Financials

Riot Platforms, Inc. (RIOT) options and signal

Figures as of 28 Sep 2026

RIOT is Riot Platforms, Inc., a Financials 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	Bull call spread, 18 Dec	25 Sep
IV rank	10 of 100	28 Sep
At the money IV	83.1%	28 Sep
Priced move to 30 Oct	23.0% down, 25.3% up	28 Sep
Call wall and put wall	25 and 17	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	21.62	28 Sep
Next report	29 Oct 2026	28 Sep

Trade Cards

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

Figure	Value
Signal	Neutral
Strategy	Bull call spread, debit
Legs	Buy the 23 call, Sell the 39 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A debit of at most $3.13
Probability of profit	39%, the option market's odds at expiry, from delta
Max loss	$313 per contract
Max profit	$1,287 per contract
Breakeven	26.13
IV rank at that expiry	10 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

RIOT's IV rank is 10 of 100 on 28 Sep 2026.

Figure	Value
IV rank	10 of 100
At the money IV	83.1%, near month, 32 days
Put/call ratio, open interest	0.39
Call open interest, strikes captured near the price	396,000 contracts
Put open interest, strikes captured near the price	154,000 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 RIOT'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, RIOT options priced a move of 23.0 percent down and 25.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	8.2%	8.3%	19.85 to 23.42
9 Oct 2026	11	12.1%	15.1%	19.00 to 24.88
23 Oct 2026	25	20.5%	21.3%	17.18 to 26.23
30 Oct 2026	32	23.0%	25.3%	16.64 to 27.08
20 Nov 2026	53	30.8%	31.7%	14.96 to 28.48
18 Dec 2026	81	38.2%	42.9%	13.36 to 30.90
19 Mar 2027	172	53.7%	61.5%	10.02 to 34.92

The range is one standard deviation either side of the close of 21.62, 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, RIOT's call wall is the 25 strike and its put wall is the 17 strike.

Figure	Value
Call wall, most open call gamma	25
Put wall, most open put gamma	17
Net dollar gamma, calls minus puts	$5.82 million
Total dollar gamma, both sides	$13.45 million
Close	21.62

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.

Net gamma changes sign at 6 strikes, so no single flip strike is named.

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, RIOT's at the money IV is 83.1 percent against 20 day realized volatility of 82.9 percent.

Figure	Value
At the money IV	83.1%
Realized volatility, 20 trading days	82.9%
Realized volatility, 60 trading days	93.8%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	423, from 8 Dec 2017
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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, RIOT's at the money IV runs from 77.7 percent at 4 days to 82.6 percent at 172 days.

Days to expiry	At the money IV
4	77.7%
11	76.5%
18	78.3%
25	78.9%
39	89.8%
53	82.9%
81	83.8%
172	82.6%

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 32 day expiry, RIOT's IV ten percent below the price sits 1.9 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	81.2%	-1.9 points
At the money	83.1%	0.0 points
10% above the price	79.5%	-3.6 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, RIOT's surface spans 10 expiries out to 172 days, with IV from 76.2 to 92.4 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	46
Lowest IV among them	76.2%
Highest IV among them	92.4%

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, RIOT has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	77.7%	55,404	22,907
9 Oct 2026	11	76.5%	9,783	8,759
16 Oct 2026	18	78.3%	63,198	17,614
23 Oct 2026	25	78.9%	4,918	5,915
30 Oct 2026	32	83.1%	6,278	3,849
6 Nov 2026	39	89.8%	299	132
20 Nov 2026	53	82.9%	23,583	5,883
18 Dec 2026	81	83.8%	100,015	43,500
15 Jan 2027	109	79.7%	125,179	34,279
19 Mar 2027	172	82.6%	6,862	11,133

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, RIOT's largest open interest sits at the 25 strike, with 88,036 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
25	84,481	3,555	88,036
30	50,297	2,114	52,411
23	32,667	7,430	40,097
26	32,077	618	32,695
20	18,491	12,117	30,608
15	12,308	17,177	29,485

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, RIOT's at the money IV moved from 77.7 percent to 83.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	77.7%	83.1%	+5.4 points
Open interest, strikes captured near the price	496,588	549,490	+52,902
Put/call ratio, open interest	0.36	0.39	+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, 34,066 RIOT option contracts traded, 0.5 times its own recent average.

Figure	Value
Calls traded	21,700
Puts traded	12,366
Against its recent average	0.5 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	724,430 contracts
Volume to open interest	0.05
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 RIOT'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	20.24	$2.49 million	21	18
21 Sep 2026	24.18	$6.07 million	25	23.5
28 Sep 2026	21.62	$5.82 million	25	17

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 RIOT was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	22.87, the swing high of 8 Sep 2026
Level below the close	19.52, the swing low of 15 Sep 2026, a close past it runs against the view
The chart	Sits with the view
Strategy family	Bull call spread (buy a call spread)
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 RIOT sat at the 80th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	85 of 100	Bullish
20 trading days	47 of 100	Neutral
45 trading days	80 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, 1 of 3 timeframes put RIOT on the bullish side, 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 RIOT had carried no signal for 8 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	80 of 100
24 Sep 2026	None	85 of 100
23 Sep 2026	None	64 of 100
22 Sep 2026	None	54 of 100
21 Sep 2026	None	67 of 100
18 Sep 2026	None	85 of 100
17 Sep 2026	None	78 of 100
16 Sep 2026	None	93 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, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

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

RIOT closed at 21.62 on 28 Sep 2026.

Figure	Value
Last close	21.62
Change over 5 trading days	-10.6%
Change over 21 trading days	+3.5%
Change over 63 trading days	-22.1%
Change over 252 trading days	+29.2%
52 week high	30.32
52 week low	11.50
20 day moving average	21.68
50 day moving average	21.08
200 day moving average	19.24
RSI, 14 days	49

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

RIOT reports next on 29 Oct 2026, and options priced an earnings move of 20.2 percent through 30 Oct 2026.

Figure	Value
Next report	29 Oct 2026, after the close
Date	Confirmed by the company
Priced earnings move	20.2%, a straddle of $4.36 at the 22 strike, expiring 30 Oct 2026
Move after the report of 10 Aug 2026	+4.3%
Move after the report of 11 May 2026	-3.3%
Move after the report of 10 Feb 2026	-0.2%
Move after the report of 10 Nov 2025	-6.8%

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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Company Events

RIOT filed 1 current report in the 14 days to 28 Sep 2026, the latest on 25 Sep 2026.

Filed	Report	What it covers
25 Sep 2026	Current report	Termination of a Material Definitive Agreement

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

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Seasonality

In the 10 Septembers on record, RIOT's average change was minus 6.9 percent, and it rose in 20.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-6.9%	-10.0%	20.0%	10
October	0.0%	+3.9%	55.6%	9
November	+28.8%	+19.7%	60.0%	10

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 5 headlines naming RIOT in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	5
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 RIOT's IV rank?: RIOT's IV rank is 10 of 100 on 28 Sep 2026.
What move are RIOT options pricing?: On 28 Sep 2026, RIOT options priced a move of 23.0 percent down and 25.3 percent up by 30 Oct 2026.
Where are RIOT's call wall and put wall?: On 28 Sep 2026, RIOT's call wall is the 25 strike and its put wall is the 17 strike.
What was the latest Trade Card for RIOT on the Free plan?: On 25 Sep 2026 the Trade Card for RIOT was a bull call spread expiring 18 Dec 2026, paper trading.
When does RIOT report earnings next?: RIOT reports next on 29 Oct 2026, and options priced an earnings move of 20.2 percent through 30 Oct 2026.

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