- CHWY options imply a ±10.0% move for CHWY's Sep 9, 2026 earnings report (before market open), as of September 8, 2026.
- CHWY's at-the-money implied volatility rose +68% on average over the final five sessions before its last 5 earnings reports.
- That pre-earnings build-up in implied volatility is the IV rush; it reverses the moment results are published (the IV crush), which is why a long option held through a CHWY report can lose money even when the direction is right.
- An at-the-money CHWY straddle bought at the last close before the Mar 26, 2025 report was worth -53% at 10:00 the next morning (IV crush).
- A long ATM CHWY straddle entered at the last close before earnings and held to the reaction-day close was profitable in 4 of the last 13 reports.
CHWY live implied move & 10Y history → · CHWY stock after earnings → · Who is on the IV Rush Radar this week → · Who moves in sympathy this week → · How the IV rush trade works →
What the IV rush is
IV rush is the build-up of implied volatility in a stock's nearest options as its earnings date approaches. Options price the coming move; the closer the report, the more of that expected move sits in the front expiration, so at-the-money IV climbs — often gently for days, then sharply on the last session. The instant the numbers are public the uncertainty is resolved and IV collapses: the IV crush. Two consequences: (1) holding calls or puts through the report means paying the crush, and (2) the ramp itself can be traded — enter a few days out, exit before the last close, never cross the print. That second idea is what EarningsWatcher's IV Rush strategy and the IV Rush Radar are built around.
How CHWY's implied volatility ramps into the print
Now the real thing. The IV Rush Radar records at-the-money IV twice a day for the last five sessions before every CHWY report. Its most recent release (Mar 25, 2026) looked like this:
The same path as numbers — IV at each 4pm close, versus the -5d morning reading of 97%:
| Session | ATM IV | vs -5d open |
|---|---|---|
| -5d 4pm | 97% | -1% |
| -4d 4pm | 107% | +10% |
| -3d 4pm | 123% | +26% |
| -2d 4pm | 144% | +48% |
| -1d 4pm | 149% | +53% |
Across all 5 tracked reports the five-session ramp averaged +68%; the last-day figure is in the Radar.
| Report | IV at -5d | IV at last close | Ramp |
|---|---|---|---|
| Mar 25, 2026 | 97% | 149% | +53% |
| Sep 10, 2025 | ▮▮% | ▮▮▮% | +▮▮% |
| Aug 28, 2024 | ▮▮% | ▮▮▮% | +▮▮% |
| Mar 20, 2024 | ▮▮% | ▮▮▮% | +▮▮% |
What holding CHWY options through the print actually cost
The clearest way to see IV crush: an at-the-money straddle bought one minute before the last close before CHWY's report, marked at 10:00 the next morning. Both legs together — so this is the premium lost even after the stock moved:
| Report | ATM straddle, last close → 10am next day |
|---|---|
| Mar 26, 2025 | -53% |
| Dec 4, 2024 | -27% |
| Aug 28, 2024 | -11% |
| May 29, 2024 | +138% |
| Mar 20, 2024 | -40% |
| Dec 6, 2023 | -67% |
| Aug 30, 2023 | -32% |
| May 31, 2023 | -27% |
| Mar 22, 2023 | -44% |
| Dec 8, 2022 | -42% |
| Aug 30, 2022 | -69% |
| Jun 1, 2022 | -69% |
| Mar 29, 2022 | -76% |
| Dec 9, 2021 | -42% |
| Sep 1, 2021 | -76% |
| Jun 10, 2021 | -41% |
| Dec 8, 2020 | -49% |
| Sep 10, 2020 | -53% |
| Jun 9, 2020 | -56% |
| Apr 2, 2020 | -71% |
| Dec 9, 2019 | -45% |
Out-of-the-money strangles lost more. Members see every strike and the same figures for the reports the radar tracks.
Buying the CHWY straddle at the last close and holding through: 4 of 13 paid
The backtester replays a long ATM straddle entered at the last close before each of CHWY's last 13 reports and marked at the reaction-day close — real contract prices, not theory. Long vol won 4 of 13; short vol is the mirror image.
| Report | Straddle at entry | At reaction close | Long-vol P&L |
|---|---|---|---|
| Mar 25, 2026 | $2.59 | $3.34 | +29% |
| Dec 10, 2025 | $3.51 | $1.35 | -62% |
| Sep 10, 2025 | $▮▮.▮▮ | $▮▮.▮▮ | ▮▮% |
| Jun 11, 2025 | $▮▮.▮▮ | $▮▮.▮▮ | ▮▮% |
| Mar 26, 2025 | $▮▮.▮▮ | $▮▮.▮▮ | ▮▮% |
Frequently asked questions
Should I buy CHWY before earnings?
That is a decision only you can make, and this page does not give advice. What the data says: options price a move of ±10.0% for the Sep 9, 2026 report, so a long call or put needs CHWY to move more than that in the right direction to profit after IV crush. Implied volatility has climbed +68% on average over the final five sessions, which is why some traders trade the ramp itself and exit before the print.
Does CHWY implied volatility go up before earnings?
Usually. At-the-money implied volatility builds in the nearest expiration as the report approaches, because that expiration is where the event's expected move is priced. Across CHWY's last 5 tracked reports the five-session ramp averaged +68% into the last close, then collapsed once results were out — the IV crush. The session-by-session curve, the last-day step and the hit rate are in the IV Rush Radar.
When does CHWY IV peak before earnings?
At the last close before the report — the final session before the print carries the biggest step for most names, which is why an IV-rush trade is exited before that close and never held through the announcement.
What is CHWY's implied move for the next earnings?
Options currently price about ±10.0% for Sep 9, 2026 (before market open); the 10-year average move is about ±12.6%.