Industrials

Paychex Inc (PAYX) options and signal

Figures as of 28 Sep 2026

PAYX is Paychex Inc, an Industrials 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	29.6%	28 Sep
Priced move to 16 Oct	6.5% down, 6.9% up	28 Sep
Call wall and put wall	110 and 95	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	99.30	28 Sep
Next report	18 Dec 2026	28 Sep

Options Snapshot

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

Figure	Value
IV rank	90 of 100
At the money IV	29.6%, near month, 18 days
Put/call ratio, open interest	0.76
Call open interest, strikes captured near the price	19,400 contracts
Put open interest, strikes captured near the price	14,700 contracts
Cost to trade at the money	Fair, 18.4% of the option's mid price

IV rank is where the at the money IV sits among PAYX'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, PAYX options priced a move of 6.5 percent down and 6.9 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	6.5%	6.9%	92.80 to 106.19
20 Nov 2026	53	12.7%	13.0%	86.70 to 112.20
18 Dec 2026	81	17.8%	16.0%	81.60 to 115.20
15 Jan 2027	109	20.7%	20.1%	78.70 to 119.30
19 Mar 2027	172	21.6%	23.5%	77.90 to 122.60

The range is one standard deviation either side of the close of 99.30, 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, PAYX's call wall is the 110 strike and its put wall is the 95 strike.

Figure	Value
Call wall, most open call gamma	110
Put wall, most open put gamma	95
Flip strike, where net gamma changes sign	104.71
Net dollar gamma, calls minus puts	minus $1.08 million
Total dollar gamma, both sides	$5.64 million
Close	99.30

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, PAYX's at the money IV is 29.6 percent against 20 day realized volatility of 37.6 percent.

Figure	Value
At the money IV	29.6%
Realized volatility, 20 trading days	37.6%
Realized volatility, 60 trading days	34.8%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	31.7% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, PAYX's at the money IV runs from 29.6 percent at 18 days to 34.6 percent at 172 days.

Days to expiry	At the money IV
18	29.6%
53	33.6%
81	38.2%
109	38.3%
172	34.6%

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, PAYX'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	39.0%	+5.4 points
At the money	33.6%	0.0 points
10% above the price	36.9%	+3.2 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, PAYX's surface spans 5 expiries out to 172 days, with IV from 29.6 to 53.2 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	20
Lowest IV among them	29.6%
Highest IV among them	53.2%

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, PAYX has 5 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	29.6%	2,314	3,904
20 Nov 2026	53	33.6%	3,100	4,114
18 Dec 2026	81	38.2%	5,435	1,887
15 Jan 2027	109	38.3%	6,001	3,983
19 Mar 2027	172	34.6%	2,501	845

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, PAYX's largest open interest sits at the 110 strike, with 6,543 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
110	3,366	3,177	6,543
130	4,007	21	4,028
95	44	3,208	3,252
100	702	1,902	2,604
140	2,492	106	2,598
115	1,190	954	2,144

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, PAYX's at the money IV moved from 35.1 percent to 29.6 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	35.1%	29.6%	-5.6 points
Open interest, strikes captured near the price	36,097	34,084	-2,013
Put/call ratio, open interest	0.68	0.76	+0.08

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, 5,697 PAYX option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	2,167
Puts traded	3,530
Against its recent average	0.9 times
Busier than	18 of its last 20 trading days
Open interest, whole chain	40,165 contracts
Volume to open interest	0.14
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 90 put expiring 16 Oct, 1,145 traded against 257 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 PAYX'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	121.30	$5.64 million	125	115
21 Sep 2026	115.01	$1.5 million	125	120
28 Sep 2026	99.30	minus $1.08 million	110	95

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 PAYX was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	114.51, the swing high of 10 Sep 2026
Level below the close	97.79, the swing low of 30 Jun 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.

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Rank by Timeframe

On 25 Sep 2026 PAYX sat at the 29th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	72 of 100	Neutral
20 trading days	68 of 100	Neutral
45 trading days	29 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 PAYX'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 PAYX had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	29 of 100
24 Sep 2026	None	41 of 100
23 Sep 2026	None	48 of 100
22 Sep 2026	None	35 of 100
21 Sep 2026	None	20 of 100
18 Sep 2026	None	20 of 100
17 Sep 2026	None	12 of 100
16 Sep 2026	None	50 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, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

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

PAYX closed at 99.30 on 28 Sep 2026.

Figure	Value
Last close	99.30
Change over 5 trading days	-13.7%
Change over 21 trading days	-21.5%
Change over 63 trading days	-0.5%
Change over 252 trading days	-21.6%
52 week high	130.32
52 week low	85.45
20 day moving average	115.44
50 day moving average	118.07
200 day moving average	104.11
RSI, 14 days	20

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

PAYX reports next on 18 Dec 2026, a date worked out from past quarters.

Figure	Value
Next report	18 Dec 2026
Date	Worked out from past quarters

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

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Company Events

PAYX filed 1 current report in the 14 days to 28 Sep 2026, the latest on 23 Sep 2026.

Filed	Report	What it covers
23 Sep 2026	Current report	Results of Operations and Financial Condition

Filings as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 51.1 percent of PAYX's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	51.1%
Five day average	55.0%
52 week median	61.3%
Short interest, share of shares outstanding	5.6% at the 15 Sep 2026 settlement
Days to cover	8.1

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, PAYX's average change was plus 0.4 percent, and it rose in 60.9 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.4%	+1.3%	60.9%	23
October	+2.2%	+3.8%	69.6%	23
November	+3.2%	+3.0%	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 PAYX 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 PAYX's IV rank?: PAYX's IV rank is 90 of 100 on 28 Sep 2026.
What move are PAYX options pricing?: On 28 Sep 2026, PAYX options priced a move of 6.5 percent down and 6.9 percent up by 16 Oct 2026.
Where are PAYX's call wall and put wall?: On 28 Sep 2026, PAYX's call wall is the 110 strike and its put wall is the 95 strike.
What was the desk's latest view of PAYX on the Free plan?: On 25 Sep 2026 the desk's view of PAYX was neutral, paper trading.
When does PAYX report earnings next?: PAYX reports next on 18 Dec 2026, a date worked out from past quarters.

More Industrials names

Guides and the full list

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