Health Care

Thermo Fisher Scientific (TMO) options and signal

Figures as of 28 Sep 2026

TMO is Thermo Fisher Scientific, 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
Trade Card	Bear call spread, 18 Dec	25 Sep
IV rank	98 of 100	28 Sep
At the money IV	42.3%	28 Sep
Priced move to 30 Oct	12.4% down, 11.8% up	28 Sep
Call wall and put wall	700 and 600	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	678.60	28 Sep
Next report	21 Oct 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for TMO was a bear call spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Neutral
Strategy	Bear call spread, credit
Legs	Sell the 760 call, Buy the 820 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A credit of at least $7.55
Probability of profit	73%, the option market's odds at expiry, from delta
Max loss	$5,245 per contract
Max profit	$755 per contract
Breakeven	767.55
IV rank at that expiry	92 of 100

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.

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

TMO's IV rank is 98 of 100 on 28 Sep 2026.

Figure	Value
IV rank	98 of 100
At the money IV	42.3%, near month, 32 days
Put/call ratio, open interest	0.82
Call open interest, strikes captured near the price	20,600 contracts
Put open interest, strikes captured near the price	16,900 contracts
Cost to trade at the money	Fair, 23.3% of the option's mid price

IV rank is where the at the money IV sits among TMO'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, TMO options priced a move of 12.4 percent down and 11.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	6.0%	4.3%	638.10 to 707.70
9 Oct 2026	11	5.8%	5.3%	639.20 to 714.60
23 Oct 2026	25	10.2%	10.5%	609.30 to 749.70
30 Oct 2026	32	12.4%	11.8%	594.50 to 758.90
20 Nov 2026	53	14.1%	14.3%	582.70 to 775.90
18 Dec 2026	81	16.5%	16.9%	566.60 to 793.60
19 Mar 2027	172	22.1%	25.6%	528.60 to 852.60

The range is one standard deviation either side of the close of 678.60, 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, TMO's call wall is the 700 strike and its put wall is the 600 strike.

Figure	Value
Call wall, most open call gamma	700
Put wall, most open put gamma	600
Net dollar gamma, calls minus puts	$15.67 million
Total dollar gamma, both sides	$47.73 million
Close	678.60

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 9 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, TMO's at the money IV is 42.3 percent against 20 day realized volatility of 24.5 percent.

Figure	Value
At the money IV	42.3%
Realized volatility, 20 trading days	24.5%
Realized volatility, 60 trading days	28.0%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	863, from 8 Jan 2010
Weeks the price moved more than the one week priced move	23.8% of 252 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, TMO's at the money IV runs from 36.8 percent at 4 days to 34.4 percent at 172 days.

Days to expiry	At the money IV
4	36.8%
11	34.0%
18	32.8%
25	42.1%
39	42.4%
53	36.7%
81	34.7%
172	34.4%

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 32 day expiry, TMO's IV ten percent below the price sits 0.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	43.2%	+0.9 points
At the money	42.3%	0.0 points
10% above the price	42.5%	+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, TMO's surface spans 10 expiries out to 172 days, with IV from 30.6 to 90.8 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	123
Lowest IV among them	30.6%
Highest IV among them	90.8%

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, TMO 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	36.8%	715	877
9 Oct 2026	11	34.0%	651	289
16 Oct 2026	18	32.8%	4,252	4,611
23 Oct 2026	25	42.1%	152	103
30 Oct 2026	32	42.3%	338	64
6 Nov 2026	39	42.4%	4	804
20 Nov 2026	53	36.7%	1,850	706
18 Dec 2026	81	34.7%	3,822	2,403
15 Jan 2027	109	36.2%	7,172	5,307
19 Mar 2027	172	34.4%	1,614	1,765

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, TMO's largest open interest sits at the 600 strike, with 3,926 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
600	1,183	2,743	3,926
560	670	1,513	2,183
580	458	1,499	1,957
700	1,897	10	1,907
650	1,149	526	1,675
460	25	1,367	1,392

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, TMO's at the money IV moved from 40.2 percent to 42.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	40.2%	42.3%	+2.1 points
Open interest, strikes captured near the price	36,626	37,499	+873
Put/call ratio, open interest	0.83	0.82	-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.

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Changed Hands

On 28 Sep 2026, 4,586 TMO option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	1,962
Puts traded	2,624
Against its recent average	1.0 times
Busier than	3 of its last 20 trading days
Open interest, whole chain	45,676 contracts
Volume to open interest	0.10
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 TMO'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	605.00	$31.59 million	620	550
21 Sep 2026	658.76	$10.68 million	700	600
28 Sep 2026	678.60	$15.67 million	700	600

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 TMO was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	682.98, the swing high of 24 Sep 2026, a close past it runs against the view
Level below the close	663.57, the swing low of 17 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.

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Rank by Timeframe

On 25 Sep 2026 TMO sat at the 8th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	42 of 100	Neutral
20 trading days	29 of 100	Neutral
45 trading days	8 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 TMO 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.

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Signal History

On 25 Sep 2026 TMO had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	8 of 100
24 Sep 2026	None	14 of 100
23 Sep 2026	None	24 of 100
22 Sep 2026	None	12 of 100
21 Sep 2026	None	47 of 100
18 Sep 2026	None	45 of 100
17 Sep 2026	None	32 of 100
16 Sep 2026	None	11 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

TMO closed at 678.60 on 28 Sep 2026.

Figure	Value
Last close	678.60
Change over 5 trading days	+3.0%
Change over 21 trading days	+7.6%
Change over 63 trading days	+34.0%
Change over 252 trading days	+47.8%
52 week high	682.98
52 week low	435.27
20 day moving average	635.39
50 day moving average	607.18
200 day moving average	540.80
RSI, 14 days	74

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

TMO reports next on 21 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	21 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 23 Jul 2026	+8.7%
Move after the report of 23 Apr 2026	-9.2%
Move after the report of 29 Jan 2026	-2.6%
Move after the report of 22 Oct 2025	+1.6%

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

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Short Volume

On 25 Sep 2026, 35.6 percent of TMO's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	35.6%
Five day average	46.1%
52 week median	44.5%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 36 Septembers on record, TMO's average change was minus 0.3 percent, and it rose in 61.1 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.3%	+1.2%	61.1%	36
October	+2.3%	+2.2%	63.9%	36
November	+2.2%	+2.2%	54.3%	35

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 TMO 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 TMO's IV rank?: TMO's IV rank is 98 of 100 on 28 Sep 2026.
What move are TMO options pricing?: On 28 Sep 2026, TMO options priced a move of 12.4 percent down and 11.8 percent up by 30 Oct 2026.
Where are TMO's call wall and put wall?: On 28 Sep 2026, TMO's call wall is the 700 strike and its put wall is the 600 strike.
What was the latest Trade Card for TMO on the Free plan?: On 25 Sep 2026 the Trade Card for TMO was a bear call spread expiring 18 Dec 2026, paper trading.
When does TMO report earnings next?: TMO reports next on 21 Oct 2026, a date confirmed by the company.

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