Merck (MRK) Options Chain

NYSE: MRKHealth CareBiotechnology: Pharmaceutical PreparationsUSD

145.60+3.22 (+2.26%)

At close: Oct 9, 4:02 PM ET · Delayed 15 min

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $145.60
Put/call ratio (OI): 1.09
Put/call ratio (volume): 0.17
ATM implied volatility: 32.9%
Expected move: ±$54.21
Open interest (C / P): 14.60K / 15.90K

MRK options summary

The MRK options chain for the January 21, 2028 expiration lists 35 call and 33 put contracts, with 468 days until expiration. Open interest stands at 14,601 calls and 15,898 puts, a put/call ratio of 1.09, which is fairly balanced between calls and puts. At-the-money implied volatility near the $145.00 strike is 32.9%, which implies the market expects a move of about ±$54.21 (37.2%) in Merck stock by expiration.

The most open interest sits at the $120.00 call (2.12K contracts) and the $100.00 put (2.32K contracts).

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

MRK options chain · January 21, 2028

MRK 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	10	65.5%	104.15	104.50	108.50	40.00	0.03	0.26	2.51	53.4%	1	186
1	4	59.9%	100.06	99.50	103.50	45.00	0.09	0.32	0.17	50.2%	25	34
22	120	54.9%	94.30	94.50	98.50	50.00	0.16	0.38	0.32	47.2%	23	91
3	2	65.4%	85.90	89.50	93.40	55.00	0.24	0.43	0.45	44.2%	18	660
83	5	60.8%	89.11	84.50	88.50	60.00	0.12	0.82	0.55	45.5%	2	20
0	2	—	85.00	0.00	0.00	65.00	0.37	1.06	0.74	44.0%	1	257
0	2	—	67.00	0.00	0.00	70.00	0.24	1.31	0.86	42.4%	1	1,152
128	21	50.0%	79.40	71.00	74.05	75.00	0.71	1.61	1.01	40.8%	1	499
118	2	48.4%	66.32	66.45	69.65	80.00	1.12	1.80	1.52	38.5%	1	334
121	4	47.2%	62.70	62.50	65.40	85.00	1.66	2.14	1.97	36.9%	15	328
143	10	45.7%	54.92	58.00	61.15	90.00	1.98	2.84	2.40	36.6%	1	715
82	1	45.2%	53.47	54.00	57.30	95.00	2.63	3.45	3.15	35.5%	1	1,272
725	21	43.5%	46.25	50.00	53.10	100.00	3.35	5.30	3.63	37.7%	3	2,319
774	1	42.3%	41.90	46.00	49.20	105.00	4.30	5.60	4.90	35.0%	1	576
644	1	41.1%	43.19	42.50	45.40	110.00	5.45	6.00	6.65	32.6%	10	1,469
518	1	39.5%	40.40	40.15	41.45	115.00	6.70	7.25	7.70	32.1%	5	910
2,123	1	39.3%	33.00	36.75	38.35	120.00	8.10	9.65	8.45	33.4%	5	827
523	1	39.6%	31.35	32.50	35.70	125.00	9.70	10.15	10.95	30.7%	6	1,181
565	10	38.7%	29.00	29.80	32.50	130.00	11.50	12.85	11.90	31.8%	1	385
589	1	37.8%	28.40	27.00	29.45	135.00	13.55	14.95	12.35	31.4%	75	413
1,452	1	37.1%	23.50	24.95	26.70	140.00	15.75	17.05	16.55	30.7%	4	486
230	1	36.5%	22.10	23.10	24.10	145.00	18.05	18.85	18.35	29.3%	1	306
MRK $145.60
1,195	5	36.4%	21.16	20.30	22.00	150.00	20.65	21.35	21.35	28.7%	4	168
354	7	35.8%	16.35	18.25	19.75	155.00	23.10	24.15	25.50	28.2%	1	42
622	13	35.5%	17.60	16.40	17.85	160.00	26.10	27.70	23.84	28.6%	3	25
337	1	35.3%	13.10	14.65	16.10	165.00	29.55	31.20	28.45	28.7%	1	798
1,078	14	35.1%	12.55	13.70	14.50	170.00	32.45	34.70	34.20	28.5%	1	414
155	1	35.5%	11.28	12.60	13.45	175.00	36.00	37.50	35.00	26.9%	7	7
274	12	34.9%	11.78	11.25	11.85	180.00	39.70	41.95	42.54	27.8%	1	4
1,072	1,000	35.1%	8.50	10.15	10.85	185.00	43.60	45.15	42.10	26.2%	—	5
351	1	34.7%	9.00	9.10	9.60	190.00	47.55	48.95	46.15	25.4%	12	15
267	1	34.6%	8.00	7.25	8.65	195.00	—	—	—	—	—	—
39	22	34.5%	7.67	7.30	7.80	200.00	55.85	58.20	54.60	26.6%	—	0
4	1	34.9%	3.65	3.60	5.35	220.00	—	—	—	—	—	—
7	30	36.7%	4.00	3.35	5.15	230.00	82.95	86.00	85.82	26.9%	—	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 MRK put/call ratio?

For the January 21, 2028 expiration, the MRK put/call ratio based on open interest is 1.09 (15,898 puts vs 14,601 calls), and 0.17 based on today's volume. A ratio above 1 means more puts than calls.

What is MRK's implied volatility?

At-the-money implied volatility for MRK options expiring January 21, 2028 is about 32.9%, an annualized estimate of how much the market expects Merck stock to move.

How many MRK option expiration dates are there?

MRK has 15 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.