Health Care

Tenet Healthcare Corporation (THC) options and signal

Figures as of 28 Sep 2026

THC is Tenet Healthcare Corporation, a Health Care 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	37 of 100	28 Sep
At the money IV	42.3%	28 Sep
Priced move to 16 Oct	9.6% down, 10.2% up	28 Sep
Call wall and put wall	270 and 260	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	257.93	28 Sep
Next report	27 Oct 2026	28 Sep

Options Snapshot

THC's IV rank is 37 of 100 on 28 Sep 2026.

Figure	Value
IV rank	37 of 100
At the money IV	42.3%, near month, 18 days
Put/call ratio, open interest	0.80
Call open interest, strikes captured near the price	6,370 contracts
Put open interest, strikes captured near the price	5,110 contracts
Cost to trade at the money	Fair, 30.4% of the option's mid price

IV rank is where the at the money IV sits among THC'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, THC options priced a move of 9.6 percent down and 10.2 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	9.6%	10.2%	233.23 to 284.13
20 Nov 2026	53	17.2%	19.1%	213.53 to 307.23
18 Dec 2026	81	21.0%	22.8%	203.83 to 316.63
15 Jan 2027	109	22.5%	25.1%	199.93 to 322.73
19 Feb 2027	144	27.4%	30.6%	187.23 to 336.73

The range is one standard deviation either side of the close of 257.93, 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, THC's call wall is the 270 strike and its put wall is the 260 strike.

Figure	Value
Call wall, most open call gamma	270
Put wall, most open put gamma	260
Net dollar gamma, calls minus puts	minus $343,088
Total dollar gamma, both sides	$5.77 million
Close	257.93

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, THC's at the money IV is 42.3 percent against 20 day realized volatility of 30.9 percent.

Figure	Value
At the money IV	42.3%
Realized volatility, 20 trading days	30.9%
Realized volatility, 60 trading days	49.3%
IV against its own weekly record	In the middle
Weekly readings on record	842, from 8 Jan 2010
Weeks the price moved more than the one week priced move	24.6% 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.

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Volatility Weather

On 28 Sep 2026, THC's at the money IV runs from 42.3 percent at 18 days to 45.6 percent at 144 days.

Days to expiry	At the money IV
18	42.3%
53	47.1%
81	44.6%
109	43.7%
144	45.6%

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 53 day expiry, THC's IV ten percent below the price sits 1.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	49.0%	+1.9 points
At the money	47.1%	0.0 points
10% above the price	48.8%	+1.7 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, THC's surface spans 5 expiries out to 144 days, with IV from 41.7 to 49.5 percent near the price.

Figure	Value
Expiries captured	5
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	25
Lowest IV among them	41.7%
Highest IV among them	49.5%

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, THC has 5 captured expiries, from 16 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	42.3%	1,208	2,073
20 Nov 2026	53	47.1%	1,979	1,643
18 Dec 2026	81	44.6%	509	431
15 Jan 2027	109	43.7%	2,002	889
19 Feb 2027	144	45.6%	668	78

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, THC's largest open interest sits at the 270 strike, with 1,561 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
270	1,172	389	1,561
260	305	1,145	1,450
250	223	722	945
230	214	685	899
240	234	663	897
210	733	102	835

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, THC's at the money IV moved from 39.6 percent to 42.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	39.6%	42.3%	+2.7 points
Open interest, strikes captured near the price	11,066	11,480	+414
Put/call ratio, open interest	0.76	0.80	+0.04

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, 1,352 THC option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	828
Puts traded	524
Against its recent average	0.8 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	12,701 contracts
Volume to open interest	0.11
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 THC'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	259.45	$4.13 million	270	260
21 Sep 2026	260.97	minus $316,563	270	260
28 Sep 2026	257.93	minus $343,088	270	260

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 THC was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	270.61, the swing high of 10 Sep 2026
Level below the close	256.71, the swing low of 15 Sep 2026
Strategy family	Long straddle (buy a call and a put at the same strike)
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 THC sat at the 30th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	97 of 100	Bullish
20 trading days	79 of 100	Neutral
45 trading days	30 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 THC's near timeframes were bullish and its long timeframe was neutral, 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 THC had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	30 of 100
24 Sep 2026	None	34 of 100
23 Sep 2026	None	41 of 100
22 Sep 2026	None	31 of 100
21 Sep 2026	None	48 of 100
18 Sep 2026	None	34 of 100
17 Sep 2026	None	37 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.

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Sector Split

On 25 Sep 2026, 32 of 120 Health Care names were bullish and 52 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Health Care	120	32	52	36

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

THC closed at 257.93 on 28 Sep 2026.

Figure	Value
Last close	257.93
Change over 5 trading days	-1.2%
Change over 21 trading days	-3.7%
Change over 63 trading days	+37.8%
Change over 252 trading days	+31.1%
52 week high	283.05
52 week low	157.58
20 day moving average	261.79
50 day moving average	256.92
200 day moving average	212.31
RSI, 14 days	48

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

THC reports next on 27 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	27 Oct 2026, after the close
Date	Worked out from past quarters
Move after the report of 26 Apr 2026	+2.6%
Move after the report of 24 Jan 2026	+0.6%
Move after the report of 29 Apr 2025	+11.7%
Move after the report of 12 Feb 2025	-9.1%

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

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Company Events

THC filed 1 current report in the 14 days to 28 Sep 2026, the latest on 22 Sep 2026.

Filed	Report	What it covers
22 Sep 2026	Current report	Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

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

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Seasonality

In the 23 Septembers on record, THC's average change was minus 2.5 percent, and it rose in 39.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-2.5%	-4.3%	39.1%	23
October	-5.6%	-6.7%	30.4%	23
November	+1.5%	+1.2%	56.5%	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 2 headlines naming THC in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	2
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 THC's IV rank?: THC's IV rank is 37 of 100 on 28 Sep 2026.
What move are THC options pricing?: On 28 Sep 2026, THC options priced a move of 9.6 percent down and 10.2 percent up by 16 Oct 2026.
Where are THC's call wall and put wall?: On 28 Sep 2026, THC's call wall is the 270 strike and its put wall is the 260 strike.
What was the desk's latest view of THC on the Free plan?: On 25 Sep 2026 the desk's view of THC was neutral, paper trading.
When does THC report earnings next?: THC reports next on 27 Oct 2026, a date worked out from past quarters.

More Health Care names

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