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: Jan 21, 2028
Days to expiration: 467
Share price: $227.13
Put/call ratio (OI): 0.75
Put/call ratio (volume): 1.24
ATM implied volatility: 38.0%
Expected move: ±$97.67
Open interest (C / P): 28.23K / 21.16K

IBM options summary

The IBM options chain for the January 21, 2028 expiration lists 62 call and 57 put contracts, with 467 days until expiration. Open interest stands at 28,226 calls and 21,161 puts, a put/call ratio of 0.75, which is fairly balanced between calls and puts. At-the-money implied volatility near the $225.00 strike is 38.0%, which implies the market expects a move of about ±$97.67 (43.0%) in International Business Machines stock by expiration.

The most open interest sits at the $300.00 call (6.87K contracts) and the $220.00 put (2.78K contracts).

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

IBM options chain · January 21, 2028

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
40	1	45.5%	115.80	116.50	120.00	110.00	1.75	2.24	1.96	42.9%	1	587
0	1	—	125.10	0.00	0.00	115.00	1.09	3.75	2.25	46.2%	1	172
8	1	45.9%	115.02	107.50	111.60	120.00	2.47	3.25	3.15	42.2%	1	72
16	1	44.8%	112.80	103.50	107.05	125.00	2.90	3.60	3.30	41.0%	8	88
5	1	44.8%	113.74	99.00	103.00	130.00	3.70	4.25	4.32	40.7%	1	45
23	2	57.3%	109.50	103.50	107.20	135.00	3.80	4.95	4.35	40.2%	2	120
29	2	43.5%	98.65	91.50	94.55	140.00	5.15	5.35	5.30	39.0%	3	1,144
36	1	43.7%	86.36	87.50	90.90	145.00	5.35	6.85	6.30	40.0%	1	178
91	15	44.2%	81.30	83.75	87.50	150.00	6.35	7.90	6.50	39.8%	1	1,031
63	1	44.3%	95.00	80.00	84.00	155.00	6.80	9.40	8.35	40.2%	4	65
119	1	44.1%	81.65	77.25	80.50	160.00	8.90	9.85	9.10	38.6%	1	664
47	1	43.9%	75.00	72.50	77.00	165.00	10.10	10.60	10.70	37.5%	1	317
42	2	43.1%	66.34	69.65	73.20	170.00	11.25	12.40	11.60	37.9%	5	657
34	5	43.0%	75.50	66.00	70.00	175.00	12.70	13.20	14.42	36.7%	1	522
77	2	41.7%	64.28	63.15	66.00	180.00	12.45	16.80	15.27	39.1%	1	1,179
88	1	41.7%	59.72	60.05	63.00	185.00	14.00	16.60	16.20	36.4%	60	535
309	5	41.4%	55.95	57.15	59.90	190.00	16.65	19.30	19.55	37.3%	1	1,049
92	4	41.7%	62.45	54.35	57.50	195.00	17.50	21.20	20.00	37.0%	10	356
422	2	41.3%	50.95	51.75	54.50	200.00	21.00	22.80	21.75	36.3%	3	1,612
47	20	40.5%	54.60	49.00	51.25	205.00	21.55	25.90	24.31	37.1%	1	159
116	1	41.8%	44.35	46.45	50.00	210.00	24.75	28.50	26.54	37.2%	1	473
33	1	40.3%	41.00	44.05	46.25	215.00	27.90	30.50	26.50	36.6%	32	116
474	5	40.2%	38.00	41.80	43.90	220.00	29.60	32.40	31.10	35.8%	6	2,779
30	1	40.4%	39.00	39.55	42.00	225.00	32.00	35.05	34.09	35.6%	1	106
IBM $227.13
546	2	39.9%	38.25	36.50	39.40	230.00	34.00	37.95	36.50	35.6%	1	1,573
77	1	40.3%	34.00	34.50	37.85	235.00	37.55	40.45	39.21	35.1%	1	44
302	2	40.7%	35.50	32.85	36.40	240.00	40.35	42.85	37.95	34.4%	2	335
153	2	41.0%	31.10	31.55	35.00	245.00	44.15	45.70	47.25	34.1%	1	17
823	1	41.2%	30.70	30.05	33.50	250.00	46.00	49.80	50.59	34.8%	1	262
252	1	40.1%	29.07	28.45	30.75	255.00	50.55	52.00	54.85	33.7%	1	14
1,708	1	39.6%	25.00	27.15	28.75	260.00	53.85	55.50	54.65	33.7%	9	794
38	5	40.8%	30.20	24.30	28.45	265.00	56.70	58.75	61.55	33.4%	21	26
384	5	39.8%	22.00	24.00	26.05	270.00	59.35	63.45	59.20	34.4%	1	1,855
30	1	39.4%	23.43	22.95	24.30	275.00	64.25	66.00	62.00	33.2%	8	19
512	7	39.7%	22.05	21.45	23.40	280.00	66.95	69.75	56.60	33.1%	1	215
40	5	41.0%	19.10	20.30	23.45	285.00	70.85	73.40	68.75	32.9%	6	17
234	10	39.3%	19.90	19.25	20.60	290.00	70.05	72.90	87.25	27.8%	20	122
37	20	39.2%	21.75	17.70	19.50	295.00	—	—	—	—	—	—
6,874	36	39.8%	17.85	17.30	19.00	300.00	83.10	85.25	88.65	32.6%	6	1,188
104	2	39.9%	16.95	16.10	18.15	305.00	0.00	0.00	86.70	—	26	0
4,529	1	39.3%	16.00	15.50	16.65	310.00	91.25	93.35	95.97	32.3%	1	65
90	12	38.9%	18.05	14.65	15.45	315.00	94.80	97.70	80.75	32.3%	—	10
295	4	39.9%	12.55	13.75	15.50	320.00	0.00	0.00	102.55	—	1	0
177	5	39.9%	11.70	12.10	14.75	325.00	—	—	—	—	—	—
248	8	39.9%	13.05	12.40	14.00	330.00	106.00	109.40	129.40	30.4%	2	14
69	1	38.9%	11.95	11.75	12.45	335.00	—	—	—	—	—	—
168	3	38.9%	9.90	11.05	11.80	340.00	116.00	120.00	100.25	32.8%	5	136
913	4	39.7%	10.37	8.65	11.20	350.00	125.00	128.55	126.60	32.0%	11	383
222	7	40.2%	9.08	8.40	10.45	360.00	154.50	157.95	116.00	55.3%	1	3
215	1	41.9%	7.75	6.95	10.65	370.00	0.00	0.00	103.55	—	13	0
486	1	39.3%	6.95	6.35	7.90	380.00	128.50	132.00	155.65	—	14	5
320	3	40.0%	6.88	6.50	7.50	390.00	0.00	0.00	121.88	—	5	0
1,785	5	39.4%	6.25	6.00	6.45	400.00	168.25	171.75	192.35	—	2	20
268	2	41.4%	5.60	5.35	6.95	410.00	182.50	186.00	180.00	34.1%	1	17
222	5	42.1%	5.20	3.05	6.75	420.00	0.00	0.00	140.25	—	1	0
122	3	43.6%	5.65	2.96	7.00	430.00	0.00	0.00	146.50	—	2	0
245	1	41.4%	4.13	3.65	5.20	440.00	145.50	147.50	143.20	—	—	1
362	1	40.7%	3.80	3.60	4.40	450.00	187.50	191.50	229.79	—	70	0
1,236	5	40.4%	3.70	3.00	3.85	460.00	0.00	0.00	175.75	—	1	0
278	38	41.0%	3.35	2.85	3.75	470.00	262.00	266.50	227.53	67.1%	5	0
224	2	40.9%	4.20	2.80	3.35	480.00	—	—	—	—	—	—
1,397	21	42.2%	2.72	1.97	3.55	490.00	—	—	—	—	—	—

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 January 21, 2028 expiration, the IBM put/call ratio based on open interest is 0.75 (21,161 puts vs 28,226 calls), and 1.24 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 January 21, 2028 is about 38.0%, 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.