Coca-Cola · stock

KO options: expected move, IV and max pain

Coca-Cola (KO) traded near $94.28 at the last snapshot. Option prices for the 20 Nov monthly expiry, which is 21 days away, imply a move of about $3.53 either way (3.74%), a range of $90.75 to $97.81.

Last price: $94.28
Expected move: ±$3.53; 3.74% · to 20 Nov
ATM IV: 19.5%; 20 Nov expiry
Data as of: 30 Oct 2026, 3:59 pm ET

Source: ThetaData

Open KO in the Visualizer See plans and the 7-day trial

What stands out in the KO data

30-day IV is 19.0%, the 52nd percentile of the last 252 sessions, with an IV rank of 50.
The 20 Nov chain lists 42 strikes and 138,911 contracts of open interest, the most of any listed expiry.

Expected move by expiry

What the options market is pricing for KO at each of the expiries below.

KO expected move, ATM implied volatility and price range by expiry
Expiry	Time left	ATM IV	Expected move	Price range
6 Nov 2026NearestWeekly	Time left7 days	ATM IV19.7%	Expected move±$2.09 (2.21%)	Price range$92.20 to $96.37
20 Nov 2026Monthly	Time left21 days	ATM IV19.5%	Expected move±$3.53 (3.74%)	Price range$90.75 to $97.81
4 Dec 2026Closest to 30 days	Time left35 days	ATM IVNot available	Expected move±$4.50 (4.77%)	Price range$89.78 to $98.78
18 Dec 2026Next monthlyClosest to 60 days	Time left49 days	ATM IVNot available	Expected move±$5.45 (5.78%)	Price range$88.83 to $99.73

Expected move is the price of the at-the-money straddle for the expiry, using midpoint prices (the average of bid and ask, or the last trade when a side has no quote). It is the same figure the Options Matrix shows. The range is the last price plus and minus that move.

The market prices 2.21% for the 6 Nov weekly expiry and 5.78% for the 18 Dec expiry.

Implied volatility and term structure

How much volatility option prices carry, and how it changes from one expiry to the next.

Monthly ATM IV

19.5%

20 Nov 2026, 21 days

Nearest ATM IV

19.7%

6 Nov 2026, 7 days

30-day IV

19.0%

Stored reading, 30 Oct 2026

IV rank

0 is the low, 100 the high, over 252 sessions

IV percentile

52%

Share of the last 252 sessions at or below this reading

ATM IV missing for some expiries

At-the-money IV needs two-sided bid and ask quotes at the strike nearest the last price. The 4 Dec and 18 Dec expiries had none at this snapshot, so no figure is shown for them.

Among expiries a week or more away, at-the-money IV runs from 19.7% at 6 Nov to 19.5% at 20 Nov. The curve is close to flat: every expiry carries about the same annualised volatility.

Put wall, call wall and max pain

Where open interest and gamma exposure concentrate for the next two monthly expiries.

KO gamma and open-interest put walls, call walls and max pain by expiry
Expiry	Gamma put wall	Open-interest put wall	Gamma call wall	Open-interest call wall	Max pain
20 Nov 2026Monthly	Gamma put wall$895.6% below spot	Open-interest put wall$904.5% below spot	Gamma call wall$904.5% below spot	Open-interest call wall$904.5% below spot	Max pain$895.6% below spot
The open-interest put and call walls coincide at $90 (4.5% below spot), where open interest is largest on both sides. The call wall sits below the last price, so those calls are in the money.The gamma call wall at $90 sits below the last price, so those calls are in the money.
18 Dec 2026Next monthlyClosest to 60 days	Gamma put wall$859.8% below spot	Open-interest put wall$7025.8% below spot	Gamma call wall$950.8% above spot	Open-interest call wall$92.501.9% below spot	Max pain$82.5012.5% below spot
The open-interest call wall at $92.50 sits below the last price, so those calls are in the money.

For the 20 Nov expiry, gamma and open interest agree on the $90 call wall. On puts, open interest places the wall nearer to the last price than gamma does.

Next earnings date

Not available

No upcoming earnings date was available from the earnings calendar at the time of this snapshot.

KO contract terms

Exercise style: American style: the holder can exercise at any time up to expiry.
Settlement: Physical settlement: exercise and assignment deliver or take 100 shares per contract.
Last trading day: Trading ends at the close on the expiry date shown in each row. Monthly expiries fall on the third Friday, or the Thursday before when Friday is a market holiday.

Exercise vs assignment

How to read these numbers

Expected move: The at-the-money straddle price at midpoint prices: the size of move the market charges for in either direction, not a forecast.Breakevens and max loss
ATM implied volatility: Annualised volatility implied by at-the-money prices for one expiry; across expiries it forms the term structure.Implied volatility explained
IV rank and percentile: Rank places 30-day IV between its lowest and highest stored reading; percentile is the share of stored sessions at or below the current reading.
Gamma and open-interest walls: Gamma walls are the strikes with the most positive (call) and most negative (put) net gamma exposure; open-interest walls are the strikes with the most open calls and puts. A wall can sit on either side of the last price.Put wall vs max pain
Max pain: The strike where option holders would collect the least at expiry, given open interest. It does not predict the settlement price.Open interest vs volume

Model KO trades with these numbers

The Visualizer reprices KO live when you open it, then draws the expected move and probability range beside your payoff chart. The figures here are a snapshot from the time shown above, so they can differ slightly from the live screens.