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Is it the company or its sector? Option premium moved in packs last week
Summary: Three energy names sit near the top of their own option premium range, while four Finnish names dropped out of it. Twenty-one readings from the 30 October close, and how to tell a company move from a sector move.
When neighbours move together, a high or low reading may say more about the neighbourhood than about the name.
Three of the twenty highest IV ranks in the US screen belong to energy names: Marathon Petroleum (MPC) at 100.0, Valero (VLO) at 97.6 and ConocoPhillips (COP) at 84.5. The ten energy names screened have a median rank of 65.7, against 44.8 for all 187 US names. (Source: Saxo OpenAPI, close of 30 October 2026, recorded 31 October. Past performance is not indicative of future results; figures are illustrative and not predictive.)
The euro zone shows the opposite pack. Four of the eight largest euro-zone rank falls since the 22 October close are Finnish: Valmet (VALMT) from 93.5 to 14.8, Konecranes (KCR) from 96.1 to 35.6, Kesko (KESKOB) from 96.1 to 38.8 and QT Group (QTCOM) from 83.5 to 33.7. No company event inside that window was verified for any of them, so the cause is not established.
IV rank places today’s implied volatility between the lowest (0) and highest (100) level of the past year. IV percentile counts the share of that year’s sessions that closed below today’s level. Either describes what the market charges, not what happens next. Options carry a high risk of rapid loss and are not suitable for every investor.
IV, IV rank, IV percentile and rank change since the 22 October close for the twenty-one names, close of 30 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive. Source: Saxo OpenAPI
Where option prices were dearest: the United States
- Marathon Petroleum (MPC) - IV 56.9, rank 100.0, percentile 100.0. The company has announced third-quarter results for 3 November (source: company announcement), inside the 20 November expiry this reading is taken from, so the level may already include the report.
- Southern Company (SO) - IV 25.2, rank 100.0, percentile 100.0. Rank up 16.3 points since 22 October. An IV of 25 is modest in absolute terms; a utility’s range tends to be narrow, so a small rise can reach the top of it.
- Palantir Technologies (PLTR) - IV 70.3, rank 100.0, percentile 100.0. Rank up 19.4 points since 22 October; no catalyst was verified.
- Valero Energy (VLO) - IV 54.9, rank 97.6, percentile 99.6. Rank up 6.1 points since 22 October. It shares a sector with Marathon Petroleum and ConocoPhillips, which suggests part of the reading may belong to the group.
A long option bought at an elevated reading can lose its whole premium even if the share moves as expected, and a short option carries risk that is not capped by the premium received. Options carry a high risk of rapid loss.
Where option prices were dearest: the euro zone
- SES (SESG) - IV 71.1, rank 100.0, percentile 99.6. Already at 100.0 on Tuesday 27 October.
- Fresenius Medical Care (FME) - IV 42.4, rank 99.4, percentile 99.2. Up from 91.1 on 27 October.
- UCB (UCB) - IV 46.1, rank 96.8, percentile 99.6. Up from 76.9 on 27 October, the steepest climb in this group.
- Brembo (BRBI) - IV 39.2, rank 92.4, percentile 97.6. Eased from 100.0 in last week’s screen.
- Tokmanni (TOKMAN) - IV 57.2, rank 89.5, percentile 87.7. A Finnish name that held steady (92.0 on 27 October) while four others fell out of their range.
Each lists at least seven expiries, shares the 20 November front expiry and stood at rank 75 or higher on Tuesday 27 October, so no reading rests on a single day. Names with fewer expiries were left out. A short option opened against an elevated reading carries risk that is not capped by the premium received. Options carry a high risk of rapid loss.
Where option prices were cheapest
- Newmont (NEM) - IV 39.1, rank 7.1, percentile 2.8. The lowest US rank in the screen, at an IV that may look high in absolute terms.
- Sofina (SOF) - IV 17.3, rank 3.6, percentile 2.0. Only six listed expiries, a thinner book than the euro-zone group above requires, so the level rests on less.
- Symrise (SY1) - IV 23.0, rank 6.3, percentile 7.9. Down from 44.7 on 27 October.
- Puma (PUMG) - IV 34.4, rank 6.9, percentile 12.3. The IV is not low in absolute terms; it is low against Puma’s own year.
Buying cheap optionality still costs premium that decays, and a low reading says nothing about when it will rise. Options carry a high risk of rapid loss.
When the two measures part ways
- Stroeer (SAX) - IV 51.1, rank 100.0, percentile 47.2. A rank at the top beside a percentile under half is an unusual pair and may reflect a thin history, so a chart check seems warranted.
- Deutz (DEZG) - IV 52.9, rank 92.4, percentile 33.7. The same pattern, with a gap of nearly 59 points.
- BitMine Immersion Technologies (BMNR) - IV 77.1, rank 57.6, percentile 29.4. A high absolute IV that sits in the middle of its own range.
- Strategy (MSTR) - IV 75.7, rank 25.0, percentile 69.4. The opposite pattern: a low rank beside a high percentile, which may mean an earlier spike is stretching the range.
A rank far above its percentile may say more about the length of the history than about today’s price of options. Options carry a high risk of rapid loss.
Who moved most since 22 October
- Pan American Silver (PAAS) - IV 62.7, rank 54.8, percentile 79.4. Rank up 38.1 points since 22 October.
- Telefonica (TNE5) - IV 33.1, rank 65.6, percentile 89.3. Rank up 25.1 points since 22 October.
- Valmet (VALMT) - IV 23.2, rank 14.8, percentile 19.0. Rank down 78.7 points, the largest fall in the euro-zone screen. Six listed expiries.
- Konecranes (KCR) - IV 30.9, rank 35.6, percentile 47.2. Rank down 60.5 points. Six listed expiries.
No catalyst is asserted for any of the four. A rank move is not a price move, and a rank that jumps can fall back as quickly. Options carry a high risk of rapid loss.
Telling a company move from a sector move
In our view a name that moves with its peers may be repricing alongside them, while a name that moves alone may be reacting to something of its own. A quick check is to set the name’s rank against its neighbours. Marathon Petroleum, Valero and ConocoPhillips all sit high, which may hint at a shared driver. Tokmanni, by contrast, stayed elevated while four Finnish names fell, which may hint at no shared driver at all. Neither reading is proven by a rank, and a chain check for spread and open interest comes before any conclusion. Options carry a high risk of rapid loss.
What the screen does not tell you
This is one close, not a trend. The five-reading changes compare the 22 October close with the 30 October close, eight calendar days apart, and the collector holds no reading for the 28 October close. Nothing here accounts for spread, open interest or dividends, and the tickers shown are the Saxo listed symbols rather than the option roots the data is stored under.
Pulling the readings yourself
These figures come from Saxo’s OpenAPI. That route is covered in the webinar "Using AI and OpenAPI to elevate your Saxo platform experience" on 4 November 2026 at 13:00 CET.
Final thoughts
In our view the packs may be most useful as a first filter: where several names in one sector sit at the same extreme, the sector may deserve the look before any single name does.
Options carry a high risk of rapid loss and are not suitable for every investor. Future outcomes are uncertain and may result in losses. Costs and charges apply and vary by account and venue; check the rates applicable to you before entering any position.
The author holds no position in any of the instruments named in this article.
Disclaimer
Important note: The strategies and examples provided in this article are purely for educational purposes. They are intended to assist in shaping your thought process and should not be replicated or implemented without careful consideration. Every investor or trader must conduct their own due diligence and take into account their unique financial situation, risk tolerance, and investment objectives.
This content is marketing material and should not be regarded as investment advice. Trading financial instruments carries risks and historic performance is not a guarantee of future results. The Author is permitted to wait at least 24 hours from the time of the publication before they trade the instruments themselves. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options. This content will not be changed or subject to review after publication.
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