Options Skew Analytics

CMI option chain

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

Data as of 22 September 2026 (end of day)

2026-10-16(24 days)ATM 31.57%±42.42skew +1.91
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$74.10$77.00—$450.00—————
01$64.60$67.80—$460.00—————
06$55.80$58.40—$470.00—————
039$46.70$49.60—$480.0032.65%$2.55$3.801878
—————$490.0032.09%$4.00$5.70412
02$30.20$32.90—$500.0032.83%$6.50$9.0027410
111$23.40$26.20—$510.0031.43%$9.30$11.70988
18$17.50$20.40—$520.0031.64%$13.40$16.4015526
1915$12.50$15.8031.52%$530.00—$18.60$21.307801
11930$9.70$11.0031.58%$540.00—$24.40$27.007031
1256$6.30$7.8030.92%$550.00—$30.70$33.60220
1278$3.70$5.6030.47%$560.00—$39.10$42.00180
13104$2.70$3.7030.90%$570.00—$46.80$50.30300
—————$580.00—$56.60$59.20140
—————$590.00—$65.80$68.6060
—————$600.00—$75.70$78.40270
—————$610.00—$84.40$88.5020
—————$690.00—$165.20$167.8001

Forward $524.06. The 25-delta put carries +1.91 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 38.38%±81.08skew +1.54
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
03$126.10$129.60—$400.00—————
—————$430.0040.42%$3.50$4.5022
—————$440.0040.20%$4.70$5.9001
—————$450.0039.99%$6.10$7.70110
—————$470.0039.46%$10.00$12.2012
—————$480.0039.58%$12.10$16.00121
—————$490.0039.60%$15.80$19.004321
050$45.10$47.70—$500.0039.07%$19.40$22.20172
—————$510.0038.42%$22.90$26.2031
10$33.40$36.40—$520.0038.72%$27.80$31.30104
22$28.40$31.8038.42%$530.00—$32.60$36.5051
40$24.10$27.4038.25%$540.00—$38.80$42.2040
10$20.60$23.5038.30%$550.00—$44.60$47.9010
01$16.70$20.5038.13%$560.00—————
22$13.80$17.3037.92%$570.00—————
24$12.00$14.1037.94%$580.00—$65.50$68.5010
04$9.30$12.6038.04%$590.00—————
017$7.00$10.3037.32%$600.00—————
—————$630.00—$107.80$110.3040

Forward $525.52. The 25-delta put carries +1.54 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 36.53%±93.80skew +1.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$100.50$103.90—$430.00—————
02$92.20$95.30—$440.0038.27%$6.50$9.60161
066$84.10$86.90—$450.0036.74%$7.70$10.60270
065$76.40$79.00—$460.0036.96%$10.10$13.20510
032$69.40$72.30—$470.0037.35%$13.20$16.20202
06$62.00$65.00—$480.0037.33%$16.70$19.00100
02$55.60$58.50—$490.0037.35%$20.30$22.60511
23611$49.40$52.50—$500.0036.13%$23.60$25.0013026
06$43.80$47.00—$510.0036.65%$27.60$30.80160
011$38.60$41.30—$520.0036.71%$32.20$36.00461
58$33.70$36.8036.59%$530.00—$37.60$40.90271
359$29.20$32.5036.42%$540.00—$43.20$46.20140
15$25.00$28.5036.15%$550.00—$48.80$52.2013562
017$21.80$25.0036.24%$560.00—$55.30$58.40520
130$19.70$22.0036.80%$570.00—$62.00$65.30270
31101$15.90$18.4035.77%$580.00—$68.90$72.50550
286$13.30$16.5035.95%$590.00—$76.80$79.70120
1555$11.00$14.5035.93%$600.00—$84.50$87.90870
207218$9.30$11.6035.35%$610.00—$92.50$95.50790
155$8.00$9.9035.48%$620.00—$100.60$104.00480
040$5.70$8.8034.98%$630.00—$109.20$112.802680

Forward $525.96. The 25-delta put carries +1.43 volatility points over the 25-delta call.

2027-03-19(178 days)ATM 36.12%±133.61skew +1.78
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
024$112.00$115.80—$430.0037.34%$12.50$16.70220
018$104.90$108.10—$440.0037.18%$15.00$19.10270
07$97.40$100.60—$450.0036.92%$18.30$21.00422
014$90.30$93.30—$460.0036.78%$21.20$24.102036
01$83.80$86.80—$470.0036.82%$24.70$27.60200
02$77.50$81.70—$480.0036.65%$28.30$31.10330
01$71.60$75.70—$490.0036.38%$31.70$35.1080
051$65.90$69.50—$500.0035.71%$35.50$38.20340
02$60.50$64.60—$510.0036.26%$40.30$44.20200
416$56.50$58.50—$520.0036.32%$45.60$49.00220
22$50.70$53.4036.21%$530.00—$50.80$54.00311
014$46.20$49.5036.25%$540.00—$56.00$59.50341
017$41.80$45.4036.06%$550.00—$61.10$64.70231
018$38.00$41.5035.95%$560.00—$67.40$71.10421
128$34.30$37.5035.66%$570.00—$74.20$77.4080
019$31.50$34.2035.76%$580.00—$80.80$84.00220
015$27.90$31.2035.50%$590.00—$87.00$90.10150
120$24.70$28.0035.13%$600.00—$94.80$97.90290
07$22.30$25.2035.04%$610.00—$101.60$105.30170
0213$19.90$23.0035.02%$620.00—$109.10$112.8040
037$17.60$21.1035.00%$630.00—$117.10$120.501311

Forward $529.64. The 25-delta put carries +1.78 volatility points over the 25-delta call.

2027-06-17(268 days)ATM 36.12%±165.34skew +2.07
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
05$122.40$124.80—$430.0037.56%$20.30$24.0020
112$115.80$118.20—$440.0037.55%$23.40$27.0050
02$109.10$112.60—$450.0037.32%$26.40$30.0040
010$102.40$105.50—$460.0037.05%$29.30$33.4030
05$96.30$99.00—$470.0037.06%$33.30$37.0010
06$90.30$93.50—$480.0036.91%$37.40$40.5071
02$84.60$87.50—$490.0036.77%$41.50$44.5060
07$79.10$82.50—$500.0036.45%$45.00$49.00160
03$73.80$77.80—$510.0036.31%$49.50$53.50530
04$68.90$72.00—$520.0036.43%$55.40$58.0020
12$64.10$67.50—$530.00—————
04$59.80$63.5036.36%$540.00—————
011$55.50$59.4036.25%$550.00—$70.80$74.50320
01$51.50$55.4036.12%$560.00—————
03$47.80$51.7036.05%$570.00—————
03$44.30$47.5035.78%$580.00—$88.90$92.9020
04$41.00$44.6035.81%$590.00—————
013$37.80$41.6035.74%$600.00—$102.20$106.401000
06$34.80$38.7035.64%$610.00—$109.20$113.0020
05$31.90$35.9035.50%$620.00—————
05$29.10$33.0035.25%$630.00—————

Forward $534.19. The 25-delta put carries +2.07 volatility points over the 25-delta call.

2027-09-17(360 days)ATM 36.20%±193.31
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
09$124.50$128.00—$440.0037.01%$29.00$33.50112
—————$450.0036.82%$32.50$36.50280
011$112.50$116.70—$460.00—————
01$106.50$111.00—$470.0036.55%$39.50$44.0020
02$101.00$105.30—$480.0036.45%$43.50$48.0030
—————$490.0036.29%$47.70$52.0020
03$90.00$94.30—$500.0036.26%$52.30$56.50490
—————$510.0036.13%$56.90$61.00410
13$80.50$84.50—$520.00—————
01$75.50$80.00—$530.00—————
03$71.00$74.5036.32%$540.00—$73.60$76.40110
018$67.00$71.5036.55%$550.00—$78.50$82.0010
04$63.00$66.5036.20%$560.00—————
15$59.00$63.5036.24%$570.00—————
08$55.50$59.5036.08%$580.00—————
07$51.90$56.3036.01%$590.00—————
019$48.80$51.8035.65%$600.00—$108.50$113.0010
04$45.80$48.8035.61%$610.00—————
15$43.80$45.6035.70%$620.00—$123.00$126.5001
010$40.50$43.2035.58%$630.00—————
05$37.40$40.5035.36%$640.00—$136.70$141.0050

Forward $537.65. Not enough surviving quotes on both wings to measure the skew here.

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.