Financials

Banco Santander, S.A. (SAN) options and signal

Figures as of 28 Sep 2026

SAN is Banco Santander, S.A., 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
IV rank	44 of 100	28 Sep
At the money IV	41.0%	28 Sep
Priced move to 16 Oct	9.1% down, 11.2% up	28 Sep
Call wall and put wall	15 and 13	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	14.22	28 Sep
Next report	28 Oct 2026	28 Sep

Options Snapshot

SAN's IV rank is 44 of 100 on 28 Sep 2026.

Figure	Value
IV rank	44 of 100
At the money IV	41.0%, near month, 18 days
Put/call ratio, open interest	0.47
Call open interest, strikes captured near the price	22,100 contracts
Put open interest, strikes captured near the price	10,300 contracts
Cost to trade at the money	Wide, 127.9% of the option's mid price

IV rank is where the at the money IV sits among SAN'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, SAN options priced a move of 9.1 percent down and 11.2 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	9.1%	11.2%	12.93 to 15.81
20 Nov 2026	53	14.6%	13.2%	12.15 to 16.10
18 Dec 2026	81	18.3%	16.0%	11.62 to 16.50
19 Mar 2027	172	26.4%	24.1%	10.47 to 17.65

The range is one standard deviation either side of the close of 14.22, 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, SAN's call wall is the 15 strike and its put wall is the 13 strike.

Figure	Value
Call wall, most open call gamma	15
Put wall, most open put gamma	13
Flip strike, where net gamma changes sign	13.64
Net dollar gamma, calls minus puts	$339,645
Total dollar gamma, both sides	$970,909
Close	14.22

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, SAN's at the money IV is 41.0 percent against 20 day realized volatility of 27.8 percent.

Figure	Value
At the money IV	41.0%
Realized volatility, 20 trading days	27.8%
Realized volatility, 60 trading days	30.2%
IV against its own weekly record	In the middle
Weekly readings on record	700, from 15 Jan 2010
Weeks the price moved more than the one week priced move	10.0% of 170 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, SAN's at the money IV runs from 41.0 percent at 18 days to 38.5 percent at 172 days.

Days to expiry	At the money IV
18	41.0%
53	38.1%
81	38.9%
172	38.5%

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, SAN's IV ten percent below the price sits 6.8 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	44.9%	+6.8 points
At the money	38.1%	0.0 points
10% above the price	40.2%	+2.1 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, SAN's surface spans 4 expiries out to 172 days, with IV from 34.1 to 106.5 percent near the price.

Figure	Value
Expiries captured	4
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	12
Lowest IV among them	34.1%
Highest IV among them	106.5%

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, SAN has 4 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	41.0%	6,252	1,349
20 Nov 2026	53	38.1%	121	679
18 Dec 2026	81	38.9%	11,206	6,399
19 Mar 2027	172	38.5%	4,475	1,896

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, SAN's largest open interest sits at the 13 strike, with 9,908 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
13	4,020	5,888	9,908
15	7,131	1,705	8,836
17	4,526	0	4,526
14	2,867	1,528	4,395
16	2,453	9	2,462
12	215	1,006	1,221

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, SAN's at the money IV moved from 45.1 percent to 41.0 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	45.1%	41.0%	-4.1 points
Open interest, strikes captured near the price	32,296	32,377	+81
Put/call ratio, open interest	0.47	0.47	-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, 1,165 SAN option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	553
Puts traded	612
Against its recent average	0.6 times
Busier than	1 of its last 20 trading days
Open interest, whole chain	32,421 contracts
Volume to open interest	0.04
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 SAN'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	14.71	$340,860	15	13
21 Sep 2026	14.62	$492,817	15	13
28 Sep 2026	14.22	$339,645	15	13

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 SAN was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	14.30, the swing high of 18 Sep 2026
Level below the close	13.15, the swing low of 23 Jul 2026, a close past it runs against the view
The chart	Sits against 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 SAN sat at the 89th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	97 of 100	Bullish
20 trading days	92 of 100	Bullish
45 trading days	89 of 100	Bullish

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 SAN on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 of 2
Long	45 day	Bullish	1 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 SAN had carried no signal for 1 trading day, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	89 of 100
24 Sep 2026	Bullish	96 of 100
23 Sep 2026	None	94 of 100
22 Sep 2026	Bullish	97 of 100
21 Sep 2026	None	86 of 100
18 Sep 2026	None	93 of 100
17 Sep 2026	None	80 of 100
16 Sep 2026	None	57 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

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

SAN closed at 14.22 on 28 Sep 2026.

Figure	Value
Last close	14.22
Change over 5 trading days	-2.7%
Change over 21 trading days	-2.3%
Change over 63 trading days	+4.2%
Change over 252 trading days	+39.1%
52 week high	15.05
52 week low	9.62
20 day moving average	14.60
50 day moving average	14.41
200 day moving average	12.78
RSI, 14 days	45

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

SAN reports next on 28 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	28 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 21 Jul 2026	+0.7%
Move after the report of 24 Jan 2026	+2.2%
Move after the report of 30 Apr 2025	-5.4%
Move after the report of 5 Feb 2025	+9.6%

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

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Seasonality

In the 23 Septembers on record, SAN's average change was plus 0.1 percent, and it rose in 52.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.1%	+0.2%	52.2%	23
October	+1.9%	+1.2%	52.2%	23
November	+0.5%	0.0%	47.8%	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 SAN 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.

Open Headlines in RingMaster The Headlines guide

Questions

What is SAN's IV rank?: SAN's IV rank is 44 of 100 on 28 Sep 2026.
What move are SAN options pricing?: On 28 Sep 2026, SAN options priced a move of 9.1 percent down and 11.2 percent up by 16 Oct 2026.
Where are SAN's call wall and put wall?: On 28 Sep 2026, SAN's call wall is the 15 strike and its put wall is the 13 strike.
What was the desk's latest view of SAN on the Free plan?: On 25 Sep 2026 the desk's view of SAN was bullish, paper trading.
When does SAN report earnings next?: SAN reports next on 28 Oct 2026, a date confirmed by the company.

More Financials names

Guides and the full list

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