Palo Alto Networks (PANW) Options Chain

NASDAQ: PANWTechnologyComputer peripheral equipmentUSD

418.78+20.28 (+5.09%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $418.78
Put/call ratio (OI): 0.77
Put/call ratio (volume): 1.99
ATM implied volatility: 55.0%
Expected move: ±$260.60
Open interest (C / P): 24.28K / 18.75K

PANW options summary

The PANW options chain for the January 21, 2028 expiration lists 92 call and 77 put contracts, with 468 days until expiration. Open interest stands at 24,279 calls and 18,747 puts, a put/call ratio of 0.77, which is fairly balanced between calls and puts. At-the-money implied volatility near the $420.00 strike is 55.0%, which implies the market expects a move of about ±$260.60 (62.2%) in Palo Alto Networks stock by expiration.

The most open interest sits at the $185.00 call (2.35K contracts) and the $145.00 put (1.89K contracts).

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

PANW options chain · January 21, 2028

PANW 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
73	3	232.3%	373.20	410.00	420.00	5.00	0.00	0.10	0.01	142.2%	1	3
21	1	181.3%	321.95	405.00	415.00	10.00	0.00	0.01	0.03	96.9%	—	1
—	—	—	—	—	—	15.00	0.00	4.45	0.01	177.2%	1	0
1	2	—	150.93	239.00	248.00	25.00	0.00	5.15	0.29	148.5%	5	3
1	2	—	148.10	136.00	145.00	30.00	0.00	1.44	5.40	109.4%	1	1
—	—	—	—	—	—	35.00	0.00	1.33	0.25	101.3%	2	124
0	2	—	119.80	202.00	211.00	40.00	0.00	5.20	0.65	120.6%	22	210
—	—	—	—	—	—	45.00	0.00	0.00	1.13	50.0%	16	0
3	1	120.0%	343.60	368.00	378.00	50.00	0.00	0.00	0.40	25.0%	1	0
3	1	114.2%	316.00	363.00	373.00	55.00	0.00	10.00	0.96	118.8%	2	56
2	1	—	271.04	290.00	299.00	60.00	0.00	5.55	0.86	99.7%	1	11
1	—	—	106.65	105.00	115.00	65.00	0.00	0.89	0.80	71.2%	20	16
13	2	107.3%	258.50	350.00	359.00	70.00	0.49	2.85	2.12	83.4%	1	43
6	1	—	286.66	276.00	285.00	75.00	0.05	1.28	0.36	69.4%	30	520
21	2	—	265.65	272.00	281.00	80.00	0.00	0.00	1.06	25.0%	2	0
43	3	—	106.00	185.50	192.95	85.00	0.00	0.00	1.72	25.0%	8	0
6	4	97.5%	317.00	331.00	341.00	90.00	0.01	1.36	1.01	62.4%	4	518
0	1	—	185.00	0.00	0.00	95.00	0.25	1.04	1.06	59.7%	2	174
128	2	92.5%	299.50	322.00	331.00	100.00	0.34	1.21	1.20	59.2%	5	174
51	1	—	145.00	182.00	190.00	105.00	0.52	1.35	1.10	58.9%	20	32
49	3	—	195.75	246.00	254.00	110.00	0.69	1.54	1.90	58.6%	5	628
19	2	87.9%	296.75	308.00	318.00	115.00	0.87	1.75	1.35	58.2%	2	27
38	3	—	187.75	237.00	246.00	120.00	1.13	2.22	1.70	58.7%	1	1,053
12	1	85.0%	307.20	300.00	308.00	125.00	1.24	2.47	1.84	57.9%	1	73
0	2	—	236.49	0.00	0.00	130.00	1.72	2.53	2.30	57.6%	28	229
43	20	—	229.97	225.00	234.00	135.00	1.73	3.15	3.15	57.3%	6	317
60	1	81.9%	285.56	286.00	296.00	140.00	2.21	3.50	4.75	57.3%	2	239
29	10	—	155.74	225.00	232.00	145.00	2.44	4.15	3.40	57.3%	2	1,887
199	1	80.1%	272.00	278.00	287.00	150.00	3.00	3.85	4.15	56.0%	1	571
42	1	76.7%	238.60	273.00	280.80	155.00	3.45	4.80	4.04	56.6%	1	158
264	1	78.2%	182.00	269.70	278.30	160.00	3.80	5.05	4.74	55.9%	5	159
498	36	75.5%	229.05	265.00	272.35	165.00	4.40	6.15	5.45	56.5%	1	824
453	10	75.5%	225.30	261.00	269.00	170.00	3.65	6.55	6.13	54.5%	2	382
58	1	74.3%	251.87	257.00	264.05	175.00	5.25	7.20	9.80	55.5%	2	157
138	5	75.8%	261.50	253.90	262.00	180.00	5.45	8.05	7.00	55.1%	1	76
2,347	2	73.0%	253.35	249.00	255.85	185.00	6.05	8.50	7.75	54.6%	1	285
608	2	73.3%	249.38	245.85	252.35	190.00	7.55	8.35	11.20	54.4%	1	53
131	2	71.5%	226.97	241.00	247.50	195.00	7.30	9.65	9.95	53.8%	1	112
368	1	72.1%	229.50	237.00	245.45	200.00	7.95	11.00	9.80	54.0%	65	1,240
610	1	71.0%	225.75	229.00	238.00	210.00	10.75	11.95	11.25	53.9%	2	256
335	1	70.1%	229.20	221.00	231.00	220.00	12.60	15.25	12.60	54.4%	1	265
858	1	68.0%	173.45	214.00	221.00	230.00	14.55	17.35	18.00	54.0%	13	560
1,718	2	67.5%	193.50	207.00	214.00	240.00	16.80	20.05	19.50	53.8%	1	441
474	2	66.8%	191.40	200.00	207.10	250.00	17.75	22.60	22.32	52.7%	4	144
992	5	66.2%	189.70	193.25	200.25	260.00	20.40	23.60	23.85	51.6%	6	1,080
211	1	66.1%	180.76	186.00	195.30	270.00	21.70	28.80	25.23	51.7%	1	455
406	1	65.0%	174.35	180.25	186.80	280.00	25.05	29.60	31.10	50.6%	2	92
184	1	64.7%	168.40	174.00	181.05	290.00	31.10	33.90	33.27	52.0%	6	48
362	2	65.4%	170.00	171.25	174.90	300.00	31.95	35.20	35.33	51.1%	1	1,122
893	1	63.8%	128.82	162.55	168.60	310.00	34.00	41.65	38.89	50.1%	1	57
317	1	63.5%	160.47	157.55	162.50	320.00	38.00	44.35	42.85	51.8%	3	1,560
895	11	62.8%	156.00	151.00	157.20	330.00	42.00	51.00	46.62	50.2%	2	113
73	2	62.6%	138.91	145.00	152.95	340.00	46.00	53.95	50.89	52.1%	1	78
138	2	62.8%	133.82	140.00	149.00	350.00	51.00	60.00	58.05	50.0%	1	1,096
378	2	62.3%	130.10	135.00	143.35	360.00	58.65	64.15	68.92	50.6%	4	28
1,361	1	61.4%	128.17	130.00	136.80	370.00	60.00	67.40	74.50	51.1%	2	55
133	1	61.3%	122.98	126.00	132.00	380.00	66.95	74.00	87.35	51.8%	1	12
149	1	61.7%	117.66	121.00	130.00	390.00	73.75	80.00	78.25	50.2%	1	72
1,047	10	61.5%	121.25	118.25	124.25	400.00	75.00	85.00	99.73	51.6%	2	50
425	1	60.8%	108.95	113.00	119.50	410.00	81.05	86.75	86.00	49.3%	2	50
PANW $418.78
169	3	60.6%	114.80	109.00	115.15	420.00	90.00	92.95	91.50	49.3%	1	82
1,141	1	60.5%	101.70	105.00	111.65	430.00	94.55	98.90	97.60	49.2%	71	42
1,361	2	60.2%	97.97	101.00	107.65	440.00	98.20	108.00	103.85	50.7%	53	50
252	2	60.4%	98.07	98.45	104.20	450.00	107.80	112.20	130.05	49.4%	2	38
130	2	60.1%	91.10	94.50	100.70	460.00	0.00	0.00	138.14	—	2	0
267	2	60.7%	97.03	91.40	100.00	470.00	0.00	0.00	141.85	—	28	0
172	1	61.0%	84.95	89.40	97.00	480.00	0.00	0.00	152.40	—	2	0
158	1	59.8%	80.80	84.00	92.00	490.00	131.55	137.95	142.10	48.5%	2	76
533	1	59.4%	81.02	81.00	88.20	500.00	137.00	144.75	157.33	48.3%	4	366
214	1	59.5%	82.74	79.00	85.00	510.00	145.50	154.00	156.69	49.4%	1	10
71	1	60.2%	79.94	78.05	83.30	520.00	152.95	158.85	166.30	48.0%	2	58
32	1	59.5%	71.52	73.00	80.65	530.00	161.50	166.05	217.70	47.8%	2	3
51	2	59.3%	82.25	71.00	77.10	540.00	—	—	—	—	—	—
147	1	59.8%	70.40	70.30	75.20	550.00	227.00	233.85	222.60	73.8%	1	11
518	1	58.9%	69.23	66.55	71.15	560.00	—	—	—	—	—	—
81	1	59.9%	72.37	65.90	71.15	570.00	189.00	198.00	218.83	48.2%	4	4
115	4	59.9%	57.60	63.65	69.05	580.00	199.15	203.95	222.45	47.1%	3	11
454	1	60.5%	57.95	61.90	69.00	590.00	206.80	211.35	230.65	46.7%	3	5
30	5	59.4%	61.05	58.00	64.85	600.00	—	—	—	—	—	—
2	2	59.3%	54.55	56.00	62.95	610.00	—	—	—	—	—	—
12	1	59.8%	52.65	56.15	61.00	620.00	—	—	—	—	—	—
43	1	59.1%	56.00	52.00	58.75	630.00	—	—	—	—	—	—
7	4	59.1%	49.10	50.00	57.60	640.00	—	—	—	—	—	—
26	1	60.5%	48.75	51.15	58.00	650.00	—	—	—	—	—	—
11	2	59.6%	23.80	47.00	56.00	660.00	—	—	—	—	—	—
19	10	59.7%	44.55	46.00	54.30	670.00	—	—	—	—	—	—
25	6	59.1%	46.57	44.00	51.25	680.00	—	—	—	—	—	—
4	2	59.3%	35.25	43.00	49.80	690.00	—	—	—	—	—	—
55	1	58.9%	44.75	41.00	47.85	700.00	297.75	302.85	330.62	44.6%	—	1
2	1	59.9%	40.50	42.55	47.05	710.00	—	—	—	—	—	—
16	1	59.7%	41.25	39.00	47.30	720.00	—	—	—	—	—	—
3	1	59.5%	38.15	37.00	46.05	730.00	—	—	—	—	—	—
115	2	59.9%	40.45	38.85	43.30	740.00	—	—	—	—	—	—
94	1	59.6%	39.60	37.30	41.55	750.00	—	—	—	—	—	—
261	4	59.1%	38.97	34.00	40.65	760.00	—	—	—	—	—	—

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 PANW put/call ratio?

For the January 21, 2028 expiration, the PANW put/call ratio based on open interest is 0.77 (18,747 puts vs 24,279 calls), and 1.99 based on today's volume. A ratio above 1 means more puts than calls.

What is PANW's implied volatility?

At-the-money implied volatility for PANW options expiring January 21, 2028 is about 55.0%, an annualized estimate of how much the market expects Palo Alto Networks stock to move.

How many PANW option expiration dates are there?

PANW has 16 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.