Options Skew Analytics

CL option chain

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

Data as of 22 September 2026 (end of day)

2026-10-02(10 days)ATM 20.47%±2.95skew +1.60
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$7.60$9.00—$79.00—————
010$7.00$7.80—$80.00—————
—————$83.0024.59%$0.15$0.25380
01$3.00$4.10—$84.00—————
08$2.35$3.20—$85.0022.11%$0.40$0.557924
05$1.70$2.40—$86.0020.93%$0.65$0.80213
4316$1.15$1.30—$87.0020.45%$1.05$1.2062
5747$0.75$0.8520.71%$88.00—$1.55$2.05240
51,003$0.40$0.5520.51%$89.00—$1.95$2.7050
1474$0.25$0.4022.03%$90.00—$2.75$3.50110
—————$91.00—$3.40$4.6040
—————$92.00—$4.30$5.5010
—————$93.00—$5.20$6.6010

Forward $87.10. The 25-delta put carries +1.60 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 20.88%±3.93skew +0.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$25.90$28.20—$60.00—————
—————$84.0022.59%$0.40$0.6580
11$2.75$3.50—$85.0021.57%$0.60$0.85212
01$2.05$2.75—$86.0021.33%$0.90$1.20120
14$1.55$1.80—$87.0020.84%$1.30$1.6050
13$1.10$1.3521.01%$88.00—$1.70$2.20182
37$0.75$0.9520.87%$89.00—————
69$0.50$0.7021.31%$90.00—————
04$0.30$0.5021.41%$91.00—————
—————$92.00—$4.30$5.8050
—————$93.00—$5.20$6.7011

Forward $87.23. The 25-delta put carries +0.26 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 19.74%±4.42skew +0.47
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
16$16.40$18.10—$70.00—————
—————$82.0023.43%$0.30$0.5040
04$5.00$5.90—$82.5022.79%$0.35$0.552821
—————$83.0022.03%$0.40$0.6030
—————$84.0021.26%$0.60$0.7531
09$3.00$3.50—$85.0020.44%$0.80$1.007193
2216$2.45$2.60—$86.0020.32%$1.15$1.3533917
1215$1.75$2.00—$87.0019.81%$1.55$1.75419
41,135$1.50$1.7519.73%$87.50—$1.80$2.003468
10$1.35$1.5019.97%$88.00—$2.05$2.3020
011$1.00$1.1520.30%$89.00—————
4475$0.70$0.8520.32%$90.00—$3.10$3.907290
415$0.50$0.6520.79%$91.00—————
07$0.35$0.5021.29%$92.00—————
60422$0.30$0.5022.20%$92.50—$5.00$5.90190
—————$93.00—$5.30$6.8001
—————$95.00—$7.40$8.2010

Forward $87.23. The 25-delta put carries +0.47 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 21.33%±5.41skew +1.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$81.0023.57%$0.35$0.5513
—————$82.0023.10%$0.45$0.7541
—————$83.0022.42%$0.65$0.90141
—————$84.0022.10%$0.85$1.20111
—————$85.0021.41%$1.10$1.50170
—————$86.0021.11%$1.50$1.8520
012$1.95$2.3021.34%$87.00—$1.95$2.4040
311$1.50$1.8521.29%$88.00—$2.45$3.0070
02$1.10$1.4521.03%$89.00—$2.80$4.0050
2529$0.85$1.1521.40%$90.00—————
36$0.55$0.9021.08%$91.00—————
—————$92.00—$4.30$6.5010
18$0.30$0.4520.97%$93.00—————

Forward $86.95. The 25-delta put carries +1.34 volatility points over the 25-delta call.

2026-10-30(38 days)ATM 24.07%±6.75skew -0.05
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$81.0025.23%$0.60$0.8505
01$5.10$7.10—$82.0025.52%$0.80$1.1593
01$4.30$6.60—$83.0024.16%$1.00$1.25130
05$3.20$4.40—$85.0023.81%$1.60$1.95010
—————$86.0024.23%$2.00$2.5010
03$2.45$2.8524.11%$87.00—$2.50$2.95100
311$2.00$2.3523.88%$88.00—$2.95$3.5040
01$1.25$1.7024.15%$90.00—————
290$0.95$1.4024.03%$91.00—$4.50$6.4020
122$0.75$1.1524.21%$92.00—————
15$0.60$0.9524.54%$93.00—————

Forward $86.92. The 25-delta put carries -0.05 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 22.80%±7.99skew +1.21
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
012$12.20$13.10—$75.00—————
08$7.80$8.40—$80.0024.85%$0.85$0.9533227
02$5.80$6.70—$82.5023.84%$1.35$1.503979
047$4.20$4.40—$85.0023.37%$2.15$2.3516925
284$2.90$3.1022.80%$87.50—$3.20$3.5019930
31640$1.90$2.0022.45%$90.00—$4.60$5.109845
40468$1.20$1.3022.63%$92.50—$5.90$7.40790
95969$0.65$0.8022.30%$95.00—$7.90$9.80610
77580$0.40$0.5523.19%$97.50—$10.00$11.9090
—————$100.00—$12.00$14.4010

Forward $87.15. The 25-delta put carries +1.21 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 22.50%±9.59skew +1.88
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$35.30$39.20—$50.00—————
011$25.40$29.30—$60.00—————
03$20.60$24.40—$65.00—————
033$16.50$18.80—$70.00—————
231$12.00$14.10—$75.0026.01%$0.45$0.7060518
0184$7.90$9.40—$80.0024.15%$1.25$1.355297
088$4.90$5.20—$85.0022.91%$2.70$2.852750
0139$3.60$3.8022.55%$87.50—$3.80$4.001560
16468$2.50$2.7022.17%$90.00—$5.10$5.40960
16472$1.70$1.9022.15%$92.50—$6.50$7.40130
36833$1.15$1.3022.27%$95.00—$8.60$9.20260
1241$0.75$0.8522.26%$97.50—$10.40$11.8070
90435$0.45$0.6022.46%$100.00—$12.40$14.00270
—————$105.00—$16.90$19.30620

Forward $87.30. The 25-delta put carries +1.88 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 21.79%±10.72skew +1.74
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$40.30$44.20—$45.00—————
06$35.40$39.30—$50.00—————
06$30.50$34.40—$55.00—————
044$26.30$29.10—$60.00—————
014$21.50$24.30—$65.00—————
5137$16.80$19.50—$70.00—————
0708$12.30$14.60—$75.0025.48%$0.60$1.001,1461
0490$8.50$10.00—$80.0023.15%$1.45$1.609720
0702$5.50$5.80—$85.0022.33%$2.95$3.208291
099$4.20$4.40—$87.5021.84%$4.00$4.3088619
85669$3.10$3.3021.71%$90.00—$5.40$5.7041026
0284$2.10$2.4021.20%$92.50—$6.60$8.10370
4747$1.55$1.7021.41%$95.00—$8.40$9.904090
7426$1.05$1.2521.57%$97.50—$9.20$13.3060
514,059$0.70$0.9021.71%$100.00—$12.20$14.60360
—————$105.00—$16.90$19.30150
—————$140.00—$51.00$55.0010

Forward $87.65. The 25-delta put carries +1.74 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.