Options Skew Analytics

CLF 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 77.82%±1.00skew +6.79
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
63$4.65$4.90—$7.50—————
178$4.15$4.40—$8.00—————
23$3.70$3.95—$8.50—————
12$3.20$3.45—$9.00—————
44$2.68$2.94—$9.50—————
1,6201,604$2.14$2.57—$10.00—————
2864$1.67$1.97—$10.5084.76%$0.01$0.02403216
1,0501,128$1.18$1.48—$11.0084.21%$0.04$0.061,817299
52177$0.90$0.95—$11.5081.66%$0.11$0.14386657
8302,452$0.53$0.60—$12.0080.36%$0.25$0.302,4721,257
1,0591,662$0.27$0.3476.72%$12.50—$0.48$0.531,3921,351
1,835635$0.13$0.1574.87%$13.00—$0.82$0.892,879126
1,880962$0.05$0.0673.71%$13.50—$1.12$1.503525
2551,425$0.01$0.0270.08%$14.00—$1.60$1.771,77723
—————$14.50—$2.02$2.371964
—————$15.00—$2.40$2.985050
—————$15.50—$2.95$3.3501
—————$16.00—$3.60$3.7502
—————$16.50—$4.05$4.3502
—————$17.00—$4.50$4.9002
—————$17.50—$5.00$5.4012

Forward $12.30. The 25-delta put carries +6.79 volatility points over the 25-delta call.

2026-11-20(11 days)ATM 70.71%±1.51skew +7.29
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
552$5.15$5.50—$7.00—————
011$4.20$5.05—$7.50—————
328$4.15$4.50—$8.00—————
167$3.15$3.70—$9.00—————
—————$9.5085.09%$0.02$0.03822
22,257$2.06$2.59—$10.0082.15%$0.04$0.061,89956
018$1.75$2.13—$10.5079.48%$0.08$0.1151056
15753$1.38$1.56—$11.0074.19%$0.12$0.194,839284
1693$1.05$1.13—$11.5073.47%$0.25$0.3167163
1786,140$0.73$0.81—$12.0072.38%$0.43$0.4914,11398
206425$0.48$0.5670.33%$12.50—$0.65$0.741,336145
2,1749,892$0.29$0.3467.65%$13.00—$0.97$1.047,80911
7502,385$0.16$0.2066.17%$13.50—$1.35$1.4310,1212
2237,101$0.09$0.1165.89%$14.00—$1.63$1.862,92321
244,709$0.05$0.0767.80%$14.50—————
18813,706$0.03$0.0469.27%$15.00—$2.51$2.9984215
171,539$0.01$0.0473.33%$15.50—$3.05$3.451,8170
40918,336$0.01$0.0274.77%$16.00—$3.45$3.901,7521
4337$0.01$0.0281.97%$16.50—$4.00$5.5510
—————$17.00—$4.50$6.10280
—————$18.00—$5.40$5.9040

Forward $12.32. The 25-delta put carries +7.29 volatility points over the 25-delta call.

2026-11-27(18 days)ATM 66.58%±1.82skew +8.56
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$6.60$8.90—$5.00—————
22$6.10$6.50—$6.00—————
01$5.10$7.40—$6.50—————
03$3.15$4.75—$8.50—————
05$2.67$4.00—$9.00—————
—————$10.0074.71%$0.06$0.127831
—————$10.5071.34%$0.11$0.1826512
1438$1.51$1.60—$11.0069.73%$0.20$0.283924
37$1.15$1.25—$11.5068.55%$0.33$0.4315312
26172$0.86$0.95—$12.0067.44%$0.52$0.624220
120100$0.60$0.7066.51%$12.50—$0.76$0.87616256
1,064477$0.39$0.4964.72%$13.00—$1.06$1.17181103
654225$0.25$0.2861.17%$13.50—$1.42$1.524531
70413$0.15$0.1760.05%$14.00—$1.57$2.221960
234146$0.09$0.1160.56%$14.50—$1.81$2.67370
27340$0.05$0.0760.76%$15.00—$2.56$3.75820
2757$0.02$0.0560.90%$15.50—$3.00$4.45210
—————$16.00—$3.55$5.6050
5132$0.01$0.0366.89%$16.50—————
9208$0.01$0.0372.44%$17.00—————
—————$17.50—$5.00$7.10—0

Forward $12.33. The 25-delta put carries +8.56 volatility points over the 25-delta call.

2026-12-04(25 days)ATM 65.73%±2.13skew +8.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$9.0077.96%$0.03$0.08142
—————$10.0073.51%$0.12$0.1713748
—————$10.5069.81%$0.16$0.261112
230$1.59$1.71—$11.0070.33%$0.29$0.391242
1475$1.27$1.38—$11.5069.19%$0.44$0.551249
193182$0.97$1.09—$12.0067.86%$0.63$0.751350
13782$0.73$0.8465.81%$12.50—$0.87$0.97662
98104$0.52$0.6465.21%$13.00—$1.16$1.301481
2177$0.37$0.4262.71%$13.50—$1.52$1.64350
15826$0.24$0.3061.87%$14.00—$1.91$2.00820
1484$0.16$0.2061.24%$14.50—$2.05$2.55211
91100$0.11$0.1461.90%$15.00—————
224$0.07$0.1163.22%$15.50—————
1079$0.05$0.0965.56%$16.00—————
1233$0.01$0.0667.11%$17.00—$3.60$5.8510
—————$17.50—$4.35$7.2510

Forward $12.36. The 25-delta put carries +8.46 volatility points over the 25-delta call.

2026-12-11(32 days)ATM 65.83%±2.41skew +9.17
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$5.10$8.35—$6.00—————
01$5.25$5.95—$6.50—————
01$4.25$6.95—$7.00—————
02$3.30$5.20—$8.00—————
—————$10.0072.03%$0.15$0.25451
—————$10.5070.46%$0.25$0.34652
—————$11.0068.88%$0.36$0.481411
—————$11.5067.73%$0.52$0.65150
3340$1.06$1.21—$12.0066.68%$0.72$0.861552
484$0.81$0.9765.96%$12.50—$0.96$1.12560
1113$0.60$0.7665.12%$13.00—$1.25$1.41195
1616$0.45$0.5463.33%$13.50—$1.60$1.74113
338$0.26$0.3959.71%$14.00—$1.97$2.141070
10924$0.23$0.2861.82%$14.50—$2.18$2.8010
077$0.16$0.2664.72%$15.00—————

Forward $12.35. The 25-delta put carries +9.17 volatility points over the 25-delta call.

2026-12-18(39 days)ATM 64.09%±2.59skew +4.36
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
033$10.60$11.70—$1.00—————
012$9.55$11.65—$2.00—————
081$8.45$10.65—$3.00—————
225$7.65$8.65—$4.00—————
0611$6.80$7.60—$5.00—————
010$5.65$6.70—$6.00—————
025$4.50$6.55—$7.00—————
31,437$3.95$4.70—$8.0077.90%$0.04$0.051,46214
01,092$3.30$3.60—$9.0071.76%$0.09$0.112,1061
23,554$2.34$2.68—$10.0069.25%$0.22$0.253,423114
33,062$1.76$1.87—$11.0065.66%$0.45$0.477,70569
2653,859$1.18$1.24—$12.0064.80%$0.83$0.882,611246
53237,491$0.72$0.7963.56%$13.00—$1.34$1.496,048104
5734,810$0.41$0.4461.30%$14.00—$2.04$2.196,3074
1,11811,773$0.22$0.2560.85%$15.00—$2.74$3.102,0412
2864,343$0.12$0.1561.91%$16.00—$3.65$4.302770
225,006$0.07$0.0862.56%$17.00—$4.50$5.051480
27397$0.03$0.0562.82%$18.00—$5.55$6.4060
31,924$0.01$0.0668.33%$19.00—————
07,278$0.01$0.0572.98%$20.00—$7.35$8.55600

Forward $12.36. The 25-delta put carries +4.36 volatility points over the 25-delta call.

2026-12-24(45 days)ATM 64.80%±2.81skew +4.85
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$10.0071.74%$0.25$0.3722
—————$10.5066.68%$0.33$0.43200
—————$11.0067.56%$0.47$0.6372
100$1.51$1.67—$11.5066.66%$0.64$0.82160
121$1.22$1.40—$12.0066.11%$0.86$1.0430
046$0.97$1.1665.58%$12.50—$1.11$1.3001
72$0.76$0.8963.23%$13.00—————
641$0.59$0.7162.75%$13.50—————
806$0.46$0.5361.62%$14.00—————
143$0.36$0.4462.72%$14.50—————
620$0.26$0.3160.74%$15.00—————
124$0.15$0.2061.98%$16.00—————

Forward $12.36. The 25-delta put carries +4.85 volatility points over the 25-delta call.

2027-01-15(67 days)ATM 62.21%±3.31skew +4.08
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
08$9.65$11.70—$2.00—————
0271$8.65$10.55—$3.00—————
049$7.55$8.60—$4.00—————
111,310$7.15$7.55—$5.00—————
079$5.75$6.75—$6.00—————
026$5.20$5.60—$7.00—————
54,821$4.30$4.70—$8.0070.24%$0.07$0.125,39410
0271$3.00$3.80—$9.0067.76%$0.18$0.231,33011
114,893$2.72$2.86—$10.0067.17%$0.40$0.4311,022362
171,377$2.03$2.18—$11.0064.43%$0.66$0.735,435416
1508,188$1.48$1.55—$12.0063.12%$1.07$1.155,066121
23512,157$1.03$1.0962.06%$13.00—$1.61$1.6812,57750
1,2689,562$0.69$0.7461.04%$14.00—$2.27$2.331,99513
30916,836$0.45$0.4960.35%$15.00—$3.00$3.207,89713
194,781$0.30$0.3461.08%$16.00—$3.75$4.553820
157,109$0.19$0.2562.00%$17.00—$4.65$5.305760
226,048$0.13$0.1561.64%$18.00—$5.55$6.30200
5929$0.08$0.1162.34%$19.00—————
15112,894$0.06$0.0763.05%$20.00—$7.50$8.402240
1344$0.04$0.0664.93%$21.00—————
716,636$0.03$0.0465.58%$22.00—————

Forward $12.41. The 25-delta put carries +4.08 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.