Union Pacific (UNP) Options Chain

NYSE: UNPIndustrialsRailroadsUSD

278.34+0.14 (+0.05%)

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

Expiration date

Expiration: Nov 20, 2026
Days to expiration: 40
Share price: $278.34
Put/call ratio (OI): 0.25
Put/call ratio (volume): 1.00
ATM implied volatility: 27.6%
Expected move: ±$25.45
Open interest (C / P): 13.03K / 3.28K

UNP options summary

The UNP options chain for the November 20, 2026 expiration lists 37 call and 33 put contracts, with 40 days until expiration. Open interest stands at 13,032 calls and 3,277 puts, a put/call ratio of 0.25, which is tilted bullish, with calls outnumbering puts. At-the-money implied volatility near the $280.00 strike is 27.6%, which implies the market expects a move of about ±$25.45 (9.1%) in Union Pacific stock by expiration.

The most open interest sits at the $290.00 call (2.48K contracts) and the $290.00 put (432 contracts).

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

UNP options chain · November 20, 2026

UNP 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
1	1	327.9%	171.30	167.90	172.00	140.00	—	—	—	—	—	—
1	1	315.6%	169.70	162.90	167.00	145.00	0.00	2.10	0.96	109.9%	—	2
—	—	—	—	—	—	160.00	0.00	0.85	0.45	81.7%	3	11
—	—	—	—	—	—	170.00	0.30	2.00	1.44	87.7%	1	8
—	—	—	—	—	—	175.00	0.00	2.50	1.40	84.7%	5	9
—	—	—	—	—	—	180.00	0.00	2.15	0.91	77.9%	3	10
—	—	—	—	—	—	185.00	0.00	2.35	1.15	75.1%	5	6
—	—	—	—	—	—	190.00	0.00	2.15	1.55	69.7%	1	8
1	—	64.2%	94.50	82.40	86.20	195.00	0.00	1.65	1.25	62.3%	2	12
—	—	—	—	—	—	200.00	0.00	2.15	0.25	61.8%	10	60
—	—	—	—	—	—	205.00	0.30	4.20	2.45	68.8%	2	22
7	2	118.1%	67.67	79.50	83.00	210.00	0.00	2.20	0.21	54.4%	9	31
2	4	51.8%	92.89	62.70	66.40	215.00	0.00	2.20	1.10	50.7%	4	31
—	—	—	—	—	—	220.00	0.00	2.25	1.16	56.2%	4	168
4	4	26.7%	49.00	49.80	53.40	225.00	0.00	0.65	0.65	38.8%	1	0
—	—	—	—	—	—	230.00	0.00	2.40	0.68	48.9%	3	45
—	—	—	—	—	—	235.00	0.00	1.35	1.00	38.2%	2	42
32	6	47.0%	37.40	38.30	42.00	240.00	0.05	2.30	1.65	40.2%	3	100
12	6	40.3%	33.00	34.30	36.50	245.00	0.45	1.30	1.20	30.5%	3	59
22	1	38.6%	24.00	29.40	32.10	250.00	1.20	1.55	1.45	28.3%	7	238
80	1	36.0%	23.15	25.10	27.60	255.00	1.80	2.30	2.30	28.1%	4	119
37	1	33.7%	22.00	20.90	23.30	260.00	2.70	3.10	2.80	27.1%	9	234
51	6	35.5%	14.20	17.80	20.50	265.00	3.80	4.60	4.30	27.5%	4	292
92	3	31.4%	11.90	14.10	16.00	270.00	5.20	6.00	5.85	26.5%	202	287
1,116	7	31.4%	11.81	11.50	13.20	275.00	7.10	7.90	7.50	25.9%	2	362
UNP $278.34
194	5	29.9%	9.00	8.70	10.20	280.00	8.50	10.20	11.40	25.4%	1	126
182	7	29.6%	6.90	6.60	8.00	285.00	11.60	13.10	13.70	25.3%	3	162
2,483	6	31.2%	5.00	4.60	6.80	290.00	14.80	17.00	20.70	27.0%	125	432
186	205	28.4%	3.40	3.40	4.40	295.00	18.00	20.90	25.90	27.9%	11	60
1,031	9	28.1%	2.60	2.15	3.20	300.00	22.30	24.80	27.00	27.9%	1	44
377	103	27.6%	1.65	0.80	2.20	305.00	26.60	28.80	30.55	27.3%	5	143
927	45	27.2%	1.20	1.00	1.50	310.00	31.00	34.10	28.10	31.7%	50	145
676	5	27.6%	0.88	0.45	1.10	315.00	35.60	38.40	15.30	31.3%	9	9
1,102	1	28.0%	0.50	0.20	0.80	320.00	—	—	—	—	—	—
1,296	2	41.1%	0.64	0.00	2.60	325.00	—	—	—	—	—	—
444	1	40.7%	0.81	0.00	2.00	330.00	—	—	—	—	—	—
729	32	45.1%	0.25	0.00	2.35	335.00	—	—	—	—	—	—
394	1	47.3%	0.50	0.00	2.30	340.00	59.70	63.50	52.10	44.7%	—	0
355	1	49.5%	0.70	0.00	2.25	345.00	—	—	—	—	—	—
1,034	15	51.5%	0.15	0.00	2.20	350.00	—	—	—	—	—	—
1	—	53.8%	2.45	0.00	2.20	355.00	—	—	—	—	—	—
52	1	55.6%	1.95	0.00	2.15	360.00	—	—	—	—	—	—
4	1	51.5%	1.85	0.00	2.15	370.00	—	—	—	—	—	—
48	1	55.2%	3.10	0.00	2.15	380.00	—	—	—	—	—	—
55	2	58.8%	0.65	0.00	2.15	390.00	—	—	—	—	—	—
0	8	25.0%	0.25	0.00	0.00	400.00	—	—	—	—	—	—
3	2	65.5%	0.35	0.00	2.15	410.00	—	—	—	—	—	—
1	—	67.1%	0.40	0.00	2.15	415.00	—	—	—	—	—	—

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 UNP put/call ratio?

For the November 20, 2026 expiration, the UNP put/call ratio based on open interest is 0.25 (3,277 puts vs 13,032 calls), and 1.00 based on today's volume. A ratio above 1 means more puts than calls.

What is UNP's implied volatility?

At-the-money implied volatility for UNP options expiring November 20, 2026 is about 27.6%, an annualized estimate of how much the market expects Union Pacific stock to move.

How many UNP option expiration dates are there?

UNP has 16 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.