Access all our platforms from a single account.
Twenty-one names where option premium stood out after the October expiry
Summary: Index options got pricier last week, but the richest single-stock premium sits in names reporting this week. Twenty-one names, grouped by what their options cost against their own past year.
The dearest option premium this week belongs to names about to report.
Index options got more expensive last week. The Invesco QQQ Trust (QQQ) moved from the bottom third of its own yearly range to just above the middle. See Saxo pricing for applicable costs and charges. (Source: Saxo OpenAPI, closes of 9 and 16 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive.)
The more interesting premium sits in single stocks, and a good part of it belongs to names about to report. Thermo Fisher reports on Wednesday, Valero and argenx on Thursday, and all three price their options near the top of their yearly range. Most US options below expire on 23 October, so those results land inside the expiry. Merck is dearer still but does not report until 29 October. (Same source; dates from company announcements, linked at the end.)
A seller of that premium sees a rich price, and a buyer sees a hurdle, because the stock has to move further than usual to pay for it. In our view the cheap end may deserve equal attention this week: TSMC, Raiffeisen and Publicis all sit near the floor of their own range. Options carry a high risk of rapid loss and are not suitable for every investor, and a rich or cheap price describes the market, it does not give a signal.
Below are 21 names in five groups, each judged against its own past year. IV rank is where today’s implied volatility sits between the lowest and highest level of that year, with 100 the top and 0 the bottom. Five-session changes compare Friday’s rank with the 9 October close.
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 before making any decisions. Remember, investing in the stock market carries risk, and it’s crucial to make informed decisions.
IV, IV rank, IV percentile and five-session rank change for the twenty-one names, close of 16 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive. Source: Saxo OpenAPI
Highest readings in the United States
- Merck (MRK) - IV 37.1, rank 99.5, percentile 99.6. Rank up 60.1 points in 20 sessions; results are scheduled for 29 October, after the 23 October front expiry.
- Valero Energy (VLO) - IV 53.5, rank 96.6, percentile 98.8. Rank up 13.4 points in five sessions; results are due on 22 October, inside the 23 October expiry.
- Thermo Fisher Scientific (TMO) - IV 38.9, rank 91.1, percentile 97.6. Reports on 21 October, also inside that expiry.
- Intuitive Surgical (ISRG) - IV 45.7, rank 90.7, percentile 95.6. Rank has stayed between 85 and 91 across the last seven sessions.
A long option bought at an elevated level can lose its whole premium even if the underlying moves as expected, and a short option carries risk that is not capped by the premium received.
Highest readings in the euro zone
- argenx (ARGX) - IV 44.7, rank 98.7, percentile 99.2. Rank up 31.1 points in five sessions; its third-quarter call is on 22 October, inside the 20 November expiry.
- Brembo (BRBI) - IV 36.7, rank 87.9, percentile 93.3.
- SES (SESG) - IV 65.3, rank 87.7, percentile 94.8. Down from 100 two sessions earlier.
- Evotec (EVTG) - IV 77.5, rank 86.6, percentile 98.8.
- Fresenius Medical Care (FME) - IV 37.6, rank 84.7, percentile 94.4.
Each lists seven expiries and was already above 85 on Wednesday 14 October. Six other names with ranks near 100 were left out for thin books or thin history. A short option opened against an elevated reading carries risk that is not capped by the premium received.
Lowest readings
- Taiwan Semiconductor (TSM) - IV 32.4, rank 8.5, percentile 7.5. A 32 handle that is still near the year’s floor, after third-quarter results published on 15 October.
- Raiffeisen Bank International (RBI) - IV 35.2, rank 4.6, percentile 2.0. Sits at the bottom of its own range.
- Publicis (PUBP) - IV 23.9, rank 6.6, percentile 4.0.
- iShares Silver Trust (SLV) - IV 35.2, rank 7.6, percentile 9.9. See Saxo pricing for applicable costs and charges.
Buying cheap optionality still costs premium that decays, and a low reading says nothing about when it will rise.
When rank and percentile disagree
- Sodexo (EXHO) - IV 34.5, rank 98.0, percentile 48.4.
- Deutz (DEZG) - IV 50.9, rank 95.1, percentile 33.7. The widest gap among euro-zone names with seven or more expiries.
- KLA (KLAC) - IV 61.9, rank 40.6, percentile 78.6. A high level that is only mid-range on rank.
- SPDR S&P Biotech ETF (XBI) - IV 33.6, rank 48.1, percentile 89.7. See Saxo pricing for applicable costs and charges.
IV percentile counts the share of that year’s sessions that closed below today’s level. Sodexo and Deutz fit the pattern that may reflect a thin history, so their ranks deserve a chart check. KLA and XBI fit the opposite pattern, where an old spike may be stretching the range. Options carry a high risk of rapid loss.
Biggest movers over five sessions
- Riot Platforms (RIOT) - IV 99.7, rank 75.1, percentile 90.1. Rank up 54.4 points.
- iShares MSCI Brazil ETF (EWZ) - IV 60.9, rank 95.4, percentile 99.2. Rank up 50.4 points. See Saxo pricing for applicable costs and charges.
- TomTom (TOM2) - IV 36.3, rank 15.3, percentile 21.4. Rank down 51.3 points, the largest fall among names with seven or more expiries; third-quarter results were published on 15 October.
- LVMH (MC) - IV 26.2, rank 5.9, percentile 8.3. Rank down 48.0 points; its revenue update was published on 12 October.
No catalyst is asserted for Riot or EWZ, and momentum in a rank is not momentum in a price. Options carry a high risk of rapid loss, and a rank that has jumped may fall back as quickly.
Setting rank against momentum
Two grids set premium against price momentum, using RSI. Last week’s oversold telecom cluster has bounced out of its corner, with RSI now above 40 for all five, although their premium still sits above rank 60. The crowded corner is now the opposite one, where rich premium meets an overbought price: eight S&P 100 names, led by energy and consumer staples. Each cell lists strategies commonly associated with that mix, not recommendations. (Sources: Saxo, TradingView, close of 16 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive.) Leveraged, inverse and volatility products on the first grid are complex instruments that carry a high risk of rapid loss and are not suitable for every investor.
Options strategy grid, IV rank against 14-day RSI, close of 16 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive. Source: Saxo
Options strategy grid for the S&P 100, IV rank against 14-day RSI, close of 16 October 2026. Past performance is not indicative of future results; figures are illustrative and not predictive. Source: Saxo
What the screen does not tell you
This is one session’s close, not a trend. Sixteen euro-zone roots returned no reading, and nothing here accounts for spread, open interest or dividends. Event dates come from company announcements: Merck, Valero, Thermo Fisher, argenx, TomTom and LVMH.
Pulling the readings yourself
These figures come from Saxo’s OpenAPI, so traders can keep their own daily record. 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 ranks may be best used as a filter for which names deserve a look at the chain, where spread, open interest and the catalyst calendar do the real work.
Options carry a high risk of rapid loss and are not suitable for every investor. Future outcomes are uncertain and may result in losses. See Saxo pricing for costs and applicable charges: https://www.home.saxo/rates-and-conditions/pricing-overview
The author holds option positions in the SPDR S&P Biotech ETF (XBI) and in the iShares MSCI Brazil ETF (EWZ), both named in this article, and no position in any of the other instruments mentioned. The Author is permitted to wait at least 24 hours from the time of the publication before they trade the instruments themselves.
| More from the author |
|---|