Index

S&P 500 index (SPX) options and signal

Figures as of 28 Sep 2026

SPX is the S&P 500 index. 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.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

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At a glance

Figure	Value	Date
Trade Card	Put credit spread, 23 Oct	25 Sep
IV rank	41 of 100	28 Sep
At the money IV	13.7%	28 Sep
Priced move to 28 Oct	4.8% down, 3.3% up	28 Sep
Call wall and put wall	Both 7,700	28 Sep
Index level at the close	7,683.69	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for SPY was a put credit spread expiring 23 Oct 2026, paper trading.

Figure	Value
Model signal on SPY	Bullish signal
Scored through	SPY, the fund that tracks the S&P 500
Strategy	Put credit spread, credit
Legs	Sell the 750 put, Buy the 660 put
Expiry	23 Oct 2026, 28 days to expiry
Limit	A credit of at least $3.30
Probability of profit	75%, the option market's odds at expiry, from delta
Max loss	$8,668 per contract
Max profit	$332 per contract
Breakeven	746.68

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.

The index contract is chosen by the desk's index rule, never by the signal.

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

SPX's IV rank is 41 of 100 on 28 Sep 2026.

Figure	Value
IV rank	41 of 100
At the money IV	13.7%, near month, 30 days
Put/call ratio, open interest	1.32
Call open interest, strikes captured near the price	527,000 contracts
Put open interest, strikes captured near the price	697,000 contracts
Cost to trade at the money	Tight, 1.1% of the option's mid price

IV rank is where the at the money IV sits among SPX'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, SPX options priced a move of 4.8 percent down and 3.3 percent up by 28 Oct 2026.

Expiry	Days	Down	Up	Range
29 Sep 2026	1	1.3%	0.8%	7,584.69 to 7,746.19
1 Oct 2026	3	1.9%	1.7%	7,534.69 to 7,812.69
5 Oct 2026	7	2.4%	1.9%	7,496.69 to 7,830.69
7 Oct 2026	9	2.8%	2.0%	7,471.69 to 7,840.69
9 Oct 2026	11	3.1%	2.1%	7,447.69 to 7,847.69
28 Oct 2026	30	4.8%	3.3%	7,315.69 to 7,935.69
31 Dec 2026	94	8.1%	6.9%	7,064.69 to 8,216.69

The range is one standard deviation either side of the close of 7,683.69, 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, SPX's call wall and put wall are both at the 7,700 strike.

Figure	Value
Call wall, most open call gamma	7,700
Put wall, most open put gamma	7,700
Net dollar gamma, calls minus puts	minus $22.23 billion
Total dollar gamma, both sides	$111.79 billion
Close	7,683.69

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 3 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, SPX's at the money IV is 13.7 percent against 20 day realized volatility of 10.8 percent.

Figure	Value
At the money IV	13.7%
Realized volatility, 20 trading days	10.8%
Realized volatility, 60 trading days	11.2%
IV against its own weekly record	In the middle
Weekly readings on record	841, from 8 Jan 2010
Weeks the price moved more than the one week priced move	28.3% of 230 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, SPX's at the money IV runs from 9.1 percent at 1 day to 14.3 percent at 94 days.

Days to expiry	At the money IV
1	9.1%
2	10.9%
4	12.6%
8	11.5%
9	11.7%
11	12.0%
30	13.7%
94	14.3%

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 30 day expiry, SPX's IV ten percent below the price sits 8.4 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	22.1%	+8.4 points
At the money	13.7%	0.0 points
10% above the price	13.3%	-0.4 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, SPX's surface spans 13 expiries out to 94 days, with IV from 9.3 to 32.5 percent near the price.

Figure	Value
Expiries captured	13
Nearest expiry	29 Sep 2026, 1 day
Farthest expiry	31 Dec 2026, 94 days
Points within 10% of the price, 7 days out or more	832
Lowest IV among them	9.3%
Highest IV among them	32.5%

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, SPX has 13 captured expiries, from 29 Sep 2026 to 31 Dec 2026.

Expiry	Days	At the money IV	Call open interest	Put open interest
29 Sep 2026	1	9.1%	33,202	47,955
30 Sep 2026	2	10.9%	182,081	168,486
1 Oct 2026	3	11.8%	27,877	28,335
5 Oct 2026	7	11.2%	23,732	125,658
6 Oct 2026	8	11.5%	7,728	18,998
7 Oct 2026	9	11.7%	7,246	14,511
9 Oct 2026	11	12.0%	22,294	60,315
12 Oct 2026	14	11.5%	10,890	10,814
28 Oct 2026	30	13.7%	5,911	1,388
31 Dec 2026	94	14.3%	130,420	27,453

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, SPX's largest open interest sits at the 8,150 strike, with 63,927 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
8,150	63,927	0	63,927
6,400	0	61,010	61,010
6,300	21	59,675	59,696
6,250	0	57,820	57,820
7,700	23,018	29,636	52,654
7,600	13,925	37,872	51,797

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, SPX's at the money IV moved from 12.0 percent to 13.7 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	12.0%	13.7%	+1.7 points
Open interest, strikes captured near the price	1.34 million	1.22 million	-118,864
Put/call ratio, open interest	0.88	1.32	+0.44

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, 1.61 million SPX option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	739,005
Puts traded	875,057
Against its recent average	1.0 times
Open interest, whole chain	14.6 million contracts
Volume to open interest	0.11
Unusual volume flag	Yes, 175 contracts traded well above open interest
Largest flagged contract	The 7,550 put expiring 29 Sep, 18,597 traded against 1,438 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 2 trading days of SPX's option positioning, from 25 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
25 Sep 2026	7,743.41	$26.24 billion	7,800	7,700
28 Sep 2026	7,683.69	minus $22.23 billion	7,700	7,700

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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Price Chart

SPX closed at 7,743.41 on 25 Sep 2026.

Figure	Value
Last close	7,743.41
Change over 5 trading days	+1.2%
Change over 21 trading days	+0.9%
Change over 63 trading days	+5.3%
Change over 252 trading days	+16.7%
52 week high	7,816.70
52 week low	6,316.91
20 day moving average	7,672.48
50 day moving average	7,636.09
200 day moving average	7,205.20
RSI, 14 days	57

Worked out from the desk's own daily bars.

The desk's own daily bars run to 25 Sep 2026. The options figures on this page are from the close on 28 Sep 2026.

From the daily bars through 25 Sep 2026. Current on every plan.

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Questions

What is SPX's IV rank?: SPX's IV rank is 41 of 100 on 28 Sep 2026.
What move are SPX options pricing?: On 28 Sep 2026, SPX options priced a move of 4.8 percent down and 3.3 percent up by 28 Oct 2026.
Where are SPX's call wall and put wall?: On 28 Sep 2026, SPX's call wall and put wall are both at the 7,700 strike.
What was the latest Trade Card for SPX on the Free plan?: On 25 Sep 2026 the Trade Card for SPY was a put credit spread expiring 23 Oct 2026, paper trading.

The same index

SPY, SPDR S&P 500 ETF

The indexes

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