Information Technology

Shopify Inc. (SHOP) options and signal

Figures as of 28 Sep 2026

SHOP is Shopify Inc., an Information Technology 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	64 of 100	28 Sep
At the money IV	56.5%	28 Sep
Priced move to 30 Oct	16.8% down, 16.2% up	28 Sep
Call wall and put wall	145 and 135	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	144.01	28 Sep
Next report	3 Nov 2026	28 Sep

Options Snapshot

SHOP's IV rank is 64 of 100 on 28 Sep 2026.

Figure	Value
IV rank	64 of 100
At the money IV	56.5%, near month, 32 days
Put/call ratio, open interest	0.62
Call open interest, strikes captured near the price	245,000 contracts
Put open interest, strikes captured near the price	153,000 contracts
Cost to trade at the money	Fair, 30.8% of the option's mid price

IV rank is where the at the money IV sits among SHOP'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, SHOP options priced a move of 16.8 percent down and 16.2 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.8%	5.9%	135.64 to 152.55
9 Oct 2026	11	9.4%	8.7%	130.51 to 156.51
23 Oct 2026	25	13.7%	14.7%	124.21 to 165.11
30 Oct 2026	32	16.8%	16.2%	119.81 to 167.41
20 Nov 2026	53	23.3%	24.9%	110.41 to 179.81
18 Dec 2026	81	27.5%	29.4%	104.41 to 186.31
19 Mar 2027	172	39.1%	42.1%	87.71 to 204.61

The range is one standard deviation either side of the close of 144.01, 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.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, SHOP's call wall is the 145 strike and its put wall is the 135 strike.

Figure	Value
Call wall, most open call gamma	145
Put wall, most open put gamma	135
Net dollar gamma, calls minus puts	$38.3 million
Total dollar gamma, both sides	$89.8 million
Close	144.01

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 7 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, SHOP's at the money IV is 56.5 percent against 20 day realized volatility of 62.3 percent.

Figure	Value
At the money IV	56.5%
Realized volatility, 20 trading days	62.3%
Realized volatility, 60 trading days	62.4%
IV against its own weekly record	In the middle
Weekly readings on record	567, from 5 Jun 2015
Weeks the price moved more than the one week priced move	33.1% 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, SHOP's at the money IV runs from 56.2 percent at 4 days to 58.6 percent at 172 days.

Days to expiry	At the money IV
4	56.2%
11	55.2%
18	54.4%
25	52.9%
39	66.9%
53	62.3%
81	59.4%
172	58.6%

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, SHOP's IV ten percent below the price sits 0.5 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	56.0%	-0.5 points
At the money	56.5%	0.0 points
10% above the price	55.8%	-0.7 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, SHOP's surface spans 10 expiries out to 172 days, with IV from 51.8 to 69.3 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	125
Lowest IV among them	51.8%
Highest IV among them	69.3%

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, SHOP 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	56.2%	13,674	15,457
9 Oct 2026	11	55.2%	4,408	1,730
16 Oct 2026	18	54.4%	74,479	38,997
23 Oct 2026	25	52.9%	2,496	1,529
30 Oct 2026	32	56.5%	4,555	13,254
6 Nov 2026	39	66.9%	70	152
20 Nov 2026	53	62.3%	23,408	14,761
18 Dec 2026	81	59.4%	68,730	17,281
15 Jan 2027	109	56.2%	43,786	43,557
19 Mar 2027	172	58.6%	9,800	6,098

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, SHOP's largest open interest sits at the 145 strike, with 70,109 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
145	62,842	7,267	70,109
135	27,356	7,424	34,780
110	2,894	23,995	26,889
150	19,675	3,565	23,240
105	1,571	18,453	20,024
130	6,259	12,255	18,514

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, SHOP's at the money IV moved from 53.8 percent to 56.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	53.8%	56.5%	+2.7 points
Open interest, strikes captured near the price	395,671	398,222	+2,551
Put/call ratio, open interest	0.63	0.62	-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.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 39,319 SHOP option contracts traded, 0.4 times its own recent average.

Figure	Value
Calls traded	15,124
Puts traded	24,195
Against its recent average	0.4 times
Busier than	10 of its last 20 trading days
Open interest, whole chain	492,911 contracts
Volume to open interest	0.08
Unusual volume flag	Yes, 4 contracts traded well above open interest
Largest flagged contract	The 105 put expiring 20 Nov, 11,532 traded against 790 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 SHOP'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	152.61	$94.44 million	160	147
21 Sep 2026	137.92	$28.01 million	135	120
28 Sep 2026	144.01	$38.3 million	145	135

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 SHOP was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	151.29, the swing high of 23 Sep 2026, a close past it runs against the view
Level below the close	134.74, the swing low of 14 Sep 2026
The chart	Sits against the view
Strategy family	Bear call spread (sell a call spread above 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.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 SHOP sat at the 13th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	40 of 100	Neutral
20 trading days	43 of 100	Neutral
45 trading days	13 of 100	Bearish

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 SHOP on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 of 2
Long	45 day	Bearish	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 SHOP had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	13 of 100
24 Sep 2026	None	13 of 100
23 Sep 2026	None	8 of 100
22 Sep 2026	None	8 of 100
21 Sep 2026	None	35 of 100
18 Sep 2026	None	60 of 100
17 Sep 2026	None	39 of 100
16 Sep 2026	None	28 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, 80 of 187 Information Technology names were bullish and 61 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Information Technology	187	80	61	46

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

Open Sector Split in RingMaster The Sector Split guide

Price Chart

SHOP closed at 144.01 on 28 Sep 2026.

Figure	Value
Last close	144.01
Change over 5 trading days	+4.4%
Change over 21 trading days	-6.7%
Change over 63 trading days	+26.1%
Change over 252 trading days	+0.4%
52 week high	182.19
52 week low	94.00
20 day moving average	137.33
50 day moving average	138.36
200 day moving average	129.85
RSI, 14 days	55

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

SHOP reports next on 3 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	3 Nov 2026, before the open
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	+17.0%
Move after the report of 30 Apr 2026	+5.4%
Move after the report of 28 Jan 2026	+3.4%
Move after the report of 8 May 2025	-0.5%

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

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Public Filings

1 of the 10 fund managers the desk tracks list SHOP among the top holdings of their latest quarterly report.

Fund manager
ARK Investment Management

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, SHOP's average change was minus 0.4 percent, and it rose in 54.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.4%	+3.8%	54.5%	11
October	-1.4%	-3.4%	36.4%	11
November	+12.6%	+7.4%	81.8%	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 8 headlines naming SHOP in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	8
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 SHOP's IV rank?: SHOP's IV rank is 64 of 100 on 28 Sep 2026.
What move are SHOP options pricing?: On 28 Sep 2026, SHOP options priced a move of 16.8 percent down and 16.2 percent up by 30 Oct 2026.
Where are SHOP's call wall and put wall?: On 28 Sep 2026, SHOP's call wall is the 145 strike and its put wall is the 135 strike.
What was the desk's latest view of SHOP on the Free plan?: On 25 Sep 2026 the desk's view of SHOP was bearish, paper trading.
When does SHOP report earnings next?: SHOP reports next on 3 Nov 2026, a date worked out from past quarters.

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