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: Dec 15, 2028
Days to expiration: 796
Share price: $418.78
Put/call ratio (OI): 0.62
Put/call ratio (volume): 0.62
ATM implied volatility: 56.4%
Expected move: ±$348.68
Open interest (C / P): 15.40K / 9.47K

PANW options summary

The PANW options chain for the December 15, 2028 expiration lists 97 call and 82 put contracts, with 796 days until expiration. Open interest stands at 15,396 calls and 9,475 puts, a put/call ratio of 0.62, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $420.00 strike is 56.4%, which implies the market expects a move of about ±$348.68 (83.3%) in Palo Alto Networks stock by expiration.

The most open interest sits at the $280.00 call (1.23K contracts) and the $480.00 put (1.07K contracts).

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

PANW options chain · December 15, 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
1,049	6	212.7%	415.50	411.00	421.00	5.00	0.00	0.50	0.04	132.6%	1	2
653	6	159.4%	410.50	406.00	416.00	10.00	0.00	0.00	0.25	50.0%	—	0
63	2	148.9%	310.35	402.00	412.00	15.00	—	—	—	—	—	—
496	4	131.8%	312.30	397.00	407.00	20.00	—	—	—	—	—	—
110	30	—	312.16	324.00	332.00	25.00	0.00	9.65	0.25	132.7%	10	10
35	3	—	316.05	319.00	328.00	30.00	0.00	0.00	1.00	25.0%	2	0
152	3	—	333.15	315.00	324.45	35.00	—	—	—	—	—	—
156	1	113.5%	303.90	380.00	390.00	40.00	0.00	0.00	1.13	25.0%	2	0
154	3	—	316.05	306.00	315.00	45.00	0.00	5.00	1.30	86.8%	1	0
0	1	—	316.00	0.00	0.00	50.00	—	—	—	—	—	—
3	3	—	263.12	298.00	307.00	55.00	0.00	1.41	0.87	63.5%	49	82
18	2	102.1%	270.65	363.00	373.00	60.00	0.00	5.95	2.50	77.6%	3	11
18	3	—	237.95	266.00	275.00	65.00	0.00	0.00	3.05	25.0%	6	0
49	2	96.3%	300.00	354.00	364.00	70.00	0.20	1.80	1.49	58.8%	1	72
29	3	—	206.37	286.00	295.00	75.00	0.50	1.72	1.74	57.5%	10	23
34	1	91.2%	262.00	345.00	355.00	80.00	0.77	2.44	1.75	58.8%	40	126
0	2	—	308.60	0.00	0.00	85.00	1.24	3.85	2.88	61.6%	1	17
15	1	—	250.25	269.00	278.00	90.00	1.38	3.10	3.18	58.0%	2	19
0	2	—	294.40	0.00	0.00	95.00	1.61	3.45	3.08	57.3%	2	33
142	2	86.7%	325.20	329.00	339.00	100.00	2.14	6.65	4.62	62.0%	3	36
0	2	—	286.15	0.00	0.00	105.00	0.73	5.40	3.29	55.6%	1	292
17	12	—	257.85	253.00	262.00	110.00	1.17	7.10	5.00	57.3%	11	346
13	10	82.6%	233.57	317.00	326.00	115.00	3.55	5.40	4.15	56.4%	1	20
12	1	—	265.00	246.00	255.20	120.00	2.96	6.95	7.02	55.9%	3	30
0	1	—	274.00	0.00	0.00	125.00	0.26	6.80	4.90	50.3%	7	23
0	1	—	170.45	0.00	0.00	130.00	3.90	8.75	6.45	55.7%	1	396
65	10	—	217.00	235.00	244.00	135.00	4.40	8.60	10.01	54.4%	5	150
70	1	78.2%	210.00	297.00	307.00	140.00	2.18	9.80	10.43	51.8%	2	54
0	1	—	264.49	0.00	0.00	145.00	7.05	9.65	9.15	54.7%	1	30
222	2	76.6%	294.70	290.80	297.85	150.00	4.00	11.70	9.11	52.3%	7	273
63	1	76.4%	276.45	286.00	296.00	155.00	5.00	13.15	13.00	52.8%	2	416
393	3	76.0%	205.40	283.00	292.00	160.00	8.00	12.45	11.25	53.1%	1	15
35	1	74.4%	258.00	279.00	286.95	165.00	10.90	13.20	15.05	54.2%	4	41
130	9	74.2%	248.70	276.00	283.40	170.00	11.85	14.25	15.15	54.0%	1	173
31	1	74.5%	233.79	272.00	282.00	175.00	11.90	15.25	13.10	53.2%	7	64
36	1	73.2%	257.75	269.00	276.45	180.00	13.90	15.90	15.65	53.3%	2	133
50	1	73.4%	221.01	265.00	275.00	185.00	13.75	17.30	18.72	52.6%	6	190
23	1	72.4%	255.87	262.00	270.00	190.00	16.20	17.80	17.00	52.8%	1	14
11	1	72.3%	220.00	259.00	267.00	195.00	16.05	19.85	21.25	52.3%	2	13
101	1	72.2%	226.00	255.00	265.00	200.00	17.20	20.30	20.86	51.7%	1	172
44	9	71.2%	223.16	249.00	257.65	210.00	19.80	22.50	22.07	51.3%	1	24
91	4	70.2%	235.00	242.00	251.00	220.00	22.80	27.00	29.00	51.9%	1	311
450	2	70.3%	228.62	237.00	245.65	230.00	25.15	30.50	31.25	51.5%	1	72
0	30	—	182.98	0.00	0.00	240.00	26.00	36.00	30.85	51.3%	20	85
81	1	69.1%	216.97	225.00	234.00	250.00	31.85	36.95	33.50	51.0%	1	263
103	1	68.7%	211.62	219.00	229.00	260.00	35.15	40.10	36.88	50.6%	2	991
253	3	68.0%	224.53	213.00	223.00	270.00	37.00	43.70	46.25	51.9%	16	68
1,234	16	67.8%	204.91	208.00	218.00	280.00	41.00	48.50	49.50	52.2%	10	178
174	5	66.5%	195.90	203.00	209.70	290.00	45.00	51.95	49.85	51.5%	10	22
353	2	66.6%	190.81	198.00	206.05	300.00	49.00	56.20	54.30	51.3%	19	1,052
850	1	66.8%	198.19	193.00	203.00	310.00	53.00	60.55	61.75	51.0%	2	245
176	1	66.2%	193.38	188.00	197.50	320.00	58.00	66.45	61.50	51.5%	10	498
190	3	65.6%	194.53	184.00	191.10	330.00	64.20	66.40	66.55	48.8%	11	303
126	1	65.6%	188.50	179.00	188.00	340.00	68.55	74.25	73.52	50.1%	100	169
215	3	64.9%	179.38	175.00	181.60	350.00	73.30	78.35	77.27	49.5%	7	213
319	32	65.4%	168.49	171.00	180.00	360.00	77.00	86.00	88.18	50.5%	1	53
30	1	64.7%	150.59	166.00	174.70	370.00	85.00	89.15	93.31	49.3%	1	5
372	86	64.3%	165.51	162.00	170.05	380.00	88.80	94.80	96.05	49.2%	3	10
79	8	64.5%	152.40	159.00	166.70	390.00	94.25	101.60	105.50	49.5%	3	191
999	1	64.3%	154.50	155.00	163.10	400.00	100.45	104.90	104.50	48.3%	1	42
78	3	63.6%	148.57	151.25	157.45	410.00	104.00	111.35	111.71	48.4%	1	48
PANW $418.78
335	100	63.8%	140.48	148.00	155.00	420.00	110.80	119.00	127.32	49.0%	17	11
278	4	63.8%	138.00	144.00	152.50	430.00	117.75	125.00	130.50	48.8%	1	10
86	3	63.9%	121.92	141.00	150.00	440.00	122.00	129.25	157.54	47.8%	2	2
74	1	63.3%	135.00	137.00	145.55	450.00	128.90	135.20	136.36	47.5%	1	5
118	1	63.1%	116.36	134.00	141.80	460.00	135.00	141.50	171.50	47.2%	2	3
78	1	63.4%	79.55	131.00	140.30	470.00	141.65	148.25	152.70	47.2%	2	5
397	300	62.9%	100.25	128.00	135.80	480.00	147.00	154.50	155.55	46.9%	83	1,066
42	5	62.8%	74.05	125.00	132.80	490.00	154.65	161.10	177.50	46.6%	2	5
436	4	62.8%	118.79	122.00	130.80	500.00	161.00	170.00	172.95	47.3%	4	23
50	1	62.6%	116.00	120.00	126.65	510.00	169.35	174.65	191.79	46.3%	—	1
58	1	62.7%	110.00	117.00	125.45	520.00	174.00	183.00	205.00	46.6%	1	0
18	1	62.8%	68.00	114.00	124.00	530.00	0.00	0.00	213.50	—	—	0
16	2	62.9%	83.89	112.00	121.60	540.00	190.35	195.60	211.44	45.6%	2	134
92	5	62.5%	114.44	109.00	118.35	550.00	196.00	202.75	220.50	45.4%	1	5
143	3	62.2%	88.20	107.00	114.45	560.00	203.45	210.75	223.91	45.5%	3	3
70	22	62.2%	58.22	105.00	112.15	570.00	0.00	0.00	235.90	—	—	0
152	1	62.0%	86.00	102.00	109.85	580.00	217.65	226.00	240.20	45.3%	3	13
1,164	4	62.3%	98.90	101.35	107.85	590.00	225.00	232.80	252.01	44.9%	1	36
94	2	62.0%	96.91	98.00	105.55	600.00	233.30	241.00	241.58	44.9%	1	7
3	6	62.4%	78.80	96.00	106.00	610.00	—	—	—	—	—	—
5	3	62.0%	102.11	94.00	102.20	620.00	249.35	255.65	274.74	44.2%	—	8
42	2	61.8%	89.67	92.00	99.50	630.00	—	—	—	—	—	—
39	10	62.3%	76.25	90.00	100.00	640.00	263.65	272.00	293.02	44.1%	1	1
38	5	61.7%	81.77	88.00	95.70	650.00	—	—	—	—	—	—
45	7	61.9%	71.40	86.00	95.40	660.00	279.40	287.35	310.26	43.5%	—	1
5	2	61.5%	50.10	84.00	92.10	670.00	—	—	—	—	—	—
1	—	61.7%	67.10	83.00	90.55	680.00	—	—	—	—	—	—
15	27	61.9%	86.50	81.00	90.25	690.00	—	—	—	—	—	—
99	2	61.8%	78.92	79.00	89.00	700.00	312.00	321.00	322.84	43.2%	2	6
6	—	61.4%	44.25	78.00	84.65	710.00	—	—	—	—	—	—
5	1	61.8%	70.00	76.00	86.00	720.00	328.00	337.00	344.69	42.5%	3	9
65	2	61.4%	74.21	74.00	83.10	730.00	—	—	—	—	—	—
113	2	61.8%	56.10	73.00	83.00	740.00	—	—	—	—	—	—
127	2	61.4%	76.60	72.00	79.45	750.00	—	—	—	—	—	—
421	7	61.3%	74.20	70.00	77.95	760.00	362.00	371.00	384.80	41.7%	2	2
1	2	61.3%	68.52	69.00	76.60	770.00	—	—	—	—	—	—

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 December 15, 2028 expiration, the PANW put/call ratio based on open interest is 0.62 (9,475 puts vs 15,396 calls), and 0.62 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 December 15, 2028 is about 56.4%, 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.