1.86K calls and 2.21K puts traded on Nov 4, 2026, 4.06K contracts in total. Open interest was 35.17K contracts. Over the past 30 days, volume averaged 1.12K contracts per day. The NOG option volume chart shows volume by strike and expiration date.

Northern Oil and Gas IV rank is 22, so its 30-day implied volatility of 67.0% is in the lower part of its one-year range. Over the past year it ranged from 38.2% on Sep 18, 2026 to 171.9% on Jan 16, 2026. See the NOG implied volatility history for a longer view.

The Northern Oil and Gas put/call volume ratio was 1.19 on Nov 4, 2026, so puts outnumber calls. The put/call open interest ratio was 0.56. The NOG open interest chart shows calls and puts at each strike.

As of the Nov 4, 2026 close, max pain for Northern Oil and Gas options about one week from expiration was $26.09, 17.2% above the $22.27 close. The NOG max pain chart shows it for every expiration date.

Based on 7-day implied volatility of 52.7%, options price a move of about ±$1.63 (±7.3%) over the next week, a range of roughly $20.64 to $23.90 from the Nov 4, 2026 close. The NOG expected move chart shows it for every expiration date.