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NSCNorfolk Southern Corp.

Options Analysis Report•RAILROADS, LINE-HAUL OPERATING
Market Cap $78.3B|NYSE
● 2026-08-31$348.68
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +25.3%YTD +21.1%7D -1.2%
47
30D
±5.8%
11%

NSC Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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NSC Gamma Walls

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Value

Is IV priced right?

8.6
ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 7.5% — cheap vs history

<1.05x

IV/HV 1.26x — IV premium over HV

Sector Relative≤50%

Sector percentile 5% — below sector median

<1.1x

Front/Back 1.00x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 21.2% — normal range

<80%

Effective IV 54.2% (ATM 21.2% + spread 16.5% + bias) — good value

<3.0%

Total drag 31.34% (spread 16.49% + slippage 14.85%) — high friction

≥5.0

Vega efficiency 61.90 (vega 102.066 / spread 16.49%) — efficient

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +11%, Raw: +9%)
|net sentiment| ≥25%

Conviction-weighted: +11% (bullish) — Raw: +9%

≥15%

|OI skew| 25.8% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +14.9%, OI skew -25.8% — divergent (opposite)

≥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: +20%, OTM: -9% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 55% — neutral vs sector

Activity

Unusual activity?

2.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.3% — normal turnover

≥2 days

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

≥5%

OI change +3.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 1% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 57% — patient

≥30

Conviction +11 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 16.5% — wide

≥10,000

OI 14,888 — adequate

≥500

Volume 47/day — thin

≤$0.50

$0.82 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 8% — much tighter than sector

≥100 contracts

Depth 20.3 contracts (bid:9.0 ask:11.3) — thin

<1.0%

Avg slippage 14.85% — poor

Timing

Is now a good time?

6.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -0.5% — flat/unclear

<30 or >70

IV percentile 8% — buyer opportunity

≥10pts kink

IV kink 0.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 1648.89 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +11% @ 55% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts6.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.9
bullishIV too cheap, mixed flow
Covered Call3.6
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 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.

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