Financials

TeraWulf Inc. (WULF) options and signal

Figures as of 28 Sep 2026

WULF is TeraWulf 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
Trade Card	Bull call spread, 18 Dec	25 Sep
IV rank	1 of 100	28 Sep
At the money IV	78.2%	28 Sep
Priced move to 30 Oct	22.4% down, 23.5% up	28 Sep
Call wall and put wall	20 and 13	28 Sep
Signal and the desk's view	Bullish signal, view bullish	25 Sep
Last close	15.12	28 Sep
Next report	9 Nov 2026	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for WULF was a bull call spread expiring 18 Dec 2026, paper trading.

Figure	Value
Signal	Bullish, over 45 trading days
Strategy	Bull call spread, debit
Legs	Buy the 16 call, Sell the 21 call
Expiry	18 Dec 2026, 84 days to expiry
Limit	A debit of at most $1.45
Probability of profit	43%, the option market's odds at expiry, from delta
Max loss	$145 per contract
Max profit	$355 per contract
Breakeven	17.45
IV rank at that expiry	4 of 100

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

WULF's IV rank is 1 of 100 on 28 Sep 2026.

Figure	Value
IV rank	1 of 100
At the money IV	78.2%, near month, 32 days
Put/call ratio, open interest	0.33
Call open interest, strikes captured near the price	1.2 million contracts
Put open interest, strikes captured near the price	398,000 contracts
Cost to trade at the money	Tight, 10.0% of the option's mid price

IV rank is where the at the money IV sits among WULF'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, WULF options priced a move of 22.4 percent down and 23.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	7.9%	8.4%	13.92 to 16.39
9 Oct 2026	11	12.5%	11.8%	13.23 to 16.91
23 Oct 2026	25	19.9%	20.6%	12.11 to 18.23
30 Oct 2026	32	22.4%	23.5%	11.73 to 18.67
20 Nov 2026	53	31.4%	33.0%	10.37 to 20.11
18 Dec 2026	81	37.7%	40.7%	9.42 to 21.28
19 Feb 2027	144	48.0%	53.7%	7.86 to 23.24

The range is one standard deviation either side of the close of 15.12, 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, WULF's call wall is the 20 strike and its put wall is the 13 strike.

Figure	Value
Call wall, most open call gamma	20
Put wall, most open put gamma	13
Net dollar gamma, calls minus puts	$7 million
Total dollar gamma, both sides	$22.16 million
Close	15.12

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 4 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, WULF's at the money IV is 78.2 percent against 20 day realized volatility of 80.9 percent.

Figure	Value
At the money IV	78.2%
Realized volatility, 20 trading days	80.9%
Realized volatility, 60 trading days	91.8%
IV against its own weekly record	Low, in the bottom fifth
Weekly readings on record	201, from 10 Jun 2022
Weeks the price moved more than the one week priced move	17.5% of 200 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, WULF's at the money IV runs from 76.8 percent at 4 days to 81.6 percent at 144 days.

Days to expiry	At the money IV
4	76.8%
11	79.9%
18	76.3%
25	75.7%
39	80.0%
53	84.0%
81	83.9%
144	81.6%

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 32 day expiry, WULF's IV ten percent below the price sits 9.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	87.3%	+9.1 points
At the money	78.2%	0.0 points
10% above the price	86.4%	+8.3 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, WULF's surface spans 10 expiries out to 144 days, with IV from 66.1 to 86.4 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Feb 2027, 144 days
Points within 10% of the price, 7 days out or more	42
Lowest IV among them	66.1%
Highest IV among them	86.4%

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, WULF has 10 captured expiries, from 2 Oct 2026 to 19 Feb 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	76.8%	17,097	38,692
9 Oct 2026	11	79.9%	10,501	11,341
16 Oct 2026	18	76.3%	221,734	111,548
23 Oct 2026	25	75.7%	8,409	11,772
30 Oct 2026	32	78.2%	11,125	5,812
6 Nov 2026	39	80.0%	144	409
20 Nov 2026	53	84.0%	304,321	70,346
18 Dec 2026	81	83.9%	288,203	92,143
15 Jan 2027	109	81.2%	323,691	46,563
19 Feb 2027	144	81.6%	10,343	9,629

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, WULF's largest open interest sits at the 20 strike, with 173,763 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
20	150,540	23,223	173,763
30	157,350	4,885	162,235
16	101,296	36,159	137,455
25	123,903	5,701	129,604
18	104,040	13,771	117,811
22	103,187	4,075	107,262

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, WULF's at the money IV moved from 75.0 percent to 78.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	75.0%	78.2%	+3.2 points
Open interest, strikes captured near the price	1.69 million	1.59 million	-92,816
Put/call ratio, open interest	0.31	0.33	+0.02

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, 143,362 WULF option contracts traded, 1.3 times its own recent average.

Figure	Value
Calls traded	82,662
Puts traded	60,700
Against its recent average	1.3 times
Busier than	14 of its last 20 trading days
Open interest, whole chain	2.32 million contracts
Volume to open interest	0.06
Unusual volume flag	Yes, 4 contracts traded well above open interest
Largest flagged contract	The 17 call expiring 2 Oct, 7,107 traded against 2,606 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 WULF'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	16.75	minus $4.82 million	20	16
21 Sep 2026	17.45	$8.76 million	20	15
28 Sep 2026	15.12	$7 million	20	13

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 WULF was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, signal on
Level above the close	17.93, the swing high of 22 Sep 2026
Level below the close	14.44, the swing low of 15 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull call spread (buy a call spread)
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 WULF sat at the 97th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	63 of 100	Neutral
20 trading days	94 of 100	Bullish
45 trading days	97 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 WULF 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.

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Signal History

On 25 Sep 2026 WULF's bullish signal began that trading day, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	Bullish	97 of 100
24 Sep 2026	None	78 of 100
23 Sep 2026	None	45 of 100
22 Sep 2026	None	28 of 100
21 Sep 2026	None	55 of 100
18 Sep 2026	None	59 of 100
17 Sep 2026	None	65 of 100
16 Sep 2026	Bullish	97 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

WULF closed at 15.12 on 28 Sep 2026.

Figure	Value
Last close	15.12
Change over 5 trading days	-13.4%
Change over 21 trading days	-8.3%
Change over 63 trading days	-40.9%
Change over 252 trading days	+37.8%
52 week high	29.84
52 week low	10.47
20 day moving average	16.12
50 day moving average	16.79
200 day moving average	18.06
RSI, 14 days	43

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

WULF reports next on 9 Nov 2026, a date worked out from past quarters.

Figure	Value
Next report	9 Nov 2026, before the open
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	-4.3%
Move after the report of 30 Apr 2026	-1.9%
Move after the report of 28 Jan 2026	-3.8%
Move after the report of 9 May 2025	-8.8%

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

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Seasonality

In the 17 Septembers on record, WULF's average change was minus 0.6 percent, and it rose in 52.9 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.6%	+1.3%	52.9%	17
October	+2.4%	-2.0%	44.4%	18
November	-1.9%	-2.2%	40.0%	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 WULF 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 WULF's IV rank?: WULF's IV rank is 1 of 100 on 28 Sep 2026.
What move are WULF options pricing?: On 28 Sep 2026, WULF options priced a move of 22.4 percent down and 23.5 percent up by 30 Oct 2026.
Where are WULF's call wall and put wall?: On 28 Sep 2026, WULF's call wall is the 20 strike and its put wall is the 13 strike.
What was the latest Trade Card for WULF on the Free plan?: On 25 Sep 2026 the Trade Card for WULF was a bull call spread expiring 18 Dec 2026, paper trading.
When does WULF report earnings next?: WULF reports next on 9 Nov 2026, a date worked out from past quarters.

More Financials names

Guides and the full list

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