Options Skew Analytics

FDX option chain

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

Data as of 22 September 2026 (end of day)

2026-09-25(3 days)ATM 29.18%±7.85skew +1.81
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
02$24.85$28.15—$270.00—————
05$22.40$25.65—$272.50—————
01$20.20$23.10—$275.00—————
033$10.25$12.85—$285.0033.89%$0.33$0.469040
030$8.40$10.65—$287.5032.81%$0.53$0.758436
08$6.80$9.35—$290.0031.45%$0.88$1.119954
122$5.05$6.90—$292.5031.14%$1.48$1.769523
3875$3.50$4.40—$295.0031.20%$2.38$2.7012954
5730$2.45$3.0028.77%$297.50—$2.97$4.003017
14181$1.57$1.9528.95%$300.00—$4.25$6.051541
1795$0.98$1.2629.64%$302.50—$5.95$7.752680
41336$0.60$0.8530.84%$305.00—$7.75$10.25920
2026$0.35$0.5231.43%$307.50—$10.65$12.55131
60159$0.22$0.3632.99%$310.00—$12.40$15.60420
—————$312.50—$14.60$17.3060
—————$315.00—$17.40$20.751165
—————$317.50—$19.55$23.0510
—————$320.00—$22.05$25.3550
—————$330.00—$32.05$35.4010
—————$335.00—$37.05$39.9520

Forward $296.74. The 25-delta put carries +1.81 volatility points over the 25-delta call.

2026-10-02(10 days)ATM 28.65%±14.07skew +0.26
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$20.50$23.80—$275.0030.99%$0.38$0.53131
05$16.20$18.75—$280.0029.74%$0.69$1.006090
—————$282.5029.91%$0.97$1.49130
26$12.35$15.05—$285.0028.62%$1.32$1.75573
—————$287.5029.07%$1.78$2.6020
09$8.95$10.90—$290.0029.09%$2.57$3.3016025
710$6.60$9.10—$292.5028.88%$3.40$4.20188
421$5.75$8.00—$295.0028.64%$4.45$5.20816
716$4.75$5.6028.65%$297.50—$5.70$6.4529
339$3.70$4.5028.65%$300.00—$6.80$8.55339
1013$2.82$3.6028.74%$302.50—————
631$2.05$2.8228.58%$305.00—$9.45$11.65549
1320$1.51$2.2228.81%$307.50—$12.10$14.1561
950$1.14$1.7629.34%$310.00—$13.50$15.95360
—————$312.50—$15.70$18.50100
—————$315.00—$17.60$20.30160
—————$317.50—$19.80$22.7520
—————$320.00—$22.20$25.4590
—————$322.50—$24.65$28.0010
—————$325.00—$27.10$29.90110
—————$330.00—$32.05$34.85540

Forward $296.60. The 25-delta put carries +0.26 volatility points over the 25-delta call.

2026-10-09(17 days)ATM 27.93%±17.89skew +0.64
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$275.0030.17%$0.90$1.29372
01$17.75$19.85—$280.0028.82%$1.37$1.9670
02$15.70$17.65—$282.50—————
01$13.50$16.75—$285.0028.25%$2.39$2.93111
—————$287.5027.66%$2.84$3.6530
03$10.15$12.85—$290.0028.31%$3.85$4.60867
125$8.85$10.05—$292.5027.93%$4.80$5.40210
235$7.70$8.85—$295.0028.70%$5.90$6.90295
01$6.40$7.2527.92%$297.50—————
153$5.30$6.1527.98%$300.00—$8.25$9.35230
03$4.30$5.1527.90%$302.50—————
036$3.50$4.2527.91%$305.00—$11.10$12.90203
01$2.75$3.3527.47%$307.50—————
2061$2.19$2.7427.60%$310.00—$14.55$16.30570
01$1.75$2.2327.81%$312.50—————
019$1.40$1.8228.10%$315.00—$18.85$20.80470
—————$320.00—$22.65$25.201250
—————$322.50—$24.95$28.10180
—————$325.00—$27.30$30.15790
—————$330.00—$32.15$35.45472

Forward $296.88. The 25-delta put carries +0.64 volatility points over the 25-delta call.

2026-10-16(24 days)ATM 27.90%±21.26skew +0.67
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
034$27.55$30.25—$270.0030.00%$0.88$1.322244
—————$275.0030.07%$1.58$2.02174
051$18.75$21.65—$280.0029.17%$2.30$2.8817110
06$16.50$19.50—$282.50—————
—————$285.0028.42%$3.25$4.1549
—————$287.5028.29%$4.05$4.852120
118$11.80$13.75—$290.0028.49%$4.75$6.051,01420
08$10.45$12.10—$292.5027.69%$5.55$6.8053
49$8.90$10.55—$295.0028.05%$6.85$7.95192
02$7.80$8.9027.94%$297.50—$7.85$9.3550
41212$6.70$7.6027.74%$300.00—$9.30$10.6055540
934$4.60$5.8027.71%$305.00—$11.50$13.60210
70$4.00$4.9027.93%$307.50—$13.15$15.3050
38718$3.15$4.0027.30%$310.00—$15.30$17.459632
—————$312.50—$17.00$19.1020
01$2.17$2.9127.75%$315.00—$18.30$21.45220
80$1.81$2.3427.70%$317.50—$20.75$23.50162
12574$1.48$1.8427.53%$320.00—$22.70$25.701,0733
31$1.09$1.7828.11%$322.50—$25.00$27.90320
06$0.96$1.3628.12%$325.00—$27.55$30.40346
—————$327.50—$29.90$32.70120

Forward $297.25. The 25-delta put carries +0.67 volatility points over the 25-delta call.

2026-10-23(31 days)ATM 27.71%±24.02skew +0.43
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$55.40$59.10—$240.00—————
01$41.10$44.60—$255.00—————
—————$265.0031.30%$0.96$1.5412
01$27.40$31.00—$270.0030.26%$1.39$2.05207
01$23.05$26.50—$275.0029.58%$2.03$2.82160
21$19.30$22.40—$280.0028.46%$3.00$3.501321
04$16.40$18.70—$285.0028.62%$4.25$5.15715
01$12.85$15.55—$290.0028.13%$5.70$6.951081
110$10.20$11.95—$295.0027.56%$7.60$9.00271
11$7.70$9.0527.76%$300.00—$10.10$11.80152
13$5.80$6.6527.32%$305.00—$12.45$15.3530
37$4.35$5.0027.52%$310.00—$15.80$18.70201
528$2.93$4.1528.03%$315.00—$19.10$22.20550
0234$2.09$2.9027.84%$320.00—$24.05$26.6572
04$1.43$2.1828.13%$325.00—————
1631$1.02$1.4428.03%$330.00—$32.45$35.4580
—————$335.00—$37.20$40.2002
—————$340.00—$42.10$45.10120

Forward $297.42. The 25-delta put carries +0.43 volatility points over the 25-delta call.

2026-10-30(38 days)ATM 37.73%±36.28skew +2.72
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
12$43.20$46.05—$255.00—————
06$39.15$42.50—$260.00—————
016$34.70$37.55—$265.0040.99%$3.45$4.1571
01$30.65$33.55—$270.0038.85%$3.55$5.15110
05$27.30$30.10—$275.0039.32%$5.30$6.253019
06$23.95$26.45—$280.0038.97%$6.65$7.75175
05$20.90$23.35—$285.0038.65%$8.40$9.3594
40$18.00$20.00—$290.0037.91%$9.95$11.35806
43$15.15$16.45—$295.0037.75%$12.15$13.65520
3843$12.75$14.2037.73%$300.00—$15.00$15.95717
24$10.60$12.1037.73%$305.00—$17.50$19.1540
418$8.85$9.8537.38%$310.00—$21.05$22.801920
13$6.50$8.5536.79%$315.00—$23.00$25.8010
02$5.15$7.1036.72%$320.00—$27.15$29.50100
18$4.05$5.8036.60%$325.00—————
538$3.80$4.9038.02%$330.00—$34.40$38.0020
01$2.59$4.0037.21%$335.00—$39.40$42.3010
—————$340.00—$43.10$46.5010
—————$350.00—$52.65$55.7010
—————$360.00—$62.25$65.5520
—————$365.00—$67.15$70.7510

Forward $297.99. The 25-delta put carries +2.72 volatility points over the 25-delta call.

2026-11-20(59 days)ATM 35.36%±42.45skew +2.24
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
—————$240.0039.14%$1.39$1.75165
—————$250.0037.85%$2.29$2.652013
—————$260.0037.95%$3.85$4.502123
11$33.05$36.50—$270.0037.36%$5.85$6.85689
20$27.00$28.85—$280.0036.49%$8.75$9.5540717
620$20.40$22.85—$290.0036.31%$12.65$13.5037410
6867$15.55$16.9035.47%$300.00—$17.20$18.004657
3467$11.45$12.3034.95%$310.00—$22.95$23.80120
1530$8.20$9.0534.94%$320.00—$28.90$31.6001
513$5.70$6.7035.12%$330.00—————
64$3.90$4.5034.74%$340.00—————
521$2.60$3.5035.45%$350.00—————
—————$360.00—$62.55$65.9510

Forward $298.62. The 25-delta put carries +2.24 volatility points over the 25-delta call.

2026-12-18(87 days)ATM 33.45%±48.77skew +1.58
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
01$111.65$115.10—$185.00—————
06$97.55$100.50—$200.00—————
01$87.50$90.85—$210.00—————
014$78.80$81.30—$220.00—————
—————$230.0037.96%$1.36$2.09984
02$59.75$62.85—$240.00—————
027$51.05$54.50—$250.0036.49%$3.75$4.30420
09$43.00$46.30—$260.0035.51%$5.30$6.2014410
141$35.95$38.80—$270.0034.83%$7.70$8.601430
048$28.90$30.35—$280.0034.22%$10.80$11.7024016
766$22.95$25.35—$290.0033.98%$14.85$15.754548
652$18.10$19.2533.57%$300.00—$19.60$20.5030021
3488$13.95$14.7533.22%$310.00—$25.10$26.101720
0415$10.45$12.0533.73%$320.00—$31.15$33.7522210
0500$7.75$8.8533.29%$330.00—$38.50$40.40550
5236$5.65$6.6533.25%$340.00—$45.90$48.50410
10200$4.05$4.8533.11%$350.00—$54.25$57.2550
090$2.75$3.9533.54%$360.00—————
138$2.12$3.1534.38%$370.00—$72.60$75.6010
044$1.06$1.6934.55%$390.00—————
203190$0.75$1.2334.68%$400.00—————

Forward $298.61. The 25-delta put carries +1.58 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.