Norfolk Southern (NSC) Options Chain

NYSE: NSCIndustrialsRailroadsUSD

317.79+0.80 (+0.25%)

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

Expiration date

Expiration: Jan 21, 2028
Days to expiration: 468
Share price: $317.79
Put/call ratio (OI): 1.03
Put/call ratio (volume): 0.64
ATM implied volatility: 26.3%
Expected move: ±$94.80
Open interest (C / P): 719 / 743

NSC options summary

The NSC options chain for the January 21, 2028 expiration lists 29 call and 22 put contracts, with 468 days until expiration. Open interest stands at 719 calls and 743 puts, a put/call ratio of 1.03, which is fairly balanced between calls and puts. At-the-money implied volatility near the $320.00 strike is 26.3%, which implies the market expects a move of about ±$94.80 (29.8%) in Norfolk Southern stock by expiration.

The most open interest sits at the $390.00 call (128 contracts) and the $300.00 put (258 contracts).

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

NSC options chain · January 21, 2028

NSC 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
0	—	—	178.86	170.50	175.00	140.00	0.00	0.00	1.10	12.5%	2	0
2	—	—	169.88	161.50	166.00	150.00	—	—	—	—	—	—
—	—	—	—	—	—	170.00	0.00	5.00	1.80	42.5%	7	9
—	—	—	—	—	—	175.00	0.00	4.20	1.10	39.0%	2	2
—	—	—	—	—	—	195.00	0.00	0.00	3.30	6.3%	2	0
—	—	—	—	—	—	200.00	0.00	0.00	6.90	6.3%	3	0
—	—	—	—	—	—	210.00	0.00	0.00	7.77	6.3%	—	0
16	1	73.2%	131.00	141.00	145.50	220.00	2.00	7.00	4.25	31.0%	1	4
1	—	69.4%	122.66	132.00	136.50	230.00	1.50	6.00	4.50	26.8%	1	2
15	15	—	80.25	66.50	71.00	240.00	4.50	9.00	7.30	28.0%	16	77
17	1	63.2%	84.93	115.50	119.70	250.00	6.50	9.70	9.00	26.0%	1	21
1	—	13.9%	52.82	54.50	60.00	260.00	5.00	9.50	13.10	23.1%	12	35
16	28	33.0%	76.92	66.50	71.50	270.00	17.00	21.50	21.25	31.1%	8	17
1	1	55.4%	74.20	92.00	96.00	280.00	14.00	17.40	16.76	24.5%	60	107
9	12	32.8%	71.00	55.00	60.00	290.00	17.00	20.20	19.80	23.5%	2	112
26	1	51.2%	81.45	77.50	82.00	300.00	20.50	24.00	18.57	23.1%	23	258
41	1	31.1%	43.40	43.50	48.00	310.00	24.00	28.50	27.10	22.8%	3	16
NSC $317.79
64	1	30.7%	38.10	38.00	43.00	320.00	28.50	32.70	31.60	22.0%	7	38
109	4	30.1%	33.30	33.50	38.00	330.00	33.50	38.00	36.40	21.6%	2	41
12	4	29.5%	28.40	28.50	33.50	340.00	0.00	0.00	31.60	—	8	0
33	26	29.1%	24.80	24.50	29.50	350.00	30.50	35.00	39.80	8.7%	1	3
7	2	28.4%	22.30	21.00	25.50	360.00	—	—	—	—	—	—
19	2	27.9%	19.20	17.50	22.00	370.00	—	—	—	—	—	—
75	1	27.5%	15.40	14.60	19.00	380.00	0.00	0.00	49.50	—	—	0
128	69	27.3%	21.20	12.30	16.50	390.00	—	—	—	—	—	—
7	2	26.9%	19.35	10.00	14.00	400.00	74.00	78.70	74.00	—	1	1
57	40	26.3%	10.26	8.00	11.70	410.00	—	—	—	—	—	—
6	1	26.6%	17.00	6.00	10.50	420.00	—	—	—	—	—	—
23	23	26.1%	12.13	4.50	8.70	430.00	—	—	—	—	—	—
0	6	6.3%	15.76	0.00	0.00	440.00	—	—	—	—	—	—
20	1	26.0%	5.40	2.00	6.50	450.00	—	—	—	—	—	—
2	1	26.2%	3.00	0.50	5.00	470.00	—	—	—	—	—	—
2	2	32.7%	6.00	4.50	8.70	490.00	—	—	—	—	—	—
10	10	32.5%	7.30	3.50	7.70	500.00	—	—	—	—	—	—

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 NSC put/call ratio?

For the January 21, 2028 expiration, the NSC put/call ratio based on open interest is 1.03 (743 puts vs 719 calls), and 0.64 based on today's volume. A ratio above 1 means more puts than calls.

What is NSC's implied volatility?

At-the-money implied volatility for NSC options expiring January 21, 2028 is about 26.3%, an annualized estimate of how much the market expects Norfolk Southern stock to move.

How many NSC option expiration dates are there?

NSC has 8 listed expiration dates, from Oct 16, 2026 to Jan 21, 2028.

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.