Industrials

Waste Connections, Inc. (WCN) options and signal

Figures as of 28 Sep 2026

WCN is Waste Connections, 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	74 of 100	28 Sep
At the money IV	26.4%	28 Sep
Priced move to 16 Oct	6.5% down, 6.4% up	28 Sep
Call wall and put wall	165 and 150	28 Sep
Signal and the desk's view	No signal, view bearish	25 Sep
Last close	156.16	28 Sep
Next report	20 Oct 2026	28 Sep

Options Snapshot

WCN's IV rank is 74 of 100 on 28 Sep 2026.

Figure	Value
IV rank	74 of 100
At the money IV	26.4%, near month, 18 days
Put/call ratio, open interest	0.18
Call open interest, strikes captured near the price	1,470 contracts
Put open interest, strikes captured near the price	271 contracts
Cost to trade at the money	Wide, 40.4% of the option's mid price

IV rank is where the at the money IV sits among WCN'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, WCN options priced a move of 6.5 percent down and 6.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	6.5%	6.4%	146.06 to 166.16
20 Nov 2026	53	9.5%	10.2%	141.26 to 172.06
18 Dec 2026	81	11.1%	12.0%	138.76 to 174.86
19 Mar 2027	172	16.0%	29.1%	131.16 to 201.66

The range is one standard deviation either side of the close of 156.16, 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, WCN's call wall is the 165 strike and its put wall is the 150 strike.

Figure	Value
Call wall, most open call gamma	165
Put wall, most open put gamma	150
Net dollar gamma, calls minus puts	$434,919
Total dollar gamma, both sides	$706,616
Close	156.16

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, WCN's at the money IV is 26.4 percent against 20 day realized volatility of 13.2 percent.

Figure	Value
At the money IV	26.4%
Realized volatility, 20 trading days	13.2%
Realized volatility, 60 trading days	17.7%
IV against its own weekly record	In the middle
Weekly readings on record	742, from 8 Jan 2010
Weeks the price moved more than the one week priced move	25.8% 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, WCN's at the money IV runs from 26.4 percent at 18 days to 26.9 percent at 172 days.

Days to expiry	At the money IV
18	26.4%
53	26.8%
81	38.6%
172	26.9%

Near and far expiries price about the same volatility, a flat 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, WCN's IV ten percent below the price sits 12.5 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	39.3%	+12.5 points
At the money	26.8%	0.0 points
10% above the price	29.1%	+2.3 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, WCN's surface spans 4 expiries out to 172 days, with IV from 20.9 to 42.9 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	23
Lowest IV among them	20.9%
Highest IV among them	42.9%

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, WCN has 4 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	26.4%	716	71
20 Nov 2026	53	26.8%	70	36
18 Dec 2026	81	38.6%	414	98
19 Mar 2027	172	26.9%	271	66

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, WCN's largest open interest sits at the 165 strike, with 421 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
165	369	52	421
180	219	0	219
170	214	4	218
115	215	2	217
185	173	0	173
175	96	0	96

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, WCN's at the money IV moved from 24.9 percent to 26.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	24.9%	26.4%	+1.5 points
Open interest, strikes captured near the price	1,723	1,742	+19
Put/call ratio, open interest	0.18	0.18	+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, 198 WCN option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	126
Puts traded	72
Against its recent average	0.7 times
Busier than	4 of its last 20 trading days
Open interest, whole chain	1,747 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 WCN'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	166.85	minus $850,936	175	165
21 Sep 2026	155.55	$180,043	170	150
28 Sep 2026	156.16	$434,919	165	150

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 WCN was bearish, paper trading.

Figure	Value
Side	Bearish at 45 trading days, no signal
Level above the close	157.87, the swing high of 24 Sep 2026, a close past it runs against the view
Level below the close	153.75, the swing low of 21 Sep 2026
The chart	Sits with 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 WCN sat at the 16th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	6 of 100	Bearish
20 trading days	3 of 100	Bearish
45 trading days	16 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, 3 of 3 timeframes put WCN on the bearish side, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 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 WCN had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	16 of 100
24 Sep 2026	None	18 of 100
23 Sep 2026	None	40 of 100
22 Sep 2026	None	25 of 100
21 Sep 2026	None	14 of 100
18 Sep 2026	None	20 of 100
17 Sep 2026	None	42 of 100
16 Sep 2026	None	52 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

WCN closed at 156.16 on 28 Sep 2026.

Figure	Value
Last close	156.16
Change over 5 trading days	+0.4%
Change over 21 trading days	-5.7%
Change over 63 trading days	-6.6%
Change over 252 trading days	-8.8%
52 week high	179.74
52 week low	146.89
20 day moving average	159.51
50 day moving average	164.26
200 day moving average	164.37
RSI, 14 days	35

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

WCN reports next on 20 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	20 Oct 2026, after the close
Date	Worked out from past quarters
Move after the report of 22 Apr 2026	+7.9%
Move after the report of 20 Jan 2026	+1.4%
Move after the report of 23 Apr 2025	+0.5%
Move after the report of 12 Feb 2025	-0.6%

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

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Seasonality

In the 23 Septembers on record, WCN's average change was plus 0.9 percent, and it rose in 52.2 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.9%	+0.1%	52.2%	23
October	+1.1%	+0.4%	52.2%	23
November	+0.8%	+1.6%	60.9%	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 1 headline naming WCN in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
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 WCN's IV rank?: WCN's IV rank is 74 of 100 on 28 Sep 2026.
What move are WCN options pricing?: On 28 Sep 2026, WCN options priced a move of 6.5 percent down and 6.4 percent up by 16 Oct 2026.
Where are WCN's call wall and put wall?: On 28 Sep 2026, WCN's call wall is the 165 strike and its put wall is the 150 strike.
What was the desk's latest view of WCN on the Free plan?: On 25 Sep 2026 the desk's view of WCN was bearish, paper trading.
When does WCN report earnings next?: WCN reports next on 20 Oct 2026, a date worked out from past quarters.

More Industrials names

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