Financials

U.S. Bancorp (USB) options and signal

Figures as of 28 Sep 2026

USB is U.S. Bancorp, 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	78 of 100	28 Sep
At the money IV	30.1%	28 Sep
Priced move to 30 Oct	10.1% down, 7.3% up	28 Sep
Call wall and put wall	62.5 and 60	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	58.78	28 Sep
Next report	15 Oct 2026	28 Sep

Options Snapshot

USB's IV rank is 78 of 100 on 28 Sep 2026.

Figure	Value
IV rank	78 of 100
At the money IV	30.1%, near month, 32 days
Put/call ratio, open interest	0.46
Call open interest, strikes captured near the price	83,500 contracts
Put open interest, strikes captured near the price	38,700 contracts
Cost to trade at the money	Fair, 20.0% of the option's mid price

IV rank is where the at the money IV sits among USB'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, USB options priced a move of 10.1 percent down and 7.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	4.9%	4.3%	55.88 to 61.29
9 Oct 2026	11	6.4%	4.0%	55.03 to 61.13
23 Oct 2026	25	9.3%	7.5%	53.30 to 63.21
30 Oct 2026	32	10.1%	7.3%	52.86 to 63.08
18 Dec 2026	81	13.8%	12.8%	50.67 to 66.33
15 Jan 2027	109	15.7%	13.6%	49.54 to 66.77
19 Mar 2027	172	18.4%	17.7%	47.98 to 69.18

The range is one standard deviation either side of the close of 58.78, 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, USB's call wall is the 62.5 strike and its put wall is the 60 strike.

Figure	Value
Call wall, most open call gamma	62.5
Put wall, most open put gamma	60
Net dollar gamma, calls minus puts	$5.3 million
Total dollar gamma, both sides	$16.85 million
Close	58.78

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, USB's at the money IV is 30.1 percent against 20 day realized volatility of 22.7 percent.

Figure	Value
At the money IV	30.1%
Realized volatility, 20 trading days	22.7%
Realized volatility, 60 trading days	20.3%
IV against its own weekly record	In the middle
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.4% 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, USB's at the money IV runs from 32.5 percent at 4 days to 26.1 percent at 172 days.

Days to expiry	At the money IV
4	32.5%
11	27.6%
18	30.1%
25	32.9%
53	27.2%
81	26.1%
109	26.2%
172	26.1%

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, USB's IV ten percent below the price sits 10.3 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	40.4%	+10.3 points
At the money	30.1%	0.0 points
10% above the price	27.3%	-2.8 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, USB's surface spans 10 expiries out to 172 days, with IV from 25.8 to 51.5 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	66
Lowest IV among them	25.8%
Highest IV among them	51.5%

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, USB 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	32.5%	2,580	2,645
9 Oct 2026	11	27.6%	1,142	1,101
16 Oct 2026	18	30.1%	8,023	5,673
23 Oct 2026	25	32.9%	1,498	234
30 Oct 2026	32	30.1%	94	173
20 Nov 2026	53	27.2%	10,062	2,617
18 Dec 2026	81	26.1%	24,401	3,599
15 Jan 2027	109	26.2%	24,361	16,376
19 Feb 2027	144	28.3%	2,705	582
19 Mar 2027	172	26.1%	8,629	5,747

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, USB's largest open interest sits at the 62.5 strike, with 19,034 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
62.5	14,777	4,257	19,034
65	13,834	899	14,733
67.5	13,863	470	14,333
60	6,285	6,650	12,935
70	9,006	3	9,009
57.5	2,492	4,850	7,342

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, USB's at the money IV moved from 30.7 percent to 30.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	30.7%	30.1%	-0.6 points
Open interest, strikes captured near the price	119,128	122,242	+3,114
Put/call ratio, open interest	0.45	0.46	+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.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 9,484 USB option contracts traded, 0.8 times its own recent average.

Figure	Value
Calls traded	5,250
Puts traded	4,234
Against its recent average	0.8 times
Busier than	12 of its last 20 trading days
Open interest, whole chain	153,068 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 USB'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	64.29	$18.03 million	62.5	62.5
21 Sep 2026	60.44	$5.09 million	65	60
28 Sep 2026	58.78	$5.3 million	62.5	60

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 USB was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	58.81, the swing high of 16 Sep 2026
Level below the close	57.95, the swing low of 24 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 USB sat at the 82nd percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	78 of 100	Neutral
20 trading days	84 of 100	Bullish
45 trading days	82 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 USB 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 USB had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	82 of 100
24 Sep 2026	None	88 of 100
23 Sep 2026	None	91 of 100
22 Sep 2026	None	95 of 100
21 Sep 2026	None	70 of 100
18 Sep 2026	None	79 of 100
17 Sep 2026	None	66 of 100
16 Sep 2026	None	91 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, 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

USB closed at 58.78 on 28 Sep 2026.

Figure	Value
Last close	58.78
Change over 5 trading days	-2.7%
Change over 21 trading days	-5.8%
Change over 63 trading days	-4.1%
Change over 252 trading days	+19.9%
52 week high	66.08
52 week low	45.02
20 day moving average	61.11
50 day moving average	62.61
200 day moving average	57.58
RSI, 14 days	36

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

USB reports next on 15 Oct 2026, and options priced an earnings move of 5.0 percent through 16 Oct 2026.

Figure	Value
Next report	15 Oct 2026, before the open
Date	Confirmed by the company
Priced earnings move	5.0%, a straddle of $2.96 at the 59 strike, expiring 16 Oct 2026
Move after the report of 16 Jul 2026	+1.6%
Move after the report of 17 Apr 2026	+0.1%
Move after the report of 15 Jan 2026	+0.8%
Move after the report of 16 Apr 2025	-2.1%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

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

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Short Volume

On 25 Sep 2026, 43.4 percent of USB's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	43.4%
Five day average	43.3%
52 week median	46.5%

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 23 Septembers on record, USB's average change was minus 0.2 percent, and it rose in 47.8 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.2%	-1.0%	47.8%	23
October	+2.5%	+2.1%	73.9%	23
November	+3.4%	+3.8%	73.9%	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 4 headlines naming USB in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	4
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 USB's IV rank?: USB's IV rank is 78 of 100 on 28 Sep 2026.
What move are USB options pricing?: On 28 Sep 2026, USB options priced a move of 10.1 percent down and 7.3 percent up by 30 Oct 2026.
Where are USB's call wall and put wall?: On 28 Sep 2026, USB's call wall is the 62.5 strike and its put wall is the 60 strike.
What was the desk's latest view of USB on the Free plan?: On 25 Sep 2026 the desk's view of USB was bullish, paper trading.
When does USB report earnings next?: USB reports next on 15 Oct 2026, and options priced an earnings move of 5.0 percent through 16 Oct 2026.

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