Options Skew Analytics

AEP option chain

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

Data as of 24 September 2026 (end of day)

2026-11-20(57 days)ATM 22.03%±10.27skew +3.24
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$36.40$40.40—$80.00—————
010$21.60$25.20—$95.00—————
01$17.10$20.60—$100.00—————
05$13.20$14.40—$105.0026.46%$0.75$0.80500
018$9.00$9.90—$110.0024.22%$1.40$1.551705
02$5.50$6.00—$115.0022.88%$2.80$2.9528713
49983$2.90$3.3021.70%$120.00—$4.90$5.4026863
25687$1.25$1.6020.98%$125.00—$8.30$8.802884
292,715$0.50$0.7521.21%$130.00—$11.40$13.60590
—————$135.00—$16.00$18.20170
—————$140.00—$20.80$23.1010
—————$145.00—$25.50$29.2001

Forward $117.94. The 25-delta put carries +3.24 volatility points over the 25-delta call.

2026-12-18(85 days)ATM 20.97%±11.94skew +2.35
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$26.50$30.60—$90.00—————
04$22.30$25.20—$95.00—————
0620$18.00$20.10—$100.0026.16%$0.45$0.75582
04$13.50$15.30—$105.0024.06%$0.85$1.251352
011$9.30$11.10—$110.0022.61%$1.80$2.053134
029$6.20$6.70—$115.0021.63%$3.30$3.603770
4493$3.70$3.9020.77%$120.00—$5.50$6.003520
9633$1.90$2.1520.26%$125.00—$8.70$10.0016240
0333$0.95$1.1020.28%$130.00—$11.50$14.00620
—————$135.00—$16.00$18.40780
—————$140.00—$21.00$23.2020
—————$145.00—$25.30$29.3020

Forward $118.03. The 25-delta put carries +2.35 volatility points over the 25-delta call.

2027-01-15(113 days)ATM 20.72%±13.65skew +2.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$56.20$60.30—$60.00—————
02$46.30$50.30—$70.00—————
09$41.40$45.40—$75.00—————
014$36.40$40.50—$80.00—————
029$31.90$35.30—$85.00—————
099$27.20$30.10—$90.00—————
01,836$22.50$25.30—$95.00—————
0403$20.50$22.80—$97.50—————
0150$18.50$20.30—$100.0025.99%$0.70$1.156620
056$14.10$15.90—$105.0023.72%$1.35$1.5021910
0254$10.10$12.00—$110.0022.31%$2.30$2.456110
4350$7.00$7.50—$115.0021.23%$3.80$4.001,49336
28412$4.50$4.8020.65%$120.00—$6.00$6.404741
631,041$2.70$2.8520.31%$125.00—$8.20$9.801970
19595$1.50$1.6020.10%$130.00—$11.70$14.005080
11,375$0.65$0.9019.70%$135.00—$17.30$18.502470
—————$140.00—$20.90$23.201560
—————$145.00—$25.80$28.10125

Forward $118.43. The 25-delta put carries +2.20 volatility points over the 25-delta call.

2027-02-19(148 days)ATM 20.37%±15.36skew +2.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$18.40$21.80—$100.0024.64%$0.90$1.50150
02$14.00$17.30—$105.0022.60%$1.50$2.05250
02$9.70$13.30—$110.0021.49%$2.50$3.20260
05$7.30$9.00—$115.0020.72%$4.00$5.00210
034$4.80$5.8020.32%$120.00—$6.30$7.40120
020$3.00$3.7019.89%$125.00—$8.40$11.4030
019$1.65$2.3019.48%$130.00—$11.80$15.1010
025$0.95$1.4519.75%$135.00—————

Forward $118.42. The 25-delta put carries +2.01 volatility points over the 25-delta call.

2027-03-19(176 days)ATM 20.36%±16.75skew +1.87
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
010$27.20$30.90—$90.00—————
02$23.10$26.00—$95.00—————
0417$19.00$21.70—$100.0023.97%$1.25$1.60831
04$14.80$17.40—$105.0022.84%$2.00$2.45460
036$11.50$13.10—$110.0021.63%$3.10$3.60390
010$8.20$8.90—$115.0020.89%$4.80$5.301421
016$5.60$6.1020.33%$120.00—$7.10$7.60300
235$3.70$4.1020.04%$125.00—$9.40$10.80790
44126$2.25$2.7019.76%$130.00—$12.80$14.70290
085$1.35$1.7519.77%$135.00—$16.40$18.80260
083$0.85$1.2020.28%$140.00—————

Forward $118.47. The 25-delta put carries +1.87 volatility points over the 25-delta call.

2027-06-17(266 days)ATM 20.81%±21.18skew +3.54
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$20.40$22.90—$100.0023.94%$2.05$2.60270
02$16.50$18.90—$105.0023.29%$3.10$3.702155
04$13.00$14.80—$110.0022.18%$4.40$4.903351
03$9.90$11.60—$115.0021.48%$6.00$6.8020550
025$7.50$8.3020.99%$120.00—$8.10$9.2080
028$5.00$6.2020.11%$125.00—$10.20$13.20190
016$3.40$4.5019.80%$130.00—————
0139$2.45$3.1019.75%$135.00—$16.80$20.2020
034$1.55$2.3519.87%$140.00—————
0351$1.05$1.7020.08%$145.00—$25.80$29.7010
—————$155.00—$35.40$39.3010

Forward $119.23. The 25-delta put carries +3.54 volatility points over the 25-delta call.

2027-09-17(358 days)ATM 21.22%±25.13skew +2.74
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
15$20.00$24.50—$100.0023.56%$2.70$3.50310
—————$105.0022.85%$3.70$4.8040
01$13.00$17.40—$110.0021.79%$4.90$6.2030
05$11.70$13.40—$115.00—————
02$9.00$9.9021.34%$120.00—$9.50$10.20160
518$7.00$7.7021.07%$125.00—————
445$5.20$5.9020.67%$130.00—————
09$3.30$4.5019.82%$135.00—————
05$2.40$3.6020.11%$140.00—————
05$1.75$2.7020.14%$145.00—————
03$1.25$2.0520.23%$150.00—————

Forward $119.58. The 25-delta put carries +2.74 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.