Options Skew Analytics
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AEM options analytics

AEM · Stock

Data as of 25 September 2026 (end of day)

AEM options are pricing a 30-day at-the-money volatility of 41.1%, a move of about ±11.8% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 1.90 volatility points more than the puts.

Longer-dated options carry more: 90-day volatility is 7% above 30-day.

Its next earnings report is 2026-11-04 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
41.09%

Prices a move of about ±11.8% over 30 days, or ±2.6% on a typical day.

25-delta risk reversalⓘ
-1.90

Calls carry 1.90 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+0.36

The wings carry 0.36 volatility points more than at-the-money.

Term structure slopeⓘ
1.068

90-day volatility is 7% above 30-day.

Where 30-day implied volatility sits

Against 8 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$194.48
30-day implied forward
$195.14
60-day ATM IV
44.12%
90-day ATM IV
43.88%
180-day ATM IV
44.88%
Expirations used
10
Total open interest
88,822
Put / call open interest
0.59

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 8 sessions

40%42%44%46%2026-09-16 — 30-day ATM IV 45%2026-09-17 — 30-day ATM IV 43%2026-09-18 — 30-day ATM IV 43%2026-09-21 — 30-day ATM IV 45%2026-09-22 — 30-day ATM IV 45%2026-09-23 — 30-day ATM IV 43%2026-09-24 — 30-day ATM IV 44%2026-09-25 — 30-day ATM IV 41%16 Sep18 Sep22 Sep23 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2541.09%-1.901.068$194.48
2026-09-2443.80%-3.311.018$193.88
2026-09-2343.30%-3.301.030$195.57
2026-09-2245.02%-3.231.014$203.55
2026-09-2144.54%-3.451.013$197.48
2026-09-1843.08%-2.801.075$199.49
2026-09-1743.17%-2.821.068$201.37
2026-09-1645.44%-2.041.022$195.57

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-4.0-3.0-2.0-1.00.01.02026-09-16 — 25-delta RR (volatility points) -2.02026-09-17 — 25-delta RR (volatility points) -2.82026-09-18 — 25-delta RR (volatility points) -2.82026-09-21 — 25-delta RR (volatility points) -3.42026-09-22 — 25-delta RR (volatility points) -3.22026-09-23 — 25-delta RR (volatility points) -3.32026-09-24 — 25-delta RR (volatility points) -3.32026-09-25 — 25-delta RR (volatility points) -1.916 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

7d (2026-10-02) · 21d (2026-10-16) · 28d (2026-10-23)

38%40%42%44%46%2026-10-02 (7d) — 20Δ C — IV 40.81%2026-10-02 (7d) — 25Δ C — IV 40.78%2026-10-02 (7d) — 30Δ C — IV 40.81%2026-10-02 (7d) — 35Δ C — IV 40.81%2026-10-02 (7d) — 40Δ C — IV 40.71%2026-10-02 (7d) — 45Δ C — IV 40.44%2026-10-02 (7d) — ATM — IV 40.20%2026-10-02 (7d) — 45Δ P — IV 40.45%2026-10-02 (7d) — 40Δ P — IV 40.57%2026-10-02 (7d) — 35Δ P — IV 39.81%2026-10-02 (7d) — 30Δ P — IV 39.52%2026-10-02 (7d) — 25Δ P — IV 39.64%7d2026-10-16 (21d) — 15Δ C — IV 43.98%2026-10-16 (21d) — 20Δ C — IV 40.84%2026-10-16 (21d) — 25Δ C — IV 41.68%2026-10-16 (21d) — 30Δ C — IV 41.38%2026-10-16 (21d) — 35Δ C — IV 40.06%2026-10-16 (21d) — 40Δ C — IV 40.68%2026-10-16 (21d) — 45Δ C — IV 40.45%2026-10-16 (21d) — ATM — IV 40.21%2026-10-16 (21d) — 45Δ P — IV 40.12%2026-10-16 (21d) — 40Δ P — IV 40.12%2026-10-16 (21d) — 35Δ P — IV 40.08%2026-10-16 (21d) — 30Δ P — IV 39.91%2026-10-16 (21d) — 25Δ P — IV 39.93%2026-10-16 (21d) — 20Δ P — IV 39.96%2026-10-16 (21d) — 15Δ P — IV 39.89%2026-10-16 (21d) — 10Δ P — IV 40.55%21d2026-10-23 (28d) — 15Δ C — IV 43.00%2026-10-23 (28d) — 20Δ C — IV 42.25%2026-10-23 (28d) — 25Δ C — IV 41.92%2026-10-23 (28d) — 30Δ C — IV 41.61%2026-10-23 (28d) — 35Δ C — IV 41.33%2026-10-23 (28d) — 40Δ C — IV 41.02%2026-10-23 (28d) — 45Δ C — IV 40.77%2026-10-23 (28d) — ATM — IV 40.60%2026-10-23 (28d) — 45Δ P — IV 40.38%2026-10-23 (28d) — 40Δ P — IV 40.13%2026-10-23 (28d) — 35Δ P — IV 40.11%2026-10-23 (28d) — 30Δ P — IV 40.11%2026-10-23 (28d) — 25Δ P — IV 40.08%2026-10-23 (28d) — 20Δ P — IV 39.96%2026-10-23 (28d) — 15Δ P — IV 39.55%28d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta7d21d28d
15Δ call—43.98%43.00%
20Δ call40.81%40.84%42.25%
25Δ call40.78%41.68%41.92%
30Δ call40.81%41.38%41.61%
35Δ call40.81%40.06%41.33%
40Δ call40.71%40.68%41.02%
45Δ call40.44%40.45%40.77%
ATM40.20%40.21%40.60%
45Δ put40.45%40.12%40.38%
40Δ put40.57%40.12%40.13%
35Δ put39.81%40.08%40.11%
30Δ put39.52%39.91%40.11%
25Δ put39.64%39.93%40.08%
20Δ put—39.96%39.96%
15Δ put—39.89%39.55%
10Δ put—40.55%—

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-027$194.6540.20%39.64%40.78%-1.14+0.018
2026-10-1621$194.8540.21%39.93%41.68%-1.74+0.5920
2026-10-2328$195.1040.60%40.08%41.92%-1.84+0.4011
2026-11-2056$195.7044.12%43.09%45.35%-2.26+0.1016
2026-12-1884$195.8644.12%43.03%44.76%-1.73-0.2218
2027-01-15112$196.5743.24%42.98%44.89%-1.91+0.7020
2027-02-19147$197.3944.53%44.22%44.72%-0.50-0.0623
2027-03-19175$197.8144.82%43.63%45.13%-1.50-0.4428
2027-06-17265$199.8545.56%44.76%46.41%-1.65+0.0338
2027-09-17357$201.7845.71%44.99%46.87%-1.89+0.2225

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

10 listed expirations produced a usable reading

38%40%42%44%46%48%2026-10-02 — 7 days — at-the-money IV 40.20%2026-10-16 — 21 days — at-the-money IV 40.21%2026-10-23 — 28 days — at-the-money IV 40.60%2026-11-20 — 56 days — at-the-money IV 44.12%2026-12-18 — 84 days — at-the-money IV 44.12%2027-01-15 — 112 days — at-the-money IV 43.24%2027-02-19 — 147 days — at-the-money IV 44.53%2027-03-19 — 175 days — at-the-money IV 44.82%2027-06-17 — 265 days — at-the-money IV 45.56%2027-09-17 — 357 days — at-the-money IV 45.71%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-027 days$194.6540.20%$194.958
2026-10-1621 days$194.8540.21%$195.7620
2026-10-2328 days$195.1040.60%$196.3411
2026-11-2056 days$195.7044.12%$198.6516
2026-12-1884 days$195.8644.12%$200.2918
2027-01-15112 days$196.5743.24%$202.2920
2027-02-19147 days$197.3944.53%$205.4323
2027-03-19175 days$197.8144.82%$207.5728
2027-06-17265 days$199.8545.56%$215.4938
2027-09-17357 days$201.7845.71%$223.4825

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
41.09%
60 days
44.12%
90 days
43.88%
180 days
44.88%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 8 sessions

0.981.001.021.041.061.081.102026-09-16 — 90-day over 30-day 1.022026-09-17 — 90-day over 30-day 1.072026-09-18 — 90-day over 30-day 1.082026-09-21 — 90-day over 30-day 1.012026-09-22 — 90-day over 30-day 1.012026-09-23 — 90-day over 30-day 1.032026-09-24 — 90-day over 30-day 1.022026-09-25 — 90-day over 30-day 1.0716 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-11-04Time not statedEstimated from its reporting cadence