CMS Energy (CMS) Options Chain
NYSE: CMSUtilitiesPower GenerationUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Expiration date
- Expiration
- Nov 20, 2026
- Days to expiration
- 41
- Share price
- $65.49
- Put/call ratio (OI)
- 0.13
- Put/call ratio (volume)
- 0.38
- Expected move
- ±$5.20
- Open interest (C / P)
- 167 / 22
CMS options summary
The CMS options chain for the November 20, 2026 expiration lists 3 call and 3 put contracts, with 41 days until expiration. Open interest stands at 167 calls and 22 puts, a put/call ratio of 0.13, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $65.00 strike is 23.7%, which implies the market expects a move of about ±$5.20 (7.9%) in CMS Energy stock by expiration.
The most open interest sits at the $65.00 call (87 contracts) and the $65.00 put (19 contracts).
Summary generated from market data by MetaCap's automated system. Methodology
CMS options chain · November 20, 2026
| Calls | Puts | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Last | Bid | Ask | Strike | Bid | Ask | Last | |||||
| 3.85 | 4.80 | 6.70 | 60.00 | 0.15 | 0.90 | 1.13 | |||||
| 1.95 | 1.90 | 2.25 | 65.00 | 1.55 | 1.95 | 2.20 | |||||
| 0.30 | 0.05 | 0.75 | 70.00 | — | — | 6.20 | |||||
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 CMS put/call ratio?
For the November 20, 2026 expiration, the CMS put/call ratio based on open interest is 0.13 (22 puts vs 167 calls), and 0.38 based on today's volume. A ratio above 1 means more puts than calls.
What is CMS's implied volatility?
At-the-money implied volatility for CMS options expiring November 20, 2026 is about 23.7%, an annualized estimate of how much the market expects CMS Energy stock to move.
How many CMS option expiration dates are there?
CMS has 4 listed expiration dates, from Oct 16, 2026 to Mar 19, 2027.
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.