Shopify (SHOP) Options Chain

NASDAQ: SHOPTechnologyComputer Software: Prepackaged SoftwareUSD

170.85+6.29 (+3.82%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $170.85
Put/call ratio (OI): 1.67
Put/call ratio (volume): 0.99
ATM implied volatility: 56.2%
Expected move: ±$108.64
Open interest (C / P): 15.39K / 25.69K

SHOP options summary

The SHOP options chain for the January 21, 2028 expiration lists 37 call and 37 put contracts, with 468 days until expiration. Open interest stands at 15,391 calls and 25,691 puts, a put/call ratio of 1.67, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $170.00 strike is 56.2%, which implies the market expects a move of about ±$108.64 (63.6%) in Shopify stock by expiration.

The most open interest sits at the $140.00 call (2.80K contracts) and the $95.00 put (4.23K contracts).

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

SHOP options chain · January 21, 2028

SHOP 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
20	1	89.1%	98.27	123.00	128.00	50.00	0.54	1.39	1.25	61.5%	41	321
44	1	85.3%	115.25	118.50	123.50	55.00	1.07	1.48	1.46	60.2%	57	575
16	1	82.8%	89.32	114.50	119.00	60.00	1.40	3.10	1.80	63.4%	1	314
4	1	77.4%	107.49	110.00	113.60	65.00	1.74	2.43	2.28	58.0%	1	109
47	1	77.8%	102.20	106.00	110.50	70.00	0.50	4.00	4.50	55.0%	2	1,243
125	1	73.9%	93.65	102.00	105.15	75.00	3.20	3.80	3.75	57.5%	2	1,712
174	4	72.5%	96.42	98.00	101.25	80.00	3.95	4.55	4.30	56.8%	3	770
72	1	71.4%	74.50	94.00	97.70	85.00	4.85	5.65	5.58	56.6%	5	423
132	8	72.1%	86.00	91.00	94.55	90.00	5.25	6.55	6.61	55.0%	1	587
0	11	—	72.40	0.00	0.00	95.00	6.90	7.75	7.83	55.4%	30	4,226
201	6	69.1%	81.87	83.50	87.00	100.00	7.65	9.15	9.15	54.6%	12	2,595
36	1	67.8%	78.28	80.00	83.30	105.00	9.15	10.60	10.60	54.5%	1	369
228	1	66.7%	77.37	76.50	79.85	110.00	10.80	12.05	11.97	54.3%	1	2,413
804	7	67.5%	70.85	73.50	78.00	115.00	11.45	14.10	13.50	53.4%	6	2,818
366	1	65.6%	67.80	70.50	73.55	120.00	14.05	15.25	14.67	53.4%	6	906
114	1	65.5%	64.89	67.50	71.10	125.00	15.75	17.65	17.40	53.5%	5	315
477	4	65.2%	62.50	64.50	68.70	130.00	17.35	18.60	19.10	52.0%	1	539
227	1	64.2%	62.62	61.50	65.50	135.00	19.55	20.60	23.83	51.8%	1	573
2,804	1	63.5%	59.67	59.00	62.40	140.00	21.95	22.75	22.65	51.7%	3	1,015
2,107	1	63.7%	53.16	56.50	60.60	145.00	22.30	27.00	30.61	51.4%	5	139
709	114	63.9%	55.88	54.00	59.00	150.00	26.50	28.30	27.33	51.7%	115	390
288	1	62.9%	52.43	52.00	55.40	155.00	28.75	31.90	33.95	52.0%	2	746
719	11	63.2%	50.58	49.50	54.35	160.00	29.50	32.45	32.44	51.0%	3	596
272	1	62.0%	48.62	47.50	50.80	165.00	33.25	36.10	36.25	50.1%	18	184
687	1	61.9%	47.48	45.55	48.80	170.00	37.25	37.90	37.50	50.4%	1	213
SHOP $170.85
230	3	62.2%	44.55	43.50	47.70	175.00	38.90	40.80	40.87	50.2%	2	278
431	1	63.0%	42.56	42.50	46.50	180.00	40.50	45.50	62.40	52.2%	1	406
119	1	62.5%	41.25	40.40	44.50	185.00	44.90	46.80	57.05	49.6%	11	17
247	30	62.3%	40.28	39.25	42.30	190.00	47.00	49.90	53.12	49.2%	10	209
219	8	61.5%	28.05	37.90	39.45	195.00	50.80	53.10	63.97	48.9%	2	74
555	15	61.1%	37.02	36.00	37.75	200.00	55.15	56.70	57.40	49.0%	1	570
372	25	60.9%	28.19	31.50	36.50	210.00	61.95	63.25	63.55	48.1%	2	4
281	2	60.7%	30.58	30.65	32.10	220.00	82.00	87.00	99.35	65.9%	1	3
726	2	60.4%	28.05	28.00	29.70	230.00	76.35	77.80	91.59	47.0%	2	4
206	2	59.8%	25.86	24.65	27.95	240.00	0.00	0.00	101.04	—	3	0
402	1	60.3%	23.40	24.00	25.55	250.00	91.70	93.95	119.60	46.7%	34	29
930	128	59.4%	22.60	21.75	22.85	260.00	99.65	102.95	119.05	47.5%	6	6

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 SHOP put/call ratio?

For the January 21, 2028 expiration, the SHOP put/call ratio based on open interest is 1.67 (25,691 puts vs 15,391 calls), and 0.99 based on today's volume. A ratio above 1 means more puts than calls.

What is SHOP's implied volatility?

At-the-money implied volatility for SHOP options expiring January 21, 2028 is about 56.2%, an annualized estimate of how much the market expects Shopify stock to move.

How many SHOP option expiration dates are there?

SHOP 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.