Options Skew Analytics

AA option chain

Strikes around the forward, as they were quoted at the close

Data as of 25 September 2026 (end of day)

2026-10-02(7 days)ATM 40.35%±2.40skew -1.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
50$4.80$5.05—$38.00—————
40$4.30$4.55—$38.50—————
11$3.50$4.15—$39.0043.51%$0.03$0.094111
03$3.00$3.80—$39.5042.67%$0.06$0.1273
012$2.24$3.40—$40.00—————
33$2.31$2.82—$40.50—————
15$1.86$2.52—$41.0042.00%$0.25$0.368859
9022$1.56$2.20—$41.5040.72%$0.34$0.486425
41$1.34$1.55—$42.0041.05%$0.50$0.6618371
93229$0.96$1.22—$42.5040.49%$0.68$0.867082
2620$0.84$0.9740.35%$43.00—$0.93$1.09365137
4446$0.62$0.7740.57%$43.50—$1.18$1.40195173
601,004$0.46$0.5640.16%$44.00—$1.52$1.9621921
60210$0.35$0.4641.92%$44.50—$1.77$2.43370
184153$0.24$0.3040.58%$45.00—$2.16$2.561277
73167$0.18$0.2542.45%$45.50—$2.56$3.10150
563158$0.11$0.1641.21%$46.00—$2.95$3.50392
—————$46.50—$3.45$4.75370
—————$47.00—$4.10$4.302406
30195$0.05$0.1047.17%$47.50—$4.45$5.00421
—————$48.00—$5.00$5.40902

Forward $42.89. The 25-delta put carries -1.20 volatility points over the 25-delta call.

2026-10-09(14 days)ATM 42.20%±3.55skew +2.73
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
10$4.75$5.70—$38.00—————
—————$39.0044.45%$0.18$0.30333
55$2.97$3.45—$40.0043.37%$0.32$0.471,31235
—————$40.5045.02%$0.43$0.6819
01$2.34$2.82—$41.0043.60%$0.52$0.809911
—————$41.5044.21%$0.64$1.0510
620$1.80$2.09—$42.0044.25%$0.88$1.209527
207$1.40$1.92—$42.5042.72%$1.06$1.362929
1311$1.21$1.5642.07%$43.00—$1.33$1.5420822
311$1.04$1.3743.41%$43.50—$1.59$1.9226
4510$0.90$1.0041.67%$44.00—$1.78$2.35532
—————$44.50—$2.12$2.62221
5061$0.55$0.7141.58%$45.00—$2.45$3.109314
—————$45.50—$2.70$3.55222
630$0.35$0.4942.29%$46.00—$3.15$3.75592
01$0.26$0.4042.17%$46.50—$3.45$5.1510
433$0.22$0.3643.76%$47.00—$4.10$4.60376
—————$48.00—$4.00$6.50180
—————$48.50—$4.55$6.90100
—————$49.00—$5.55$7.45530
—————$49.50—$6.10$7.9030

Forward $42.95. The 25-delta put carries +2.73 volatility points over the 25-delta call.

2026-10-16(21 days)ATM 48.19%±4.97skew -0.66
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$38.0048.33%$0.32$0.374358
—————$39.0049.90%$0.50$0.652424
—————$39.5049.22%$0.58$0.7715
24162$3.60$3.90—$40.0048.72%$0.75$0.843,4924,097
—————$40.5049.90%$0.88$1.101549
011$2.80$3.40—$41.0048.70%$1.04$1.208722
—————$41.5049.43%$1.20$1.4841
55$2.27$2.61—$42.0048.85%$1.39$1.6731764
19$2.10$2.33—$42.5048.56%$1.64$1.86255
196$1.91$2.0448.39%$43.00—$1.92$2.07198
010$1.58$1.8948.08%$43.50—$2.18$2.4530
1426$1.46$1.6648.88%$44.00—$2.47$2.65530
157$1.19$1.5248.49%$44.50—$2.70$3.05130
111833$1.13$1.3049.29%$45.00—$3.05$3.304,192528
029$0.94$1.2049.55%$45.50—————
4151$0.82$0.9548.28%$46.00—$3.75$4.05651
15$0.71$0.9349.95%$46.50—————
30230$0.64$0.7449.38%$47.00—$4.40$5.8030
2129$0.56$0.6549.79%$47.50—$4.80$6.3510
8116$0.45$0.6150.19%$48.00—$5.30$5.7020
1093$0.41$0.4749.69%$48.50—————

Forward $42.98. The 25-delta put carries -0.66 volatility points over the 25-delta call.

2026-10-23(28 days)ATM 47.92%±5.70skew +1.16
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
09$7.00$9.55—$35.00—————
—————$39.0047.22%$0.60$0.82291
027$3.75$4.30—$40.0049.98%$0.94$1.262536
01$2.55$3.90—$41.0047.01%$1.11$1.55324
—————$42.0048.78%$1.65$2.01624
06$2.06$2.4347.76%$43.00—$2.13$2.42404
3113$1.70$1.9748.31%$44.00—$2.67$2.97451
356$1.35$1.5848.32%$45.00—$3.25$3.75835
1052$1.10$1.3149.47%$46.00—$3.10$4.65240
1320$0.85$0.9948.82%$47.00—$4.55$5.30120
4211$0.52$0.8548.09%$48.00—$4.50$6.75230
2027$0.49$0.7050.43%$49.00—$5.40$7.8060
152,163$0.40$0.4849.87%$50.00—$6.30$8.65170
36388$0.26$0.4049.78%$51.00—$7.75$9.50150
—————$52.00—$8.15$10.45110
—————$53.00—$9.10$11.4540
—————$55.00—$10.85$12.7060
—————$56.00—$11.90$14.35141
—————$58.00—$13.60$16.4001

Forward $42.97. The 25-delta put carries +1.16 volatility points over the 25-delta call.

2026-10-30(35 days)ATM 47.69%±6.35skew -0.49
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$37.0048.26%$0.38$0.59840
01$3.75$5.35—$39.0048.27%$0.72$1.15172
075$3.35$4.55—$40.0047.86%$1.15$1.30805
—————$41.0051.17%$1.50$2.01101
—————$42.0049.24%$1.90$2.2913113
076$2.31$2.84—$43.0048.46%$2.40$2.70851
—————$44.00—$2.97$3.301032
121$1.30$1.8945.36%$45.00—$3.50$4.001355
87$1.28$1.5548.18%$46.00—$4.20$4.85100
207214$0.93$1.3047.64%$47.00—$4.05$5.45115
838$0.83$1.0448.76%$48.00—$5.35$7.20170
820$0.61$0.8448.30%$49.00—$6.25$8.0540
5111$0.49$0.6648.45%$50.00—$6.50$8.90100
33$0.30$0.5046.80%$51.00—$7.35$9.8060
—————$54.00—$10.70$12.55102
—————$55.00—$10.95$12.60150
—————$56.00—$12.00$14.4571
—————$58.00—$14.45$15.6011

Forward $43.03. The 25-delta put carries -0.49 volatility points over the 25-delta call.

2026-12-18(84 days)ATM 47.46%±9.84skew +0.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
019$29.00$32.05—$12.50—————
010$26.70$29.10—$15.00—————
019$24.10$26.80—$17.50—————
081$21.85$24.35—$20.00—————
015$19.40$21.70—$22.50—————
047$16.95$19.40—$25.0052.88%$0.02$0.071,2120
03$14.50$16.10—$28.00—————
0424$12.20$14.25—$30.00—————
216$10.30$11.15—$33.0048.88%$0.47$0.611460
1344$8.85$9.20—$35.0048.23%$0.76$0.988336
05$6.65$7.05—$38.0047.76%$1.56$1.721,3723
0397$5.40$5.95—$40.0047.69%$2.27$2.461,73230
1156$4.30$4.60—$42.0047.22%$3.10$3.351,3050
301,454$3.10$3.2047.49%$45.00—$4.80$5.053,95319
2576$2.34$2.5347.22%$47.00—$6.10$6.353420
331,891$1.56$1.7547.46%$50.00—$8.30$8.607132
351,764$0.79$0.8747.69%$55.00—$12.50$12.901,09111
231,167$0.38$0.4848.76%$60.00—$16.65$17.703531
41,966$0.19$0.2850.24%$65.00—$21.50$23.052970
—————$70.00—$25.85$28.357290
—————$75.00—$30.85$33.3510

Forward $43.24. The 25-delta put carries +0.30 volatility points over the 25-delta call.

2027-01-15(112 days)ATM 47.46%±11.40skew -0.94
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
1230$29.05$32.05—$12.50—————
022$26.80$29.20—$15.00—————
0538$24.40$26.75—$17.50—————
01,374$21.95$24.45—$20.00—————
043$19.50$22.05—$22.5055.47%$0.03$0.083,9860
0425$17.10$19.00—$25.00—————
011$14.70$16.00—$28.00—————
0714$12.90$14.15—$30.00—————
090$9.90$12.00—$33.00—————
0551$8.50$10.00—$35.0047.27%$1.09$1.243,40011
0256$7.10$7.60—$38.0047.06%$1.94$2.1369898
101,148$6.00$6.40—$40.0046.98%$2.69$2.912,0013
1112$4.95$5.20—$42.0047.04%$3.60$3.851,5940
391,461$3.70$3.9047.46%$45.00—$5.30$5.553,4113
37442$2.98$3.2047.50%$47.00—$6.50$6.807290
61,772$2.06$2.3247.00%$50.00—$8.65$9.008092
1581,038$1.25$1.3448.00%$55.00—$12.70$13.252,0192
—————$60.00—$17.05$17.808720
504,109$0.40$0.4549.06%$65.00—$21.10$23.453440
11,413$0.26$0.3050.91%$70.00—$25.85$28.3010
—————$75.00—$30.70$33.35110

Forward $43.37. The 25-delta put carries -0.94 volatility points over the 25-delta call.

2027-03-19(175 days)ATM 48.44%±14.64skew -0.51
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
052$17.40$19.15—$25.00—————
06$13.10$14.80—$30.0049.01%$0.64$0.983270
098$9.35$10.95—$35.0048.05%$1.83$2.012,8768
0207$6.95$7.85—$40.0048.42%$3.75$3.951,270127
15137$5.05$5.2548.49%$45.00—$6.35$6.601,2223
20622$3.35$3.5548.12%$50.00—$9.60$9.907152
01,723$2.15$2.4047.96%$55.00—$13.30$14.101,1940
4397$1.47$1.6148.56%$60.00—$17.05$19.151,5260
1354$0.97$1.0948.89%$65.00—$21.95$23.701580
11,223$0.56$0.8949.82%$70.00—$26.75$28.40650
173$0.29$0.4050.70%$80.00—————

Forward $43.65. The 25-delta put carries -0.51 volatility points over the 25-delta call.

How to read this

Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.

Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.

Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.