Options Skew Analytics

CELH option chain

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

Data as of 9 November 2026 (end of day)

2026-11-13(4 days)ATM 58.28%±2.03skew +2.67
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
22$4.90$5.95—$27.50—————
431$4.65$5.45—$28.0077.57%$0.01$0.0240522
027$3.30$5.10—$28.5070.63%$0.01$0.026418
302,524$4.10$4.45—$29.0069.15%$0.02$0.03549123
08$3.60$3.95—$29.5063.88%$0.02$0.04177
291,115$3.20$3.50—$30.0062.46%$0.04$0.0645438
745$2.66$3.05—$30.5061.73%$0.07$0.103433
50344$2.15$2.60—$31.0061.85%$0.13$0.1660152
51,270$1.81$2.16—$31.5059.96%$0.19$0.246625
2281,251$1.53$1.65—$32.0059.15%$0.29$0.36110214
92205$1.16$1.30—$32.5058.02%$0.42$0.526310
261459$0.87$1.00—$33.0059.13%$0.63$0.752910
193250$0.63$0.7657.75%$33.50—$0.86$0.9908
574590$0.44$0.5356.80%$34.00—$1.17$1.29258
241201$0.29$0.3756.48%$34.50—$1.53$1.6408
729441$0.19$0.2355.58%$35.00—$1.80$2.421599
11854$0.12$0.1656.47%$35.50—$2.20$2.76036
3321,196$0.07$0.1056.21%$36.00—$2.60$3.2019
—————$36.50—$3.10$3.6505
45221$0.03$0.0559.69%$37.00—————
2620$0.01$0.0358.17%$37.50—————

Forward $33.27. The 25-delta put carries +2.67 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 52.14%±3.01skew +3.00
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0246$4.35$5.50—$28.0059.04%$0.05$0.0746613
0200$3.50$5.00—$28.50—————
1352$3.65$4.60—$29.00—————
0211$3.65$4.10—$29.50—————
1052,253$3.45$3.60—$30.0055.43%$0.20$0.241,043613
4144$2.90$3.20—$30.5054.94%$0.25$0.3522261
221,632$2.55$2.82—$31.0054.37%$0.33$0.4740524
274$2.22$2.39—$31.5054.12%$0.45$0.61902
118322$1.87$2.06—$32.0053.46%$0.59$0.775513
1401,743$1.55$1.69—$32.5052.62%$0.76$0.9513533
66309$1.25$1.40—$33.0052.39%$0.98$1.1779
62—$1.03$1.1452.04%$33.50—$1.23$1.42—2
109317$0.78$0.9050.43%$34.00—$1.49$1.7010
25—$0.63$0.7752.11%$34.50—$1.82$2.02—0
2242,364$0.49$0.5550.56%$35.00—$2.19$2.371040
25—$0.38$0.4451.12%$35.50—$2.41$3.90—0
117154$0.28$0.3350.66%$36.00—————
135—$0.21$0.2952.21%$36.50—$3.25$4.70—0
4086$0.16$0.1951.20%$37.00—————
76624$0.12$0.1752.87%$37.50—$4.00$5.6010
—————$38.00—$3.80$6.10860

Forward $33.26. The 25-delta put carries +3.00 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 49.36%±3.65skew +6.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$5.30$8.15—$26.50—————
04$5.15$7.35—$27.00—————
0—$4.35$7.15—$27.50—————
172$5.05$5.70—$28.00—————
2198$3.75$4.65—$29.0051.72%$0.17$0.224211
2—$3.80$4.30—$29.5051.07%$0.21$0.30—16
8450$3.40$3.80—$30.0053.18%$0.30$0.467112
4—$3.05$3.40—$30.5051.45%$0.36$0.55—0
12118$2.67$2.95—$31.0051.92%$0.51$0.681134
0—$2.41$2.64—$31.5053.93%$0.61$0.99—26
8398$2.04$2.28—$32.0049.98%$0.76$0.991320
2—$1.75$2.01—$32.5049.55%$0.95$1.18—46
14166$1.46$1.70—$33.0049.42%$1.17$1.41345
33—$1.27$1.4849.39%$33.50—$1.42$1.67—21
4070$1.04$1.1447.03%$34.00—$1.71$1.9510
15—$0.82$1.1549.95%$34.50—$2.00$2.29—0
21197$0.61$0.7544.83%$35.00—$2.17$2.5910
3—$0.52$0.8149.56%$35.50—$2.71$2.89—0
340$0.41$0.5045.81%$36.00—————
—————$37.50—$3.85$5.70—0
—————$40.00—$6.10$8.0530

Forward $33.33. The 25-delta put carries +6.11 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 46.78%±4.09skew +3.30
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
600$5.95$6.80—$27.00—————
044$4.05$5.60—$28.00—————
116$3.70$4.85—$29.0049.29%$0.25$0.31296
223$2.95$3.95—$30.0049.67%$0.43$0.5232825
372$2.98$3.20—$31.0049.33%$0.67$0.79686
18265$2.31$2.55—$32.0049.80%$1.00$1.19225
994$1.76$1.99—$33.0048.67%$1.42$1.5822
2248$1.27$1.3745.99%$34.00—$1.94$2.1720
87231$0.89$0.9945.62%$35.00—$2.56$2.81116
1646$0.60$0.7446.03%$36.00—————
756$0.39$0.4744.87%$37.00—————
20645$0.27$0.4047.37%$38.00—————
265$0.15$0.2144.76%$39.00—————
—————$40.00—$6.50$8.0510
—————$42.00—$7.75$10.05—0

Forward $33.38. The 25-delta put carries +3.30 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 49.70%±4.89skew +0.37
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
32$4.80$5.80—$28.00—————
112$4.05$5.00—$29.0049.50%$0.36$0.5050
139$3.65$4.20—$30.0048.14%$0.54$0.70836
948$3.10$3.50—$31.0046.74%$0.80$0.94181
1353$2.50$2.82—$32.0048.66%$1.17$1.46197
1037$1.89$2.10—$33.0048.14%$1.58$1.9428
243$1.45$1.8350.53%$34.00—$2.08$2.4630
2551$1.10$1.2548.05%$35.00—$2.71$3.1003
2496$0.78$0.9046.92%$36.00—————
99111$0.55$0.6446.37%$37.00—————
510$0.27$0.3647.23%$39.00—————
—————$40.00—$5.80$8.1510
—————$42.00—$7.75$10.10—0

Forward $33.24. The 25-delta put carries +0.37 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 47.81%±5.22skew +3.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
07$18.85$22.00—$12.50—————
022$16.80$19.60—$15.00—————
17$14.80$16.20—$17.50—————
0293$11.80$14.55—$20.0073.16%$0.01$0.061,81315
1146$10.05$11.25—$22.50—————
19439$8.05$8.65—$25.0054.33%$0.10$0.127,719723
761,283$6.05$6.30—$27.5051.65%$0.30$0.332,569731
555,447$4.05$4.25—$30.0049.24%$0.73$0.802,12592
5445,000$2.48$2.63—$32.5048.60%$1.60$1.721,08643
1,4644,904$1.33$1.4447.03%$35.00—$2.94$3.252,24913
5272,446$0.63$0.7146.00%$37.50—$4.70$6.054270
1073,256$0.28$0.3546.36%$40.00—$6.65$7.801,0241
—————$42.50—$8.95$10.55280
—————$45.00—$11.35$13.05150
74,721$0.01$0.0554.67%$50.00—————
7811$0.01$0.0357.22%$52.50—————

Forward $33.40. The 25-delta put carries +3.23 volatility points over the 25-delta call.

2026-12-24(45 days)ATM 48.71%±5.70skew +0.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$5.15$7.60—$27.00—————
02$3.75$5.45—$29.0047.69%$0.46$0.7123
—————$30.0048.04%$0.79$0.9205
023$3.45$3.75—$31.0047.75%$1.08$1.2601
011$2.83$3.15—$32.00—————
533$2.30$2.49—$33.0048.03%$1.95$2.1502
2260$1.78$2.1748.75%$34.00—————
915$1.42$1.5746.70%$35.00—————
136$1.09$1.2346.35%$36.00—————
61$0.81$0.9746.13%$37.00—————
40$0.61$0.8847.91%$38.00—————
40$0.42$0.5945.83%$39.00—————
14$0.34$0.4746.87%$40.00—$5.90$8.25190
4330$0.23$0.3446.13%$41.00—————
—————$42.00—$7.70$10.15—0

Forward $33.35. The 25-delta put carries +0.12 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 46.90%±6.73skew +3.15
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0505$19.30$22.15—$12.50—————
0905$16.85$18.85—$15.00—————
486$14.80$17.00—$17.50—————
27562$12.00$14.75—$20.00—————
4285$9.85$11.30—$22.50—————
871,061$8.45$8.90—$25.0051.98%$0.25$0.3122,42272
1221,933$6.40$6.85—$27.5049.90%$0.58$0.652,067131
844,383$4.60$4.85—$30.0048.64%$1.18$1.2822,66756
932,241$3.10$3.30—$32.5047.68%$2.11$2.271,2316
25712,579$1.97$2.0946.58%$35.00—$3.40$3.606,16615
252,124$1.17$1.2745.90%$37.50—$5.10$5.708260
5989,085$0.66$0.7445.49%$40.00—$7.05$8.051,4032
—————$42.50—$8.80$10.753570
—————$45.00—$11.55$13.101420
—————$47.50—$13.90$15.55760
219,007$0.08$0.1249.64%$50.00—$16.20$18.004020
01,463$0.01$0.0569.27%$70.00—————

Forward $33.52. The 25-delta put carries +3.15 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.