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CLS options analytics

CLS · Stock

Data as of 25 September 2026 (end of day)

CLS options are pricing a 30-day at-the-money volatility of 63.9%, a move of about ±18.3% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 0.62 volatility points more than the puts.

Its next earnings report is 2026-10-26 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
63.93%

Prices a move of about ±18.3% over 30 days, or ±4.0% on a typical day.

25-delta risk reversalⓘ
-0.62

Calls carry 0.62 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+0.60

The wings carry 0.60 volatility points more than at-the-money.

Term structure slopeⓘ
1.034

90-day volatility is 3% above 30-day.

Where 30-day implied volatility sits

Against 8 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$365.44
30-day implied forward
$368.59
60-day ATM IV
69.65%
90-day ATM IV
66.09%
180-day ATM IV
66.64%
Expirations used
12
Total open interest
86,964
Put / call open interest
0.32

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 8 sessions

58%60%62%64%66%68%70%2026-09-16 — 30-day ATM IV 63%2026-09-17 — 30-day ATM IV 61%2026-09-18 — 30-day ATM IV 61%2026-09-21 — 30-day ATM IV 65%2026-09-22 — 30-day ATM IV 62%2026-09-23 — 30-day ATM IV 69%2026-09-24 — 30-day ATM IV 63%2026-09-25 — 30-day ATM IV 64%16 Sep18 Sep22 Sep23 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2563.93%-0.621.034$365.44
2026-09-2462.99%+4.831.072$373.56
2026-09-2368.68%-1.860.979$361.84
2026-09-2261.61%+0.341.099$356.09
2026-09-2164.97%-0.751.044$344.40
2026-09-1860.59%-0.451.110$332.63
2026-09-1760.88%-1.411.106$329.94
2026-09-1663.44%-0.301.085$323.83

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-4.0-2.00.02.04.06.02026-09-16 — 25-delta RR (volatility points) -0.32026-09-17 — 25-delta RR (volatility points) -1.42026-09-18 — 25-delta RR (volatility points) -0.52026-09-21 — 25-delta RR (volatility points) -0.72026-09-22 — 25-delta RR (volatility points) 0.32026-09-23 — 25-delta RR (volatility points) -1.92026-09-24 — 25-delta RR (volatility points) 4.82026-09-25 — 25-delta RR (volatility points) -0.616 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

7d (2026-10-02) · 14d (2026-10-09) · 21d (2026-10-16)

50%55%60%65%70%2026-10-02 (7d) — 15Δ C — IV 58.50%2026-10-02 (7d) — 20Δ C — IV 58.46%2026-10-02 (7d) — 25Δ C — IV 60.16%2026-10-02 (7d) — 30Δ C — IV 59.51%2026-10-02 (7d) — 35Δ C — IV 64.07%2026-10-02 (7d) — 40Δ C — IV 63.38%2026-10-02 (7d) — 45Δ C — IV 60.12%2026-10-02 (7d) — ATM — IV 57.27%2026-10-02 (7d) — 45Δ P — IV 59.98%2026-10-02 (7d) — 40Δ P — IV 57.79%2026-10-02 (7d) — 35Δ P — IV 61.18%2026-10-02 (7d) — 30Δ P — IV 61.05%2026-10-02 (7d) — 25Δ P — IV 59.40%2026-10-02 (7d) — 20Δ P — IV 59.31%7d2026-10-09 (14d) — 20Δ C — IV 56.78%2026-10-09 (14d) — 25Δ C — IV 56.49%2026-10-09 (14d) — 30Δ C — IV 55.78%2026-10-09 (14d) — 35Δ C — IV 57.66%2026-10-09 (14d) — 40Δ C — IV 57.04%2026-10-09 (14d) — 45Δ C — IV 56.12%2026-10-09 (14d) — ATM — IV 56.45%2026-10-09 (14d) — 45Δ P — IV 56.72%2026-10-09 (14d) — 40Δ P — IV 57.41%2026-10-09 (14d) — 35Δ P — IV 59.13%2026-10-09 (14d) — 30Δ P — IV 57.91%2026-10-09 (14d) — 25Δ P — IV 57.59%2026-10-09 (14d) — 20Δ P — IV 57.34%14d2026-10-16 (21d) — 15Δ C — IV 61.25%2026-10-16 (21d) — 20Δ C — IV 60.45%2026-10-16 (21d) — 25Δ C — IV 60.12%2026-10-16 (21d) — 30Δ C — IV 59.68%2026-10-16 (21d) — 35Δ C — IV 61.82%2026-10-16 (21d) — 40Δ C — IV 61.48%2026-10-16 (21d) — 45Δ C — IV 60.13%2026-10-16 (21d) — ATM — IV 60.30%2026-10-16 (21d) — 45Δ P — IV 58.08%2026-10-16 (21d) — 40Δ P — IV 58.06%2026-10-16 (21d) — 35Δ P — IV 56.82%2026-10-16 (21d) — 30Δ P — IV 53.58%2026-10-16 (21d) — 25Δ P — IV 57.90%2026-10-16 (21d) — 20Δ P — IV 58.77%2026-10-16 (21d) — 15Δ P — IV 60.12%2026-10-16 (21d) — 10Δ P — IV 62.09%2026-10-16 (21d) — 5Δ P — IV 62.58%21d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta7d14d21d
15Δ call58.50%—61.25%
20Δ call58.46%56.78%60.45%
25Δ call60.16%56.49%60.12%
30Δ call59.51%55.78%59.68%
35Δ call64.07%57.66%61.82%
40Δ call63.38%57.04%61.48%
45Δ call60.12%56.12%60.13%
ATM57.27%56.45%60.30%
45Δ put59.98%56.72%58.08%
40Δ put57.79%57.41%58.06%
35Δ put61.18%59.13%56.82%
30Δ put61.05%57.91%53.58%
25Δ put59.40%57.59%57.90%
20Δ put59.31%57.34%58.77%
15Δ put——60.12%
10Δ put——62.09%
5Δ put——62.58%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-027$368.2557.27%59.40%60.16%-0.77+2.5223
2026-10-0914$369.5556.45%57.59%56.49%+1.10+0.5919
2026-10-1621$368.1060.30%57.90%60.12%-2.21-1.2934
2026-10-2328$367.7460.30%58.24%60.95%-2.71-0.7024
2026-10-3035$370.7270.64%74.75%71.97%+2.78+2.7327
2026-11-0642$371.2170.00%71.64%74.15%-2.50+2.8924
2026-11-2056$370.2070.42%69.98%70.11%-0.12-0.3732
2026-12-1884$372.9866.48%67.85%66.29%+1.56+0.5932
2027-01-15112$374.3664.99%66.98%65.01%+1.97+1.0038
2027-02-19147$376.5967.80%66.65%69.06%-2.41+0.0543
2027-03-19175$377.5566.45%69.46%67.03%+2.43+1.8047
2027-05-21238$380.5168.24%68.29%69.03%-0.73+0.4148

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

12 listed expirations produced a usable reading

55%60%65%70%75%2026-10-02 — 7 days — at-the-money IV 57.27%2026-10-09 — 14 days — at-the-money IV 56.45%2026-10-16 — 21 days — at-the-money IV 60.30%2026-10-23 — 28 days — at-the-money IV 60.30%2026-10-30 — 35 days — at-the-money IV 70.64%2026-11-06 — 42 days — at-the-money IV 70.00%2026-11-20 — 56 days — at-the-money IV 70.42%2026-12-18 — 84 days — at-the-money IV 66.48%2027-01-15 — 112 days — at-the-money IV 64.99%2027-02-19 — 147 days — at-the-money IV 67.80%2027-03-19 — 175 days — at-the-money IV 66.45%2027-05-21 — 238 days — at-the-money IV 68.24%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-027 days$368.2557.27%$369.4123
2026-10-0914 days$369.5556.45%$371.8119
2026-10-1621 days$368.1060.30%$371.9734
2026-10-2328 days$367.7460.30%$372.9124
2026-10-3035 days$370.7270.64%$379.7027
2026-11-0642 days$371.2170.00%$381.8224
2026-11-2056 days$370.2070.42%$384.5632
2026-12-1884 days$372.9866.48%$392.4432
2027-01-15112 days$374.3664.99%$399.4238
2027-02-19147 days$376.5967.80%$413.1243
2027-03-19175 days$377.5566.45%$419.7047
2027-05-21238 days$380.5168.24%$442.9148

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
63.93%
60 days
69.65%
90 days
66.09%
180 days
66.64%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 8 sessions

0.951.001.051.101.152026-09-16 — 90-day over 30-day 1.082026-09-17 — 90-day over 30-day 1.112026-09-18 — 90-day over 30-day 1.112026-09-21 — 90-day over 30-day 1.042026-09-22 — 90-day over 30-day 1.102026-09-23 — 90-day over 30-day 0.982026-09-24 — 90-day over 30-day 1.072026-09-25 — 90-day over 30-day 1.0316 Sep18 Sep22 Sep23 Sep25 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.

Earnings

What the options priced in before each report, and what happened

Next report

2026-10-26Time not statedEstimated from its reporting cadence

Reports

Newest first. The implied move is one standard deviation, priced from the session before the release.

ReportSessionImplied ±RealisedRealised / implied
2026-07-27After the close———
2026-04-27After the close———
2026-01-28After the close———
2025-10-27After the close———
2025-07-28After the close———
2025-04-24After the close———
2025-01-29After the close———

The implied move is read from the at-the-money straddle on the first expiration strictly after the report date, converted to a one-standard-deviation move and divided by the forward. Realised moves are the close-to-close return across the event, measured from the session before the release to the session after it.

Report dates that have already happened come from the company’s own 8-K filing and are exact. A date still in the future is either one the company has announced, or an estimate from its reporting cadence.