Industrials

Canadian National Railway Company (CNI) options and signal

Figures as of 28 Sep 2026

CNI is Canadian National Railway Company, an Industrials 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	92 of 100	28 Sep
At the money IV	31.2%	28 Sep
Priced move to 16 Oct	5.4% down, 7.5% up	28 Sep
Call wall and put wall	Both 125	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	121.14	28 Sep
Next report	30 Oct 2026	28 Sep

Options Snapshot

CNI's IV rank is 92 of 100 on 28 Sep 2026.

Figure	Value
IV rank	92 of 100
At the money IV	31.2%, near month, 18 days
Put/call ratio, open interest	0.29
Call open interest, strikes captured near the price	10,800 contracts
Put open interest, strikes captured near the price	3,080 contracts
Cost to trade at the money	Wide, 49.9% of the option's mid price

IV rank is where the at the money IV sits among CNI'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.

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Priced Range

On 28 Sep 2026, CNI options priced a move of 5.4 percent down and 7.5 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.4%	7.5%	114.65 to 130.20
20 Nov 2026	53	10.2%	11.8%	108.74 to 135.44
15 Jan 2027	109	13.5%	15.8%	104.74 to 140.24
19 Feb 2027	144	16.8%	17.0%	100.84 to 141.74
19 Mar 2027	172	16.5%	19.7%	101.14 to 145.04
16 Apr 2027	200	19.0%	22.0%	98.14 to 147.84

The range is one standard deviation either side of the close of 121.14, 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.

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Gamma Map

On 28 Sep 2026, CNI's call wall and put wall are both at the 125 strike.

Figure	Value
Call wall, most open call gamma	125
Put wall, most open put gamma	125
Net dollar gamma, calls minus puts	$3.04 million
Total dollar gamma, both sides	$5.48 million
Close	121.14

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.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

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

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Volatility History

On 28 Sep 2026, CNI's at the money IV is 31.2 percent against 20 day realized volatility of 18.9 percent.

Figure	Value
At the money IV	31.2%
Realized volatility, 20 trading days	18.9%
Realized volatility, 60 trading days	17.5%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	843, from 8 Jan 2010
Weeks the price moved more than the one week priced move	25.0% of 236 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, CNI's at the money IV runs from 31.2 percent at 18 days to 28.0 percent at 200 days.

Days to expiry	At the money IV
18	31.2%
53	30.1%
109	26.6%
144	27.0%
172	25.8%
200	28.0%

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.

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Volatility Smile

On 28 Sep 2026, at the 53 day expiry, CNI's IV ten percent below the price sits 0.5 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	29.6%	-0.5 points
At the money	30.1%	0.0 points
10% above the price	26.1%	-4.0 points

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

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Volatility Surface

On 28 Sep 2026, CNI's surface spans 6 expiries out to 200 days, with IV from 24.1 to 48.2 percent near the price.

Figure	Value
Expiries captured	6
Nearest expiry	16 Oct 2026, 18 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	30
Lowest IV among them	24.1%
Highest IV among them	48.2%

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

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Expiry Ladder

On 28 Sep 2026, CNI has 6 captured expiries, from 16 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
16 Oct 2026	18	31.2%	7,624	1,568
20 Nov 2026	53	30.1%	691	662
15 Jan 2027	109	26.6%	2,207	426
19 Feb 2027	144	27.0%	21	178
19 Mar 2027	172	25.8%	253	158
16 Apr 2027	200	28.0%	44	88

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, CNI's largest open interest sits at the 125 strike, with 4,491 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
125	3,469	1,022	4,491
115	3,214	327	3,541
110	913	406	1,319
130	746	337	1,083
120	413	439	852
140	790	0	790

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, CNI's at the money IV moved from 24.2 percent to 31.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	24.2%	31.2%	+6.9 points
Open interest, strikes captured near the price	13,403	13,920	+517
Put/call ratio, open interest	0.24	0.28	+0.05

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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Changed Hands

On 28 Sep 2026, 1,318 CNI option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	651
Puts traded	667
Against its recent average	1.0 times
Busier than	18 of its last 20 trading days
Open interest, whole chain	14,157 contracts
Volume to open interest	0.09
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 CNI'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	126.28	$3.15 million	125	130
21 Sep 2026	117.51	$2.96 million	115	120
28 Sep 2026	121.14	$3.04 million	125	125

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 CNI was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	123.09, the swing high of 14 Sep 2026
Level below the close	120.29, the swing low of 10 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.

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Rank by Timeframe

On 25 Sep 2026 CNI sat at the 74th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	53 of 100	Neutral
20 trading days	59 of 100	Neutral
45 trading days	74 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.

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Timeframe Agreement

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

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Neutral	0 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.

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Signal History

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

Trading day	Signal	45 day percentile
25 Sep 2026	None	74 of 100
24 Sep 2026	None	76 of 100
23 Sep 2026	None	85 of 100
22 Sep 2026	None	93 of 100
21 Sep 2026	None	82 of 100
18 Sep 2026	None	62 of 100
17 Sep 2026	None	62 of 100
16 Sep 2026	None	77 of 100

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

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Sector Split

On 25 Sep 2026, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

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

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Price Chart

CNI closed at 121.14 on 28 Sep 2026.

Figure	Value
Last close	121.14
Change over 5 trading days	+3.1%
Change over 21 trading days	-4.2%
Change over 63 trading days	+0.7%
Change over 252 trading days	+31.1%
52 week high	131.55
52 week low	90.74
20 day moving average	121.09
50 day moving average	124.91
200 day moving average	112.81
RSI, 14 days	46

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

CNI reports next on 30 Oct 2026, a date confirmed by the company.

Figure	Value
Next report	30 Oct 2026, before the open
Date	Confirmed by the company
Move after the report of 24 Jul 2026	-0.8%
Move after the report of 30 Apr 2026	-0.1%
Move after the report of 30 Jan 2026	-4.8%
Move after the report of 31 Oct 2025	+2.8%

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

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Seasonality

In the 29 Septembers on record, CNI's average change was minus 1.1 percent, and it rose in 41.4 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-1.1%	-1.0%	41.4%	29
October	+3.5%	+1.7%	58.6%	29
November	+1.2%	+0.4%	51.7%	29

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.

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Questions

What is CNI's IV rank?: CNI's IV rank is 92 of 100 on 28 Sep 2026.
What move are CNI options pricing?: On 28 Sep 2026, CNI options priced a move of 5.4 percent down and 7.5 percent up by 16 Oct 2026.
Where are CNI's call wall and put wall?: On 28 Sep 2026, CNI's call wall and put wall are both at the 125 strike.
What was the desk's latest view of CNI on the Free plan?: On 25 Sep 2026 the desk's view of CNI was bullish, paper trading.
When does CNI report earnings next?: CNI reports next on 30 Oct 2026, a date confirmed by the company.

More Industrials names

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