Options Skew Analytics

APA option chain

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

Data as of 22 September 2026 (end of day)

2026-09-25(3 days)ATM 52.23%±2.01skew -0.52
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
419$4.30$4.75—$38.00—————
11$3.80$4.30—$38.50—————
111$3.30$3.80—$39.00—————
166$2.98$3.30—$39.50—————
1881$2.47$2.83—$40.00—————
02$1.98$2.38—$40.50—————
012$1.66$1.96—$41.0052.31%$0.21$0.303216
315$1.25$1.41—$41.5052.61%$0.34$0.4549529
2019$1.00$1.21—$42.0052.52%$0.51$0.64635613
235$0.74$0.87—$42.5052.23%$0.73$0.876630
13235$0.52$0.6652.64%$43.00—$0.91$1.2260964
3914$0.36$0.4953.34%$43.50—$1.21$1.53226
104163$0.24$0.3352.82%$44.00—$1.65$1.962095
65148$0.15$0.2554.03%$44.50—$1.96$2.39301
—————$45.00—$2.39$2.7645219
—————$45.50—$2.85$3.35702
—————$46.00—$3.30$3.803229
—————$46.50—$3.80$4.15120
—————$47.00—$4.35$4.6085165
—————$47.50—$4.80$5.25130
38110$0.01$0.0365.49%$48.00—$5.30$5.7520

Forward $42.51. The 25-delta put carries -0.52 volatility points over the 25-delta call.

2026-10-02(10 days)ATM 47.96%±3.38skew -1.19
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$5.45$5.85—$37.00—————
220$4.40$4.90—$38.00—————
041$3.60$4.00—$39.00—————
01$3.15$3.60—$39.5047.54%$0.25$0.35300
08$2.85$3.15—$40.0047.15%$0.35$0.442927
—————$40.5046.21%$0.42$0.5850
015$2.05$2.39—$41.0047.01%$0.60$0.742311
11$1.81$2.05—$41.5047.00%$0.79$0.914132
1110$1.52$1.74—$42.0046.45%$1.00$1.091182
212$1.27$1.45—$42.5047.88%$1.24$1.41293
1032$1.05$1.2248.03%$43.00—$1.50$1.671324
46$0.85$1.0248.05%$43.50—$1.78$1.9230
34107$0.69$0.8347.99%$44.00—$1.98$2.251660
323$0.55$0.6547.48%$44.50—$2.30$2.7230
10144$0.43$0.5247.40%$45.00—$2.67$3.051,16316
09$0.32$0.4247.25%$45.50—$3.05$3.5561
7953$0.26$0.3447.98%$46.00—$3.45$3.85150
—————$46.50—$3.90$4.30110
—————$47.00—$4.35$4.75911
—————$47.50—$4.85$5.35330
—————$48.00—$5.30$5.7510

Forward $42.54. The 25-delta put carries -1.19 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 46.03%±4.23skew +0.39
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$9.40$9.85—$33.00—————
04$8.35$8.80—$34.00—————
01$7.45$7.90—$35.00—————
09$6.45$6.95—$36.00—————
11$5.45$6.00—$37.00—————
09$4.70$5.10—$38.0046.39%$0.20$0.3140
—————$39.0045.79%$0.34$0.48210
05$3.10$3.50—$40.0045.68%$0.58$0.71173
—————$40.5044.73%$0.68$0.8510
03$2.38$2.75—$41.0045.62%$0.90$1.03140
42$1.83$2.15—$42.0045.35%$1.30$1.441316
40$1.54$1.88—$42.5045.55%$1.55$1.6914
1131$1.40$1.6146.29%$43.00—$1.81$1.97404
11$1.19$1.4146.41%$43.50—————
023$0.97$1.2346.05%$44.00—$2.23$2.583932
10$0.85$1.0446.36%$44.50—————
1424$0.71$0.9046.56%$45.00—$2.90$3.35841
0104$0.45$0.6145.30%$46.00—$3.80$4.151091
232$0.32$0.4947.29%$47.00—$4.50$4.9510
20$0.11$0.1746.87%$49.50—————
—————$50.00—$7.25$7.9006

Forward $42.59. The 25-delta put carries +0.39 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 45.38%±4.96skew -0.04
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0549$5.30$5.80—$37.5044.73%$0.26$0.3596728
—————$38.0045.35%$0.33$0.4780
—————$39.0044.30%$0.55$0.601125
—————$39.5044.86%$0.66$0.7824
1403,432$3.35$3.80—$40.0044.56%$0.77$0.941,47320
—————$40.5044.32%$0.95$1.0710
—————$41.0044.10%$1.11$1.26190
—————$41.5044.25%$1.30$1.4920
013$2.17$2.52—$42.0044.01%$1.50$1.7280
793,893$1.95$2.00—$42.5044.23%$1.80$1.931,31639
190$1.67$1.9445.67%$43.00—$1.99$2.3066
020$1.48$1.7946.65%$43.50—$2.34$2.55270
4199$1.29$1.4845.34%$44.00—$2.68$2.865204
011$1.11$1.3946.31%$44.50—————
3876,318$1.00$1.0945.16%$45.00—$3.05$3.5094213
05$0.82$1.0846.35%$45.50—————
031$0.70$0.8845.45%$46.00—————
01$0.60$0.7244.91%$46.50—————
01$0.50$0.6445.12%$47.00—————
34652$0.45$0.5345.30%$47.50—$5.00$5.651182
218$0.37$0.4645.28%$48.00—————

Forward $42.61. The 25-delta put carries -0.04 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 44.60%±5.54skew +0.42
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$9.35$10.00—$33.00—————
—————$37.0046.74%$0.34$0.50120
—————$38.0045.89%$0.50$0.67180
—————$39.0046.03%$0.72$0.95151
12$3.50$4.00—$40.0045.58%$1.00$1.2512811
—————$41.0045.46%$1.37$1.62450
04$2.30$2.76—$42.0045.32%$1.81$2.061070
212$1.81$2.2244.59%$43.00—————
01$1.42$1.8144.79%$44.00—$2.82$3.20730
160$1.14$1.4645.40%$45.00—$3.45$4.0081
020$0.84$1.1845.30%$46.00—$4.20$4.75500
091$0.64$0.9445.61%$47.00—————
07$0.48$0.7545.97%$48.00—————
01$0.36$0.6046.45%$49.00—————

Forward $42.60. The 25-delta put carries +0.42 volatility points over the 25-delta call.

2026-10-30(38 days)ATM 44.80%±6.16skew -0.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$35.0047.47%$0.21$0.3439
—————$36.0047.42%$0.31$0.5030
04$5.85$6.45—$37.0046.55%$0.45$0.6561
—————$38.0046.48%$0.63$0.908020
30$4.40$4.90—$39.0045.98%$0.87$1.1610
—————$40.0045.17%$1.17$1.445047
01$3.10$3.55—$41.0045.49%$1.55$1.8710
—————$42.0044.94%$2.00$2.271435
—————$43.00—$2.53$2.9090
1612$1.63$2.0944.76%$44.00—$3.00$3.45155
03$1.30$1.7344.94%$45.00—$3.65$4.201260
02$1.03$1.4245.14%$46.00—————
01$0.81$1.1745.49%$47.00—————
28$0.66$0.9746.28%$48.00—$5.90$6.5552
—————$49.00—$6.75$7.3052

Forward $42.63. The 25-delta put carries -0.30 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 48.19%±8.25skew +0.78
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$35.0048.17%$0.50$0.70403
04$6.10$7.20—$37.5048.85%$1.15$1.273152
03$4.50$5.45—$40.0048.59%$1.99$2.14183115
61226$3.25$3.40—$42.5048.37%$3.15$3.306425
4759$2.21$2.3547.90%$45.00—$4.65$4.75624
055$1.47$1.6047.95%$47.50—$5.70$6.55410
47104$0.97$1.0548.08%$50.00—————
3548$0.61$0.7248.55%$52.50—————
2015$0.38$0.5650.10%$55.00—————

Forward $42.60. The 25-delta put carries +0.78 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 46.96%±9.81skew +0.69
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$29.10$31.50—$12.50—————
012$26.60$28.90—$15.00—————
01$24.10$26.10—$17.50—————
047$22.20$23.95—$20.00—————
036$19.60$21.50—$22.50—————
0139$17.10$19.10—$25.00—————
0145$15.00$16.25—$27.50—————
3149$12.65$13.90—$30.0048.91%$0.23$0.2876426
0339$10.50$11.30—$32.5047.12%$0.38$0.582477
541,091$8.50$9.35—$35.0047.96%$0.94$1.001,15017
1424$6.65$7.65—$37.5047.91%$1.60$1.7134519
02,118$5.05$5.80—$40.0047.24%$2.51$2.5843220
61,476$3.85$4.25—$42.5047.66%$3.70$3.851750
175,127$2.85$3.0046.51%$45.00—$5.15$5.3522212
6751$2.05$2.2146.61%$47.50—$6.75$7.05150
111,104$1.47$1.6146.89%$50.00—$7.95$8.95130
3342$1.05$1.1647.21%$52.50—————
8281$0.74$0.8447.58%$55.00—$12.20$13.2550
7216$0.35$0.5349.44%$60.00—————

Forward $42.78. The 25-delta put carries +0.69 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.