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ECHO options analytics

ECHO · Stock

Data as of 6 November 2026 (end of day)

ECHO options are pricing a 30-day at-the-money volatility of 60.5%, a move of about ±17.3% over the next month. Its history here is 55 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 3.61 volatility points more than the puts.

The term structure is inverted: 90-day volatility is 11% below 30-day, which happens when the market prices something dated into the nearer expirations.

Current readings

30-day ATM implied volatilityⓘ
60.51%

Prices a move of about ±17.3% over 30 days, or ±3.8% on a typical day.

25-delta risk reversalⓘ
-3.61

Calls carry 3.61 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
-0.87

The wings carry 0.87 volatility points less than at-the-money.

Term structure slopeⓘ
0.895

90-day volatility is 11% below 30-day.

Where 30-day implied volatility sits

Against 37 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
$94.62
30-day implied forward
$94.85
60-day ATM IV
55.92%
90-day ATM IV
54.14%
180-day ATM IV
53.50%
Expirations used
10
Total open interest
303,597
Put / call open interest
0.59

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 55 sessions

30%40%50%60%70%2026-09-02 — 30-day ATM IV 43%2026-09-16 — 30-day ATM IV 44%2026-09-17 — 30-day ATM IV 44%2026-09-18 — 30-day ATM IV 43%2026-09-21 — 30-day ATM IV 43%2026-09-22 — 30-day ATM IV 42%2026-09-23 — 30-day ATM IV 43%2026-09-24 — 30-day ATM IV 43%2026-09-25 — 30-day ATM IV 42%2026-09-28 — 30-day ATM IV 43%2026-09-29 — 30-day ATM IV 43%2026-09-30 — 30-day ATM IV 41%2026-10-01 — 30-day ATM IV 41%2026-10-02 — 30-day ATM IV 39%2026-10-05 — 30-day ATM IV 44%2026-10-06 — 30-day ATM IV 44%2026-10-07 — 30-day ATM IV 46%2026-10-08 — 30-day ATM IV 46%2026-10-09 — 30-day ATM IV 46%2026-10-13 — 30-day ATM IV 50%2026-10-14 — 30-day ATM IV 53%2026-10-15 — 30-day ATM IV 56%2026-10-16 — 30-day ATM IV 54%2026-10-19 — 30-day ATM IV 54%2026-10-20 — 30-day ATM IV 52%2026-10-21 — 30-day ATM IV 52%2026-10-22 — 30-day ATM IV 52%2026-10-23 — 30-day ATM IV 52%2026-10-26 — 30-day ATM IV 54%2026-10-27 — 30-day ATM IV 52%2026-10-28 — 30-day ATM IV 60%2026-10-29 — 30-day ATM IV 60%2026-10-30 — 30-day ATM IV 62%2026-11-02 — 30-day ATM IV 65%2026-11-03 — 30-day ATM IV 64%2026-11-04 — 30-day ATM IV 61%2026-11-06 — 30-day ATM IV 61%2 Sep28 Sep9 Oct23 Oct6 Nov
Show the underlying numbers (most recent 55)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-11-0660.51%-3.610.895$94.62
2026-11-05———$89.92
2026-11-0460.64%-2.220.910$98.62
2026-11-0363.52%-3.830.872$101.94
2026-11-0264.56%-5.260.856$98.23
2026-10-3062.04%-1.220.864$96.94
2026-10-2959.85%-2.390.901$97.66
2026-10-2860.26%-4.210.864$94.30
2026-10-2751.88%-1.840.928$90.39
2026-10-2654.02%-2.640.888$89.26
2026-10-2352.35%-0.780.930$89.08
2026-10-2251.60%-0.460.918$85.79
2026-10-2152.43%-0.860.902$92.64
2026-10-2051.81%-0.250.921$86.39
2026-10-1953.74%-0.360.890$86.20
2026-10-1654.01%-0.920.894$85.37
2026-10-1556.16%-0.990.863$86.85
2026-10-1453.49%-0.200.883$87.86
2026-10-1350.12%-1.140.928$91.56
2026-10-0945.91%-2.620.989$94.84
2026-10-0845.61%-1.250.988$93.36
2026-10-0746.14%-1.011.001$97.69
2026-10-0644.45%-1.371.036$100.01
2026-10-0544.18%-1.511.004$98.21
2026-10-0238.96%-1.231.115$94.25
2026-10-0141.43%+2.511.058$88.25
2026-09-3040.62%-1.371.093$89.41
2026-09-2943.48%-0.211.040$89.89
2026-09-2843.22%-1.241.044$89.22
2026-09-2541.57%+1.111.057$90.11
2026-09-2443.18%-1.441.044$90.38
2026-09-2342.62%-0.111.059$92.72
2026-09-2242.45%-0.311.072$95.46
2026-09-2142.52%-0.481.082$95.36
2026-09-1842.56%-1.431.094$93.46
2026-09-1743.79%-0.701.045$94.08
2026-09-1644.07%-0.971.092$93.46
2026-09-15———$92.10
2026-09-14———$93.89
2026-09-11———$93.14
2026-09-10———$91.85
2026-09-09———$91.32
2026-09-08———$93.42
2026-09-04———$89.80
2026-09-03———$89.79
2026-09-0243.38%-0.031.070$86.69
2026-09-01———$86.04
2026-08-31———$86.44
2026-08-28———$86.84
2026-08-27———$86.47
2026-08-26———$85.61
2026-08-25———$86.52
2026-08-24———$85.32
2026-08-21———$86.81
2026-08-20———$86.92

The chart covers every session in the archive, 55 in total. The table lists the most recent 55.

25-delta risk reversal

Last 55 sessions

-6.0-4.0-2.00.02.04.02026-09-02 — 25-delta RR (volatility points) -0.02026-09-16 — 25-delta RR (volatility points) -1.02026-09-17 — 25-delta RR (volatility points) -0.72026-09-18 — 25-delta RR (volatility points) -1.42026-09-21 — 25-delta RR (volatility points) -0.52026-09-22 — 25-delta RR (volatility points) -0.32026-09-23 — 25-delta RR (volatility points) -0.12026-09-24 — 25-delta RR (volatility points) -1.42026-09-25 — 25-delta RR (volatility points) 1.12026-09-28 — 25-delta RR (volatility points) -1.22026-09-29 — 25-delta RR (volatility points) -0.22026-09-30 — 25-delta RR (volatility points) -1.42026-10-01 — 25-delta RR (volatility points) 2.52026-10-02 — 25-delta RR (volatility points) -1.22026-10-05 — 25-delta RR (volatility points) -1.52026-10-06 — 25-delta RR (volatility points) -1.42026-10-07 — 25-delta RR (volatility points) -1.02026-10-08 — 25-delta RR (volatility points) -1.22026-10-09 — 25-delta RR (volatility points) -2.62026-10-13 — 25-delta RR (volatility points) -1.12026-10-14 — 25-delta RR (volatility points) -0.22026-10-15 — 25-delta RR (volatility points) -1.02026-10-16 — 25-delta RR (volatility points) -0.92026-10-19 — 25-delta RR (volatility points) -0.42026-10-20 — 25-delta RR (volatility points) -0.22026-10-21 — 25-delta RR (volatility points) -0.92026-10-22 — 25-delta RR (volatility points) -0.52026-10-23 — 25-delta RR (volatility points) -0.82026-10-26 — 25-delta RR (volatility points) -2.62026-10-27 — 25-delta RR (volatility points) -1.82026-10-28 — 25-delta RR (volatility points) -4.22026-10-29 — 25-delta RR (volatility points) -2.42026-10-30 — 25-delta RR (volatility points) -1.22026-11-02 — 25-delta RR (volatility points) -5.32026-11-03 — 25-delta RR (volatility points) -3.82026-11-04 — 25-delta RR (volatility points) -2.22026-11-06 — 25-delta RR (volatility points) -3.62 Sep28 Sep9 Oct23 Oct6 Nov

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 (2026-11-13) · 14d (2026-11-20) · 21d (2026-11-27)

55%60%65%70%75%80%2026-11-13 (7d) — 20Δ C — IV 65.95%2026-11-13 (7d) — 25Δ C — IV 66.42%2026-11-13 (7d) — 30Δ C — IV 65.02%2026-11-13 (7d) — 35Δ C — IV 64.44%2026-11-13 (7d) — 40Δ C — IV 63.45%2026-11-13 (7d) — 45Δ C — IV 62.66%2026-11-13 (7d) — ATM — IV 63.38%2026-11-13 (7d) — 45Δ P — IV 62.71%2026-11-13 (7d) — 40Δ P — IV 61.43%2026-11-13 (7d) — 35Δ P — IV 60.73%2026-11-13 (7d) — 30Δ P — IV 61.07%2026-11-13 (7d) — 25Δ P — IV 60.94%2026-11-13 (7d) — 20Δ P — IV 63.41%2026-11-13 (7d) — 15Δ P — IV 67.04%2026-11-13 (7d) — 10Δ P — IV 74.16%7d2026-11-20 (14d) — 20Δ C — IV 70.15%2026-11-20 (14d) — 25Δ C — IV 68.65%2026-11-20 (14d) — 30Δ C — IV 67.73%2026-11-20 (14d) — 35Δ C — IV 66.85%2026-11-20 (14d) — 40Δ C — IV 65.57%2026-11-20 (14d) — 45Δ C — IV 64.68%2026-11-20 (14d) — ATM — IV 63.61%2026-11-20 (14d) — 45Δ P — IV 64.79%2026-11-20 (14d) — 40Δ P — IV 63.69%2026-11-20 (14d) — 35Δ P — IV 63.50%2026-11-20 (14d) — 30Δ P — IV 63.69%2026-11-20 (14d) — 25Δ P — IV 63.92%2026-11-20 (14d) — 20Δ P — IV 64.16%14d2026-11-27 (21d) — 25Δ C — IV 63.93%2026-11-27 (21d) — 30Δ C — IV 63.14%2026-11-27 (21d) — 35Δ C — IV 62.13%2026-11-27 (21d) — 40Δ C — IV 61.93%2026-11-27 (21d) — 45Δ C — IV 60.96%2026-11-27 (21d) — ATM — IV 58.43%2026-11-27 (21d) — 45Δ P — IV 61.27%2026-11-27 (21d) — 40Δ P — IV 58.38%2026-11-27 (21d) — 35Δ P — IV 59.34%2026-11-27 (21d) — 30Δ P — IV 59.32%2026-11-27 (21d) — 25Δ P — IV 59.36%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
20Δ call65.95%70.15%—
25Δ call66.42%68.65%63.93%
30Δ call65.02%67.73%63.14%
35Δ call64.44%66.85%62.13%
40Δ call63.45%65.57%61.93%
45Δ call62.66%64.68%60.96%
ATM63.38%63.61%58.43%
45Δ put62.71%64.79%61.27%
40Δ put61.43%63.69%58.38%
35Δ put60.73%63.50%59.34%
30Δ put61.07%63.69%59.32%
25Δ put60.94%63.92%59.36%
20Δ put63.41%64.16%—
15Δ put67.04%——
10Δ put74.16%——

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-11-137$94.3563.38%60.94%66.42%-5.48+0.3016
2026-11-2014$94.6563.61%63.92%68.65%-4.74+2.6718
2026-11-2721$94.7558.43%59.36%63.93%-4.57+3.2217
2026-12-0428$94.8561.01%57.84%61.64%-3.80-1.2717
2026-12-1842$94.8558.49%57.83%60.68%-2.85+0.7712
2027-01-1570$95.3055.03%54.52%58.18%-3.66+1.3113
2027-02-19105$95.7653.68%54.36%55.76%-1.40+1.3714
2027-03-19133$95.9652.83%54.60%53.80%+0.81+1.3716
2027-04-16161$95.7652.80%51.80%53.20%-1.40-0.2917
2027-06-17223$96.3354.64%53.71%54.17%-0.46-0.7018

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

10 listed expirations produced a usable reading

50%55%60%65%70%2026-11-13 — 7 days — at-the-money IV 63.38%2026-11-20 — 14 days — at-the-money IV 63.61%2026-11-27 — 21 days — at-the-money IV 58.43%2026-12-04 — 28 days — at-the-money IV 61.01%2026-12-18 — 42 days — at-the-money IV 58.49%2027-01-15 — 70 days — at-the-money IV 55.03%2027-02-19 — 105 days — at-the-money IV 53.68%2027-03-19 — 133 days — at-the-money IV 52.83%2027-04-16 — 161 days — at-the-money IV 52.80%2027-06-17 — 223 days — at-the-money IV 54.64%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
2026-11-137 days$94.3563.38%$94.7116
2026-11-2014 days$94.6563.61%$95.3918
2026-11-2721 days$94.7558.43%$95.6817
2026-12-0428 days$94.8561.01%$96.2117
2026-12-1842 days$94.8558.49%$96.7312
2027-01-1570 days$95.3055.03%$98.1113
2027-02-19105 days$95.7653.68%$99.8114
2027-03-19133 days$95.9652.83%$100.9716
2027-04-16161 days$95.7652.80%$101.8417
2027-06-17223 days$96.3354.64%$105.5318

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
60.51%
60 days
55.92%
90 days
54.14%
180 days
53.50%

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 55 sessions

0.800.901.001.101.202026-09-02 — 90-day over 30-day 1.072026-09-16 — 90-day over 30-day 1.092026-09-17 — 90-day over 30-day 1.042026-09-18 — 90-day over 30-day 1.092026-09-21 — 90-day over 30-day 1.082026-09-22 — 90-day over 30-day 1.072026-09-23 — 90-day over 30-day 1.062026-09-24 — 90-day over 30-day 1.042026-09-25 — 90-day over 30-day 1.062026-09-28 — 90-day over 30-day 1.042026-09-29 — 90-day over 30-day 1.042026-09-30 — 90-day over 30-day 1.092026-10-01 — 90-day over 30-day 1.062026-10-02 — 90-day over 30-day 1.122026-10-05 — 90-day over 30-day 1.002026-10-06 — 90-day over 30-day 1.042026-10-07 — 90-day over 30-day 1.002026-10-08 — 90-day over 30-day 0.992026-10-09 — 90-day over 30-day 0.992026-10-13 — 90-day over 30-day 0.932026-10-14 — 90-day over 30-day 0.882026-10-15 — 90-day over 30-day 0.862026-10-16 — 90-day over 30-day 0.892026-10-19 — 90-day over 30-day 0.892026-10-20 — 90-day over 30-day 0.922026-10-21 — 90-day over 30-day 0.902026-10-22 — 90-day over 30-day 0.922026-10-23 — 90-day over 30-day 0.932026-10-26 — 90-day over 30-day 0.892026-10-27 — 90-day over 30-day 0.932026-10-28 — 90-day over 30-day 0.862026-10-29 — 90-day over 30-day 0.902026-10-30 — 90-day over 30-day 0.862026-11-02 — 90-day over 30-day 0.862026-11-03 — 90-day over 30-day 0.872026-11-04 — 90-day over 30-day 0.912026-11-06 — 90-day over 30-day 0.892 Sep28 Sep9 Oct23 Oct6 Nov

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

How the pricing has held up

Over the last 2 reports

Landed inside the implied band
1 of 2
50% — about 68% is what an exactly-priced event gives
Mean implied move
8.1%
Mean move that happened
5.2%
absolute

Reports

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

ReportSessionImplied ±RealisedRealised / implied
2026-11-06Before the open11.2%+5.2%0.47×
2026-11-05Time not stated5.0%+5.2%1.04×

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.