Options Skew Analytics
Sign in

FIG options analytics

FIG · Stock

Data as of 23 September 2026 (end of day)

FIG options are pricing a 30-day at-the-money volatility of 70.8%, a move of about ±20.3% 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 3.00 volatility points more than the puts.

Longer-dated options carry more: 90-day volatility is 7% above 30-day.

Its next earnings report is 2026-11-04 (estimated from its reporting cadence).

Current readings

30-day ATM implied volatilityⓘ
70.80%

Prices a move of about ±20.3% over 30 days, or ±4.5% on a typical day.

25-delta risk reversalⓘ
-3.00

Calls carry 3.00 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
-2.43

The wings carry 2.43 volatility points less than at-the-money.

Term structure slopeⓘ
1.066

90-day volatility is 7% 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
$21.76
30-day implied forward
$22.00
60-day ATM IV
78.14%
90-day ATM IV
75.45%
180-day ATM IV
76.80%
Expirations used
11
Total open interest
236,653
Put / call open interest
0.63

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

66%68%70%72%2026-09-17 — 30-day ATM IV 69%2026-09-18 — 30-day ATM IV 67%2026-09-21 — 30-day ATM IV 67%2026-09-22 — 30-day ATM IV 67%2026-09-23 — 30-day ATM IV 71%17 Sep18 Sep21 Sep22 Sep23 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2370.80%-3.001.066$21.76
2026-09-2267.21%-0.801.122$21.80
2026-09-2167.39%-7.271.108$22.33
2026-09-1866.78%-4.111.118$22.69
2026-09-1768.92%-3.331.083$23.29

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

-8.0-6.0-4.0-2.00.02.02026-09-17 — 25-delta RR (volatility points) -3.32026-09-18 — 25-delta RR (volatility points) -4.12026-09-21 — 25-delta RR (volatility points) -7.32026-09-22 — 25-delta RR (volatility points) -0.82026-09-23 — 25-delta RR (volatility points) -3.017 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) · 9d (2026-10-02) · 16d (2026-10-09)

60%70%80%90%100%2026-09-25 (2d) — 5Δ C — IV 89.68%2026-09-25 (2d) — 10Δ C — IV 83.45%2026-09-25 (2d) — 15Δ C — IV 81.19%2026-09-25 (2d) — 20Δ C — IV 80.73%2026-09-25 (2d) — 25Δ C — IV 80.14%2026-09-25 (2d) — 30Δ C — IV 79.42%2026-09-25 (2d) — 35Δ C — IV 78.78%2026-09-25 (2d) — 40Δ C — IV 78.09%2026-09-25 (2d) — 45Δ C — IV 77.52%2026-09-25 (2d) — ATM — IV 77.42%2026-09-25 (2d) — 45Δ P — IV 78.37%2026-09-25 (2d) — 40Δ P — IV 79.77%2026-09-25 (2d) — 35Δ P — IV 80.27%2026-09-25 (2d) — 30Δ P — IV 78.90%2026-09-25 (2d) — 25Δ P — IV 76.96%2026-09-25 (2d) — 20Δ P — IV 76.26%2026-09-25 (2d) — 15Δ P — IV 76.73%2026-09-25 (2d) — 10Δ P — IV 78.28%2026-09-25 (2d) — 5Δ P — IV 85.48%2d2026-10-02 (9d) — 5Δ C — IV 74.28%2026-10-02 (9d) — 10Δ C — IV 72.22%2026-10-02 (9d) — 15Δ C — IV 72.79%2026-10-02 (9d) — 20Δ C — IV 71.08%2026-10-02 (9d) — 25Δ C — IV 70.87%2026-10-02 (9d) — 30Δ C — IV 69.81%2026-10-02 (9d) — 35Δ C — IV 70.98%2026-10-02 (9d) — 40Δ C — IV 70.17%2026-10-02 (9d) — 45Δ C — IV 69.32%2026-10-02 (9d) — ATM — IV 69.25%2026-10-02 (9d) — 45Δ P — IV 69.42%2026-10-02 (9d) — 40Δ P — IV 69.75%2026-10-02 (9d) — 35Δ P — IV 69.24%2026-10-02 (9d) — 30Δ P — IV 69.07%2026-10-02 (9d) — 25Δ P — IV 69.74%2026-10-02 (9d) — 20Δ P — IV 68.78%2026-10-02 (9d) — 15Δ P — IV 70.08%2026-10-02 (9d) — 10Δ P — IV 70.79%2026-10-02 (9d) — 5Δ P — IV 80.11%9d2026-10-09 (16d) — 5Δ C — IV 76.67%2026-10-09 (16d) — 10Δ C — IV 75.38%2026-10-09 (16d) — 15Δ C — IV 71.42%2026-10-09 (16d) — 20Δ C — IV 70.90%2026-10-09 (16d) — 25Δ C — IV 71.03%2026-10-09 (16d) — 30Δ C — IV 68.04%2026-10-09 (16d) — 35Δ C — IV 68.31%2026-10-09 (16d) — 40Δ C — IV 69.52%2026-10-09 (16d) — 45Δ C — IV 69.19%2026-10-09 (16d) — ATM — IV 68.43%2026-10-09 (16d) — 45Δ P — IV 68.46%2026-10-09 (16d) — 40Δ P — IV 70.39%2026-10-09 (16d) — 35Δ P — IV 68.45%2026-10-09 (16d) — 30Δ P — IV 69.56%2026-10-09 (16d) — 25Δ P — IV 70.56%2026-10-09 (16d) — 20Δ P — IV 69.70%2026-10-09 (16d) — 15Δ P — IV 69.11%16d10Δ 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
Delta2d9d16d
5Δ call89.68%74.28%76.67%
10Δ call83.45%72.22%75.38%
15Δ call81.19%72.79%71.42%
20Δ call80.73%71.08%70.90%
25Δ call80.14%70.87%71.03%
30Δ call79.42%69.81%68.04%
35Δ call78.78%70.98%68.31%
40Δ call78.09%70.17%69.52%
45Δ call77.52%69.32%69.19%
ATM77.42%69.25%68.43%
45Δ put78.37%69.42%68.46%
40Δ put79.77%69.75%70.39%
35Δ put80.27%69.24%68.45%
30Δ put78.90%69.07%69.56%
25Δ put76.96%69.74%70.56%
20Δ put76.26%68.78%69.70%
15Δ put76.73%70.08%69.11%
10Δ put78.28%70.79%—
5Δ put85.48%80.11%—

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-252$21.9277.42%76.96%80.14%-3.18+1.1312
2026-10-029$21.9769.25%69.74%70.87%-1.13+1.0521
2026-10-0916$22.0768.43%70.56%71.03%-0.47+2.3718
2026-10-1623$21.9768.36%66.55%70.05%-3.50-0.0626
2026-10-2330$22.0070.80%66.87%69.87%-3.00-2.4319
2026-10-3037$22.1066.63%68.38%69.47%-1.09+2.3022
2026-11-2058$22.1578.41%77.60%79.20%-1.60-0.018
2027-01-15114$22.2774.29%72.99%77.83%-4.84+1.1214
2027-02-19149$22.3277.16%77.28%81.26%-3.98+2.1110
2027-04-16205$22.4776.59%74.55%78.58%-4.03-0.0210
2027-05-21240$22.6877.16%76.80%79.67%-2.86+1.0710

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

11 listed expirations produced a usable reading

65%70%75%80%2026-09-25 — 2 days — at-the-money IV 77.42%2026-10-02 — 9 days — at-the-money IV 69.25%2026-10-09 — 16 days — at-the-money IV 68.43%2026-10-16 — 23 days — at-the-money IV 68.36%2026-10-23 — 30 days — at-the-money IV 70.80%2026-10-30 — 37 days — at-the-money IV 66.63%2026-11-20 — 58 days — at-the-money IV 78.41%2027-01-15 — 114 days — at-the-money IV 74.29%2027-02-19 — 149 days — at-the-money IV 77.16%2027-04-16 — 205 days — at-the-money IV 76.59%2027-05-21 — 240 days — at-the-money IV 77.16%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$21.9277.42%$21.9612
2026-10-029 days$21.9769.25%$22.1121
2026-10-0916 days$22.0768.43%$22.2918
2026-10-1623 days$21.9768.36%$22.3026
2026-10-2330 days$22.0070.80%$22.4619
2026-10-3037 days$22.1066.63%$22.6022
2026-11-2058 days$22.1578.41%$23.268
2027-01-15114 days$22.2774.29%$24.2814
2027-02-19149 days$22.3277.16%$25.2110
2027-04-16205 days$22.4776.59%$26.5010
2027-05-21240 days$22.6877.16%$27.5810

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
70.80%
60 days
78.14%
90 days
75.45%
180 days
76.80%

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

0.951.001.051.101.152026-09-17 — 90-day over 30-day 1.082026-09-18 — 90-day over 30-day 1.122026-09-21 — 90-day over 30-day 1.112026-09-22 — 90-day over 30-day 1.122026-09-23 — 90-day over 30-day 1.0717 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.

Earnings

What the options priced in before each report, and what happened

Next report

2026-11-04Time not statedEstimated from its reporting cadence

Reports

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

ReportSessionImplied ±RealisedRealised / implied
2026-08-05After the close———
2026-05-14After the close———
2026-02-18After the close———
2025-11-05After the close———
2025-09-03After the close———

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.