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: Dec 18, 2026
Days to expiration: 68
Share price: $227.13
Put/call ratio (OI): 0.78
Put/call ratio (volume): 0.91
ATM implied volatility: 38.1%
Expected move: ±$37.36
Open interest (C / P): 39.25K / 30.70K

IBM options summary

The IBM options chain for the December 18, 2026 expiration lists 62 call and 56 put contracts, with 68 days until expiration. Open interest stands at 39,248 calls and 30,699 puts, a put/call ratio of 0.78, which is fairly balanced between calls and puts. At-the-money implied volatility near the $225.00 strike is 38.1%, which implies the market expects a move of about ±$37.36 (16.4%) in International Business Machines stock by expiration.

The most open interest sits at the $300.00 call (4.49K contracts) and the $220.00 put (4.92K contracts).

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

IBM options chain · December 18, 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
16	1	70.1%	108.13	110.40	114.30	115.00	0.00	0.10	0.07	59.0%	97	474
2	2	59.4%	112.62	105.40	109.05	120.00	0.00	0.94	0.01	74.1%	2	172
0	—	139.8%	102.00	109.10	112.30	125.00	0.00	0.74	0.18	67.2%	1	131
1	—	83.0%	104.00	95.45	98.75	130.00	0.00	0.36	0.06	57.0%	6	155
1	1	213.0%	115.50	117.85	121.40	135.00	0.05	0.31	0.11	53.6%	40	124
10	1	75.2%	82.17	85.55	88.90	140.00	0.00	0.39	0.30	50.7%	36	184
2	1	101.4%	66.65	86.80	90.15	145.00	0.11	0.22	0.20	48.2%	6	314
78	10	59.8%	76.50	76.25	78.25	150.00	0.17	0.41	0.31	49.6%	23	781
6	1	65.2%	73.45	70.70	74.30	155.00	0.14	0.47	0.37	47.2%	21	220
117	1	55.7%	61.35	66.00	68.65	160.00	0.10	0.68	0.53	46.9%	15	469
0	1	—	73.16	0.00	0.00	165.00	0.23	0.80	0.71	44.9%	251	247
241	1	50.1%	51.85	56.30	58.95	170.00	0.70	0.85	0.77	41.9%	1	543
69	1	49.6%	48.53	51.35	54.50	175.00	1.00	1.10	1.05	40.8%	7	423
32	2	46.2%	45.44	46.85	49.60	180.00	1.21	1.70	1.45	41.5%	11	1,242
239	1	45.4%	48.10	42.55	45.25	185.00	1.75	1.98	1.94	39.4%	17	857
108	4	43.9%	33.45	38.20	40.85	190.00	2.38	3.05	2.65	40.9%	3	1,267
56	1	42.4%	35.07	34.00	36.55	195.00	3.25	3.65	3.43	39.3%	15	1,141
406	20	40.7%	31.85	29.65	32.35	200.00	4.25	4.65	4.45	38.7%	37	3,260
137	1	40.8%	28.05	26.20	28.80	205.00	5.55	6.05	5.86	38.8%	17	330
300	9	38.8%	22.50	22.70	24.80	210.00	7.05	7.65	7.35	38.7%	53	2,096
120	8	38.6%	18.90	19.80	21.65	215.00	8.90	9.30	9.15	38.0%	30	655
1,075	29	38.6%	18.15	17.55	18.80	220.00	10.95	11.70	11.15	38.7%	58	4,924
446	33	37.8%	15.55	14.30	15.90	225.00	12.95	14.00	13.98	38.4%	22	702
IBM $227.13
868	21	38.4%	13.40	12.75	13.80	230.00	15.05	17.00	16.30	39.2%	18	1,717
463	9	39.3%	11.20	10.55	12.10	235.00	18.75	20.00	20.05	39.4%	2	315
3,037	7	38.3%	9.15	9.00	9.90	240.00	22.15	23.25	22.80	39.6%	15	781
508	17	37.8%	7.80	7.80	8.15	245.00	25.00	28.05	26.00	43.3%	3	168
2,911	112	38.0%	6.69	6.45	6.85	250.00	28.80	31.05	34.50	41.8%	29	3,340
2,373	2	38.9%	5.52	5.10	5.95	255.00	33.15	35.25	30.55	43.1%	7	112
1,270	38	38.5%	4.45	4.20	4.80	260.00	36.45	39.35	39.50	43.8%	1	721
716	10	39.5%	3.40	3.20	4.25	265.00	41.25	43.45	40.42	44.1%	2	14
1,801	49	39.5%	3.20	2.78	3.50	270.00	44.95	47.95	48.75	45.3%	2	781
208	1	40.9%	2.72	2.12	3.20	275.00	49.70	52.35	44.81	45.9%	1	9
1,074	18	40.3%	2.27	2.02	2.50	280.00	54.05	57.45	61.10	48.9%	1	504
268	4	39.7%	1.75	1.48	1.93	285.00	58.60	62.10	43.30	50.1%	18	20
828	7	40.2%	1.56	1.29	1.65	290.00	63.85	66.35	68.65	49.4%	1	139
107	2	41.7%	1.04	1.09	1.56	295.00	68.65	71.55	75.80	52.5%	—	1
4,491	11	41.0%	1.21	1.00	1.18	300.00	73.55	76.35	78.25	53.8%	3	295
205	1	41.4%	0.80	0.73	1.00	305.00	—	—	—	—	—	—
2,393	1	42.5%	0.66	0.45	0.93	310.00	82.50	86.10	79.30	56.8%	1	163
241	14	45.7%	0.64	0.37	1.10	315.00	—	—	—	—	—	—
1,847	6	44.4%	0.55	0.30	0.79	320.00	87.50	90.90	46.55	—	16	758
109	2	45.1%	0.35	0.29	0.71	325.00	—	—	—	—	—	—
819	1	48.2%	0.30	0.01	0.85	330.00	102.15	105.75	96.36	50.5%	3	90
32	2	50.0%	2.27	0.17	0.88	335.00	—	—	—	—	—	—
544	11	46.3%	0.47	0.25	0.47	340.00	106.80	109.65	127.90	—	3	31
—	—	—	0.33	—	—	345.00	—	—	—	—	—	—
816	4	52.5%	0.25	0.20	0.72	350.00	116.75	119.95	144.10	—	1	18
409	1	50.0%	0.25	0.10	0.66	360.00	126.75	130.75	154.00	—	1	11
150	1	52.7%	0.27	0.00	0.79	370.00	136.75	139.95	86.20	—	6	0
1,830	17	52.1%	0.24	0.00	0.53	380.00	146.75	150.00	91.80	—	—	0
147	1	56.3%	0.15	0.00	0.69	390.00	0.00	0.00	162.60	—	1	0
1,511	3	56.5%	0.11	0.00	0.53	400.00	166.80	169.95	100.15	—	2	0
38	1	57.0%	0.25	0.00	0.43	410.00	176.80	179.95	120.15	—	2	0
136	6	63.1%	0.01	0.00	0.73	420.00	—	—	—	—	—	—
64	1	60.4%	0.24	0.00	0.40	430.00	175.30	179.30	183.40	—	—	0
45	2	64.8%	0.09	0.00	0.56	440.00	0.00	0.00	133.55	—	—	0
348	305	54.1%	0.07	0.00	0.08	450.00	216.75	220.05	232.95	—	—	0
289	3	67.9%	0.17	0.00	0.53	460.00	0.00	0.00	150.90	—	—	0
1,249	1	69.1%	0.01	0.00	0.50	470.00	0.00	0.00	234.65	—	—	0
452	2	57.8%	0.02	0.00	0.07	480.00	251.75	255.05	234.95	78.2%	1	0
1,189	177	56.6%	0.04	0.00	0.04	490.00	256.75	260.10	283.60	—	—	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 December 18, 2026 expiration, the IBM put/call ratio based on open interest is 0.78 (30,699 puts vs 39,248 calls), and 0.91 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 December 18, 2026 is about 38.1%, 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.