Utilities

NiSource Inc (NI) options and signal

Figures as of 28 Sep 2026

NI is NiSource Inc, 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	65 of 100	28 Sep
At the money IV	25.1%	28 Sep
Priced move to 16 Oct	5.6% down, 5.4% up	28 Sep
Call wall and put wall	Both 40	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	39.10	28 Sep
Next report	28 Oct 2026	28 Sep

Options Snapshot

NI's IV rank is 65 of 100 on 28 Sep 2026.

Figure	Value
IV rank	65 of 100
At the money IV	25.1%, near month, 18 days
Put/call ratio, open interest	0.57
Call open interest, strikes captured near the price	2,400 contracts
Put open interest, strikes captured near the price	1,360 contracts
Cost to trade at the money	Wide, 59.4% of the option's mid price

IV rank is where the at the money IV sits among NI'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, NI options priced a move of 5.6 percent down and 5.4 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.6%	5.4%	36.92 to 41.22
20 Nov 2026	53	10.8%	11.4%	34.89 to 43.56
15 Jan 2027	109	14.6%	15.3%	33.40 to 45.08
16 Apr 2027	200	18.5%	19.5%	31.87 to 46.72

The range is one standard deviation either side of the close of 39.10, 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, NI's call wall and put wall are both at the 40 strike.

Figure	Value
Call wall, most open call gamma	40
Put wall, most open put gamma	40
Flip strike, where net gamma changes sign	41.42
Net dollar gamma, calls minus puts	$48,122
Total dollar gamma, both sides	$381,771
Close	39.10

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.

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Volatility History

On 28 Sep 2026, NI's at the money IV is 25.1 percent against 20 day realized volatility of 13.6 percent.

Figure	Value
At the money IV	25.1%
Realized volatility, 20 trading days	13.6%
Realized volatility, 60 trading days	17.7%
IV against its own weekly record	In the middle
Weekly readings on record	813, from 8 Jan 2010
Weeks the price moved more than the one week priced move	12.5% of 216 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, NI's at the money IV runs from 25.1 percent at 18 days to 25.0 percent at 200 days.

Days to expiry	At the money IV
18	25.1%
53	28.2%
109	26.7%
200	25.0%

Near and far expiries price about the same volatility, a flat term structure.

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, NI's surface spans 4 expiries out to 200 days, with IV from 24.0 to 28.2 percent near the price.

Figure	Value
Expiries captured	4
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	4
Lowest IV among them	24.0%
Highest IV among them	28.2%

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, NI has 4 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	25.1%	1,240	193
20 Nov 2026	53	28.2%	490	545
15 Jan 2027	109	26.7%	474	522
16 Apr 2027	200	25.0%	201	101

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, NI's largest open interest sits at the 45 strike, with 1,778 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
45	1,387	391	1,778
40	543	823	1,366
50	385	6	391
35	25	119	144
55	65	0	65
30	0	20	20

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, NI's at the money IV moved from 25.7 percent to 25.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	25.7%	25.1%	-0.6 points
Open interest, strikes captured near the price	3,512	3,766	+254
Put/call ratio, open interest	0.63	0.57	-0.07

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, 1,106 NI option contracts traded, 1.0 times its own recent average.

Figure	Value
Calls traded	888
Puts traded	218
Against its recent average	1.0 times
Busier than	18 of its last 20 trading days
Open interest, whole chain	4,158 contracts
Volume to open interest	0.27
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 NI'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	42.01	minus $212,094	50	45
21 Sep 2026	40.52	minus $71,701	45	40
28 Sep 2026	39.10	$48,122	40	40

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 NI was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	40.09, the swing high of 31 Aug 2026
Level below the close	38.95, the swing low of 24 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 NI sat at the 96th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	9 of 100	Bearish
20 trading days	26 of 100	Neutral
45 trading days	96 of 100	Bullish

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, 1 of 3 timeframes put NI on the bullish side, paper trading.

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

The near timeframes and the long ones were on opposite sides, and the desk states both.

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 NI had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	96 of 100
24 Sep 2026	None	96 of 100
23 Sep 2026	None	97 of 100
22 Sep 2026	None	96 of 100
21 Sep 2026	None	92 of 100
18 Sep 2026	None	91 of 100
17 Sep 2026	None	94 of 100
16 Sep 2026	None	93 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.

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Price Chart

NI closed at 39.10 on 28 Sep 2026.

Figure	Value
Last close	39.10
Change over 5 trading days	-3.5%
Change over 21 trading days	-4.5%
Change over 63 trading days	-18.8%
Change over 252 trading days	-6.5%
52 week high	49.21
52 week low	38.95
20 day moving average	40.68
50 day moving average	42.22
200 day moving average	44.89
RSI, 14 days	29

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

NI reports next on 28 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	28 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 5 Aug 2026	-3.6%
Move after the report of 30 Apr 2026	-0.4%
Move after the report of 28 Jan 2026	+0.7%
Move after the report of 7 May 2025	+2.9%

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

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Short Volume

On 25 Sep 2026, 67.5 percent of NI's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	67.5%
Five day average	59.4%
52 week median	48.1%

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 23 Septembers on record, NI's average change was minus 0.0 percent, and it rose in 69.6 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	-0.0%	+1.0%	69.6%	23
October	+0.6%	+1.9%	65.2%	23
November	+0.6%	+0.3%	60.9%	23

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 NI's IV rank?: NI's IV rank is 65 of 100 on 28 Sep 2026.
What move are NI options pricing?: On 28 Sep 2026, NI options priced a move of 5.6 percent down and 5.4 percent up by 16 Oct 2026.
Where are NI's call wall and put wall?: On 28 Sep 2026, NI's call wall and put wall are both at the 40 strike.
What was the desk's latest view of NI on the Free plan?: On 25 Sep 2026 the desk's view of NI was bullish, paper trading.
When does NI report earnings next?: NI reports next on 28 Oct 2026, a date worked out from past quarters.

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