Norwegian Cruise Line (NCLH) Options Chain

NYSE: NCLHConsumer DiscretionaryMarine TransportationUSD

15.57+0.08 (+0.52%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Dec 18, 2026
Days to expiration: 68
Share price: $15.57
Put/call ratio (OI): 0.79
Put/call ratio (volume): 0.23
ATM implied volatility: 51.8%
Expected move: ±$3.48
Open interest (C / P): 95.81K / 75.85K

NCLH options summary

The NCLH options chain for the December 18, 2026 expiration lists 26 call and 26 put contracts, with 68 days until expiration. Open interest stands at 95,812 calls and 75,851 puts, a put/call ratio of 0.79, which is fairly balanced between calls and puts. At-the-money implied volatility near the $16.00 strike is 51.8%, which implies the market expects a move of about ±$3.48 (22.3%) in Norwegian Cruise Line stock by expiration.

The most open interest sits at the $20.00 call (18.19K contracts) and the $16.00 put (22.40K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

NCLH options chain · December 18, 2026

NCLH calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
20	1	305.5%	11.68	11.85	14.10	3.00	0.00	0.45	0.01	260.6%	2	84
16	2	—	15.10	15.05	18.25	5.00	0.00	0.11	0.03	136.7%	100	313
24	2	132.0%	7.62	7.10	8.80	8.00	0.00	0.06	0.04	75.8%	1	4,486
234	8	59.0%	5.68	5.45	5.80	10.00	0.05	0.08	0.07	60.9%	2	1,931
505	13	50.5%	2.81	2.71	3.15	13.00	0.25	0.48	0.42	50.8%	1	9,488
1,173	213	56.0%	2.24	2.20	2.50	14.00	0.44	0.69	0.67	52.0%	212	4,568
3,871	122	58.4%	1.74	1.71	1.98	15.00	1.02	1.08	1.07	50.9%	355	11,981
NCLH $15.57
2,083	1,529	53.6%	1.15	1.04	1.48	16.00	1.35	1.59	1.59	49.9%	27	22,404
3,661	1,026	50.9%	0.87	0.75	0.91	17.00	2.13	2.23	2.18	49.7%	16	9,248
4,700	8	53.9%	0.58	0.42	0.64	18.00	2.86	3.05	3.27	53.1%	5	1,349
1,085	2	56.9%	0.40	0.38	0.63	19.00	3.60	3.95	4.05	57.6%	1	1,477
18,188	13	53.3%	0.26	0.25	0.33	20.00	4.50	4.85	4.90	50.6%	2	6,570
8,277	1	52.6%	0.18	0.14	0.23	21.00	5.35	5.85	5.60	51.6%	1	359
15,520	4	54.5%	0.12	0.11	0.17	22.00	6.25	6.70	7.20	64.5%	10	1,553
617	492	54.1%	0.09	0.04	0.14	23.00	7.30	7.80	8.15	57.6%	19	22
442	6	55.1%	0.05	0.03	0.10	24.00	7.25	9.00	9.90	93.5%	9	0
11,126	4	58.2%	0.03	0.01	0.11	25.00	9.05	9.95	9.89	60.2%	5	13
536	2	71.1%	0.09	0.01	0.24	26.00	7.65	8.40	9.22	—	—	3
5,294	1	69.1%	0.01	0.01	0.15	27.00	10.85	11.95	12.04	105.7%	2	0
389	1	60.9%	0.02	0.00	0.05	28.00	12.05	13.00	11.20	75.0%	—	0
274	1	61.7%	0.02	0.01	0.03	29.00	12.85	13.95	14.07	114.3%	2	0
6,555	1	73.4%	0.02	0.01	0.09	30.00	10.95	12.05	10.99	—	10	0
8,456	11	73.4%	0.02	0.00	0.06	32.00	8.50	8.70	8.37	—	2	2
955	30	78.9%	0.02	0.00	0.05	35.00	19.05	19.95	18.03	91.4%	2	0
913	1	70.3%	0.02	0.00	0.01	37.00	14.80	15.40	11.20	—	1	0
898	4	93.8%	0.08	0.00	0.07	40.00	21.65	23.65	19.15	—	2	0

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 NCLH put/call ratio?

For the December 18, 2026 expiration, the NCLH put/call ratio based on open interest is 0.79 (75,851 puts vs 95,812 calls), and 0.23 based on today's volume. A ratio above 1 means more puts than calls.

What is NCLH's implied volatility?

At-the-money implied volatility for NCLH options expiring December 18, 2026 is about 51.8%, an annualized estimate of how much the market expects Norwegian Cruise Line stock to move.

How many NCLH option expiration dates are there?

NCLH has 14 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

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.