International Business Machines (IBM) Options Chain

NYSE: IBMTechnologyComputer ManufacturingUSD

227.13+0.52 (+0.23%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Nov 20, 2026
Days to expiration: 40
Share price: $227.13
Put/call ratio (OI): 0.54
Put/call ratio (volume): 0.30
ATM implied volatility: 41.0%
Expected move: ±$30.80
Open interest (C / P): 43.70K / 23.58K

IBM options summary

The IBM options chain for the November 20, 2026 expiration lists 71 call and 62 put contracts, with 40 days until expiration. Open interest stands at 43,701 calls and 23,576 puts, a put/call ratio of 0.54, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $225.00 strike is 41.0%, which implies the market expects a move of about ±$30.80 (13.6%) in International Business Machines stock by expiration.

The most open interest sits at the $250.00 call (9.31K contracts) and the $200.00 put (2.54K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

IBM options chain · November 20, 2026

IBM calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
2	1	86.1%	106.65	110.40	114.15	115.00	0.00	0.08	0.01	74.6%	8	367
2	1	82.9%	110.00	105.40	109.20	120.00	0.00	0.50	0.01	87.4%	3	186
1	1	160.0%	90.27	106.45	109.60	125.00	0.00	0.20	0.09	73.1%	2	159
3	2	152.3%	85.25	101.50	104.70	130.00	0.00	1.02	0.11	86.4%	1	64
—	—	—	—	—	—	135.00	0.00	0.30	0.11	67.9%	1	153
2	1	136.8%	73.08	91.40	94.90	140.00	0.00	0.28	0.05	63.0%	6	59
11	1	88.5%	78.79	80.55	83.65	145.00	0.00	0.25	0.08	58.0%	91	117
61	5	83.5%	73.37	75.55	78.70	150.00	0.05	0.39	0.14	58.4%	2	292
17	3	78.1%	67.15	70.55	73.70	155.00	0.00	0.43	0.18	54.1%	11	82
32	2	73.9%	63.40	65.65	68.80	160.00	0.15	0.38	0.20	51.8%	1	221
11	1	70.7%	57.05	60.70	64.00	165.00	0.05	0.36	0.25	50.2%	5	450
286	4	60.0%	53.00	55.80	58.45	170.00	0.10	0.41	0.35	47.2%	3	645
242	1	109.4%	65.40	61.00	63.55	175.00	0.10	0.76	0.49	48.7%	6	436
22	3	55.3%	49.93	46.35	49.00	180.00	0.54	0.81	0.71	45.0%	12	678
27	1	50.7%	38.60	41.65	44.05	185.00	0.94	1.04	0.97	43.1%	102	705
62	1	50.1%	35.59	37.05	39.70	190.00	1.40	1.47	1.44	42.4%	323	1,742
115	66	49.5%	30.05	32.70	35.50	195.00	1.87	2.24	2.07	42.9%	64	605
254	1	46.5%	29.73	28.35	31.00	200.00	2.80	3.05	3.15	42.3%	120	2,536
253	1	45.7%	26.25	24.45	27.10	205.00	3.80	4.25	4.07	42.5%	74	1,096
389	3	42.5%	21.95	20.60	22.80	210.00	4.90	5.50	5.30	41.8%	85	1,298
433	2	43.1%	18.77	17.45	19.70	215.00	6.90	7.50	7.00	42.9%	23	902
1,118	19	41.4%	15.45	15.25	16.25	220.00	8.90	9.55	9.25	42.9%	65	1,654
657	76	40.4%	12.95	12.45	13.30	225.00	11.05	11.50	11.52	41.5%	76	803
IBM $227.13
1,372	293	40.2%	10.73	10.20	10.90	230.00	13.85	14.20	14.30	41.6%	24	2,138
849	26	40.3%	9.05	8.25	8.90	235.00	16.55	17.25	17.67	41.9%	1	1,945
3,231	66	40.6%	6.65	6.70	7.25	240.00	20.20	21.80	21.01	46.4%	15	732
1,441	53	40.8%	6.05	5.55	5.85	245.00	23.10	25.70	25.78	48.0%	2	189
9,312	3,026	40.9%	4.60	4.50	4.65	250.00	26.85	29.65	33.65	49.1%	9	605
1,688	117	41.5%	3.55	3.45	3.80	255.00	32.00	32.50	33.30	45.1%	21	760
1,661	100	41.9%	2.74	2.70	3.05	260.00	35.60	38.50	35.65	53.4%	8	226
950	36	42.7%	2.43	2.08	2.52	265.00	39.85	42.45	43.13	52.8%	1	130
1,007	68	43.0%	1.86	1.65	2.00	270.00	44.45	46.60	48.55	52.5%	2	426
5,973	77	44.3%	1.37	1.09	1.73	275.00	48.55	51.70	48.80	56.4%	8	159
1,721	86	44.0%	1.16	1.06	1.30	280.00	54.10	56.40	56.15	51.5%	2	369
561	2	44.5%	1.01	0.91	1.06	285.00	58.60	61.10	59.00	51.9%	48	77
621	10	46.1%	0.76	0.61	0.96	290.00	63.40	66.40	71.13	55.0%	5	295
334	4	47.7%	0.64	0.34	0.88	295.00	68.25	70.80	75.08	54.9%	1	89
1,866	114	46.5%	0.50	0.46	0.60	300.00	73.45	76.05	81.52	59.2%	1	38
300	1	49.8%	0.54	0.21	0.68	305.00	78.35	80.55	78.77	59.3%	7	73
550	1	48.5%	0.41	0.17	0.46	310.00	0.00	0.00	72.75	—	1	0
154	2	52.7%	0.32	0.20	0.59	315.00	87.90	90.80	92.30	63.1%	2	17
1,412	2	51.3%	0.22	0.05	0.75	320.00	92.40	95.75	94.72	62.6%	1	4
879	65	50.9%	0.24	0.17	0.30	325.00	97.80	100.70	100.30	66.6%	2	18
1,142	3	50.3%	0.26	0.05	0.38	330.00	96.80	100.15	118.85	—	2	21
380	7	51.9%	0.19	0.05	0.37	335.00	0.00	0.00	78.80	—	—	0
277	2	51.7%	0.18	0.08	0.24	340.00	132.80	136.55	97.87	170.0%	100	15
30	1	53.6%	0.17	0.04	0.30	345.00	111.75	115.25	63.90	—	—	0
367	1	59.1%	0.23	0.01	0.56	350.00	116.70	120.70	68.75	—	—	0
56	1	58.1%	0.28	0.00	0.41	355.00	—	—	—	—	—	—
184	11	60.0%	0.08	0.00	0.43	360.00	132.35	135.45	123.15	76.3%	—	0
61	3	64.4%	0.10	0.01	0.60	365.00	—	—	—	—	—	—
78	3	63.3%	0.11	0.05	0.40	370.00	136.80	139.95	80.95	—	2	0
95	5	68.8%	0.06	0.00	0.70	375.00	—	—	—	—	—	—
0	56	25.0%	0.76	0.00	0.00	380.00	146.80	149.95	93.55	—	—	0
8	4	75.2%	1.25	0.00	0.98	385.00	151.80	154.95	93.15	—	—	0
0	1	25.0%	0.41	0.00	0.00	390.00	162.00	165.30	160.40	82.5%	—	0
13	1	76.7%	0.44	0.00	0.85	395.00	—	—	—	—	—	—
94	6	60.7%	0.28	0.00	0.10	400.00	0.00	0.00	163.40	—	—	0
40	1	69.8%	0.05	0.00	0.31	405.00	—	—	—	—	—	—
39	1	71.1%	0.01	0.00	0.31	410.00	161.80	165.65	126.80	—	—	0
39	2	79.6%	0.42	0.00	0.67	415.00	—	—	—	—	—	—
0	2	25.0%	0.35	0.00	0.00	420.00	—	—	—	—	—	—
79	2	81.8%	0.35	0.00	0.65	425.00	0.00	0.00	155.95	—	—	0
89	1	97.4%	0.14	0.00	1.93	430.00	—	—	—	—	—	—
23	2	100.5%	0.10	0.00	2.15	435.00	0.00	0.00	165.95	—	1	0
26	1	100.5%	0.07	0.00	1.97	440.00	—	—	—	—	—	—
86	2	86.3%	0.88	0.00	0.62	445.00	196.80	200.60	160.80	—	—	0
150	1	104.5%	0.05	0.00	2.14	450.00	216.75	220.05	181.45	—	1	0
243	4	99.5%	0.21	0.00	1.32	460.00	211.80	215.55	175.80	—	—	0
144	19	109.7%	0.09	0.00	2.14	470.00	248.50	252.05	235.03	163.0%	2	0
0	1	50.0%	0.15	0.00	0.00	480.00	—	—	—	—	—	—
76	1	114.5%	0.02	0.00	2.13	490.00	256.75	260.05	196.45	—	1	0

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the IBM put/call ratio?

For the November 20, 2026 expiration, the IBM put/call ratio based on open interest is 0.54 (23,576 puts vs 43,701 calls), and 0.30 based on today's volume. A ratio above 1 means more puts than calls.

What is IBM's implied volatility?

At-the-money implied volatility for IBM options expiring November 20, 2026 is about 41.0%, an annualized estimate of how much the market expects International Business Machines stock to move.

How many IBM option expiration dates are there?

IBM has 18 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.