Consumer Discretionary

Restaurant Brands International Inc. (QSR) options and signal

Figures as of 28 Sep 2026

QSR is Restaurant Brands International Inc., a Consumer Discretionary 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	72 of 100	28 Sep
At the money IV	27.7%	28 Sep
Priced move to 16 Oct	5.9% down, 6.4% up	28 Sep
Call wall and put wall	77.5 and 70	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	71.43	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

QSR's IV rank is 72 of 100 on 28 Sep 2026.

Figure	Value
IV rank	72 of 100
At the money IV	27.7%, near month, 18 days
Put/call ratio, open interest	0.18
Call open interest, strikes captured near the price	25,600 contracts
Put open interest, strikes captured near the price	4,550 contracts
Cost to trade at the money	Fair, 24.4% of the option's mid price

IV rank is where the at the money IV sits among QSR'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, QSR options priced a move of 5.9 percent down and 6.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.9%	6.4%	67.20 to 76.03
20 Nov 2026	53	11.4%	11.3%	63.28 to 79.52
18 Dec 2026	81	12.1%	13.7%	62.82 to 81.25
15 Jan 2027	109	14.4%	15.3%	61.13 to 82.33
16 Apr 2027	200	21.1%	21.7%	56.33 to 86.93

The range is one standard deviation either side of the close of 71.43, 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, QSR's call wall is the 77.5 strike and its put wall is the 70 strike.

Figure	Value
Call wall, most open call gamma	77.5
Put wall, most open put gamma	70
Flip strike, where net gamma changes sign	70.71
Net dollar gamma, calls minus puts	$4.75 million
Total dollar gamma, both sides	$7.36 million
Close	71.43

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, QSR's at the money IV is 27.7 percent against 20 day realized volatility of 24.2 percent.

Figure	Value
At the money IV	27.7%
Realized volatility, 20 trading days	24.2%
Realized volatility, 60 trading days	24.8%
IV against its own weekly record	In the middle
Weekly readings on record	587, from 19 Dec 2014
Weeks the price moved more than the one week priced move	25.4% 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.

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Volatility Weather

On 28 Sep 2026, QSR's at the money IV runs from 27.7 percent at 18 days to 27.3 percent at 200 days.

Days to expiry	At the money IV
18	27.7%
53	29.5%
81	28.2%
109	27.5%
200	27.3%

Near and far expiries price about the same volatility, a flat 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, QSR's IV ten percent below the price sits 0.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	30.5%	+0.9 points
At the money	29.5%	0.0 points
10% above the price	29.8%	+0.2 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, QSR's surface spans 5 expiries out to 200 days, with IV from 25.6 to 107.2 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	27
Lowest IV among them	25.6%
Highest IV among them	107.2%

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, QSR 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	27.7%	20,007	2,465
20 Nov 2026	53	29.5%	716	191
18 Dec 2026	81	28.2%	6	135
15 Jan 2027	109	27.5%	4,830	1,680
16 Apr 2027	200	27.3%	69	80

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, QSR's largest open interest sits at the 77.5 strike, with 9,194 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
77.5	8,971	223	9,194
75	5,008	373	5,381
72.5	3,440	846	4,286
80	3,478	163	3,641
82.5	1,877	43	1,920
70	405	1,269	1,674

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, QSR's at the money IV moved from 26.5 percent to 27.7 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	26.5%	27.7%	+1.2 points
Open interest, strikes captured near the price	30,024	30,179	+155
Put/call ratio, open interest	0.17	0.18	+0.01

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, 1,807 QSR option contracts traded, 0.3 times its own recent average.

Figure	Value
Calls traded	1,138
Puts traded	669
Against its recent average	0.3 times
Busier than	13 of its last 20 trading days
Open interest, whole chain	32,701 contracts
Volume to open interest	0.06
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 QSR'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	73.33	$2.81 million	77.5	72.5
21 Sep 2026	72.56	$836,705	77.5	70
28 Sep 2026	71.43	$4.75 million	77.5	70

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 QSR was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	74.00, the swing high of 22 Sep 2026
Level below the close	70.01, the swing low of 25 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below 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 QSR sat at the 69th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	17 of 100	Bearish
20 trading days	30 of 100	Neutral
45 trading days	69 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 QSR'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.

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Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	69 of 100
24 Sep 2026	None	67 of 100
23 Sep 2026	None	82 of 100
22 Sep 2026	None	76 of 100
21 Sep 2026	None	69 of 100
18 Sep 2026	None	63 of 100
17 Sep 2026	None	30 of 100
16 Sep 2026	None	42 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, 27 of 106 Consumer Discretionary names were bullish and 33 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Consumer Discretionary	106	27	33	46

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

QSR closed at 71.43 on 28 Sep 2026.

Figure	Value
Last close	71.43
Change over 5 trading days	-1.6%
Change over 21 trading days	-8.5%
Change over 63 trading days	-2.5%
Change over 252 trading days	+10.6%
52 week high	81.96
52 week low	64.11
20 day moving average	75.49
50 day moving average	75.64
200 day moving average	73.64
RSI, 14 days	35

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

QSR reports next on 29 Oct 2026, and options priced an earnings move of 8.4 percent through 20 Nov 2026.

Figure	Value
Next report	29 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	8.4%, a straddle of $6.00 at the 72.5 strike, expiring 20 Nov 2026
Move after the report of 6 Aug 2026	-2.1%
Move after the report of 29 Jul 2026	-1.6%
Move after the report of 30 Apr 2026	-0.8%
Move after the report of 28 Jan 2026	+0.0%

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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Public Filings

The filings the desk holds carry 1 recent trade in QSR shares.

Filed	Who	Trade	Size
14 Sep 2026	. Josh Gottheimer, 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 11 Septembers on record, QSR's average change was minus 2.0 percent, and it rose in 45.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.0%	-4.1%	45.5%	11
October	-0.8%	-0.2%	45.5%	11
November	+3.5%	+5.8%	72.7%	11

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 3 headlines naming QSR in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
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 QSR's IV rank?: QSR's IV rank is 72 of 100 on 28 Sep 2026.
What move are QSR options pricing?: On 28 Sep 2026, QSR options priced a move of 5.9 percent down and 6.4 percent up by 16 Oct 2026.
Where are QSR's call wall and put wall?: On 28 Sep 2026, QSR's call wall is the 77.5 strike and its put wall is the 70 strike.
What was the desk's latest view of QSR on the Free plan?: On 25 Sep 2026 the desk's view of QSR was bullish, paper trading.
When does QSR report earnings next?: QSR reports next on 29 Oct 2026, and options priced an earnings move of 8.4 percent through 20 Nov 2026.

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