Options Skew Analytics

APA option chain

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

Data as of 6 November 2026 (end of day)

2026-11-13(7 days)ATM 49.64%±3.08skew -0.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$4.35$5.25—$40.00—————
—————$40.5054.67%$0.11$0.1605
—————$41.0053.75%$0.15$0.21292
01$3.15$3.85—$41.50—————
—————$42.0052.50%$0.28$0.3620744
—————$42.5051.16%$0.35$0.4611
259$2.21$2.34—$43.0050.58%$0.46$0.5911708
526$1.88$2.22—$43.5050.85%$0.63$0.75910
43$1.53$1.71—$44.0051.09%$0.81$0.96372
3126$1.30$1.45—$44.5051.25%$1.04$1.182424
25241$1.07$1.2149.54%$45.00—$1.18$1.463233
2936$0.84$1.0450.17%$45.50—$1.60$1.74115
3478$0.68$0.8851.25%$46.00—$1.93$2.11127
66$0.53$0.6850.48%$46.50—$2.30$2.46130
2249$0.41$0.5550.77%$47.00—$2.35$2.82101
552$0.31$0.4350.66%$47.50—$2.72$3.45120
—————$48.00—$3.20$3.801520
516$0.17$0.2650.78%$48.50—$3.55$4.3010
—————$49.00—$3.90$4.75110
—————$49.50—$4.40$5.2570
—————$50.00—$5.00$5.70730

Forward $44.82. The 25-delta put carries -0.20 volatility points over the 25-delta call.

2026-11-20(14 days)ATM 48.96%±4.30skew +2.65
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
021$5.55$6.35—$39.00—————
013$4.75$5.45—$40.0051.34%$0.24$0.311,16761
—————$41.0051.34%$0.38$0.51331
02$3.10$3.75—$42.0050.87%$0.57$0.77653
14544$2.93$3.20—$42.5048.75%$0.68$0.834933
21$2.64$3.05—$43.0050.71%$0.85$1.11170
01$2.34$2.55—$43.5048.29%$0.96$1.22312
145$1.98$2.46—$44.0050.23%$1.31$1.4210536
14$1.76$2.01—$44.5047.67%$1.37$1.65855
208309$1.50$1.7448.93%$45.00—$1.73$1.891921
612$1.32$1.5549.93%$45.50—$2.02$2.272100
646$1.12$1.3349.59%$46.00—$2.15$2.46830
02$0.93$1.1549.34%$46.50—$2.66$2.79290
138$0.79$1.0450.33%$47.00—$2.75$3.15705
9948$0.64$0.8449.13%$47.50—$3.40$3.551620
3186$0.51$0.6848.22%$48.00—$3.40$4.15190
123$0.44$0.6149.44%$48.50—$3.90$4.60410
32117$0.30$0.4747.28%$49.00—$4.30$5.001380
—————$49.50—$4.65$5.45450
3451,770$0.24$0.2747.35%$50.00—$5.35$5.6534342
—————$51.00—$6.00$6.7550

Forward $44.81. The 25-delta put carries +2.65 volatility points over the 25-delta call.

2026-11-27(21 days)ATM 46.68%±5.02skew +1.49
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$40.0048.31%$0.35$0.48251
01$4.05$4.90—$41.0048.16%$0.51$0.7260
01$3.55$3.85—$42.0047.92%$0.76$0.991750
02$2.85$3.20—$43.0047.18%$1.06$1.311530
22$2.32$2.60—$44.0046.86%$1.46$1.712911
83$1.77$2.1046.69%$45.00—$1.95$2.19604
010$1.35$1.6646.62%$46.00—$2.54$2.74130
015$1.02$1.2746.44%$47.00—$3.20$3.40600
828$0.77$0.9145.89%$48.00—$3.95$4.151045
303$0.56$0.7146.43%$49.00—$4.40$5.1040
—————$50.00—$5.50$5.7516442
011$0.29$0.4447.92%$51.00—$6.15$6.8550
—————$52.00—$7.05$7.80140
—————$53.00—$7.95$8.75510
—————$54.00—$8.90$9.8550
—————$55.00—$9.80$10.8510

Forward $44.86. The 25-delta put carries +1.49 volatility points over the 25-delta call.

2026-12-04(28 days)ATM 46.79%±5.82skew +0.83
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$39.0048.99%$0.35$0.5210
03$4.25$5.15—$41.0047.87%$0.71$0.9431
300$3.80$4.15—$42.0047.34%$0.98$1.2240
010$3.15$3.55—$43.0046.36%$1.27$1.56360
01$2.62$2.97—$44.0046.47%$1.73$1.96120
1016$2.14$2.4346.97%$45.00—$2.23$2.5030
11$1.64$1.9846.13%$46.00—$2.80$3.052610
40$1.35$1.5846.62%$47.00—$3.45$3.70210
03$1.06$1.2546.59%$48.00—$3.90$4.40800
205$0.62$0.8047.03%$50.00—$5.45$6.10159
303$0.40$0.5945.55%$51.00—$6.30$7.0010
65$0.36$0.5849.09%$52.00—$7.10$7.9010
—————$55.00—$9.90$10.9040

Forward $44.92. The 25-delta put carries +0.83 volatility points over the 25-delta call.

2026-12-11(35 days)ATM 46.73%±6.50skew +1.14
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$40.0047.67%$0.67$0.868310
01$4.55$5.20—$41.0047.24%$0.89$1.1310
11$3.40$3.85—$43.0045.95%$1.45$1.8330
—————$44.0046.76%$1.97$2.27110
03$2.30$2.8046.75%$45.00—$2.46$2.7810
01$1.56$1.8946.51%$47.00—————
—————$48.00—$4.35$4.652510
20$0.99$1.2346.09%$49.00—————
—————$50.00—$5.80$6.1501
—————$52.00—$7.10$8.0010
012$0.38$0.5948.03%$53.00—————

Forward $44.93. The 25-delta put carries +1.14 volatility points over the 25-delta call.

2026-12-18(42 days)ATM 46.13%±7.03skew +0.76
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
047$19.20$20.45—$25.00—————
062$16.75$18.00—$27.50—————
2147$14.25$15.55—$30.00—————
0333$12.00$13.05—$32.50—————
01,026$9.65$10.55—$35.00—————
0401$7.50$8.20—$37.5047.76%$0.39$0.493570
111,874$5.65$6.10—$40.0045.86%$0.81$0.921,00957
51,342$3.95$4.35—$42.5045.86%$1.55$1.7728558
244,989$2.59$2.9346.23%$45.00—$2.68$2.9967742
333714$1.62$1.8045.16%$47.50—$4.20$4.60611359
3531,188$0.98$1.0845.10%$50.00—$6.05$6.452501
226899$0.57$0.6946.03%$52.50—$7.75$8.602690
0475$0.33$0.4346.92%$55.00—$10.00$10.90770
039$0.19$0.2848.12%$57.50—————

Forward $44.92. The 25-delta put carries +0.76 volatility points over the 25-delta call.

2027-01-15(70 days)ATM 43.86%±8.68skew +0.56
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
029$34.10$35.90—$10.00—————
054$31.45$33.40—$12.50—————
0287$29.50$30.15—$15.00—————
0147$26.75$28.00—$17.50—————
020,627$24.20$25.50—$20.00—————
06,112$21.80$23.05—$22.50—————
02,501$19.35$20.60—$25.00—————
0974$17.05$18.15—$27.50—————
011,595$14.50$15.70—$30.00—————
501,188$12.25$13.25—$32.50—————
52,535$10.05$10.90—$35.00—————
05,227$8.05$8.70—$37.5047.65%$0.74$0.996850
123,330$6.35$6.75—$40.0044.94%$1.27$1.441,48413
10619$4.70$5.10—$42.5045.02%$2.14$2.361,07841
61,869$3.40$3.70—$45.0044.37%$3.25$3.50830101
39892$2.28$2.6043.30%$47.50—$4.70$5.203755
292,112$1.63$1.8144.00%$50.00—$6.50$6.951620
251,056$1.08$1.2844.38%$52.50—$8.50$8.751612
421,080$0.70$0.9144.87%$55.00—$10.40$11.20620
0227$0.46$0.6345.35%$57.50—$12.50$13.4560
—————$60.00—$14.90$15.8510

Forward $45.18. The 25-delta put carries +0.56 volatility points over the 25-delta call.

2027-03-19(133 days)ATM 46.32%±12.64skew +0.93
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$21.75$23.20—$22.50—————
057$19.55$20.80—$25.00—————
041$17.10$18.40—$27.5051.52%$0.21$0.293910
041$14.95$16.00—$30.0049.96%$0.40$0.472410
051$12.80$13.75—$32.5048.94%$0.69$0.783111
0292$10.80$11.75—$35.0048.49%$1.12$1.281,0907
0172$9.00$9.90—$37.5048.12%$1.65$2.0348710
2522$7.60$8.25—$40.0047.60%$2.51$2.802,3911
1244$6.10$6.55—$42.5046.95%$3.35$3.951650
4220$4.80$5.25—$45.0046.18%$4.70$4.951,1700
0192$3.85$4.2046.33%$47.50—$6.00$6.601500
5623$3.00$3.3046.00%$50.00—$7.60$8.255480
01,414$2.27$2.7846.59%$52.50—————
402,451$1.75$2.0345.71%$55.00—$11.35$12.05140
216$1.39$1.6846.67%$57.50—$13.25$14.1050
2306$0.95$1.1544.81%$60.00—$15.45$16.3070
0614$0.59$0.8046.66%$65.00—$20.05$20.9510

Forward $45.20. The 25-delta put carries +0.93 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.