Industrials

United Airlines Holdings Inc (UAL) options and signal

Figures as of 28 Sep 2026

UAL is United Airlines Holdings Inc, an Industrials 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	85 of 100	28 Sep
At the money IV	54.1%	28 Sep
Priced move to 30 Oct	16.5% down, 15.0% up	28 Sep
Call wall and put wall	120 and 110	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	111.51	28 Sep
Next report	21 Oct 2026	28 Sep

Options Snapshot

UAL's IV rank is 85 of 100 on 28 Sep 2026.

Figure	Value
IV rank	85 of 100
At the money IV	54.1%, near month, 32 days
Put/call ratio, open interest	0.54
Call open interest, strikes captured near the price	171,000 contracts
Put open interest, strikes captured near the price	93,100 contracts
Cost to trade at the money	Wide, 50.7% of the option's mid price

IV rank is where the at the money IV sits among UAL'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, UAL options priced a move of 16.5 percent down and 15.0 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.4%	5.2%	105.44 to 117.36
9 Oct 2026	11	10.4%	9.2%	99.91 to 121.81
23 Oct 2026	25	14.8%	13.3%	95.01 to 126.31
30 Oct 2026	32	16.5%	15.0%	93.11 to 128.21
20 Nov 2026	53	19.8%	20.2%	89.41 to 134.01
18 Dec 2026	81	21.8%	24.4%	87.21 to 138.71
19 Mar 2027	172	31.9%	38.5%	75.91 to 154.41

The range is one standard deviation either side of the close of 111.51, 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, UAL's call wall is the 120 strike and its put wall is the 110 strike.

Figure	Value
Call wall, most open call gamma	120
Put wall, most open put gamma	110
Net dollar gamma, calls minus puts	$19.8 million
Total dollar gamma, both sides	$51.63 million
Close	111.51

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 2 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, UAL's at the money IV is 54.1 percent against 20 day realized volatility of 38.8 percent.

Figure	Value
At the money IV	54.1%
Realized volatility, 20 trading days	38.8%
Realized volatility, 60 trading days	38.5%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	825, from 1 Oct 2010
Weeks the price moved more than the one week priced move	28.6% 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, UAL's at the money IV runs from 58.3 percent at 4 days to 51.8 percent at 172 days.

Days to expiry	At the money IV
4	58.3%
11	57.3%
18	55.6%
25	55.6%
39	54.0%
53	51.5%
81	50.6%
172	51.8%

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, UAL's IV ten percent below the price sits 0.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	54.8%	+0.7 points
At the money	54.1%	0.0 points
10% above the price	54.3%	+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, UAL's surface spans 10 expiries out to 172 days, with IV from 47.8 to 66.0 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	111
Lowest IV among them	47.8%
Highest IV among them	66.0%

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, UAL 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	58.3%	7,665	5,974
9 Oct 2026	11	57.3%	5,470	2,855
16 Oct 2026	18	55.6%	92,664	14,949
23 Oct 2026	25	55.6%	1,453	444
30 Oct 2026	32	54.1%	1,413	417
6 Nov 2026	39	54.0%	136	138
20 Nov 2026	53	51.5%	16,867	12,382
18 Dec 2026	81	50.6%	13,622	16,892
15 Jan 2027	109	50.0%	25,968	30,271
19 Mar 2027	172	51.8%	6,182	8,820

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, UAL's largest open interest sits at the 120 strike, with 48,321 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
120	44,341	3,980	48,321
135	37,874	748	38,622
125	15,391	2,639	18,030
110	6,079	8,450	14,529
115	8,243	5,898	14,141
105	1,488	9,380	10,868

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, UAL's at the money IV moved from 53.2 percent to 54.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	53.2%	54.1%	+0.9 points
Open interest, strikes captured near the price	255,832	264,582	+8,750
Put/call ratio, open interest	0.54	0.54	+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, 18,046 UAL option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	10,429
Puts traded	7,617
Against its recent average	0.7 times
Busier than	7 of its last 20 trading days
Open interest, whole chain	318,551 contracts
Volume to open interest	0.06
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 UAL'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	126.31	$7.74 million	120	120
21 Sep 2026	114.39	$26.44 million	120	105
28 Sep 2026	111.51	$19.8 million	120	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 UAL was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	118.26, the swing high of 22 Sep 2026
Level below the close	110.77, the swing low of 11 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below 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 UAL sat at the 92nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	30 of 100	Neutral
20 trading days	82 of 100	Bullish
45 trading days	92 of 100	Bullish

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, 2 of 3 timeframes put UAL on the bullish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Bullish	1 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 UAL had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	92 of 100
24 Sep 2026	None	92 of 100
23 Sep 2026	None	91 of 100
22 Sep 2026	None	65 of 100
21 Sep 2026	None	69 of 100
18 Sep 2026	None	74 of 100
17 Sep 2026	None	72 of 100
16 Sep 2026	None	38 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, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

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

UAL closed at 111.51 on 28 Sep 2026.

Figure	Value
Last close	111.51
Change over 5 trading days	-2.5%
Change over 21 trading days	-0.8%
Change over 63 trading days	-17.5%
Change over 252 trading days	+12.5%
52 week high	138.77
52 week low	84.64
20 day moving average	109.41
50 day moving average	116.25
200 day moving average	109.04
RSI, 14 days	49

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

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

Figure	Value
Next report	21 Oct 2026, after the close
Date	Confirmed by the company
Move after the report of 15 Jul 2026	-1.8%
Move after the report of 20 Apr 2026	-1.8%
Move after the report of 18 Jan 2026	-4.3%
Move after the report of 15 Apr 2025	-0.0%

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

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Short Volume

On 25 Sep 2026, 49.1 percent of UAL's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	49.1%
Five day average	42.9%
52 week median	45.5%
Short interest, share of shares outstanding	5.6% at the 15 Sep 2026 settlement
Days to cover	4.8

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 20 Septembers on record, UAL's average change was plus 3.0 percent, and it rose in 55.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+3.0%	+2.1%	55.0%	20
October	+8.9%	+2.9%	55.0%	20
November	+6.5%	+8.3%	70.0%	20

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 3 headlines naming UAL in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
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 UAL's IV rank?: UAL's IV rank is 85 of 100 on 28 Sep 2026.
What move are UAL options pricing?: On 28 Sep 2026, UAL options priced a move of 16.5 percent down and 15.0 percent up by 30 Oct 2026.
Where are UAL's call wall and put wall?: On 28 Sep 2026, UAL's call wall is the 120 strike and its put wall is the 110 strike.
What was the desk's latest view of UAL on the Free plan?: On 25 Sep 2026 the desk's view of UAL was bullish, paper trading.
When does UAL report earnings next?: UAL reports next on 21 Oct 2026, a date confirmed by the company.

More Industrials names

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