Options Skew Analytics

CELH 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 44.66%±1.73skew -0.89
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$24.0061.82%$0.01$0.05159102
312$2.70$3.25—$25.0049.54%$0.02$0.0556034
023$1.71$2.33—$26.00—————
—————$26.5045.83%$0.15$0.206555
873$1.25$1.39—$27.0043.94%$0.26$0.28526192
72410$0.88$1.03—$27.5044.34%$0.40$0.48208273
185198$0.69$0.75—$28.0044.91%$0.64$0.70576320
111361$0.43$0.5042.66%$28.50—$0.90$0.98234174
161508$0.31$0.3544.80%$29.00—$1.24$1.56621284
208184$0.17$0.2544.83%$29.50—$1.61$2.023944
333836$0.13$0.1747.25%$30.00—$2.04$2.4244021
32278$0.06$0.1247.13%$30.50—$2.46$2.892711
—————$31.00—$2.77$3.45910
62407$0.03$0.0954.43%$31.50—$3.25$3.9540
115821$0.02$0.0350.81%$32.00—$3.85$4.25762
—————$33.00—$4.30$5.40353
—————$36.00—$6.25$8.80110
—————$38.00—$8.25$11.9510

Forward $28.05. The 25-delta put carries -0.89 volatility points over the 25-delta call.

2026-10-09(14 days)ATM 45.88%±2.52skew -1.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
09$9.40$11.10—$18.00—————
03$7.10$9.05—$20.00—————
09$6.10$8.65—$21.00—————
150$2.60$3.95—$25.00—————
—————$25.5047.71%$0.16$0.25315
028$2.12$2.78—$26.0045.85%$0.23$0.3222558
—————$26.5045.33%$0.35$0.431421
856$1.28$1.68—$27.0045.66%$0.51$0.60710102
30$1.11$1.42—$27.50—————
32122$0.94$1.09—$28.0046.13%$0.93$1.0773790
19154$0.67$0.8544.62%$28.50—$1.16$1.367654
47153$0.54$0.6745.99%$29.00—$1.43$1.6614836
—————$29.50—$1.79$2.3315
146606$0.30$0.3946.53%$30.00—$2.12$2.6025042
177$0.21$0.2946.44%$30.50—$2.27$3.1590
53284$0.17$0.2749.64%$31.00—$3.05$3.40382
—————$32.00—$3.90$4.409071
17$0.07$0.1251.53%$32.50—————
251$0.04$0.0951.15%$33.00—$4.80$5.50431
—————$34.00—$5.60$6.8051
17156$0.01$0.0556.98%$35.00—$5.35$7.8510

Forward $28.02. The 25-delta put carries -1.20 volatility points over the 25-delta call.

2026-10-16(21 days)ATM 45.20%±3.04skew -0.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
011$9.65$12.20—$17.50—————
062$7.25$9.70—$20.00—————
042$5.20$6.05—$22.50—————
0760$2.95$3.45—$25.0047.79%$0.21$0.294,475184
—————$26.0046.82%$0.41$0.4910921
—————$26.5046.91%$0.55$0.655581
—————$27.0046.17%$0.72$0.803319
181,473$1.45$1.61—$27.5046.79%$0.93$1.043,47436
2930$1.16$1.33—$28.0045.61%$1.11$1.28738
022$0.90$1.1044.89%$28.50—$1.42$1.564815
115106$0.78$0.9146.39%$29.00—$1.67$1.87367
7056$0.58$0.7646.03%$29.50—$2.00$2.38511
2953,430$0.53$0.6047.50%$30.00—$2.40$2.522,406179
057$0.37$0.5147.16%$30.50—$2.52$3.2050
62184$0.30$0.4047.48%$31.00—$3.20$3.50151
287$0.24$0.3348.28%$31.50—————
19284$0.20$0.2749.26%$32.00—————
902,738$0.15$0.2249.54%$32.50—$4.55$4.958669
1,2974,854$0.08$0.1056.39%$35.00—$6.90$7.3098848
51$0.03$0.0957.35%$36.00—————
1401,800$0.03$0.0762.79%$37.50—$8.50$10.102800

Forward $28.05. The 25-delta put carries -0.34 volatility points over the 25-delta call.

2026-10-23(28 days)ATM 45.21%±3.53skew +2.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$8.50$11.95—$18.00—————
05$6.70$9.25—$20.00—————
01$5.55$9.00—$21.00—————
21$4.75$6.15—$23.00—————
31$3.85$5.05—$24.00—————
—————$25.0048.35%$0.29$0.4240033
—————$26.0048.10%$0.52$0.6727354
558$1.89$2.17—$27.0047.29%$0.83$1.003167
4738$1.37$1.70—$28.0046.23%$1.26$1.4024754
117100$0.90$1.1644.15%$29.00—$1.82$1.9918022
11342$0.62$0.8846.06%$30.00—$2.53$2.778621
189$0.39$0.5945.62%$31.00—$3.20$3.70240
—————$32.00—$4.00$4.60600
—————$33.00—$4.85$5.65351
—————$34.00—$5.90$6.7511
—————$35.00—$6.85$7.651620
—————$36.00—$7.25$8.5010
—————$39.00—$9.20$12.4520

Forward $28.21. The 25-delta put carries +2.48 volatility points over the 25-delta call.

2026-10-30(35 days)ATM 46.16%±4.02skew -0.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
100$6.70$8.00—$21.00—————
106$5.75$7.10—$22.00—————
20$3.90$4.60—$24.00—————
27$3.15$3.95—$25.0046.98%$0.37$0.5587071
47$2.31$3.00—$26.0046.59%$0.65$0.8013311
1267$2.05$2.27—$27.0045.09%$0.89$1.201075
22456$1.56$1.79—$28.0047.26%$1.37$1.8018525
2427$0.96$1.3043.90%$29.00—$1.83$2.371711
4654$0.80$1.0047.14%$30.00—$2.49$3.05700
44112$0.52$0.7547.02%$31.00—$3.05$4.10110
—————$32.00—$3.80$5.0060
5152$0.23$0.3546.59%$33.00—$4.90$5.5552
—————$34.00—$4.95$7.1010
—————$35.00—$5.40$8.0030
—————$37.00—$7.20$11.1010
—————$39.00—$9.35$12.6504

Forward $28.09. The 25-delta put carries -0.43 volatility points over the 25-delta call.

2026-11-20(56 days)ATM 58.91%±6.50skew -1.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
013$7.80$9.60—$20.00—————
101$5.90$6.40—$22.5061.05%$0.51$0.60163122
023$4.10$4.55—$25.0059.85%$1.15$1.25379119
4044$2.80$2.98—$27.5058.92%$2.17$2.2726815
237251$1.78$1.9158.91%$30.00—$3.60$3.75228458
34313$1.10$1.2059.42%$32.50—$5.30$5.701210
31724$0.70$0.7660.85%$35.00—$7.40$7.80234
18119$0.40$0.5161.86%$37.50—$8.65$10.4010
—————$40.00—$11.55$12.55111

Forward $28.17. The 25-delta put carries -1.00 volatility points over the 25-delta call.

2026-12-18(84 days)ATM 56.96%±7.72skew -1.09
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$14.65$17.05—$12.50—————
022$12.90$14.25—$15.00—————
011$10.45$11.80—$17.50—————
0350$8.25$9.60—$20.0060.33%$0.35$0.421,5021
15160$6.20$6.80—$22.5058.59%$0.78$0.871,3883
8493$4.55$4.90—$25.0058.14%$1.52$1.663,4611,553
691,132$3.30$3.55—$27.5057.74%$2.60$2.772,90516
1,7291,604$2.22$2.4556.83%$30.00—$4.00$4.251,45354
172,543$1.49$1.6857.04%$32.50—$5.65$6.101,0900
4873,759$1.11$1.1859.23%$35.00—$7.40$8.102,3220
301,820$0.68$0.7958.49%$37.50—$9.05$10.404480
503,386$0.45$0.5559.19%$40.00—$11.55$12.601,0740
99779$0.29$0.4260.44%$42.50—$13.65$15.001310
26856$0.20$0.3161.62%$45.00—$16.40$17.50730
—————$47.50—$18.55$20.0530
364,919$0.11$0.1864.49%$50.00—$20.30$22.7590
0256$0.03$0.0880.89%$70.00—————

Forward $28.25. The 25-delta put carries -1.09 volatility points over the 25-delta call.

2027-01-15(112 days)ATM 55.14%±8.69skew +1.55
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0515$14.95$16.90—$12.50—————
0913$12.90$14.25—$15.00—————
094$10.65$11.80—$17.50—————
11,195$8.50$8.95—$20.0058.42%$0.41$0.652,2911
0287$6.60$7.05—$22.5057.49%$1.02$1.102,32958
41,038$5.00$5.35—$25.0057.04%$1.80$1.9621,954145
51,577$3.80$3.95—$27.5055.73%$2.78$3.102,14414
744,435$2.71$2.8655.10%$30.00—$4.30$4.5522,69014
362,138$1.86$2.0654.65%$32.50—$6.00$6.201,2071
5314,798$1.31$1.4754.96%$35.00—$7.70$8.306,1850
8623$0.91$1.0755.49%$37.50—$10.05$10.451,0191
2437,825$0.63$0.7856.00%$40.00—$12.25$12.701,4400
29934$0.40$0.6457.01%$42.50—$14.10$15.003582
167,782$0.32$0.4056.98%$45.00—$16.95$17.401821
—————$47.50—$18.90$19.802540
99,154$0.20$0.2960.98%$50.00—$21.10$22.601,7450
—————$52.50—$22.65$26.10730
—————$55.00—$26.25$28.60860
—————$57.50—$27.65$30.5010
—————$60.00—$30.50$33.3580
—————$65.00—$35.90$38.00430

Forward $28.45. The 25-delta put carries +1.55 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.