NSC Options Chain Analysis

As of previous close (2026-10-02) · OPRA historical data

Spot $317.44 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.28

7k P / 6k C

Put/Call (Volume)

0.09

52 P / 607 C that session

30d ATM IV

21%

annualized implied move

Call wall

$330

1k contracts

Put wall

$290

1k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.28 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $330 (1k contracts), 4% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $290 (1k contracts), 9% below spot — the hedge floor; often acts as support.
●30-day ATM implied volatility is 21% — calm pricing; option premium is cheap.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-16. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-10-16	649	228	0.35	518
2026-11-20	883	530	0.60	45
2026-12-18	1k	757	0.59	36
2027-01-15	1k	2k	1.50	10
2027-03-19	367	1k	4.01	12
2027-06-17	378	1k	3.95	26
2027-09-17	80	82	1.02	10
2028-01-21	710	685	0.96	2

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.