Options Skew Analytics

CIEN 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 72.05%±24.19skew +2.20
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
153$25.00$30.70—$345.0073.03%$1.45$2.006016
314$20.50$29.20—$347.50—————
5165$19.40$25.10—$350.0072.90%$2.10$3.1015477
2643$16.90$23.00—$352.5075.11%$2.65$4.10218
246$15.40$23.40—$355.0074.83%$3.20$4.8026221
2724$14.00$22.00—$357.5074.49%$3.90$5.50514
62266$13.20$20.10—$360.0075.07%$4.80$6.4011186
—————$362.5073.27%$5.30$7.3042
42234$9.70$14.70—$365.0073.14%$6.60$8.00128
1722$10.00$11.80—$367.5071.49%$7.40$9.00112
51206$8.70$10.90—$370.0072.11%$8.30$10.702825
2951$7.70$9.5071.95%$372.50—————
68382$6.70$9.1074.79%$375.00—$9.80$14.80223
324$5.70$7.5072.36%$377.50—————
33114$4.80$6.3071.03%$380.00—$12.20$18.90283
1317$4.20$5.4071.32%$382.50—————
209312$3.60$4.8072.18%$385.00—$15.70$22.30110
167$2.75$4.5072.63%$387.50—————
3692$2.55$3.6072.63%$390.00—$19.60$26.10891
—————$392.50—$21.60$28.9001
22071$1.80$2.5572.63%$395.00—$23.40$30.50120

Forward $370.30. The 25-delta put carries +2.20 volatility points over the 25-delta call.

2026-10-02(10 days)ATM 67.27%±41.17skew -2.27
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
012$30.50$37.30—$342.5064.98%$4.70$6.00132
550$28.40$35.60—$345.0063.85%$5.00$6.60272
03$26.30$33.30—$347.5064.54%$5.90$7.4031
126$24.30$32.60—$350.0064.66%$6.80$8.103222
05$22.20$30.80—$352.5065.19%$7.60$9.2060
022$20.90$29.40—$355.0064.96%$8.50$10.001116
016$19.90$24.60—$357.50—————
538$18.50$22.40—$360.0063.08%$9.80$11.8066
38$16.90$21.10—$362.5064.43%$11.30$13.1030
1225$16.20$19.70—$365.0064.44%$12.60$14.1054723
790$15.40$19.00—$367.5064.80%$13.70$15.6014
21108$14.70$17.1065.71%$370.00—$14.90$17.401068
319$13.70$16.6067.38%$372.50—$16.30$18.1002
1741$12.00$14.7064.50%$375.00—$16.50$19.6084
63$11.60$13.7065.88%$377.50—$16.50$20.9010
1820$10.80$12.7066.21%$380.00—$18.00$22.5040
02$9.70$11.8065.88%$382.50—————
1421$8.80$11.4066.80%$385.00—$21.20$25.701020
317$7.40$9.6066.70%$390.00—$24.70$31.10350
01$6.60$8.5065.61%$392.50—————
114$6.20$7.8066.12%$395.00—$28.30$35.2050

Forward $369.75. The 25-delta put carries -2.27 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 64.01%±51.29skew -1.11
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$42.30$50.00—$330.0065.60%$5.10$6.101145
0336$38.50$46.80—$335.0065.84%$5.90$7.8036
022$35.30$43.20—$340.0065.77%$7.50$8.90641
—————$342.5065.58%$7.90$9.9001
23$32.00$39.30—$345.0066.16%$9.00$10.701520
1173$28.70$36.70—$350.0066.22%$10.70$12.502341
—————$352.5065.58%$11.70$13.0050
167$26.20$33.70—$355.0065.98%$12.60$14.3010
128$23.40$31.80—$357.5066.21%$13.20$15.9050
139$23.20$30.90—$360.0067.25%$14.80$17.102140
2124$21.10$28.30—$365.0067.70%$16.70$20.10310
100$19.80$27.00—$367.50—————
535$18.90$25.50—$370.0067.69%$19.20$22.604440
510$16.90$20.5063.95%$375.00—$21.60$25.7034
3943$14.60$17.8062.76%$380.00—$23.10$28.802154
445$12.90$16.0063.34%$385.00—$25.30$32.2080
13228$12.50$15.1066.95%$390.00—$28.60$35.70270
13$10.20$13.3065.50%$395.00—$32.10$39.2010
925$9.00$11.0064.45%$400.00—$35.70$42.20140
2915$7.80$11.0066.95%$405.00—$39.50$46.1070
219$6.90$9.5066.88%$410.00—$43.40$50.30100

Forward $371.30. The 25-delta put carries -1.11 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 63.02%±60.00skew +0.48
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
155$45.50$53.80—$330.0064.84%$7.20$9.1081531
4224$38.80$44.00—$340.0064.99%$10.50$11.8043558
—————$345.0063.12%$10.60$13.90050
011$34.20$42.00—$347.5064.44%$12.40$14.8030
7276$33.00$38.00—$350.0065.00%$14.10$15.4041350
07$31.00$39.00—$352.5063.00%$13.40$16.7002
06$29.50$34.20—$355.0062.63%$14.30$17.6001
03$28.00$32.20—$357.5064.38%$16.50$18.80433
64172$28.00$30.80—$360.0065.00%$18.00$20.0032912
06$26.20$29.50—$362.50—————
68$24.90$28.90—$365.0064.67%$20.10$22.4003
97$23.90$27.70—$367.5063.88%$20.90$23.5002
13208$22.80$25.70—$370.0062.45%$21.10$24.8056365
3029$20.60$23.5062.70%$375.00—————
7194$19.80$21.4064.50%$380.00—$26.60$30.002653
4150$17.00$19.4063.38%$385.00—$27.90$33.7002
5312$15.20$17.4063.17%$390.00—$31.10$37.90721
31$13.80$15.8063.65%$395.00—————
214688$12.60$14.3064.19%$400.00—$36.80$45.7010814
04$11.00$13.1064.23%$405.00—————
12180$10.20$11.5064.51%$410.00—$44.00$53.602660

Forward $371.30. The 25-delta put carries +0.48 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 65.58%±70.98skew -2.66
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
058$55.20$62.90—$320.0064.68%$6.10$9.703517
218$51.70$59.10—$325.0065.71%$8.10$10.9087
614$48.50$55.60—$330.0064.57%$8.70$12.40110
013$45.00$52.20—$335.0067.27%$10.90$15.2063
710$42.00$48.90—$340.0065.82%$12.60$15.9041
03$38.80$45.70—$345.0065.81%$14.60$17.60141
015$36.30$42.80—$350.0065.44%$15.90$20.0050
05$33.30$39.90—$355.0065.96%$18.30$22.3040
69$30.50$35.30—$360.0065.62%$20.20$24.70140
222$28.10$34.80—$365.0066.26%$23.00$27.3010
94$25.90$32.50—$370.0066.44%$24.70$30.9040
23$24.20$28.8065.44%$375.00—$28.40$33.9050
1018$21.60$27.3065.63%$380.00—$30.30$36.5092
205$20.10$24.8065.64%$385.00—$31.50$40.0010
7174$18.10$23.9066.63%$390.00—$34.50$43.2020
04$16.80$21.3066.15%$395.00—$37.90$45.7010
143$15.00$20.7067.19%$400.00—$41.30$49.10560
08$13.70$18.2066.26%$405.00—$44.90$52.7010
113$12.40$17.6067.41%$410.00—————
010$11.20$15.5066.54%$415.00—————
37$10.20$14.6067.22%$420.00—————

Forward $371.40. The 25-delta put carries -2.66 volatility points over the 25-delta call.

2026-10-30(38 days)ATM 67.13%±80.33skew -4.12
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
21$57.80$64.80—$320.0065.32%$9.00$11.6067
02$55.30$61.00—$325.0065.50%$9.90$13.7052
55$52.80$57.30—$330.0064.01%$11.00$14.60345
03$49.40$54.00—$335.0065.97%$13.40$17.1020
13$45.70$50.40—$340.0065.53%$13.80$20.00415
07$43.20$46.80—$345.0065.62%$17.00$20.80100
020$40.30$43.90—$350.0063.94%$17.90$22.602524
05$36.60$43.00—$355.0065.70%$21.20$25.3050
03$33.60$40.40—$360.0064.71%$22.70$27.6070
5956$31.80$36.00—$365.0065.61%$26.00$30.1001
127$29.40$35.70—$370.00—————
015$27.20$33.5067.83%$375.00—————
110$25.30$30.5067.12%$380.00—————
06$22.90$29.5067.75%$385.00—————
73$21.20$26.7066.97%$390.00—$37.40$45.7010
16$19.60$25.9068.19%$395.00—$40.60$49.0010
99$18.30$23.3067.59%$400.00—$44.10$52.6060
29$16.60$22.8068.61%$405.00—————
010$15.30$20.3067.65%$410.00—————
07$14.10$19.1068.05%$415.00—$54.80$62.4010
012$13.10$17.6068.13%$420.00—$58.70$66.5030

Forward $370.87. The 25-delta put carries -4.12 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 64.84%±97.21skew -0.25
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$270.0067.20%$3.90$5.704416
—————$280.0067.55%$5.70$7.301018
—————$290.0066.65%$7.30$9.001214
11$79.10$86.70—$300.0066.69%$9.70$11.20168
10$72.30$79.90—$310.0066.52%$12.40$13.7087
—————$320.0066.57%$15.50$16.8046
01$59.10$66.10—$330.0066.37%$18.70$20.4024
014$53.90$60.50—$340.0065.67%$21.80$24.4070
225$48.90$51.40—$350.0066.17%$26.60$28.80112
043$41.60$46.20—$360.0065.88%$31.10$33.50101
917$39.50$41.40—$370.0066.10%$36.40$38.8020
714$33.40$37.1064.68%$380.00—$41.10$44.80130
43$29.90$33.0064.98%$390.00—$45.50$50.9004
327$26.30$29.5065.07%$400.00—$50.40$57.40110
35$23.50$26.2065.42%$410.00—————
64$20.70$23.5065.75%$420.00—$63.70$71.3032
02$17.70$20.7065.26%$430.00—————
22$16.00$18.4065.93%$440.00—————
02$13.70$16.1065.54%$450.00—————
14$13.00$14.3066.82%$460.00—————
614$10.60$12.6066.02%$470.00—————

Forward $372.87. The 25-delta put carries -0.25 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 69.81%±127.53skew +0.42
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
055$109.00$116.80—$270.0071.24%$9.30$11.0021322
017$101.70$110.70—$280.0071.56%$12.00$13.302921
023$95.20$103.40—$290.0071.25%$14.60$15.8060043
126$88.30$96.40—$300.0071.40%$17.60$19.0080543
016$80.90$89.80—$310.0071.19%$20.80$22.301081
127$74.90$83.70—$320.0071.02%$24.30$26.001518
032$69.00$77.70—$330.0069.43%$26.00$30.4017952
791$63.70$72.10—$340.0070.69%$32.30$34.401790
11146$58.60$63.80—$350.0070.46%$37.00$38.8045417
14146$54.30$57.80—$360.0069.27%$39.60$44.6011250
1594$49.20$54.10—$370.0069.37%$44.90$50.101241
179$45.10$49.5069.25%$380.00—$50.10$55.90990
6244$41.50$45.8069.68%$390.00—$56.60$61.803610
9293$38.40$41.8069.85%$400.00—$61.40$68.302501
169$34.80$38.7069.93%$410.00—$68.00$74.80720
046$31.80$35.4069.92%$420.00—$74.30$81.70490
041$27.00$32.6068.65%$430.00—$81.50$88.70270
11206$27.60$29.2070.48%$440.00—$88.80$95.90750
4109$24.50$27.4070.51%$450.00—$99.90$104.80680
0177$22.40$25.0070.55%$460.00—$103.80$113.201610
391$20.30$23.2070.77%$470.00—$111.30$121.30160

Forward $374.19. The 25-delta put carries +0.42 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.