Industrials

Norfolk Southern Corp (NSC) options and signal

Figures as of 28 Sep 2026

NSC is Norfolk Southern Corp, 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	45 of 100	28 Sep
At the money IV	23.8%	28 Sep
Priced move to 16 Oct	5.7% down, 4.9% up	28 Sep
Call wall and put wall	Both 330	28 Sep
Signal and the desk's view	No signal, view bullish	25 Sep
Last close	313.05	28 Sep
Next report	22 Oct 2026	28 Sep

Options Snapshot

NSC's IV rank is 45 of 100 on 28 Sep 2026.

Figure	Value
IV rank	45 of 100
At the money IV	23.8%, near month, 18 days
Put/call ratio, open interest	1.08
Call open interest, strikes captured near the price	3,850 contracts
Put open interest, strikes captured near the price	4,160 contracts
Cost to trade at the money	Fair, 18.6% of the option's mid price

IV rank is where the at the money IV sits among NSC'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, NSC options priced a move of 5.7 percent down and 4.9 percent up by 16 Oct 2026.

Expiry	Days	Down	Up	Range
16 Oct 2026	18	5.7%	4.9%	295.35 to 328.25
20 Nov 2026	53	10.8%	10.1%	279.25 to 344.65
18 Dec 2026	81	12.2%	12.1%	274.75 to 350.95
15 Jan 2027	109	13.8%	14.6%	269.85 to 358.65
19 Mar 2027	172	16.6%	18.3%	260.95 to 370.35

The range is one standard deviation either side of the close of 313.05, 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, NSC's call wall and put wall are both at the 330 strike.

Figure	Value
Call wall, most open call gamma	330
Put wall, most open put gamma	330
Flip strike, where net gamma changes sign	315.08
Net dollar gamma, calls minus puts	$134,200
Total dollar gamma, both sides	$5.45 million
Close	313.05

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, NSC's at the money IV is 23.8 percent against 20 day realized volatility of 16.1 percent.

Figure	Value
At the money IV	23.8%
Realized volatility, 20 trading days	16.1%
Realized volatility, 60 trading days	20.6%
IV against its own weekly record	In the middle
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	28.2% of 252 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.

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Volatility Weather

On 28 Sep 2026, NSC's at the money IV runs from 23.8 percent at 18 days to 25.6 percent at 172 days.

Days to expiry	At the money IV
18	23.8%
53	27.8%
81	25.5%
109	25.1%
172	25.6%

Far expiries price more volatility than near ones, an upward sloping 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, NSC's IV ten percent below the price sits 3.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	30.9%	+3.1 points
At the money	27.8%	0.0 points
10% above the price	28.6%	+0.8 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, NSC's surface spans 5 expiries out to 172 days, with IV from 17.4 to 55.1 percent near the price.

Figure	Value
Expiries captured	5
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	30
Lowest IV among them	17.4%
Highest IV among them	55.1%

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, NSC has 5 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	23.8%	631	216
20 Nov 2026	53	27.8%	324	466
18 Dec 2026	81	25.5%	1,238	599
15 Jan 2027	109	25.1%	1,302	1,532
19 Mar 2027	172	25.6%	354	1,352

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, NSC's largest open interest sits at the 330 strike, with 1,310 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
330	684	626	1,310
250	44	716	760
260	61	604	665
280	8	634	642
350	588	44	632
320	366	203	569

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, NSC's at the money IV moved from 23.9 percent to 23.8 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	23.9%	23.8%	-0.0 points
Open interest, strikes captured near the price	7,930	8,014	+84
Put/call ratio, open interest	1.09	1.08	-0.01

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, 999 NSC option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	636
Puts traded	363
Against its recent average	0.9 times
Busier than	5 of its last 20 trading days
Open interest, whole chain	10,807 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 NSC'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	334.60	$341,002	330	300
21 Sep 2026	309.07	minus $467,533	330	330
28 Sep 2026	313.05	$134,200	330	330

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 NSC was bullish, paper trading.

Figure	Value
Side	Bullish at 45 trading days, no signal
Level above the close	317.31, the swing high of 23 Sep 2026
Level below the close	308.44, the swing low of 21 Sep 2026, a close past it runs against the view
The chart	Sits against the view
Strategy family	Bull call spread (buy a call spread)
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 NSC sat at the 78th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	33 of 100	Neutral
20 trading days	29 of 100	Neutral
45 trading days	78 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 NSC'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 NSC had carried no signal for at least 18 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	78 of 100
24 Sep 2026	None	54 of 100
23 Sep 2026	None	67 of 100
22 Sep 2026	None	58 of 100
21 Sep 2026	None	15 of 100
18 Sep 2026	None	33 of 100
17 Sep 2026	None	56 of 100
16 Sep 2026	None	89 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

NSC closed at 313.05 on 28 Sep 2026.

Figure	Value
Last close	313.05
Change over 5 trading days	+1.3%
Change over 21 trading days	-10.0%
Change over 63 trading days	-1.1%
Change over 252 trading days	+6.3%
52 week high	358.60
52 week low	277.80
20 day moving average	321.28
50 day moving average	333.17
200 day moving average	311.09
RSI, 14 days	34

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

NSC reports next on 22 Oct 2026, a date worked out from past quarters.

Figure	Value
Next report	22 Oct 2026, before the open
Date	Worked out from past quarters
Move after the report of 24 Apr 2026	-0.3%
Move after the report of 22 Jan 2026	-0.6%
Move after the report of 23 Apr 2025	+0.9%
Move after the report of 29 Jan 2025	+1.8%

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

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Short Volume

On 25 Sep 2026, 33.5 percent of NSC's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	33.5%
Five day average	30.7%
52 week median	38.6%

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, NSC's average change was plus 0.2 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+0.2%	+1.4%	56.5%	23
October	+3.8%	+0.8%	52.2%	23
November	+4.1%	+3.1%	73.9%	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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Headlines

The desk's news feeds carried 3 headlines naming NSC in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
Latest	28 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.

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Questions

What is NSC's IV rank?: NSC's IV rank is 45 of 100 on 28 Sep 2026.
What move are NSC options pricing?: On 28 Sep 2026, NSC options priced a move of 5.7 percent down and 4.9 percent up by 16 Oct 2026.
Where are NSC's call wall and put wall?: On 28 Sep 2026, NSC's call wall and put wall are both at the 330 strike.
What was the desk's latest view of NSC on the Free plan?: On 25 Sep 2026 the desk's view of NSC was bullish, paper trading.
When does NSC report earnings next?: NSC reports next on 22 Oct 2026, a date worked out from past quarters.

More Industrials names

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