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MCX Natural Gas options analysis

End-of-day data as of 2026-10-09

Tomorrow: where Natural Gas can go (next trading day)

For the next trading day, options point to about 3.6% either way: Natural Gas between 302.3 and 324.8 (from 313.5).

2026-07-17 O 277.3 H 282.4 L 274.8 C 281.72026-07-20 O 278.5 H 280.0 L 273.8 C 274.62026-07-21 O 275.9 H 278.7 L 274.7 C 275.32026-07-22 O 278.0 H 283.7 L 277.1 C 283.42026-07-23 O 286.0 H 289.4 L 280.0 C 283.42026-07-24 O 283.0 H 285.4 L 275.7 C 277.32026-07-27 O 270.3 H 271.5 L 262.1 C 264.52026-07-28 O 263.8 H 264.8 L 254.1 C 256.82026-07-29 O 259.3 H 264.0 L 257.0 C 262.82026-07-30 O 263.0 H 266.1 L 257.8 C 264.62026-07-31 O 264.5 H 268.7 L 260.5 C 262.72026-08-03 O 264.3 H 268.6 L 262.6 C 264.42026-08-04 O 264.9 H 266.4 L 254.0 C 255.92026-08-05 O 257.2 H 258.7 L 254.1 C 256.72026-08-06 O 255.5 H 258.2 L 250.4 C 253.72026-08-07 O 251.7 H 256.9 L 251.2 C 255.62026-08-10 O 257.5 H 268.0 L 257.5 C 266.42026-08-11 O 265.8 H 269.3 L 262.7 C 265.42026-08-12 O 264.7 H 270.1 L 264.2 C 268.12026-08-13 O 266.5 H 267.7 L 259.6 C 260.62026-08-14 O 262.1 H 266.3 L 261.3 C 263.72026-08-17 O 261.5 H 261.5 L 253.2 C 257.92026-08-18 O 259.0 H 265.4 L 258.2 C 264.82026-08-19 O 265.4 H 274.9 L 265.3 C 270.82026-08-20 O 269.5 H 269.5 L 260.1 C 261.12026-08-21 O 264.2 H 268.0 L 262.6 C 264.82026-08-24 O 261.7 H 271.5 L 260.4 C 266.42026-08-25 O 264.4 H 265.9 L 258.1 C 265.12026-08-26 O 269.3 H 278.5 L 267.0 C 276.62026-08-27 O 279.9 H 286.0 L 277.5 C 283.62026-08-28 O 280.0 H 281.5 L 272.0 C 276.12026-08-31 O 275.7 H 281.2 L 272.0 C 280.12026-09-01 O 278.9 H 280.3 L 271.7 C 277.22026-09-02 O 278.5 H 282.2 L 277.2 C 279.02026-09-03 O 283.3 H 285.7 L 274.0 C 277.82026-09-04 O 276.8 H 282.4 L 275.2 C 280.52026-09-07 O 279.2 H 283.9 L 276.8 C 281.22026-09-08 O 280.2 H 285.9 L 272.6 C 274.32026-09-09 O 275.2 H 277.0 L 269.1 C 269.72026-09-10 O 266.8 H 270.8 L 264.7 C 270.52026-09-11 O 271.4 H 272.7 L 266.4 C 269.62026-09-14 O 271.5 H 280.0 L 271.5 C 278.42026-09-15 O 276.7 H 283.4 L 276.3 C 280.22026-09-16 O 280.6 H 285.8 L 277.4 C 277.92026-09-17 O 279.2 H 283.2 L 275.4 C 279.22026-09-18 O 276.1 H 282.6 L 273.7 C 279.62026-09-21 O 276.0 H 277.6 L 271.3 C 272.92026-09-22 O 273.0 H 283.6 L 270.0 C 282.52026-09-23 O 288.0 H 293.5 L 283.3 C 288.62026-09-24 O 292.2 H 318.5 L 286.1 C 316.52026-09-25 O 304.5 H 309.8 L 296.7 C 306.62026-09-28 O 306.1 H 306.2 L 299.1 C 300.02026-09-29 O 302.8 H 303.5 L 292.5 C 293.72026-09-30 O 292.4 H 294.8 L 286.3 C 290.32026-10-01 O 288.7 H 292.1 L 285.3 C 287.52026-10-05 O 292.9 H 297.2 L 290.3 C 295.12026-10-06 O 297.1 H 302.3 L 296.2 C 301.22026-10-07 O 303.4 H 315.5 L 303.0 C 309.92026-10-08 O 312.2 H 318.8 L 302.0 C 305.82026-10-09 O 304.6 H 314.9 L 302.3 C 313.9Upper end 324.8Lower end 302.3Now 313.917 Jul9 Oct
Lower end 302.3Now 313.5Upper end 324.8

Where Natural Gas can go till 2026-10-23 (14 Days left)

Options traders are pricing in a move of about 11.4% either way. That puts Natural Gas between 277.9 and 349.1 (now 313.5).

2026-07-17 O 277.3 H 282.4 L 274.8 C 281.72026-07-20 O 278.5 H 280.0 L 273.8 C 274.62026-07-21 O 275.9 H 278.7 L 274.7 C 275.32026-07-22 O 278.0 H 283.7 L 277.1 C 283.42026-07-23 O 286.0 H 289.4 L 280.0 C 283.42026-07-24 O 283.0 H 285.4 L 275.7 C 277.32026-07-27 O 270.3 H 271.5 L 262.1 C 264.52026-07-28 O 263.8 H 264.8 L 254.1 C 256.82026-07-29 O 259.3 H 264.0 L 257.0 C 262.82026-07-30 O 263.0 H 266.1 L 257.8 C 264.62026-07-31 O 264.5 H 268.7 L 260.5 C 262.72026-08-03 O 264.3 H 268.6 L 262.6 C 264.42026-08-04 O 264.9 H 266.4 L 254.0 C 255.92026-08-05 O 257.2 H 258.7 L 254.1 C 256.72026-08-06 O 255.5 H 258.2 L 250.4 C 253.72026-08-07 O 251.7 H 256.9 L 251.2 C 255.62026-08-10 O 257.5 H 268.0 L 257.5 C 266.42026-08-11 O 265.8 H 269.3 L 262.7 C 265.42026-08-12 O 264.7 H 270.1 L 264.2 C 268.12026-08-13 O 266.5 H 267.7 L 259.6 C 260.62026-08-14 O 262.1 H 266.3 L 261.3 C 263.72026-08-17 O 261.5 H 261.5 L 253.2 C 257.92026-08-18 O 259.0 H 265.4 L 258.2 C 264.82026-08-19 O 265.4 H 274.9 L 265.3 C 270.82026-08-20 O 269.5 H 269.5 L 260.1 C 261.12026-08-21 O 264.2 H 268.0 L 262.6 C 264.82026-08-24 O 261.7 H 271.5 L 260.4 C 266.42026-08-25 O 264.4 H 265.9 L 258.1 C 265.12026-08-26 O 269.3 H 278.5 L 267.0 C 276.62026-08-27 O 279.9 H 286.0 L 277.5 C 283.62026-08-28 O 280.0 H 281.5 L 272.0 C 276.12026-08-31 O 275.7 H 281.2 L 272.0 C 280.12026-09-01 O 278.9 H 280.3 L 271.7 C 277.22026-09-02 O 278.5 H 282.2 L 277.2 C 279.02026-09-03 O 283.3 H 285.7 L 274.0 C 277.82026-09-04 O 276.8 H 282.4 L 275.2 C 280.52026-09-07 O 279.2 H 283.9 L 276.8 C 281.22026-09-08 O 280.2 H 285.9 L 272.6 C 274.32026-09-09 O 275.2 H 277.0 L 269.1 C 269.72026-09-10 O 266.8 H 270.8 L 264.7 C 270.52026-09-11 O 271.4 H 272.7 L 266.4 C 269.62026-09-14 O 271.5 H 280.0 L 271.5 C 278.42026-09-15 O 276.7 H 283.4 L 276.3 C 280.22026-09-16 O 280.6 H 285.8 L 277.4 C 277.92026-09-17 O 279.2 H 283.2 L 275.4 C 279.22026-09-18 O 276.1 H 282.6 L 273.7 C 279.62026-09-21 O 276.0 H 277.6 L 271.3 C 272.92026-09-22 O 273.0 H 283.6 L 270.0 C 282.52026-09-23 O 288.0 H 293.5 L 283.3 C 288.62026-09-24 O 292.2 H 318.5 L 286.1 C 316.52026-09-25 O 304.5 H 309.8 L 296.7 C 306.62026-09-28 O 306.1 H 306.2 L 299.1 C 300.02026-09-29 O 302.8 H 303.5 L 292.5 C 293.72026-09-30 O 292.4 H 294.8 L 286.3 C 290.32026-10-01 O 288.7 H 292.1 L 285.3 C 287.52026-10-05 O 292.9 H 297.2 L 290.3 C 295.12026-10-06 O 297.1 H 302.3 L 296.2 C 301.22026-10-07 O 303.4 H 315.5 L 303.0 C 309.92026-10-08 O 312.2 H 318.8 L 302.0 C 305.82026-10-09 O 304.6 H 314.9 L 302.3 C 313.9Upper end 349.1Lower end 277.9Now 313.917 Jul9 Oct
Lower end 277.9Now 313.5Upper end 349.1

If the market's estimate is right, price ends inside this zone roughly 2 out of 3 times and outside about 1 in 3.

⚠ Forward price differs from the futures quote by more than 2%: treat IV with caution.

Busy levels: Most call contracts are open at 310.0 and most put contracts at 290.0. The "max pain" level is 310.0. These are just where most contracts sit, not guaranteed turning points.

All the numbers (for experienced traders)
ATM IV
57.0%
Expected move
±11.35%
ATM straddle
9.04%
PCR (OI)
1.21
Max pain
310
+1.1% from spot
Call / put wall
310 / 290
Spot / Fut
313.53
Expiry
2026-10-23
14 Days left
Lot
1,250 mmBtu
1250 / pt

Tomorrow: where Natural Gas Mini (mini) can go (next trading day)

For the next trading day, options point to about 3.6% either way: Natural Gas Mini (mini) between 302.2 and 324.7 (from 313.4).

2026-07-17 O 277.5 H 282.6 L 275.0 C 281.82026-07-20 O 281.8 H 281.8 L 273.9 C 274.72026-07-21 O 276.1 H 278.6 L 274.8 C 275.42026-07-22 O 279.0 H 283.8 L 277.0 C 283.42026-07-23 O 284.8 H 289.3 L 282.2 C 283.42026-07-24 O 282.8 H 285.3 L 275.8 C 277.12026-07-27 O 273.2 H 273.2 L 262.1 C 264.52026-07-28 O 263.6 H 264.7 L 253.9 C 256.62026-07-29 O 260.2 H 264.0 L 257.1 C 262.92026-07-30 O 262.8 H 266.1 L 258.0 C 264.72026-07-31 O 264.8 H 268.8 L 260.6 C 262.82026-08-03 O 264.4 H 268.6 L 262.8 C 264.52026-08-04 O 264.1 H 266.5 L 254.1 C 255.92026-08-05 O 257.0 H 258.8 L 254.3 C 256.82026-08-06 O 256.4 H 258.3 L 250.6 C 253.92026-08-07 O 252.6 H 256.8 L 251.4 C 255.72026-08-10 O 258.4 H 268.1 L 258.4 C 266.42026-08-11 O 266.1 H 269.2 L 262.8 C 265.42026-08-12 O 264.8 H 270.1 L 264.2 C 268.12026-08-13 O 267.2 H 267.7 L 259.6 C 260.72026-08-14 O 262.5 H 266.3 L 261.5 C 263.82026-08-17 O 260.3 H 260.3 L 253.5 C 258.02026-08-18 O 259.0 H 265.3 L 258.4 C 264.92026-08-19 O 265.2 H 274.9 L 264.9 C 270.82026-08-20 O 269.0 H 269.0 L 260.2 C 261.12026-08-21 O 263.9 H 267.9 L 262.5 C 264.72026-08-24 O 261.5 H 271.4 L 260.4 C 266.32026-08-25 O 265.2 H 265.9 L 258.2 C 265.02026-08-26 O 267.4 H 278.4 L 266.1 C 276.62026-08-27 O 279.4 H 286.0 L 277.6 C 283.62026-08-28 O 280.3 H 281.5 L 272.3 C 276.22026-08-31 O 275.8 H 281.2 L 272.2 C 280.12026-09-01 O 279.0 H 280.3 L 272.0 C 277.22026-09-02 O 278.0 H 282.2 L 277.3 C 279.02026-09-03 O 280.2 H 285.6 L 274.2 C 277.92026-09-04 O 277.3 H 282.2 L 275.4 C 280.62026-09-07 O 281.1 H 283.8 L 276.5 C 281.22026-09-08 O 279.4 H 285.9 L 272.8 C 274.32026-09-09 O 274.4 H 276.9 L 269.3 C 269.92026-09-10 O 269.0 H 270.9 L 265.0 C 270.62026-09-11 O 271.9 H 272.8 L 266.6 C 269.72026-09-14 O 274.0 H 280.0 L 274.0 C 278.42026-09-15 O 278.4 H 283.3 L 275.7 C 280.22026-09-16 O 280.6 H 285.5 L 277.5 C 278.02026-09-17 O 279.3 H 283.1 L 275.5 C 279.32026-09-18 O 277.0 H 282.5 L 273.8 C 279.62026-09-21 O 279.5 H 279.5 L 271.3 C 272.92026-09-22 O 274.0 H 283.5 L 270.0 C 282.52026-09-23 O 283.8 H 293.4 L 283.4 C 288.52026-09-24 O 291.8 H 318.6 L 286.2 C 316.12026-09-25 O 303.5 H 309.7 L 296.5 C 306.12026-09-28 O 305.2 H 305.6 L 298.3 C 300.12026-09-29 O 300.5 H 303.5 L 292.6 C 293.82026-09-30 O 294.1 H 294.8 L 286.4 C 290.42026-10-01 O 288.3 H 292.2 L 285.4 C 287.52026-10-05 O 291.2 H 297.2 L 290.4 C 295.32026-10-06 O 295.9 H 302.2 L 295.9 C 301.12026-10-07 O 302.4 H 315.5 L 300.7 C 310.02026-10-08 O 313.7 H 318.6 L 302.1 C 305.82026-10-09 O 306.5 H 314.9 L 302.4 C 313.9Upper end 324.7Lower end 302.2Now 313.917 Jul9 Oct
Lower end 302.2Now 313.4Upper end 324.7

Where Natural Gas Mini (mini) can go till 2026-10-23 (14 Days left)

Options traders are pricing in a move of about 11.3% either way. That puts Natural Gas Mini (mini) between 278.0 and 348.9 (now 313.4).

2026-07-17 O 277.5 H 282.6 L 275.0 C 281.82026-07-20 O 281.8 H 281.8 L 273.9 C 274.72026-07-21 O 276.1 H 278.6 L 274.8 C 275.42026-07-22 O 279.0 H 283.8 L 277.0 C 283.42026-07-23 O 284.8 H 289.3 L 282.2 C 283.42026-07-24 O 282.8 H 285.3 L 275.8 C 277.12026-07-27 O 273.2 H 273.2 L 262.1 C 264.52026-07-28 O 263.6 H 264.7 L 253.9 C 256.62026-07-29 O 260.2 H 264.0 L 257.1 C 262.92026-07-30 O 262.8 H 266.1 L 258.0 C 264.72026-07-31 O 264.8 H 268.8 L 260.6 C 262.82026-08-03 O 264.4 H 268.6 L 262.8 C 264.52026-08-04 O 264.1 H 266.5 L 254.1 C 255.92026-08-05 O 257.0 H 258.8 L 254.3 C 256.82026-08-06 O 256.4 H 258.3 L 250.6 C 253.92026-08-07 O 252.6 H 256.8 L 251.4 C 255.72026-08-10 O 258.4 H 268.1 L 258.4 C 266.42026-08-11 O 266.1 H 269.2 L 262.8 C 265.42026-08-12 O 264.8 H 270.1 L 264.2 C 268.12026-08-13 O 267.2 H 267.7 L 259.6 C 260.72026-08-14 O 262.5 H 266.3 L 261.5 C 263.82026-08-17 O 260.3 H 260.3 L 253.5 C 258.02026-08-18 O 259.0 H 265.3 L 258.4 C 264.92026-08-19 O 265.2 H 274.9 L 264.9 C 270.82026-08-20 O 269.0 H 269.0 L 260.2 C 261.12026-08-21 O 263.9 H 267.9 L 262.5 C 264.72026-08-24 O 261.5 H 271.4 L 260.4 C 266.32026-08-25 O 265.2 H 265.9 L 258.2 C 265.02026-08-26 O 267.4 H 278.4 L 266.1 C 276.62026-08-27 O 279.4 H 286.0 L 277.6 C 283.62026-08-28 O 280.3 H 281.5 L 272.3 C 276.22026-08-31 O 275.8 H 281.2 L 272.2 C 280.12026-09-01 O 279.0 H 280.3 L 272.0 C 277.22026-09-02 O 278.0 H 282.2 L 277.3 C 279.02026-09-03 O 280.2 H 285.6 L 274.2 C 277.92026-09-04 O 277.3 H 282.2 L 275.4 C 280.62026-09-07 O 281.1 H 283.8 L 276.5 C 281.22026-09-08 O 279.4 H 285.9 L 272.8 C 274.32026-09-09 O 274.4 H 276.9 L 269.3 C 269.92026-09-10 O 269.0 H 270.9 L 265.0 C 270.62026-09-11 O 271.9 H 272.8 L 266.6 C 269.72026-09-14 O 274.0 H 280.0 L 274.0 C 278.42026-09-15 O 278.4 H 283.3 L 275.7 C 280.22026-09-16 O 280.6 H 285.5 L 277.5 C 278.02026-09-17 O 279.3 H 283.1 L 275.5 C 279.32026-09-18 O 277.0 H 282.5 L 273.8 C 279.62026-09-21 O 279.5 H 279.5 L 271.3 C 272.92026-09-22 O 274.0 H 283.5 L 270.0 C 282.52026-09-23 O 283.8 H 293.4 L 283.4 C 288.52026-09-24 O 291.8 H 318.6 L 286.2 C 316.12026-09-25 O 303.5 H 309.7 L 296.5 C 306.12026-09-28 O 305.2 H 305.6 L 298.3 C 300.12026-09-29 O 300.5 H 303.5 L 292.6 C 293.82026-09-30 O 294.1 H 294.8 L 286.4 C 290.42026-10-01 O 288.3 H 292.2 L 285.4 C 287.52026-10-05 O 291.2 H 297.2 L 290.4 C 295.32026-10-06 O 295.9 H 302.2 L 295.9 C 301.12026-10-07 O 302.4 H 315.5 L 300.7 C 310.02026-10-08 O 313.7 H 318.6 L 302.1 C 305.82026-10-09 O 306.5 H 314.9 L 302.4 C 313.9Upper end 348.9Lower end 278.0Now 313.917 Jul9 Oct
Lower end 278.0Now 313.4Upper end 348.9

If the market's estimate is right, price ends inside this zone roughly 2 out of 3 times and outside about 1 in 3.

⚠ Forward price differs from the futures quote by more than 2%: treat IV with caution.

Busy levels: Most call contracts are open at 320.0 and most put contracts at 280.0. The "max pain" level is 310.0. These are just where most contracts sit, not guaranteed turning points.

All the numbers (for experienced traders)
ATM IV
56.8%
Expected move
±11.31%
ATM straddle
9.06%
PCR (OI)
2.11
Max pain
310
+1.1% from spot
Call / put wall
320 / 280
Spot / Fut
313.43
Expiry
2026-10-23
14 Days left
Lot
250 mmBtu
250 / pt

This is a range implied by option prices, not a prediction. Price can end outside it and we do not say which way.

MCX history is only just starting, so there is no IV rank and no track record yet. We will not claim one.

Common questions about Natural Gas options

What is the Natural Gas options expected move?

On end-of-day data for 2026-10-09, options imply about ±11.35% for the NATURALGAS expiry on 2026-10-23. It is a range, not a forecast of direction.

What is the Natural Gas options lot size?

NATURALGAS: lot 1,250 mmBtu; price is quoted per 1 mmBtu, so P&L is 1250 per 1 price point per lot (MCX specs confirmed by the site owner). Confirm with your broker.

Why is there no IV rank for Natural Gas?

MCX history is only just starting. IV rank needs at least 15 days, and we will not show a rank or a record before then.

Related

What we did NOT find: any reliable way to predict direction. This page is descriptive data, not a call.