Financials

Tradeweb Markets Inc. (TW) options and signal

Figures as of 28 Sep 2026

TW is Tradeweb Markets Inc., a Financials 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	76 of 100	28 Sep
At the money IV	37.4%	28 Sep
Priced move to 16 Oct	8.3% down, 11.7% up	28 Sep
Call wall and put wall	Both 110	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	100.77	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

TW's IV rank is 76 of 100 on 28 Sep 2026.

Figure	Value
IV rank	76 of 100
At the money IV	37.4%, near month, 18 days
Put/call ratio, open interest	0.12
Call open interest, strikes captured near the price	1,450 contracts
Put open interest, strikes captured near the price	171 contracts
Cost to trade at the money	Fair, 27.3% of the option's mid price

IV rank is where the at the money IV sits among TW'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, TW options priced a move of 8.3 percent down and 11.7 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.3%	11.7%	92.41 to 112.57
20 Nov 2026	53	14.4%	19.2%	86.27 to 120.07
15 Jan 2027	109	16.8%	23.0%	83.87 to 123.97
16 Apr 2027	200	30.2%	30.2%	70.37 to 131.17

The range is one standard deviation either side of the close of 100.77, 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, TW's call wall and put wall are both at the 110 strike.

Figure	Value
Call wall, most open call gamma	110
Put wall, most open put gamma	110
Flip strike, where net gamma changes sign	95.75
Net dollar gamma, calls minus puts	$333,987
Total dollar gamma, both sides	$428,622
Close	100.77

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.

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, TW's at the money IV is 37.4 percent against 20 day realized volatility of 29.1 percent.

Figure	Value
At the money IV	37.4%
Realized volatility, 20 trading days	29.1%
Realized volatility, 60 trading days	33.5%
IV against its own weekly record	In the middle
Weekly readings on record	364, from 12 Apr 2019
Weeks the price moved more than the one week priced move	27.4% of 234 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, TW's at the money IV runs from 37.4 percent at 18 days to 40.7 percent at 200 days.

Days to expiry	At the money IV
18	37.4%
53	37.9%
109	37.1%
200	40.7%

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, TW's IV ten percent below the price sits 3.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	41.6%	+3.7 points
At the money	37.9%	0.0 points
10% above the price	42.7%	+4.8 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, TW's surface spans 4 expiries out to 200 days, with IV from 34.6 to 82.4 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	13
Lowest IV among them	34.6%
Highest IV among them	82.4%

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

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, TW has 4 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	37.4%	970	129
20 Nov 2026	53	37.9%	322	4
15 Jan 2027	109	37.1%	128	36
16 Apr 2027	200	40.7%	32	2

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, TW's largest open interest sits at the 110 strike, with 1,270 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
110	1,167	103	1,270
100	86	18	104
105	55	7	62
115	36	1	37
95	13	22	35
90	21	10	31

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, TW's at the money IV moved from 37.3 percent to 37.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	37.3%	37.4%	+0.0 points
Open interest, strikes captured near the price	1,629	1,623	-6
Put/call ratio, open interest	0.12	0.12	+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.

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Changed Hands

On 28 Sep 2026, 1,010 TW option contracts traded, 4.1 times its own recent average.

Figure	Value
Calls traded	377
Puts traded	633
Against its recent average	4.1 times
Busier than	19 of its last 20 trading days
Open interest, whole chain	1,750 contracts
Volume to open interest	0.58
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 TW'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	104.42	$296,584	110	105
21 Sep 2026	104.45	$364,820	110	110
28 Sep 2026	100.77	$333,987	110	110

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 TW was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	104.69, the swing high of 14 Sep 2026
Level below the close	100.61, the swing low of 16 Sep 2026
Strategy family	Iron condor (sell both sides, defined risk)
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 TW sat at the 48th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	62 of 100	Neutral
20 trading days	44 of 100	Neutral
45 trading days	48 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 TW's near timeframes were neutral and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	48 of 100
24 Sep 2026	None	32 of 100
23 Sep 2026	None	58 of 100
22 Sep 2026	None	58 of 100
21 Sep 2026	None	27 of 100
18 Sep 2026	None	27 of 100
17 Sep 2026	None	33 of 100
16 Sep 2026	None	54 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, 63 of 135 Financials names were bullish and 32 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Financials	135	63	32	40

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

TW closed at 100.77 on 28 Sep 2026.

Figure	Value
Last close	100.77
Change over 5 trading days	-3.5%
Change over 21 trading days	-6.8%
Change over 63 trading days	+9.4%
Change over 252 trading days	-8.8%
52 week high	127.69
52 week low	91.42
20 day moving average	103.05
50 day moving average	103.43
200 day moving average	108.38
RSI, 14 days	44

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

TW reports next on 29 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	29 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 29 Jul 2026	-9.6%
Move after the report of 30 Apr 2026	-1.4%
Move after the report of 28 Jan 2026	-0.6%
Move after the report of 30 Apr 2025	+0.7%

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

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Seasonality

In the 7 Septembers on record, TW's average change was minus 7.2 percent, and it rose in 28.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-7.2%	-7.2%	28.6%	7
October	+3.5%	+2.7%	57.1%	7
November	+7.7%	+7.7%	100.0%	7

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 TW 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 TW's IV rank?: TW's IV rank is 76 of 100 on 28 Sep 2026.
What move are TW options pricing?: On 28 Sep 2026, TW options priced a move of 8.3 percent down and 11.7 percent up by 16 Oct 2026.
Where are TW's call wall and put wall?: On 28 Sep 2026, TW's call wall and put wall are both at the 110 strike.
What was the desk's latest view of TW on the Free plan?: On 25 Sep 2026 the desk's view of TW was neutral, paper trading.
When does TW report earnings next?: TW reports next on 29 Oct 2026, a date confirmed by the company.

More Financials names

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