Options Skew Analytics

CMG option chain

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

Data as of 6 November 2026 (end of day)

2026-11-13(7 days)ATM 40.32%±1.92skew -1.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
014$6.70$7.85—$27.50—————
0531$6.30$7.15—$28.00—————
1194$5.85$6.75—$28.50—————
0944$5.40$6.10—$29.00—————
113$4.80$5.50—$29.50—————
5368$4.40$5.05—$30.00—————
518$3.85$4.55—$30.50—————
18371$3.40$3.65—$31.0040.04%$0.01$0.0319589
1745$2.90$3.25—$31.5038.73%$0.01$0.06232
21186$2.49$2.71—$32.0038.13%$0.05$0.082,417301
66154$1.95$2.39—$32.5037.02%$0.09$0.137038
41464$1.69$1.82—$33.0037.04%$0.17$0.2248126
14121$1.33$1.42—$33.5035.98%$0.28$0.335948
1455,426$0.98$1.08—$34.0035.69%$0.44$0.51132138
130132$0.70$0.7840.32%$34.50—$0.64$0.9515981
6291,304$0.47$0.5539.40%$35.00—$0.93$1.0420089
151202$0.31$0.3738.99%$35.50—$1.26$1.3614740
241371$0.19$0.2137.44%$36.00—$1.51$1.82291
72102$0.11$0.1437.75%$36.50—$1.66$2.2210
1311,162$0.07$0.0837.98%$37.00—$2.09$2.7809
5314$0.03$0.0537.55%$37.50—$2.47$3.2019

Forward $34.44. The 25-delta put carries -1.46 volatility points over the 25-delta call.

2026-11-20(14 days)ATM 36.84%±2.49skew +3.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01,853$5.45$5.95—$29.00—————
5950$4.95$5.25—$29.50—————
11918,169$4.45$4.80—$30.0041.82%$0.03$0.068,174179
2587$4.00$4.55—$30.5040.74%$0.05$0.081048
14404$3.60$3.75—$31.0039.33%$0.07$0.1138929
7187$3.15$3.25—$31.5039.23%$0.13$0.151362
161,060$2.64$2.92—$32.0038.47%$0.18$0.222011,057
1467,411$2.33$2.48—$32.5037.68%$0.25$0.315,945147
11668$1.93$2.10—$33.0039.87%$0.35$0.5522369
6444$1.53$1.82—$33.5036.91%$0.51$0.5710624
20479$1.28$1.39—$34.0037.40%$0.70$0.7949635
106166$0.98$1.07—$34.5036.93%$0.91$1.0215647
2194,852$0.75$0.8336.65%$35.00—$1.18$1.3048731
63508$0.56$0.6336.40%$35.50—$1.48$1.6134237
231,004$0.41$0.4836.51%$36.00—$1.83$1.9726242
50324$0.29$0.3636.53%$36.50—————
62454$0.20$0.2536.12%$37.00—$2.39$2.9702
822,117$0.14$0.2037.04%$37.50—$2.64$3.303114
14177$0.10$0.1336.84%$38.00—————
1156$0.04$0.0636.65%$39.00—————
53,382$0.02$0.0539.98%$40.00—$4.85$5.6575

Forward $34.56. The 25-delta put carries +3.34 volatility points over the 25-delta call.

2026-11-27(21 days)ATM 34.89%±2.90skew +1.27
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$12.35$13.35—$22.00—————
03$10.35$11.40—$24.00—————
01$9.35$10.40—$25.00—————
036$8.35$9.40—$26.00—————
093$7.35$8.05—$27.00—————
1658$6.45$7.20—$28.00—————
2147$5.45$6.00—$29.00—————
0356$4.45$5.20—$30.00—————
6233$3.65$4.10—$31.00—————
2445$2.71$3.05—$32.0036.41%$0.26$0.332085
14222$2.08$2.19—$33.0035.28%$0.48$0.5516026
13170$1.42$1.51—$34.0035.04%$0.83$0.921312
79465$0.91$1.0234.81%$35.00—$1.30$1.44251
5791$0.55$0.6234.23%$36.00—$1.94$2.103102
11461$0.31$0.3634.00%$37.00—$2.60$3.0542
2477$0.17$0.2034.14%$38.00—$3.25$3.8090
144$0.04$0.0936.43%$40.00—————

Forward $34.59. The 25-delta put carries +1.27 volatility points over the 25-delta call.

2026-12-04(28 days)ATM 35.13%±3.36skew +0.72
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$13.35$14.40—$21.00—————
01$10.35$11.40—$24.00—————
0500$7.30$8.45—$27.00—————
0334$6.35$7.40—$28.00—————
017$5.45$6.35—$29.00—————
054$4.60$5.25—$30.0037.36%$0.11$0.1514930
138$3.70$4.30—$31.0036.93%$0.21$0.28600
23174$2.85$3.35—$32.0035.80%$0.37$0.4531693
8154$2.24$2.56—$33.0035.55%$0.63$0.742986
2225$1.60$1.77—$34.0034.67%$0.99$1.1051
9687$1.09$1.2035.22%$35.00—$1.49$1.6695
14168$0.71$0.8235.04%$36.00—$2.11$2.2350369
5159$0.47$0.5235.08%$37.00—$2.81$2.9810
10368$0.27$0.3435.00%$38.00—$3.40$3.9510
—————$39.00—$4.20$4.7510

Forward $34.57. The 25-delta put carries +0.72 volatility points over the 25-delta call.

2026-12-11(35 days)ATM 36.28%±3.89skew +1.23
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
82$6.55$7.30—$28.00—————
02$5.55$6.30—$29.00—————
01$4.60$5.25—$30.00—————
05$3.85$4.40—$31.0038.46%$0.30$0.45759
316$3.10$3.35—$32.0037.60%$0.50$0.66231
1316$2.40$2.64—$33.0036.14%$0.78$0.9026
228$1.77$1.95—$34.0036.57%$1.13$1.4002
692$1.29$1.4236.19%$35.00—$1.61$1.9120
14119$0.88$1.0135.60%$36.00—————
762$0.59$0.8337.19%$37.00—$2.92$3.1501
36189$0.38$0.5436.37%$38.00—$3.60$4.00059

Forward $34.59. The 25-delta put carries +1.23 volatility points over the 25-delta call.

2026-12-18(42 days)ATM 35.43%±4.17skew +2.32
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
902,713$4.10$4.40—$30.8037.17%$0.36$0.405,505223
1511,288$3.80$4.25—$31.2036.00%$0.37$0.4887620
0316$3.45$4.00—$31.6036.90%$0.53$0.561,3248
111,577$3.15$3.50—$32.0036.63%$0.62$0.661,86520
1579$2.95$3.35—$32.4036.56%$0.74$0.771,259546
4492$2.61$3.05—$32.8035.79%$0.81$0.901,0690
1763$2.32$2.59—$33.2036.38%$0.97$1.081,23818
132570$2.22$2.38—$33.6036.37%$1.13$1.243311
51,114$1.89$2.12—$34.0036.03%$1.29$1.401,4138
1962$1.72$2.05—$34.4036.02%$1.50$1.573915
2121,026$1.58$1.6435.58%$34.80—$1.68$1.766984
4402,335$1.39$1.4435.22%$35.20—$1.89$1.9982411
41,529$1.20$1.3035.17%$35.60—$2.11$2.336741
771,340$1.05$1.1234.81%$36.00—$2.34$2.559501
0562$0.93$1.1436.72%$36.40—$2.65$2.773040
1341,241$0.77$1.0837.04%$36.80—$2.66$3.105230
2649$0.68$0.7434.54%$37.20—$3.15$3.355380
1573$0.58$0.6334.31%$37.60—$3.30$3.652600
2674,570$0.51$0.5534.58%$38.00—$3.55$4.001,21110
5837$0.43$0.4734.44%$38.40—$3.85$4.351460
10376$0.36$0.4034.31%$38.80—$4.20$4.652040

Forward $34.69. The 25-delta put carries +2.32 volatility points over the 25-delta call.

2027-01-15(70 days)ATM 35.26%±5.37skew +1.41
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
035$19.40$20.35—$15.00—————
080$16.90$17.90—$17.50—————
6274$14.50$15.25—$20.00—————
1249$11.95$13.00—$22.5046.98%$0.01$0.0653,21720
5658$9.65$10.35—$25.0041.77%$0.07$0.087,30344
01,388$7.30$7.75—$27.5038.91%$0.17$0.237,2053
256,069$5.10$5.45—$30.0037.21%$0.50$0.5312,26070
526,484$3.35$3.50—$32.5036.11%$1.13$1.1912,26875
5936,719$2.00$2.0635.31%$35.00—$2.21$2.276,286109
543,945$1.07$1.1234.87%$37.50—$3.50$3.907,1063
17614,181$0.51$0.5834.70%$40.00—$5.65$5.952,72250
114,366$0.22$0.2834.57%$42.50—$7.50$8.351130
106,851$0.10$0.1435.27%$45.00—$9.80$10.851,5070
—————$47.50—$12.20$13.251210
913,330$0.01$0.0537.13%$50.00—$14.75$15.853600

Forward $34.79. The 25-delta put carries +1.41 volatility points over the 25-delta call.

2027-03-19(133 days)ATM 38.11%±8.07skew +3.34
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
120$19.45$20.50—$15.00—————
06$17.00$18.05—$17.5056.09%$0.03$0.09780
1114$14.70$15.70—$20.00—————
144$12.35$13.20—$22.5045.01%$0.14$0.1821,5114
3256$10.10$10.70—$25.0042.51%$0.30$0.352,30316
0307$7.90$8.55—$27.5040.82%$0.60$0.681,646258
12,354$6.00$6.30—$30.0040.50%$1.16$1.302,276553
162,241$4.40$4.65—$32.5039.25%$1.96$2.104,051202
1473,802$3.10$3.35—$35.0038.44%$3.10$3.209165
261,114$2.15$2.2137.67%$37.50—$4.50$4.704,3010
332,121$1.37$1.4837.17%$40.00—$6.10$6.5062851
701,456$0.87$0.9837.16%$42.50—$7.90$8.60480
403,177$0.50$0.6536.92%$45.00—$10.05$10.8520
61,420$0.19$0.2937.71%$50.00—————

Forward $35.08. The 25-delta put carries +3.34 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.