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United States 12 Month Natural Gas Fund, LP UNL

i

Market dataready · fetched 2026-11-05T22:19:16.810Z

Delta surfaceAlpaca · derived absolute-delta buckets · 2026-11-20

Calculation methodology

Options historyIV: ThetaData historical Greeks, equal-weight mean of call/put 50-delta IV across the next four listed Friday-cycle expirations, including holiday shifts verified against ThetaData’s market calendar. Missing inputs leave gaps. Skew: equal-weight mean of put minus call IV across those four expirations. IV-implied move history: mean of each expiration’s average call/put IV multiplied by the square root of remaining calendar days divided by 365.25; percentage of spot, not a quoted straddle premium.

History data

PriceAlpaca · sip · 2026-11-05T21:10:00.003938749Z

FundamentalsAlpha Vantage · ready · fetched 2026-11-05T22:19:16.326634+00:00

Share price$5.15
1D-1.2%
AH$5.15$5.16$5.18$5.20$5.225:30 AM6:30 AM9:00 AM1:00 PM2:00 PMUNL
Sold putSold callAH

United States 12 Month Natural Gas Fund, LP options

Live interpolated UNL call and put midpoint premiums by absolute delta.United States 12 Month Natural Gas Fund, LP$0.12$1.23$2.34$3.45$4.56$4.80$4.98$5.15$5.32$5.4920Δ25Δ30Δ35Δ40Δ45Δ50Δ55Δ60Δ65Δ70Δ75Δ80Δ20Δ C unavailable: no unambiguous, price-consistent delta bracketC —25Δ C/P unavailable: no unambiguous, price-consistent delta bracketC/P —30Δ C/P unavailable: no unambiguous, price-consistent delta bracketC/P —35Δ C/P unavailable: no unambiguous, price-consistent delta bracketC/P —40Δ P unavailable: no unambiguous, price-consistent delta bracketP —OPTION PRICELive UNL spot · $5.15UNL PRICE$0.24$0.28$0.32$0.35$0.39$0.52$0.67$0.81$0.96$0.50$0.89$1.37$1.85$2.33$2.80$3.28$3.76$4.24
Puts——
Calls——
Skew——
Implied moveBearish±$1.69
Tilt——
Table
Values and derived Greeks for the plotted delta buckets
DeltaCallsPuts
Pseudo strikeIVB/E movePseudo strikeIVB/E move
20Δ3.66319.5%38.7%
25Δ
30Δ
35Δ
40Δ5.5381.2%12.1%
45Δ5.4080.2%10.3%5.52127.8%10.2%
50Δ5.2879.1%8.6%6.05133.0%9.2%
55Δ5.1578.1%6.9%6.57138.3%8.2%
60Δ5.0277.0%5.2%7.10143.6%7.3%
65Δ4.8682.0%4.4%7.63148.8%6.3%
70Δ4.6888.3%3.8%8.16154.1%5.3%
75Δ4.5094.7%3.2%8.69159.3%4.3%
80Δ4.32101.0%2.6%9.21164.6%3.3%

20Δ

Calls
Pseudo strike
IV
B/E move
Puts
Pseudo strike
3.66
IV
319.5%
B/E move
38.7%

25Δ

Calls
Pseudo strike
IV
B/E move
Puts
Pseudo strike
IV
B/E move

30Δ

Calls
Pseudo strike
IV
B/E move
Puts
Pseudo strike
IV
B/E move

35Δ

Calls
Pseudo strike
IV
B/E move
Puts
Pseudo strike
IV
B/E move

40Δ

Calls
Pseudo strike
5.53
IV
81.2%
B/E move
12.1%
Puts
Pseudo strike
IV
B/E move

45Δ

Calls
Pseudo strike
5.40
IV
80.2%
B/E move
10.3%
Puts
Pseudo strike
5.52
IV
127.8%
B/E move
10.2%

50Δ

Calls
Pseudo strike
5.28
IV
79.1%
B/E move
8.6%
Puts
Pseudo strike
6.05
IV
133.0%
B/E move
9.2%

55Δ

Calls
Pseudo strike
5.15
IV
78.1%
B/E move
6.9%
Puts
Pseudo strike
6.57
IV
138.3%
B/E move
8.2%

60Δ

Calls
Pseudo strike
5.02
IV
77.0%
B/E move
5.2%
Puts
Pseudo strike
7.10
IV
143.6%
B/E move
7.3%

65Δ

Calls
Pseudo strike
4.86
IV
82.0%
B/E move
4.4%
Puts
Pseudo strike
7.63
IV
148.8%
B/E move
6.3%

70Δ

Calls
Pseudo strike
4.68
IV
88.3%
B/E move
3.8%
Puts
Pseudo strike
8.16
IV
154.1%
B/E move
5.3%

75Δ

Calls
Pseudo strike
4.50
IV
94.7%
B/E move
3.2%
Puts
Pseudo strike
8.69
IV
159.3%
B/E move
4.3%

80Δ

Calls
Pseudo strike
4.32
IV
101.0%
B/E move
2.6%
Puts
Pseudo strike
9.21
IV
164.6%
B/E move
3.3%

Options history

IV · four-Friday blend81.46%
Daily EOD
UNL75.4%78.6%81.9%2026-10-26: 75.82%2026-10-29: 81.46%Oct 26Oct 29
2 observations2026-10-26 — 2026-10-29
Table
DateIV (%)
75.82%
81.46%