Utilities

CMS Energy Corp (CMS) options and signal

Figures as of 28 Sep 2026

CMS is CMS Energy Corp, an Utilities name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	64 of 100	28 Sep
At the money IV	30.5%	28 Sep
Priced move to 16 Oct	8.1% down, 5.5% up	28 Sep
Call wall and put wall	70 and 65	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	62.60	28 Sep
Next report	29 Oct 2026	28 Sep

Options Snapshot

CMS's IV rank is 64 of 100 on 28 Sep 2026.

Figure	Value
IV rank	64 of 100
At the money IV	30.5%, near month, 18 days
Put/call ratio, open interest	0.35
Call open interest, strikes captured near the price	2,200 contracts
Put open interest, strikes captured near the price	777 contracts
Cost to trade at the money	Wide, 51.0% of the option's mid price

IV rank is where the at the money IV sits among CMS's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Options Snapshot in RingMaster The Options Snapshot guide

Priced Range

On 28 Sep 2026, CMS options priced a move of 8.1 percent down and 5.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	8.1%	5.5%	57.51 to 66.06
20 Nov 2026	53	10.5%	10.6%	56.01 to 69.26
18 Dec 2026	81	11.2%	10.5%	55.58 to 69.16
19 Mar 2027	172	16.5%	15.0%	52.30 to 72.00

The range is one standard deviation either side of the close of 62.60, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, CMS's call wall is the 70 strike and its put wall is the 65 strike.

Figure	Value
Call wall, most open call gamma	70
Put wall, most open put gamma	65
Flip strike, where net gamma changes sign	65.82
Net dollar gamma, calls minus puts	$125,390
Total dollar gamma, both sides	$455,392
Close	62.60

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, CMS's at the money IV is 30.5 percent against 20 day realized volatility of 10.6 percent.

Figure	Value
At the money IV	30.5%
Realized volatility, 20 trading days	10.6%
Realized volatility, 60 trading days	14.9%
IV against its own weekly record	In the middle
Weekly readings on record	690, from 8 Jan 2010
Weeks the price moved more than the one week priced move	18.8% of 197 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, CMS's at the money IV runs from 30.5 percent at 18 days to 22.9 percent at 172 days.

Days to expiry	At the money IV
18	30.5%
53	27.8%
81	23.0%
172	22.9%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Surface

On 28 Sep 2026, CMS's surface spans 4 expiries out to 172 days, with IV from 21.1 to 36.6 percent near the price.

Figure	Value
Expiries captured	4
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	8
Lowest IV among them	21.1%
Highest IV among them	36.6%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, CMS has 4 captured expiries, from 16 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	30.5%	619	319
20 Nov 2026	53	27.8%	10	3
18 Dec 2026	81	23.0%	1,143	382
19 Mar 2027	172	22.9%	429	73

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, CMS's largest open interest sits at the 70 strike, with 1,465 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
70	1,279	186	1,465
65	371	436	807
75	385	5	390
80	142	2	144
60	16	97	113
55	2	44	46

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, CMS's at the money IV moved from 27.3 percent to 30.5 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	27.3%	30.5%	+3.2 points
Open interest, strikes captured near the price	2,959	2,978	+19
Put/call ratio, open interest	0.35	0.35	+0.00

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 195 CMS option contracts traded, 0.6 times its own recent average.

Figure	Value
Calls traded	88
Puts traded	107
Against its recent average	0.6 times
Busier than	0 of its last 20 trading days
Open interest, whole chain	3,260 contracts
Volume to open interest	0.06
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of CMS's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	69.62	$308,786	70	70
21 Sep 2026	64.70	$39,646	70	65
28 Sep 2026	62.60	$125,390	70	65

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of CMS was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	67.19, the swing high of 2 Sep 2026
Level below the close	62.38, the swing low of 25 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Cash-secured put (sell a put below the price)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Read-out in RingMaster The Read-out guide

Rank by Timeframe

On 25 Sep 2026 CMS sat at the 71st percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	6 of 100	Bearish
20 trading days	17 of 100	Bearish
45 trading days	71 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Rank by Timeframe in RingMaster The Rank by Timeframe guide

Timeframe Agreement

On 25 Sep 2026 CMS's near timeframes were bearish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bearish	2 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Timeframe Agreement in RingMaster The Timeframe Agreement guide

Signal History

On 25 Sep 2026 CMS had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	71 of 100
24 Sep 2026	None	69 of 100
23 Sep 2026	None	75 of 100
22 Sep 2026	None	86 of 100
21 Sep 2026	None	11 of 100
18 Sep 2026	None	81 of 100
17 Sep 2026	None	68 of 100
16 Sep 2026	None	86 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Signal History in RingMaster The Signal History guide

Sector Split

On 25 Sep 2026, 20 of 35 Utilities names were bullish and 11 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Utilities	35	20	11	4

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Sector Split in RingMaster The Sector Split guide

Price Chart

CMS closed at 62.60 on 28 Sep 2026.

Figure	Value
Last close	62.60
Change over 5 trading days	-3.2%
Change over 21 trading days	-8.4%
Change over 63 trading days	-19.7%
Change over 252 trading days	-11.8%
52 week high	80.36
52 week low	62.38
20 day moving average	66.18
50 day moving average	69.22
200 day moving average	72.96
RSI, 14 days	18

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

CMS reports next on 29 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	29 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 28 Jul 2026	+0.1%
Move after the report of 28 Apr 2026	-0.2%
Move after the report of 5 Feb 2026	+1.8%
Move after the report of 30 Oct 2025	+1.3%

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 41.1 percent of CMS's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	41.1%
Five day average	38.9%
52 week median	58.3%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 36 Septembers on record, CMS's average change was minus 1.4 percent, and it rose in 50.0 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.4%	+0.0%	50.0%	36
October	+1.0%	+1.1%	63.9%	36
November	+1.9%	+1.7%	61.1%	36

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

Open Seasonality in RingMaster The Seasonality guide

Headlines

The desk's news feeds carried 1 headline naming CMS in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	1
Latest	27 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

Open Headlines in RingMaster The Headlines guide

Questions

What is CMS's IV rank?: CMS's IV rank is 64 of 100 on 28 Sep 2026.
What move are CMS options pricing?: On 28 Sep 2026, CMS options priced a move of 8.1 percent down and 5.5 percent up by 16 Oct 2026.
Where are CMS's call wall and put wall?: On 28 Sep 2026, CMS's call wall is the 70 strike and its put wall is the 65 strike.
What was the desk's latest view of CMS on the Free plan?: On 25 Sep 2026 the desk's view of CMS was bullish, paper trading.
When does CMS report earnings next?: CMS reports next on 29 Oct 2026, a date confirmed by the company.

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