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NINiSource Inc.

Options Analysis Report•ELECTRIC & OTHER SERVICES COMBINED
Market Cap $19.5B|NYSE
● 2026-08-31$40.57
BULLISH
Analysis: 2026-08-28 EOD data
1Y -3.7%YTD -3.8%7D -0.6%
54
30D
±6.0%
5%

NI Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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NI Gamma Walls

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Value

Is IV priced right?

7.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 7.7% — cheap vs history

<1.05x

IV/HV 1.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 52% — above sector median

<1.1x

Front/Back 0.97x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 21.2% — normal range

<80%

Effective IV 73.2% (ATM 21.2% + spread 26.0% + bias) — fair

<3.0%

Total drag 33.97% (spread 25.98% + slippage 7.99%) — high friction

≥5.0

Vega efficiency 1.42 (vega 3.677 / spread 25.98%) — spread drag

Sentiment

Bullish or bearish?

6.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +1%, Raw: +2%)
|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +2%

≥15%

|OI skew| 18.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +74.1%, OI skew +18.3% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +100%, ATM: +27%, OTM: -30% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 23% — very bullish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.4% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +31.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 28% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 21% — patient

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed
≤5.0%

Spread 26.0% — wide

≥10,000

OI 3,922 — thin

≥500

Volume 54/day — thin

≤$0.50

$1.30 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 56% — neutral vs sector

≥100 contracts

Depth 136.5 contracts (bid:75.0 ask:61.5) — adequate

<1.0%

Avg slippage 7.99% — poor

Timing

Is now a good time?

6.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -2.8% — flat/unclear

<30 or >70

IV percentile 8% — buyer opportunity

≥10pts kink

IV kink -0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 167.89 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +1% @ 50% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls7.3
bullishIV cheap, bullish flow
Long Puts5.3
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.4
bullishIV too cheap, bullish flow
Covered Call3.4
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on NI

NI gamma wallsNI max painNI IV rankNI options flow