CMS Energy (CMS) Options Chain
NYSE: CMSUtilitiesPower GenerationUSD
At close: Oct 9, 4:00 PM ET · Delayed 15 min
Expiration date
- Expiration
- Dec 18, 2026
- Days to expiration
- 69
- Share price
- $65.49
- Put/call ratio (OI)
- 0.32
- Put/call ratio (volume)
- 1.29
- Expected move
- ±$6.73
- Open interest (C / P)
- 1.41K / 444
CMS options summary
The CMS options chain for the December 18, 2026 expiration lists 10 call and 8 put contracts, with 69 days until expiration. Open interest stands at 1,405 calls and 444 puts, a put/call ratio of 0.32, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $65.00 strike is 23.6%, which implies the market expects a move of about ±$6.73 (10.3%) in CMS Energy stock by expiration.
The most open interest sits at the $70.00 call (567 contracts) and the $65.00 put (259 contracts).
Summary generated from market data by MetaCap's automated system. Methodology
CMS options chain · December 18, 2026
| Calls | Puts | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Last | Bid | Ask | Strike | Bid | Ask | Last | |||||
| 42.21 | 40.70 | 44.70 | 35.00 | — | — | — | |||||
| — | — | — | 50.00 | 0.00 | 0.75 | 0.27 | |||||
| 16.84 | 0.00 | 0.00 | 55.00 | 0.05 | 0.75 | 0.60 | |||||
| 9.10 | 5.30 | 6.70 | 60.00 | 0.55 | 1.05 | 0.96 | |||||
| 2.02 | 2.25 | 2.65 | 65.00 | 1.65 | 2.75 | 3.49 | |||||
| 0.60 | 0.30 | 0.75 | 70.00 | 4.90 | 6.10 | 6.95 | |||||
| 0.30 | 0.05 | 0.75 | 75.00 | 0.00 | 0.00 | 5.00 | |||||
| 0.15 | 0.00 | 0.75 | 80.00 | 10.20 | 12.50 | 5.50 | |||||
| 0.05 | 0.00 | 0.20 | 85.00 | — | — | — | |||||
| 0.30 | 0.00 | 0.95 | 90.00 | — | — | — | |||||
| 0.45 | 0.00 | 0.35 | 95.00 | — | — | — | |||||
| — | — | — | 100.00 | 26.90 | 30.90 | 22.66 | |||||
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 December 18, 2026 expiration, the CMS put/call ratio based on open interest is 0.32 (444 puts vs 1,405 calls), and 1.29 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 December 18, 2026 is about 23.6%, 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.