
Strategy	Bear call spread, credit
Legs	Sell the 62.5 call, Buy the 67.5 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $0.96
Probability of profit	71%, the option market's odds at expiry, from delta
Max loss	$404 per contract
Max profit	$96 per contract
Breakeven	63.46
IV rank at that expiry	71 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

OXY's IV rank is 75 of 100 on 28 Sep 2026.

Figure	Value
IV rank	75 of 100
At the money IV	36.7%, near month, 32 days
Put/call ratio, open interest	0.36
Call open interest, strikes captured near the price	373,000 contracts
Put open interest, strikes captured near the price	133,000 contracts
Cost to trade at the money	Fair, 18.0% of the option's mid price

IV rank is where the at the money IV sits among OXY'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, OXY options priced a move of 10.0 percent down and 10.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.8%	3.8%	53.96 to 58.23
9 Oct 2026	11	6.1%	5.8%	52.70 to 59.37
23 Oct 2026	25	8.8%	9.5%	51.14 to 61.41
30 Oct 2026	32	10.0%	10.8%	50.48 to 62.17
20 Nov 2026	53	13.3%	14.0%	48.65 to 63.98
18 Dec 2026	81	16.0%	16.6%	47.11 to 65.44
19 Feb 2027	144	20.3%	25.7%	44.70 to 70.50

The range is one standard deviation either side of the close of 56.10, 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, OXY's call wall is the 65 strike and its put wall is the 60 strike.

Figure	Value
Call wall, most open call gamma	65
Put wall, most open put gamma	60
Flip strike, where net gamma changes sign	57.51
Net dollar gamma, calls minus puts	$24.66 million
Total dollar gamma, both sides	$55.92 million
Close	56.10

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, OXY's at the money IV is 36.7 percent against 20 day realized volatility of 33.1 percent.

Figure	Value
At the money IV	36.7%
Realized volatility, 20 trading days	33.1%
Realized volatility, 60 trading days	34.8%
IV against its own weekly record	In the middle
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	27.0% 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, OXY's at the money IV runs from 35.4 percent at 4 days to 37.0 percent at 144 days.

Days to expiry	At the money IV
4	35.4%
11	34.3%
18	37.0%
25	36.5%
39	41.2%
53	35.9%
81	34.9%
144	37.0%

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, OXY's IV ten percent below the price sits 7.0 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	43.8%	+7.0 points
At the money	36.7%	0.0 points
10% above the price	35.7%	-1.0 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, OXY's surface spans 10 expiries out to 144 days, with IV from 33.5 to 51.3 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	69
Lowest IV among them	33.5%
Highest IV among them	51.3%

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, OXY 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	35.4%	25,058	5,686
9 Oct 2026	11	34.3%	2,525	3,330
16 Oct 2026	18	37.0%	38,421	14,589
23 Oct 2026	25	36.5%	1,819	1,005
30 Oct 2026	32	36.7%	2,038	847
6 Nov 2026	39	41.2%	100	244
20 Nov 2026	53	35.9%	36,947	20,830
18 Dec 2026	81	34.9%	48,529	27,546
15 Jan 2027	109	33.9%	210,253	57,153
19 Feb 2027	144	37.0%	7,168	1,965

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, OXY's largest open interest sits at the 65 strike, with 96,949 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
65	96,072	877	96,949
60	61,267	20,984	82,251
62.5	56,850	3,708	60,558
55	14,972	16,384	31,356
50	11,790	15,342	27,132
45	6,893	14,260	21,153

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, OXY's at the money IV moved from 39.9 percent to 36.7 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	39.9%	36.7%	-3.2 points
Open interest, strikes captured near the price	516,381	506,053	-10,328
Put/call ratio, open interest	0.39	0.36	-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, 26,468 OXY option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	17,849
Puts traded	8,619
Against its recent average	0.7 times
Busier than	3 of its last 20 trading days
Open interest, whole chain	631,436 contracts
Volume to open interest	0.04
Unusual volume flag	Yes, 3 contracts traded well above open interest
Largest flagged contract	The 62 call expiring 2 Oct, 2,300 traded against 476 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 OXY'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	59.06	$37.96 million	60	55
21 Sep 2026	57.25	$20.95 million	65	60
28 Sep 2026	56.10	$24.66 million	65	60

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 OXY was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	56.18, the swing high of 22 Sep 2026, a close past it runs against the view
Level below the close	47.77, the swing low of 1 Jul 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above 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 OXY sat at the 5th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	13 of 100	Bearish
20 trading days	13 of 100	Bearish
45 trading days	5 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 OXY 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.

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Signal History

On 25 Sep 2026 OXY had carried no signal for 6 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	5 of 100
24 Sep 2026	None	14 of 100
23 Sep 2026	None	28 of 100
22 Sep 2026	None	32 of 100
21 Sep 2026	None	10 of 100
18 Sep 2026	None	9 of 100
17 Sep 2026	Bearish	3 of 100
16 Sep 2026	None	26 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, 17 of 56 Energy names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Energy	56	17	33	6

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

OXY closed at 56.10 on 28 Sep 2026.

Figure	Value
Last close	56.10
Change over 5 trading days	-2.0%
Change over 21 trading days	-5.2%
Change over 63 trading days	+14.3%
Change over 252 trading days	+19.4%
52 week high	67.45
52 week low	38.80
20 day moving average	59.60
50 day moving average	58.40
200 day moving average	53.71
RSI, 14 days	39

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

OXY reports next on 9 Nov 2026, and options priced an earnings move of 10.8 percent through 20 Nov 2026.

Figure	Value
Next report	9 Nov 2026, after the close
Date	Confirmed by the company
Priced earnings move	10.8%, a straddle of $6.07 at the 55 strike, expiring 20 Nov 2026
Move after the report of 5 Aug 2026	+4.1%
Move after the report of 30 Apr 2026	-3.1%
Move after the report of 28 Jan 2026	+1.3%
Move after the report of 7 May 2025	+6.2%

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, 61.9 percent of OXY's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	61.9%
Five day average	57.5%
52 week median	48.1%

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, OXY's average change was minus 0.9 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.9%	+2.3%	56.5%	23
October	-0.9%	-2.4%	39.1%	23
November	+4.0%	+1.0%	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 2 headlines naming OXY in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
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 OXY's IV rank?: OXY's IV rank is 75 of 100 on 28 Sep 2026.
What move are OXY options pricing?: On 28 Sep 2026, OXY options priced a move of 10.0 percent down and 10.8 percent up by 30 Oct 2026.
Where are OXY's call wall and put wall?: On 28 Sep 2026, OXY's call wall is the 65 strike and its put wall is the 60 strike.
What was the latest Trade Card for OXY on the Free plan?: On 25 Sep 2026 the Trade Card for OXY was a bear call spread expiring 18 Dec 2026, paper trading.
When does OXY report earnings next?: OXY reports next on 9 Nov 2026, and options priced an earnings move of 10.8 percent through 20 Nov 2026.

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