Options/UNP

UNPUnion Pacific Corp.

Options Analysis Report•RAILROADS, LINE-HAUL OPERATING

Market Cap $169.8B|NYSE

● 2026-09-11$285.78

BULLISH

Analysis: 2026-09-10 EOD data

1Y +32.3%YTD +23.2%7D -1.3%

Options Vol

2,298

30D

Implied Move

±6.9%

IV Rank

10%

UNP Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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UNP Gamma Walls

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Value

Is IV priced right?

7.5

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 21.0% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.31x — IV premium over HV

Sector Relative≤50%

Sector percentile 19% — below sector median

Term Structure

<1.1x

Front/Back 1.12x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 26.6% — normal range

Spread-Adjusted Value

<80%

Effective IV 65.2% (ATM 26.6% + spread 19.3% + bias) — fair

Execution Efficiency

<3.0%

Total drag 39.58% (spread 19.32% + slippage 20.26%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 14.41 (vega 27.838 / spread 19.32%) — efficient

Sentiment

Bullish or bearish?

5.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -24%, Raw: -20%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -24% (bearish) — Raw: -20%

OI Skew Magnitude

≥15%

|OI skew| 40.1% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +47.7%, OI skew +40.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 9%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -68%, ATM: +14%, OTM: -27% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

2.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.4x avg — normal

Turnover Rate

≥15%

Vol/OI 2.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.6% (5d) — stable

Sector Relative≥60%

Sector activity percentile 37% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 29% — patient

Flow Conviction

≥30

Conviction -24 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 19.3% — wide

Adequate OI

≥10,000

OI 111,283 — deep

Active Volume

≥500

Volume 2,298/day — adequate

Reasonable Cost

≤$0.50

$0.97 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 25% — tighter than sector

Order Book Depth

≥100 contracts

Depth 73.9 contracts (bid:36.5 ask:37.4) — thin

Execution Quality

<1.0%

Avg slippage 20.26% — poor

Timing

Is now a good time?

6.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +11.8% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 21% — buyer opportunity

Event Detection

≥10pts kink

IV kink 3.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 171.95 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -24% @ 62% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls6.9

bullishIV cheap, mixed flow

Long Puts5.6

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.4

bullishIV too cheap, mixed flow

Covered Call4.0

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.

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UNP gamma walls UNP option chain UNP max pain UNP expected move UNP IV rank UNP put/call ratio UNP options flow