SAP (SAP) Options Chain

NYSE: SAPTechnologyComputer Software: Prepackaged SoftwareUSD

214.78+2.38 (+1.12%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $214.78
Put/call ratio (OI): 0.44
Put/call ratio (volume): 0.74
ATM implied volatility: 39.5%
Expected move: ±$96.05
Open interest (C / P): 4.66K / 2.03K

SAP options summary

The SAP options chain for the January 21, 2028 expiration lists 45 call and 42 put contracts, with 468 days until expiration. Open interest stands at 4,656 calls and 2,027 puts, a put/call ratio of 0.44, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $210.00 strike is 39.5%, which implies the market expects a move of about ±$96.05 (44.7%) in SAP stock by expiration.

The most open interest sits at the $300.00 call (1.62K contracts) and the $175.00 put (517 contracts).

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

SAP options chain · January 21, 2028

SAP 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
0	1	—	121.42	0.00	0.00	80.00	0.00	0.00	1.60	12.5%	6	0
6	2	61.9%	129.00	131.70	135.80	85.00	0.00	0.00	2.63	12.5%	1	0
4	4	60.9%	126.50	127.20	131.50	90.00	0.65	2.50	2.17	52.2%	3	3
0	1	—	92.00	0.00	0.00	95.00	0.70	3.70	4.47	54.4%	1	9
54	20	57.5%	113.04	118.00	122.50	100.00	1.15	3.10	2.92	49.2%	1	11
2	2	—	76.75	70.60	74.50	105.00	1.45	3.40	2.50	47.6%	1	2
5	3	—	61.00	50.50	55.50	110.00	2.10	4.90	7.50	49.9%	2	3
44	1	57.8%	79.18	107.00	110.70	115.00	2.25	4.20	4.20	45.1%	1	4
21	1	54.0%	101.25	101.50	105.50	120.00	10.50	14.80	10.60	62.5%	1	18
5	1	53.2%	94.60	97.50	101.50	125.00	3.30	5.30	5.29	43.1%	1	15
11	1	51.9%	93.30	93.00	97.50	130.00	4.00	5.90	6.07	42.1%	2	90
12	1	51.9%	89.61	90.00	93.50	135.00	0.00	0.00	7.73	6.3%	4	0
59	1	50.8%	84.10	86.00	89.50	140.00	5.70	7.50	6.40	40.7%	15	0
7	1	52.5%	59.04	83.60	87.30	145.00	6.70	8.40	7.40	40.0%	50	0
29	1	52.0%	78.86	77.80	82.00	150.00	8.00	9.20	8.30	39.0%	5	47
145	2	51.4%	74.30	74.90	78.50	155.00	8.60	10.30	9.60	38.4%	15	0
36	1	50.7%	76.32	71.40	75.00	160.00	9.80	11.90	10.80	38.5%	10	12
22	10	49.8%	66.08	68.10	71.50	165.00	11.30	13.20	14.10	38.0%	1	11
64	1	48.9%	63.95	64.30	68.00	170.00	12.70	14.70	13.60	37.5%	12	24
0	2	—	67.40	0.00	0.00	175.00	14.20	16.20	14.30	37.0%	190	517
600	1	47.9%	57.08	58.10	61.80	180.00	15.90	17.90	21.01	36.6%	2	32
26	1	47.0%	66.00	55.20	58.50	185.00	17.70	19.70	19.92	36.2%	2	41
0	1	—	53.40	0.00	0.00	190.00	19.60	21.60	21.80	35.8%	2	40
71	2	46.1%	51.33	49.60	52.80	195.00	21.60	23.60	23.92	35.4%	2	94
89	1	45.6%	47.55	47.10	50.10	200.00	23.70	25.70	27.00	35.0%	10	303
86	70	44.6%	41.40	42.20	44.80	210.00	28.30	30.50	30.48	34.4%	30	181
SAP $214.78
231	110	43.7%	35.34	37.50	40.00	220.00	33.40	35.50	36.03	33.6%	40	60
88	1	43.2%	32.57	33.60	35.80	230.00	39.00	42.40	42.09	34.3%	2	79
25	3	42.7%	29.55	29.60	32.00	240.00	44.80	48.10	51.40	33.3%	3	14
88	1	42.3%	26.79	26.40	28.60	250.00	50.50	54.60	54.91	32.8%	6	216
49	2	42.1%	23.69	23.20	25.60	260.00	58.30	60.50	62.22	31.1%	2	103
26	1	41.8%	22.05	20.60	22.90	270.00	65.40	68.00	69.75	30.8%	4	88
371	71	41.7%	18.43	18.30	20.50	280.00	0.00	0.00	82.40	—	1	0
330	32	41.6%	14.80	16.10	18.40	290.00	80.80	83.90	84.30	30.0%	8	4
1,621	63	41.4%	13.00	14.30	16.40	300.00	0.00	0.00	100.00	—	1	0
67	2	41.4%	12.80	12.70	14.80	310.00	74.00	78.50	59.46	—	—	1
36	19	41.5%	12.93	11.30	13.40	320.00	81.50	86.50	65.87	—	—	1
54	2	41.4%	11.00	10.00	12.00	330.00	89.50	94.00	72.56	—	—	1
22	23	41.5%	10.63	8.80	10.90	340.00	97.50	102.50	79.80	—	—	1
30	11	41.5%	9.64	7.80	9.80	350.00	106.00	111.00	87.49	—	—	1
8	5	41.6%	8.79	6.90	8.90	360.00	115.00	119.50	94.90	—	—	1
17	3	41.7%	7.94	6.00	8.10	370.00	—	—	—	—	—	—
20	3	41.6%	7.11	5.30	7.30	380.00	—	—	—	—	—	—
77	—	48.1%	2.20	7.40	10.70	390.00	—	—	—	—	—	—
98	110	41.4%	5.10	4.50	5.80	400.00	232.50	237.00	238.84	93.4%	1	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 SAP put/call ratio?

For the January 21, 2028 expiration, the SAP put/call ratio based on open interest is 0.44 (2,027 puts vs 4,656 calls), and 0.74 based on today's volume. A ratio above 1 means more puts than calls.

What is SAP's implied volatility?

At-the-money implied volatility for SAP options expiring January 21, 2028 is about 39.5%, an annualized estimate of how much the market expects SAP stock to move.

How many SAP option expiration dates are there?

SAP 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.