Options Skew Analytics
Sign in

DRAM options analytics

DRAM · ETF

Data as of 23 September 2026 (end of day)

DRAM options are pricing a 30-day at-the-money volatility of 58.0%, a move of about ±16.6% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 1.45 volatility points more than the puts.

Current readings

30-day ATM implied volatilityⓘ
57.96%

Prices a move of about ±16.6% over 30 days, or ±3.7% on a typical day.

25-delta risk reversalⓘ
-1.45

Calls carry 1.45 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+0.47

The wings carry 0.47 volatility points more than at-the-money.

Term structure slopeⓘ
1.036

90-day volatility is 4% above 30-day.

Where 30-day implied volatility sits

Against 5 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
$61.90
30-day implied forward
$61.97
60-day ATM IV
59.96%
90-day ATM IV
60.06%
180-day ATM IV
58.74%
Expirations used
18
Total open interest
1,767,612
Put / call open interest
0.51

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 5 sessions

56%57%58%59%60%2026-09-17 — 30-day ATM IV 58%2026-09-18 — 30-day ATM IV 57%2026-09-21 — 30-day ATM IV 58%2026-09-22 — 30-day ATM IV 59%2026-09-23 — 30-day ATM IV 58%17 Sep18 Sep21 Sep22 Sep23 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2357.96%-1.451.036$61.90
2026-09-2259.34%+4.681.021$63.62
2026-09-2158.08%+0.361.026$61.58
2026-09-1857.03%+0.011.025$59.61
2026-09-1758.12%+1.221.035$57.78

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-2.00.02.04.06.02026-09-17 — 25-delta RR (volatility points) 1.22026-09-18 — 25-delta RR (volatility points) 0.02026-09-21 — 25-delta RR (volatility points) 0.42026-09-22 — 25-delta RR (volatility points) 4.72026-09-23 — 25-delta RR (volatility points) -1.417 Sep18 Sep21 Sep22 Sep23 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

2d (2026-09-25) · 5d (2026-09-28) · 7d (2026-09-30)

40%50%60%70%2026-09-25 (2d) — 5Δ C — IV 63.82%2026-09-25 (2d) — 10Δ C — IV 58.85%2026-09-25 (2d) — 15Δ C — IV 57.50%2026-09-25 (2d) — 20Δ C — IV 56.53%2026-09-25 (2d) — 25Δ C — IV 56.23%2026-09-25 (2d) — 30Δ C — IV 56.07%2026-09-25 (2d) — 35Δ C — IV 55.91%2026-09-25 (2d) — 40Δ C — IV 55.80%2026-09-25 (2d) — 45Δ C — IV 55.64%2026-09-25 (2d) — ATM — IV 55.45%2026-09-25 (2d) — 45Δ P — IV 55.26%2026-09-25 (2d) — 40Δ P — IV 55.23%2026-09-25 (2d) — 35Δ P — IV 55.31%2026-09-25 (2d) — 30Δ P — IV 55.71%2026-09-25 (2d) — 25Δ P — IV 56.10%2026-09-25 (2d) — 20Δ P — IV 56.49%2026-09-25 (2d) — 15Δ P — IV 57.08%2026-09-25 (2d) — 10Δ P — IV 58.09%2026-09-25 (2d) — 5Δ P — IV 62.91%2d2026-09-28 (5d) — 10Δ C — IV 49.24%2026-09-28 (5d) — 15Δ C — IV 48.08%2026-09-28 (5d) — 20Δ C — IV 47.57%2026-09-28 (5d) — 25Δ C — IV 46.89%2026-09-28 (5d) — 30Δ C — IV 46.44%2026-09-28 (5d) — 35Δ C — IV 46.18%2026-09-28 (5d) — 40Δ C — IV 46.02%2026-09-28 (5d) — 45Δ C — IV 45.88%2026-09-28 (5d) — ATM — IV 45.82%2026-09-28 (5d) — 45Δ P — IV 45.84%2026-09-28 (5d) — 40Δ P — IV 45.92%2026-09-28 (5d) — 35Δ P — IV 46.01%2026-09-28 (5d) — 30Δ P — IV 46.14%2026-09-28 (5d) — 25Δ P — IV 46.36%2026-09-28 (5d) — 20Δ P — IV 46.79%2026-09-28 (5d) — 15Δ P — IV 47.33%2026-09-28 (5d) — 10Δ P — IV 48.20%2026-09-28 (5d) — 5Δ P — IV 50.82%5d2026-09-30 (7d) — 10Δ C — IV 55.95%2026-09-30 (7d) — 15Δ C — IV 54.58%2026-09-30 (7d) — 20Δ C — IV 54.14%2026-09-30 (7d) — 25Δ C — IV 53.78%2026-09-30 (7d) — 30Δ C — IV 53.41%2026-09-30 (7d) — 35Δ C — IV 53.09%2026-09-30 (7d) — 40Δ C — IV 52.91%2026-09-30 (7d) — 45Δ C — IV 52.70%2026-09-30 (7d) — ATM — IV 52.48%2026-09-30 (7d) — 45Δ P — IV 52.51%2026-09-30 (7d) — 40Δ P — IV 52.60%2026-09-30 (7d) — 35Δ P — IV 52.70%2026-09-30 (7d) — 30Δ P — IV 52.88%2026-09-30 (7d) — 25Δ P — IV 53.24%2026-09-30 (7d) — 20Δ P — IV 53.71%2026-09-30 (7d) — 15Δ P — IV 54.55%2026-09-30 (7d) — 10Δ P — IV 55.65%7d10Δ 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
Delta2d5d7d
5Δ call63.82%——
10Δ call58.85%49.24%55.95%
15Δ call57.50%48.08%54.58%
20Δ call56.53%47.57%54.14%
25Δ call56.23%46.89%53.78%
30Δ call56.07%46.44%53.41%
35Δ call55.91%46.18%53.09%
40Δ call55.80%46.02%52.91%
45Δ call55.64%45.88%52.70%
ATM55.45%45.82%52.48%
45Δ put55.26%45.84%52.51%
40Δ put55.23%45.92%52.60%
35Δ put55.31%46.01%52.70%
30Δ put55.71%46.14%52.88%
25Δ put56.10%46.36%53.24%
20Δ put56.49%46.79%53.71%
15Δ put57.08%47.33%54.55%
10Δ put58.09%48.20%55.65%
5Δ put62.91%50.82%—

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-252$61.9255.45%56.10%56.23%-0.13+0.7229
2026-09-285$61.9345.82%46.36%46.89%-0.53+0.8113
2026-09-307$61.9552.48%53.24%53.78%-0.54+1.0314
2026-10-029$61.9559.93%61.34%61.73%-0.39+1.6046
2026-10-0512$61.9855.59%57.65%57.75%-0.10+2.1121
2026-10-0714$62.0057.34%57.90%57.65%+0.25+0.4416
2026-10-0916$62.0458.28%59.60%59.66%-0.06+1.3547
2026-10-1623$62.1057.60%58.20%59.39%-1.18+1.2044
2026-10-2330$61.9757.96%57.70%59.15%-1.45+0.4745
2026-10-3037$62.1559.19%59.68%60.20%-0.52+0.7548
2026-11-2058$62.3359.95%60.14%61.45%-1.32+0.8533
2026-12-1886$62.6060.09%59.94%61.31%-1.37+0.5457
2027-01-15114$62.7559.94%58.85%61.16%-2.31+0.0666
2027-02-19149$62.9560.08%59.67%63.26%-3.59+1.3856
2027-03-19177$63.8058.71%61.22%61.01%+0.21+2.4166
2027-04-16205$64.1558.96%61.99%62.55%-0.56+3.3162
2027-05-21240$64.2861.54%61.03%63.84%-2.81+0.9060
2027-06-17267$64.2162.40%61.33%62.71%-1.38-0.3872

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

18 listed expirations produced a usable reading

40%45%50%55%60%65%2026-09-25 — 2 days — at-the-money IV 55.45%2026-09-28 — 5 days — at-the-money IV 45.82%2026-09-30 — 7 days — at-the-money IV 52.48%2026-10-02 — 9 days — at-the-money IV 59.93%2026-10-05 — 12 days — at-the-money IV 55.59%2026-10-07 — 14 days — at-the-money IV 57.34%2026-10-09 — 16 days — at-the-money IV 58.28%2026-10-16 — 23 days — at-the-money IV 57.60%2026-10-23 — 30 days — at-the-money IV 57.96%2026-10-30 — 37 days — at-the-money IV 59.19%2026-11-20 — 58 days — at-the-money IV 59.95%2026-12-18 — 86 days — at-the-money IV 60.09%2027-01-15 — 114 days — at-the-money IV 59.94%2027-02-19 — 149 days — at-the-money IV 60.08%2027-03-19 — 177 days — at-the-money IV 58.71%2027-04-16 — 205 days — at-the-money IV 58.96%2027-05-21 — 240 days — at-the-money IV 61.54%2027-06-17 — 267 days — at-the-money IV 62.40%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
2026-09-252 days$61.9255.45%$61.9729
2026-09-285 days$61.9345.82%$62.0213
2026-09-307 days$61.9552.48%$62.1114
2026-10-029 days$61.9559.93%$62.2246
2026-10-0512 days$61.9855.59%$62.3021
2026-10-0714 days$62.0057.34%$62.3916
2026-10-0916 days$62.0458.28%$62.5047
2026-10-1623 days$62.1057.60%$62.7544
2026-10-2330 days$61.9757.96%$62.8445
2026-10-3037 days$62.1559.19%$63.2648
2026-11-2058 days$62.3359.95%$64.1333
2026-12-1886 days$62.6060.09%$65.3257
2027-01-15114 days$62.7559.94%$66.3766
2027-02-19149 days$62.9560.08%$67.7656
2027-03-19177 days$63.8058.71%$69.3666
2027-04-16205 days$64.1558.96%$70.7362
2027-05-21240 days$64.2861.54%$72.8160
2027-06-17267 days$64.2162.40%$74.0372

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
57.96%
60 days
59.96%
90 days
60.06%
180 days
58.74%

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 5 sessions

0.991.001.011.021.031.042026-09-17 — 90-day over 30-day 1.032026-09-18 — 90-day over 30-day 1.022026-09-21 — 90-day over 30-day 1.032026-09-22 — 90-day over 30-day 1.022026-09-23 — 90-day over 30-day 1.0417 Sep18 Sep21 Sep22 Sep23 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.