Options Skew Analytics

CPB 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 31.27%±1.60
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
016$2.00$2.65—$18.0031.95%$0.05$0.10722
—————$18.5034.07%$0.15$0.201127
1516$1.20$1.35—$19.0034.13%$0.25$0.353967
—————$19.5034.08%$0.40$0.556931
17110$0.55$0.7031.26%$20.00—$0.60$0.703,48216
6913$0.35$0.5031.67%$20.50—$0.90$1.051418
—————$21.00—$1.25$1.552,26019
—————$21.50—$1.40$1.8502
17510$0.05$0.1029.43%$22.00—$1.85$2.301,58327
—————$23.00—$2.75$3.203302
—————$24.00—$3.80$4.402430
—————$25.00—$4.90$5.205002
—————$26.00—$5.50$7.1030
—————$28.00—$6.60$10.10500

Forward $19.97. Not enough surviving quotes on both wings to measure the skew here.

2026-10-23(31 days)ATM 32.41%±1.88skew +2.25
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$18.0032.41%$0.10$0.1520
—————$18.5034.37%$0.20$0.30441
01$1.15$1.80—$19.0033.52%$0.30$0.451260
—————$19.5032.96%$0.45$0.65330
01$0.65$0.8032.40%$20.00—$0.70$0.85850
013$0.45$0.6032.79%$20.50—$0.75$1.15140
713$0.30$0.4032.12%$21.00—$1.05$1.65620
—————$21.50—$1.40$2.0032
—————$22.00—$1.65$2.4040
—————$22.50—$2.10$3.10143
6323$0.05$0.1034.38%$23.00—$2.75$3.30900
—————$23.50—$3.10$4.0010
—————$24.00—$3.50$4.5010

Forward $19.95. The 25-delta put carries +2.25 volatility points over the 25-delta call.

2026-10-30(38 days)ATM 31.60%±2.04skew -0.77
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$17.5035.00%$0.10$0.1510
—————$18.0033.03%$0.15$0.201202
—————$18.5031.34%$0.20$0.30131
—————$19.0032.87%$0.35$0.50310
—————$19.5033.23%$0.55$0.70133
79$0.70$0.9031.72%$20.00—$0.75$0.90353
05$0.50$0.6531.23%$20.50—$0.80$1.2510
79$0.35$0.5031.94%$21.00—$1.35$1.5572
109$0.25$0.3532.11%$21.50—————
9128$0.15$0.2531.84%$22.00—$1.85$2.4021
—————$23.00—$2.70$3.3042
—————$23.50—$3.10$4.0010

Forward $19.97. The 25-delta put carries -0.77 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 34.41%±3.37skew +1.06
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
417$6.50$7.30—$13.00—————
012$4.90$7.50—$14.00—————
021$4.00$4.70—$16.00—————
017$3.10$3.80—$17.00—————
019$2.35$3.10—$18.0033.88%$0.45$0.5057010
0142$1.70$2.15—$19.0034.23%$0.75$0.901,23154
4410$1.25$1.50—$20.0034.64%$1.20$1.401,86417
2232$0.85$1.0033.69%$21.00—$1.75$1.959776
343562$0.50$0.7033.16%$22.00—$2.30$2.6569215
57729$0.30$0.4532.82%$23.00—$2.95$3.506310
—————$24.00—$3.80$4.401780
—————$25.00—$4.70$5.405980
—————$26.00—$5.60$6.30980
—————$27.00—$6.70$7.401411
—————$28.00—$6.80$9.3050
—————$29.00—$8.30$9.7030
—————$30.00—$9.40$10.502720
—————$32.00—$10.80$13.3010
—————$35.00—$13.20$16.90280

Forward $20.08. The 25-delta put carries +1.06 volatility points over the 25-delta call.

2027-01-15(115 days)ATM 33.56%±3.76skew +3.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
094$5.90$8.30—$13.00—————
04$5.10$6.70—$14.00—————
1101$4.90$5.70—$15.00—————
03$4.10$4.70—$16.0036.24%$0.20$0.301660
043$3.20$3.80—$17.0034.56%$0.35$0.4515711
0117$2.50$3.10—$18.0035.22%$0.60$0.801,5140
042$1.90$2.35—$19.0033.86%$0.95$1.103226
61,505$1.35$1.6033.73%$20.00—$1.40$1.6011,1857
8990$0.95$1.1533.23%$21.00—$2.00$2.201223
12568$0.65$0.9034.08%$22.00—$2.50$2.9051020
18609$0.40$0.5532.21%$23.00—$3.20$3.705400
3600$0.25$0.4032.55%$24.00—$4.20$4.604795
398,540$0.20$0.2533.08%$25.00—$4.80$5.503,55211
—————$26.00—$5.70$6.401290
—————$27.00—$6.70$7.301,0110
—————$28.00—$7.60$8.5010
24,609$0.05$0.1040.01%$30.00—$9.60$10.301,0002
—————$32.00—$11.50$13.30510
—————$35.00—$13.80$16.304600
—————$37.00—$15.80$18.1010
—————$40.00—$18.40$21.50210

Forward $19.97. The 25-delta put carries +3.01 volatility points over the 25-delta call.

2027-02-19(150 days)ATM 32.89%±4.24skew +2.61
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
0—$6.50$7.80—$13.00—————
55$5.00$5.60—$15.0036.47%$0.15$0.2530
—————$16.0036.19%$0.30$0.40260
—————$17.0036.12%$0.50$0.651000
09$2.60$3.30—$18.0035.30%$0.75$0.95810
05$1.85$2.65—$19.0034.92%$1.10$1.351030
510$1.50$2.05—$20.0034.29%$1.60$1.753641
014$1.15$1.3532.08%$21.00—$2.15$2.40951
1131$0.80$1.0532.15%$22.00—$2.60$3.10700
4220$0.60$0.8533.39%$23.00—$3.30$3.90140
1125$0.40$0.6032.70%$24.00—$4.10$4.70610
2372$0.25$0.4031.77%$25.00—$4.90$5.60570
—————$28.00—$7.60$8.4050
—————$35.00—$13.30$16.7010

Forward $20.10. The 25-delta put carries +2.61 volatility points over the 25-delta call.

2027-03-19(178 days)ATM 36.06%±5.06skew +0.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
017$5.50$8.60—$13.00—————
04$5.30$7.80—$14.00—————
078$5.10$5.50—$15.00—————
08$4.20$4.80—$16.0035.57%$0.35$0.5080
—————$17.0035.62%$0.60$0.751133
084$2.85$3.40—$18.0034.49%$0.85$1.059330
—————$19.0034.88%$1.25$1.5024710
5471$1.75$2.20—$20.0035.51%$1.75$2.0532121
014$1.35$1.8536.14%$21.00—$2.30$2.60540
1058$1.00$1.3534.52%$22.00—$3.00$3.30330
21,530$0.80$1.0534.95%$23.00—$3.50$4.007310
111$0.55$0.8034.22%$24.00—$4.20$4.80140
141,345$0.40$0.5032.75%$25.00—$5.00$5.602,1090
12201$0.30$0.4534.12%$26.00—$5.90$6.6090
—————$27.00—$6.80$7.501550
—————$28.00—$7.70$8.5050
—————$29.00—$8.60$9.40220
—————$30.00—$9.60$10.30590
—————$32.00—$10.60$13.5020
—————$35.00—$13.30$17.1010
—————$37.00—$15.30$18.3020

Forward $20.08. The 25-delta put carries +0.26 volatility points over the 25-delta call.

2027-06-17(268 days)ATM 33.30%±5.74skew +0.40
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
07$5.20$5.90—$15.0035.38%$0.35$0.555340
02$3.80$4.30—$17.0035.25%$0.90$1.0501
011$3.10$3.80—$18.0034.95%$1.15$1.50830
020$2.10$2.55—$20.0034.37%$2.00$2.451320
50$1.60$2.1033.29%$21.00—$2.55$3.1020
026$1.35$1.7533.93%$22.00—$3.30$3.70475
010$1.10$1.3533.34%$23.00—————
1389$0.70$1.0534.85%$25.00—$5.30$5.90327
12348$0.45$0.6033.86%$27.00—$7.00$7.70340
6279$0.20$0.3033.45%$30.00—$9.70$10.401710
—————$35.00—$14.10$15.80390

Forward $20.10. The 25-delta put carries +0.40 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.