Materials

Wheaton Precious Metals Corp. (WPM) options and signal

Figures as of 28 Sep 2026

WPM is Wheaton Precious Metals Corp., a Materials 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	96 of 100	28 Sep
At the money IV	50.1%	28 Sep
Priced move to 30 Oct	15.0% down, 16.6% up	28 Sep
Call wall and put wall	140 and 150	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	135.62	28 Sep
Next report	5 Nov 2026	28 Sep

Options Snapshot

WPM's IV rank is 96 of 100 on 28 Sep 2026.

Figure	Value
IV rank	96 of 100
At the money IV	50.1%, near month, 32 days
Put/call ratio, open interest	1.84
Call open interest, strikes captured near the price	33,200 contracts
Put open interest, strikes captured near the price	61,200 contracts
Cost to trade at the money	Tight, 9.4% of the option's mid price

IV rank is where the at the money IV sits among WPM'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, WPM options priced a move of 15.0 percent down and 16.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	5.1%	5.6%	128.67 to 143.16
9 Oct 2026	11	8.3%	8.1%	124.42 to 146.62
23 Oct 2026	25	14.0%	12.2%	116.62 to 152.22
30 Oct 2026	32	15.0%	16.6%	115.22 to 158.12
20 Nov 2026	53	18.9%	18.7%	110.02 to 160.92
18 Dec 2026	81	22.0%	23.2%	105.82 to 167.02
19 Mar 2027	172	31.9%	34.6%	92.42 to 182.52

The range is one standard deviation either side of the close of 135.62, 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, WPM's call wall is the 140 strike and its put wall is the 150 strike.

Figure	Value
Call wall, most open call gamma	140
Put wall, most open put gamma	150
Flip strike, where net gamma changes sign	145.98
Net dollar gamma, calls minus puts	minus $6.53 million
Total dollar gamma, both sides	$16.86 million
Close	135.62

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, WPM's at the money IV is 50.1 percent against 20 day realized volatility of 47.7 percent.

Figure	Value
At the money IV	50.1%
Realized volatility, 20 trading days	47.7%
Realized volatility, 60 trading days	51.0%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	465, from 19 May 2017
Weeks the price moved more than the one week priced move	29.2% 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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, WPM's at the money IV runs from 50.2 percent at 4 days to 48.6 percent at 172 days.

Days to expiry	At the money IV
4	50.2%
11	48.9%
18	49.6%
25	54.5%
39	50.5%
53	48.1%
81	48.6%
172	48.6%

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, WPM's IV ten percent below the price sits 1.7 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	51.7%	+1.7 points
At the money	50.1%	0.0 points
10% above the price	57.5%	+7.4 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, WPM's surface spans 10 expiries out to 172 days, with IV from 47.1 to 59.9 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	94
Lowest IV among them	47.1%
Highest IV among them	59.9%

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, WPM 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	50.2%	924	1,008
9 Oct 2026	11	48.9%	334	298
16 Oct 2026	18	49.6%	5,698	6,082
23 Oct 2026	25	54.5%	234	136
30 Oct 2026	32	50.1%	198	127
6 Nov 2026	39	50.5%	18	7
20 Nov 2026	53	48.1%	1,885	1,242
18 Dec 2026	81	48.6%	6,015	5,193
15 Jan 2027	109	48.1%	13,867	44,844
19 Mar 2027	172	48.6%	4,056	2,262

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, WPM's largest open interest sits at the 150 strike, with 28,730 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
150	1,895	26,835	28,730
90	322	5,418	5,740
110	659	4,156	4,815
120	1,380	2,955	4,335
80	651	3,484	4,135
140	1,410	2,188	3,598

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, WPM's at the money IV moved from 49.9 percent to 50.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	49.9%	50.1%	+0.1 points
Open interest, strikes captured near the price	93,693	94,428	+735
Put/call ratio, open interest	1.84	1.84	+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.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 31,630 WPM option contracts traded, 6.7 times its own recent average.

Figure	Value
Calls traded	4,638
Puts traded	26,992
Against its recent average	6.7 times
Busier than	20 of its last 20 trading days
Open interest, whole chain	109,705 contracts
Volume to open interest	0.29
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 150 call expiring 20 Nov, 369 traded against 107 open

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 WPM'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	134.41	$2.27 million	135	120
21 Sep 2026	147.66	minus $5.77 million	160	150
28 Sep 2026	135.62	minus $6.53 million	140	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 WPM was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	144.03, the swing high of 1 Sep 2026
Level below the close	101.59, the swing low of 17 Jul 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 WPM sat at the 40th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	99 of 100	Bullish
20 trading days	91 of 100	Bullish
45 trading days	40 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 WPM's near timeframes were bullish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	2 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.

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Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	40 of 100
24 Sep 2026	None	59 of 100
23 Sep 2026	None	17 of 100
22 Sep 2026	None	38 of 100
21 Sep 2026	None	26 of 100
18 Sep 2026	None	28 of 100
17 Sep 2026	None	38 of 100
16 Sep 2026	None	25 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, 35 of 62 Materials names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Materials	62	35	11	16

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

WPM closed at 135.62 on 28 Sep 2026.

Figure	Value
Last close	135.62
Change over 5 trading days	-8.2%
Change over 21 trading days	-14.2%
Change over 63 trading days	+22.3%
Change over 252 trading days	+26.3%
52 week high	165.76
52 week low	92.57
20 day moving average	149.71
50 day moving average	137.77
200 day moving average	132.64
RSI, 14 days	40

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

WPM reports next on 5 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	5 Nov 2026, after the close
Date	Worked out from past quarters
Move after the report of 6 Aug 2026	+7.1%
Move after the report of 30 Apr 2026	-0.5%
Move after the report of 28 Jan 2026	-2.3%
Move after the report of 8 May 2025	+4.0%

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

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Public Filings

The filings the desk holds carry 1 recent trade in WPM shares.

Filed	Who	Trade	Size
10 Sep 2026	. Gilbert Cisneros, member of Congress	Bought	$1,001 to $15,000

Every filing is reproduced as filed, and each one reaches the public days or weeks after the trade.

Filings as of 28 Sep 2026. Current on every plan.

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Seasonality

In the 21 Septembers on record, WPM's average change was minus 1.0 percent, and it rose in 42.9 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.0%	-1.8%	42.9%	21
October	+0.1%	+2.8%	61.9%	21
November	+2.9%	-1.5%	47.6%	21

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 WPM 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 WPM's IV rank?: WPM's IV rank is 96 of 100 on 28 Sep 2026.
What move are WPM options pricing?: On 28 Sep 2026, WPM options priced a move of 15.0 percent down and 16.6 percent up by 30 Oct 2026.
Where are WPM's call wall and put wall?: On 28 Sep 2026, WPM's call wall is the 140 strike and its put wall is the 150 strike.
What was the desk's latest view of WPM on the Free plan?: On 25 Sep 2026 the desk's view of WPM was neutral, paper trading.
When does WPM report earnings next?: WPM reports next on 5 Nov 2026, a date worked out from past quarters.

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