NG Options Chain, Open Interest, and Volatility Data

NG Options Open Interest & Strategy Insights

NG – Top 10 Strike Prices by Open Interest

Strike	Call OI	Put OI	Total OI
5	3295	645	3940
10	3069	278	3347
12	2567	19	2586
8	2073	438	2511
7	1854	592	2446
4	1411	933	2344
11	2215	58	2273
9	1433	473	1906
6	1393	423	1816
3	675	403	1078

NG – Volatility Metrics & Put/Call Analysis

Put/Call OI Ratio	Put/Call Volume Ratio	Avg Call IV	Avg Put IV	IV Skew
0.22	0.24	69.55%	67.63%	-1.91%

Data Analysis

Symbol: NG Current Price: 7.88
Max Pain: 11.00 (below)

📌 Absolute OI Peak: 5.00 (3940 contracts)
🛡️ Short-term Key Levels: 7.00（2446 contracts，minor support） , 6.00（1816 contracts，minor support） , 4.00（2344 contracts，major support）

📈 Put/Call OI Ratio: 0.22 (bullish, Call OI dominant)
Put/Call Volume Ratio: 0.24 (bullish, Call volume dominant)

📊 Avg Call IV: 69.55%
Avg Put IV: 67.63%
IV Skew: -1.91% (Call IV higher than Put IV by 1.91%, upward expectation slightly stronger)

⚠️ Unusual OI concentration at far OTM strike 5.00 (3940 contracts), sentiment: bullish (Call OI dominant). May reflect speculative bets or hedging demand.

Market Sentiment Based on Options by Expiration Date

Date	Call Volume	Put Volume	Open Interest	Put/Call Ratio	Sentiment
2025-11-21	138	8	5267	0.058	Moderate Bullish 📈 (70) ⚠️
2025-12-19	120	16	3961	0.133	Moderate Bullish 📈 (70) ⚠️
2026-03-20	70	12	5474	0.171	Moderate Bullish 📈 (70) ⚠️
2026-06-18	29	10	757	0.345	Moderate Bullish 📈 (70)
How the Sentiment Algorithm Works This table evaluates market sentiment based on aggregated options data by expiration date. The key metrics are: Put/Call Ratio (PCR): Indicates the relative activity between put and call options. A high PCR suggests bearish sentiment, while a low PCR indicates bullish sentiment. Open Interest (OI): Represents the number of outstanding contracts. Higher values reflect strong market attention or hedging activity. Unusual activity ⚠️: Days with extremely high PCR or OI are flagged, signaling possible speculative bets or hedging pressures. The sentiment score is computed by combining PCR and OI, then classified into clear labels such as Strong Bullish, Moderate Bullish, Neutral, Moderate Bearish, Strong Bearish. Scores range from 0 to 100, where higher values indicate stronger bullish sentiment and lower values indicate stronger bearish sentiment.