Energy

Patterson-UTI Energy, Inc. (PTEN) options and signal

Figures as of 28 Sep 2026

PTEN is Patterson-UTI Energy, Inc., 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
IV rank	62 of 100	28 Sep
At the money IV	56.1%	28 Sep
Priced move to 16 Oct	12.2% down, 12.4% up	28 Sep
Call wall and put wall	Both 12	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	10.85	28 Sep
Next report	21 Oct 2026	28 Sep

Options Snapshot

PTEN's IV rank is 62 of 100 on 28 Sep 2026.

Figure	Value
IV rank	62 of 100
At the money IV	56.1%, near month, 18 days
Put/call ratio, open interest	0.22
Call open interest, strikes captured near the price	152,000 contracts
Put open interest, strikes captured near the price	33,000 contracts
Cost to trade at the money	Wide, 49.0% of the option's mid price

IV rank is where the at the money IV sits among PTEN'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, PTEN options priced a move of 12.2 percent down and 12.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	12.2%	12.4%	9.53 to 12.20
20 Nov 2026	53	19.9%	21.8%	8.69 to 13.22
15 Jan 2027	109	28.9%	28.7%	7.71 to 13.96
19 Feb 2027	144	35.2%	34.6%	7.03 to 14.60

The range is one standard deviation either side of the close of 10.85, 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, PTEN's call wall and put wall are both at the 12 strike.

Figure	Value
Call wall, most open call gamma	12
Put wall, most open put gamma	12
Flip strike, where net gamma changes sign	8
Net dollar gamma, calls minus puts	$1.87 million
Total dollar gamma, both sides	$2.89 million
Close	10.85

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, PTEN's at the money IV is 56.1 percent against 20 day realized volatility of 38.0 percent.

Figure	Value
At the money IV	56.1%
Realized volatility, 20 trading days	38.0%
Realized volatility, 60 trading days	55.4%
IV against its own weekly record	In the middle
Weekly readings on record	844, from 8 Jan 2010
Weeks the price moved more than the one week priced move	17.3% of 231 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, PTEN's at the money IV runs from 56.1 percent at 18 days to 55.0 percent at 144 days.

Days to expiry	At the money IV
18	56.1%
53	57.3%
109	52.4%
144	55.0%

Near expiries price more volatility than far ones, an inverted 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, PTEN's IV ten percent below the price sits 2.6 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	54.7%	-2.6 points
At the money	57.3%	0.0 points
10% above the price	56.2%	-1.1 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, PTEN's surface spans 4 expiries out to 144 days, with IV from 52.4 to 62.5 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	8
Lowest IV among them	52.4%
Highest IV among them	62.5%

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, PTEN has 4 captured expiries, from 16 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	56.1%	708	5,348
20 Nov 2026	53	57.3%	117,860	8,923
15 Jan 2027	109	52.4%	30,281	18,421
19 Feb 2027	144	55.0%	2,797	330

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, PTEN's largest open interest sits at the 12 strike, with 64,363 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
12	54,035	10,328	64,363
13	51,883	6,056	57,939
11	16,057	8,470	24,527
9	9,217	257	9,474
7	1,389	6,450	7,839
14	6,891	130	7,021

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, PTEN's at the money IV moved from 54.8 percent to 56.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	54.8%	56.1%	+1.3 points
Open interest, strikes captured near the price	185,189	184,668	-521
Put/call ratio, open interest	0.22	0.22	+0.00

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, 6,544 PTEN option contracts traded, 3.4 times its own recent average.

Figure	Value
Calls traded	6,236
Puts traded	308
Against its recent average	3.4 times
Busier than	9 of its last 9 trading days
Open interest, whole chain	189,029 contracts
Volume to open interest	0.03
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 11 call expiring 15 Jan, 5,010 traded against 474 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 10 trading days of PTEN's option positioning, from 15 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
15 Sep 2026	12.71	$2.6 million	13	13
21 Sep 2026	11.42	$1.71 million	12	12
28 Sep 2026	10.85	$1.87 million	12	12

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 PTEN was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	11.04, the swing high of 26 Aug 2026
Level below the close	8.50, the swing low of 1 Jul 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 PTEN sat at the 28th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	85 of 100	Bullish
20 trading days	54 of 100	Neutral
45 trading days	28 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 PTEN's near timeframes were bullish and its long timeframe was neutral, paper trading.

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

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Signal History

On 25 Sep 2026 PTEN had carried no signal for at least 10 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	28 of 100
24 Sep 2026	None	35 of 100
23 Sep 2026	None	54 of 100
22 Sep 2026	None	48 of 100
21 Sep 2026	None	13 of 100
18 Sep 2026	None	23 of 100
17 Sep 2026	None	8 of 100
16 Sep 2026	None	35 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

PTEN closed at 10.85 on 28 Sep 2026.

Figure	Value
Last close	10.85
Change over 5 trading days	-5.0%
Change over 21 trading days	-11.5%
Change over 63 trading days	+13.6%
Change over 252 trading days	+97.3%
52 week high	13.39
52 week low	5.10
20 day moving average	12.12
50 day moving average	11.37
200 day moving average	9.93
RSI, 14 days	37

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

PTEN reports next on 21 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	21 Oct 2026, after the close
Date	Worked out from past quarters
Move after the report of 23 Apr 2026	+1.7%
Move after the report of 21 Jan 2026	+0.4%
Move after the report of 23 Apr 2025	+3.7%
Move after the report of 5 Feb 2025	0.0%

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

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Seasonality

In the 23 Septembers on record, PTEN's average change was minus 2.6 percent, and it rose in 43.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.6%	-1.2%	43.5%	23
October	+1.1%	+0.3%	52.2%	23
November	+2.8%	+1.5%	56.5%	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 1 headline naming PTEN in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
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 PTEN's IV rank?: PTEN's IV rank is 62 of 100 on 28 Sep 2026.
What move are PTEN options pricing?: On 28 Sep 2026, PTEN options priced a move of 12.2 percent down and 12.4 percent up by 16 Oct 2026.
Where are PTEN's call wall and put wall?: On 28 Sep 2026, PTEN's call wall and put wall are both at the 12 strike.
What was the desk's latest view of PTEN on the Free plan?: On 25 Sep 2026 the desk's view of PTEN was neutral, paper trading.
When does PTEN report earnings next?: PTEN reports next on 21 Oct 2026, a date worked out from past quarters.

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