Options
SMH options
Figures as of 28 Sep 2026
The options figures are from the close on 28 Sep 2026.
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At a glance
| Figure | Value | Date |
|---|---|---|
| IV rank | 89 of 100 | 28 Sep |
| At the money IV | 35.9% | 28 Sep |
| Priced move to 30 Oct | 10.8% down, 10.7% up | 28 Sep |
| Call wall and put wall | 600 and 570 | 28 Sep |
Options Snapshot
SMH's IV rank is 89 of 100 on 28 Sep 2026.
| Figure | Value |
|---|---|
| IV rank | 89 of 100 |
| At the money IV | 35.9%, near month, 32 days |
| Put/call ratio, open interest | 0.99 |
| Call open interest, strikes captured near the price | 246,000 contracts |
| Put open interest, strikes captured near the price | 243,000 contracts |
| Cost to trade at the money | Tight, 9.6% of the option's mid price |
IV rank is where the at the money IV sits among SMH'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, SMH options priced a move of 10.8 percent down and 10.7 percent up by 30 Oct 2026.
| Expiry | Days | Down | Up | Range |
|---|---|---|---|---|
| 29 Sep 2026 | 1 | 1.9% | 2.1% | 588.81 to 612.61 |
| 1 Oct 2026 | 3 | 3.8% | 3.6% | 576.91 to 621.91 |
| 5 Oct 2026 | 7 | 4.8% | 4.4% | 571.31 to 626.41 |
| 7 Oct 2026 | 9 | 5.7% | 5.4% | 565.61 to 632.21 |
| 9 Oct 2026 | 11 | 6.0% | 5.6% | 563.71 to 633.91 |
| 30 Oct 2026 | 32 | 10.8% | 10.7% | 535.11 to 664.21 |
| 18 Dec 2026 | 81 | 17.3% | 18.3% | 496.01 to 710.01 |
The range is one standard deviation either side of the close of 600.01, 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.
Gamma Map
On 28 Sep 2026, SMH's call wall is the 600 strike and its put wall is the 570 strike.
| Figure | Value |
|---|---|
| Call wall, most open call gamma | 600 |
| Put wall, most open put gamma | 570 |
| Net dollar gamma, calls minus puts | $127.16 million |
| Total dollar gamma, both sides | $1.07 billion |
| Close | 600.01 |
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 6 strikes, so no single flip strike is named.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Volatility Weather
On 28 Sep 2026, SMH's at the money IV runs from 29.9 percent at 1 day to 38.3 percent at 81 days.
| Days to expiry | At the money IV |
|---|---|
| 1 | 29.9% |
| 2 | 34.7% |
| 4 | 37.6% |
| 8 | 33.9% |
| 9 | 33.6% |
| 11 | 33.9% |
| 32 | 35.9% |
| 81 | 38.3% |
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, SMH's IV ten percent below the price sits 6.1 points above at the money IV.
| Strike area | Implied volatility | Against at the money |
|---|---|---|
| 10% below the price | 42.0% | +6.1 points |
| At the money | 35.9% | 0.0 points |
| 10% above the price | 35.7% | -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, SMH's surface spans 13 expiries out to 81 days, with IV from 31.8 to 69.4 percent near the price.
| Figure | Value |
|---|---|
| Expiries captured | 13 |
| Nearest expiry | 29 Sep 2026, 1 day |
| Farthest expiry | 18 Dec 2026, 81 days |
| Points within 10% of the price, 7 days out or more | 310 |
| Lowest IV among them | 31.8% |
| Highest IV among them | 69.4% |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Surface in RingMasterThe Volatility Surface guide
Expiry Ladder
On 28 Sep 2026, SMH has 13 captured expiries, from 29 Sep 2026 to 18 Dec 2026.
| Expiry | Days | At the money IV | Call open interest | Put open interest |
|---|---|---|---|---|
| 29 Sep 2026 | 1 | 29.9% | 6,026 | 5,136 |
| 30 Sep 2026 | 2 | 34.7% | 3,315 | 3,585 |
| 1 Oct 2026 | 3 | 38.3% | 1,556 | 883 |
| 5 Oct 2026 | 7 | 33.4% | 840 | 1,032 |
| 6 Oct 2026 | 8 | 33.9% | 450 | 1,263 |
| 7 Oct 2026 | 9 | 33.6% | 264 | 731 |
| 9 Oct 2026 | 11 | 33.9% | 10,083 | 12,324 |
| 16 Oct 2026 | 18 | 33.1% | 118,342 | 84,781 |
| 30 Oct 2026 | 32 | 35.9% | 5,241 | 2,534 |
| 18 Dec 2026 | 81 | 38.3% | 42,887 | 31,800 |
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.
Strike Table
On 28 Sep 2026, SMH's largest open interest sits at the 600 strike, with 33,359 contracts across the captured expiries.
| Strike | Call open interest | Put open interest | Total |
|---|---|---|---|
| 600 | 21,115 | 12,244 | 33,359 |
| 630 | 11,895 | 20,592 | 32,487 |
| 570 | 4,675 | 22,696 | 27,371 |
| 560 | 4,918 | 17,182 | 22,100 |
| 550 | 4,652 | 17,047 | 21,699 |
| 615 | 19,064 | 1,072 | 20,136 |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Since Yesterday
From 25 Sep 2026 to 28 Sep 2026, SMH's at the money IV moved from 33.6 percent to 35.9 percent.
| Figure | 25 Sep | 28 Sep | Change |
|---|---|---|---|
| At the money IV | 33.6% | 35.9% | +2.3 points |
| Open interest, strikes captured near the price | 490,051 | 489,001 | -1,050 |
| Put/call ratio, open interest | 1.00 | 0.99 | -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.
Changed Hands
On 28 Sep 2026, 196,865 SMH option contracts traded, 0.8 times its own recent average.
| Figure | Value |
|---|---|
| Calls traded | 53,484 |
| Puts traded | 143,381 |
| Against its recent average | 0.8 times |
| Busier than | 9 of its last 20 trading days |
| Open interest, whole chain | 1.53 million contracts |
| Volume to open interest | 0.13 |
| Unusual volume flag | Yes, 15 contracts traded well above open interest |
| Largest flagged contract | The 490 put expiring 2 Oct, 20,074 traded against 2,855 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.
Positioning Replay
The replay holds 33 trading days of SMH'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 | 572.93 | minus $73.34 million | 600 | 550 |
| 21 Sep 2026 | 596.03 | $150.48 million | 600 | 630 |
| 28 Sep 2026 | 600.01 | $127.16 million | 600 | 570 |
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.
Open Positioning Replay in RingMasterThe Positioning Replay guide
Questions
- What is SMH's IV rank?
- SMH's IV rank is 89 of 100 on 28 Sep 2026.
- What move are SMH options pricing?
- On 28 Sep 2026, SMH options priced a move of 10.8 percent down and 10.7 percent up by 30 Oct 2026.
- Where are SMH's call wall and put wall?
- On 28 Sep 2026, SMH's call wall is the 600 strike and its put wall is the 570 strike.
Guides and the full list
- Every covered stock, fund and index, A to Z
- Reading the options suite
- Options for beginners
- How Trade Cards work
- Words the desk uses
Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.