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: Dec 18, 2026
Days to expiration: 68
Share price: $278.34
Put/call ratio (OI): 1.05
Put/call ratio (volume): 1.30
ATM implied volatility: 26.4%
Expected move: ±$31.73
Open interest (C / P): 6.08K / 6.42K

UNP options summary

The UNP options chain for the December 18, 2026 expiration lists 43 call and 40 put contracts, with 68 days until expiration. Open interest stands at 6,085 calls and 6,415 puts, a put/call ratio of 1.05, which is fairly balanced between calls and puts. At-the-money implied volatility near the $280.00 strike is 26.4%, which implies the market expects a move of about ±$31.73 (11.4%) in Union Pacific stock by expiration.

The most open interest sits at the $330.00 call (2.09K contracts) and the $250.00 put (2.20K contracts).

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

UNP options chain · December 18, 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	—	123.84	156.00	160.50	105.00	0.00	0.45	0.30	95.7%	1	25
1	1	316.7%	201.70	197.80	202.00	110.00	0.00	1.15	0.50	104.1%	1	22
2	2	—	124.45	106.90	110.90	115.00	0.00	1.15	0.79	99.5%	2	7
—	—	—	—	—	—	120.00	0.00	1.80	0.22	102.3%	1	3
1	2	101.4%	167.56	152.70	156.20	125.00	0.00	1.80	0.20	97.8%	1	13
1	2	—	122.50	112.40	116.50	130.00	1.15	4.40	2.95	116.8%	1	2
—	—	—	—	—	—	135.00	0.50	1.65	0.66	92.1%	1	8
2	2	89.9%	152.47	137.80	141.30	140.00	0.00	2.15	0.28	88.0%	1	17
—	—	—	—	—	—	145.00	0.00	2.15	0.21	84.0%	1	34
1	—	—	89.30	89.50	93.90	150.00	0.00	2.55	0.65	82.8%	2	13
—	—	—	—	—	—	155.00	0.40	3.50	1.90	86.2%	1	52
8	1	—	69.75	75.10	79.10	160.00	0.00	2.15	0.44	72.8%	2	51
—	—	—	—	—	—	165.00	0.00	0.00	1.32	25.0%	1	0
1	—	—	72.00	57.50	62.00	170.00	0.00	2.05	0.38	65.3%	8	16
—	—	—	—	—	—	175.00	0.25	1.25	0.96	58.5%	1	9
0	5	—	90.92	0.00	0.00	180.00	0.00	0.00	1.48	25.0%	4	0
0	1	—	85.30	0.00	0.00	185.00	0.00	0.30	0.20	45.1%	2	58
0	—	—	79.80	0.00	0.00	190.00	0.50	0.85	1.18	50.7%	2	20
0	—	—	41.00	40.50	44.00	195.00	0.00	2.20	0.25	50.2%	6	23
0	1	—	106.52	0.00	0.00	200.00	0.00	0.00	0.20	12.5%	1	0
74	4	55.9%	75.91	68.00	71.90	210.00	0.00	2.30	1.03	49.4%	5	56
—	—	—	—	—	—	215.00	—	—	0.40	—	—	—
68	1	49.8%	68.25	58.30	62.10	220.00	0.00	2.50	0.76	44.0%	1	34
—	—	—	—	—	—	225.00	0.00	2.65	0.95	41.6%	—	10
123	1	77.9%	60.00	61.70	65.40	230.00	0.00	2.85	0.90	39.2%	7	713
101	1	36.8%	47.40	39.70	42.30	240.00	0.65	1.60	1.75	27.5%	1	1,277
—	—	—	—	—	—	245.00	1.30	2.05	1.85	26.6%	31	45
130	17	32.7%	31.30	30.70	33.20	250.00	1.95	2.85	2.55	26.4%	3	2,197
10	—	31.2%	27.67	27.00	29.00	255.00	2.35	4.10	3.10	26.9%	147	204
215	3	30.2%	22.40	22.60	25.10	260.00	3.20	5.40	4.60	26.8%	1	461
—	—	—	—	—	—	265.00	4.20	7.00	5.60	26.7%	1	33
128	2	27.8%	15.30	15.40	17.80	270.00	5.30	9.20	7.20	27.2%	1	346
36	22	27.2%	13.60	12.40	14.80	275.00	7.30	11.20	9.20	26.7%	1	25
UNP $278.34
281	1	26.5%	11.25	9.50	12.00	280.00	10.20	13.60	12.90	26.4%	5	236
25	1	26.1%	8.70	7.10	9.70	285.00	12.50	16.10	15.64	25.6%	1	7
182	1	28.6%	6.90	5.50	9.00	290.00	15.70	19.20	21.60	25.4%	12	217
72	1	27.9%	5.30	3.90	7.10	295.00	19.60	22.70	24.90	25.5%	5	5
1,129	24	24.8%	4.30	3.80	4.50	300.00	22.80	26.30	16.30	25.2%	4	81
11	1	28.4%	3.10	2.10	4.80	305.00	—	—	—	—	—	—
430	6	28.6%	2.25	0.70	3.90	310.00	31.20	34.70	19.00	26.1%	70	94
75	1	27.6%	1.80	0.90	2.80	315.00	—	—	—	—	—	—
337	1	26.4%	1.45	0.60	1.85	320.00	—	—	—	—	—	—
2,090	57	34.5%	0.60	0.45	2.90	330.00	—	—	—	—	—	—
121	32	37.1%	0.70	0.00	2.55	340.00	—	—	—	—	—	—
218	53	40.1%	0.35	0.00	2.40	350.00	58.70	62.50	54.90	—	2	1
111	4	42.9%	0.24	0.00	2.25	360.00	—	—	—	—	—	—
15	3	45.9%	1.90	0.00	2.20	370.00	—	—	—	—	—	—
20	1	48.7%	1.85	0.00	2.15	380.00	—	—	—	—	—	—
22	1	53.5%	0.85	0.00	2.50	390.00	—	—	—	—	—	—
43	1	55.9%	0.65	0.00	2.40	400.00	—	—	—	—	—	—
0	1	12.5%	0.35	0.00	0.00	410.00	—	—	—	—	—	—
0	1	25.0%	0.35	0.00	0.00	420.00	—	—	—	—	—	—
0	1	25.0%	0.30	0.00	0.00	430.00	—	—	—	—	—	—

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 December 18, 2026 expiration, the UNP put/call ratio based on open interest is 1.05 (6,415 puts vs 6,085 calls), and 1.30 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 December 18, 2026 is about 26.4%, 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.