Options Skew Analytics

GLD option chain

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

Data as of 22 September 2026 (end of day)

2026-09-23(1 day)ATM 22.11%±4.64skew -1.59
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
263$9.35$9.90—$391.0026.68%$0.06$0.12129121
634$8.30$8.95—$392.00—————
5027$7.35$8.00—$393.0024.22%$0.12$0.16162686
15626$6.45$7.05—$394.0023.36%$0.17$0.21173912
402129$5.50$6.10—$395.0022.41%$0.23$0.28207533
64028$4.75$5.20—$396.0022.19%$0.33$0.431001,248
1,320117$3.95$4.35—$397.0022.16%$0.52$0.6185710
1,565102$3.20$3.60—$398.0022.17%$0.75$0.882362,235
1,45273$2.68$2.87—$399.0021.75%$1.06$1.15279320
5,0761,136$2.15$2.20—$400.0021.91%$1.44$1.60256297
1,994128$1.66$1.7322.23%$401.00—$1.91$2.1645151
1,233259$1.26$1.3522.68%$402.00—$2.51$2.8410046
1,031172$0.96$1.0223.12%$403.00—$3.10$3.603535
1,625270$0.72$0.7923.76%$404.00—$3.85$4.25299
1,377577$0.55$0.6024.45%$405.00—$4.70$5.208274
386493$0.42$0.4625.20%$406.00—$5.60$6.0574
250488$0.32$0.3626.03%$407.00—$6.50$6.9522
201116$0.24$0.3027.03%$408.00—$7.35$7.8542
20499$0.19$0.2327.85%$409.00—$8.30$8.8010
4211,223$0.18$0.1929.44%$410.00—$9.25$9.80130
75118$0.13$0.1730.42%$411.00—$10.20$10.7510

Forward $400.66. The 25-delta put carries -1.59 volatility points over the 25-delta call.

2026-09-24(2 days)ATM 22.41%±6.65skew -0.93
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
216$9.70$10.25—$391.0024.13%$0.22$0.332619
3833$8.75$9.30—$392.0023.22%$0.30$0.356144
3814$7.85$8.30—$393.0023.04%$0.39$0.4719576
519$7.00$7.45—$394.0022.53%$0.50$0.58204202
15368$6.15$6.55—$395.0022.39%$0.66$0.7520558
18643$5.35$5.75—$396.0022.25%$0.86$0.9626593
149105$4.60$5.00—$397.0022.06%$1.10$1.21530506
147270$3.95$4.30—$398.0021.93%$1.41$1.50354318
19199$3.50$3.65—$399.0022.23%$1.78$1.9479368
302186$2.88$3.10—$400.0022.23%$2.21$2.37357101
28068$2.45$2.5822.48%$401.00—$2.71$2.9118042
205206$2.03$2.1422.64%$402.00—$3.25$3.504330
11485$1.63$1.7722.70%$403.00—$3.90$4.253114
482252$1.31$1.4622.90%$404.00—$4.55$4.851350
539198$1.07$1.1823.17%$405.00—$5.30$5.7043317
197285$0.87$0.9723.58%$406.00—$6.00$6.55712
352147$0.71$0.7923.99%$407.00—$6.90$7.3514
11236$0.58$0.6724.61%$408.00—$7.80$8.25122
116264$0.47$0.5625.13%$409.00—$8.65$9.2524
366703$0.40$0.4525.65%$410.00—$9.55$10.05161
2531$0.30$0.3825.96%$411.00—$10.45$11.1020

Forward $400.70. The 25-delta put carries -0.93 volatility points over the 25-delta call.

2026-09-25(3 days)ATM 21.98%±7.99skew -1.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
18140$9.95$10.45—$391.0022.54%$0.41$0.46331145
069$9.05$9.55—$392.0022.34%$0.51$0.58705227
13108$8.35$8.70—$393.0022.27%$0.65$0.73213167
670$7.40$7.85—$394.0022.05%$0.80$0.9023449
2171,073$6.75$7.05—$395.0021.97%$1.00$1.111,599713
140118$6.00$6.20—$396.0021.91%$1.24$1.36534479
1,203127$5.25$5.55—$397.0021.80%$1.52$1.64728591
290276$4.60$4.90—$398.0021.93%$1.86$2.01908350
306251$4.05$4.25—$399.0021.88%$2.24$2.39380478
3,6493,429$3.55$3.70—$400.0021.85%$2.64$2.852,299283
364447$3.05$3.2021.99%$401.00—$3.15$3.3533338
430731$2.60$2.7322.02%$402.00—$3.70$3.9533618
567533$2.19$2.3422.13%$403.00—$4.30$4.6022220
280559$1.90$1.9722.42%$404.00—$4.95$5.3535215
3,2441,371$1.60$1.6722.61%$405.00—$5.70$6.0537440
407262$1.32$1.4222.77%$406.00—$6.40$6.8013616
513568$1.10$1.2023.01%$407.00—$7.15$7.501581
451855$0.92$1.0223.33%$408.00—$8.05$8.408814
531932$0.80$0.8623.80%$409.00—$8.90$9.301342
1,1723,647$0.70$0.7224.26%$410.00—$9.60$10.2057770
3751,571$0.58$0.6224.62%$411.00—$10.65$11.10441

Forward $400.87. The 25-delta put carries -1.10 volatility points over the 25-delta call.

2026-09-28(6 days)ATM 18.48%±9.50skew -1.19
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
09$10.25$10.80—$391.0018.73%$0.69$0.7812943
09$9.45$9.90—$392.0018.50%$0.81$0.9315734
421$8.60$9.10—$393.0018.36%$0.98$1.101952
153$7.85$8.30—$394.0018.30%$1.20$1.3017535
27167$7.10$7.50—$395.0018.27%$1.44$1.556250
815$6.40$6.80—$396.0018.23%$1.72$1.837829
15611$5.75$6.10—$397.0018.16%$2.02$2.15112130
1591$5.15$5.45—$398.0018.20%$2.39$2.525372
110221$4.65$4.85—$399.0018.26%$2.80$2.9475113
271170$4.15$4.35—$400.0018.42%$3.25$3.452740
154101$3.60$3.8518.48%$401.00—$3.75$3.952113
26399$3.15$3.3518.45%$402.00—$4.30$4.50114
107227$2.78$2.9418.63%$403.00—$4.85$5.1082
5171$2.40$2.5718.70%$404.00—$5.45$5.7550
123100$2.15$2.2419.01%$405.00—$6.20$6.505121
6158$1.81$1.9519.01%$406.00—$6.90$7.2566
170141$1.57$1.7119.24%$407.00—$7.65$8.0070
9672$1.36$1.4919.45%$408.00—$8.35$8.8011
7957$1.21$1.2919.76%$409.00—$9.15$9.6040
210657$1.04$1.1119.92%$410.00—$10.00$10.4562
180761$0.88$0.9820.14%$411.00—————

Forward $400.87. The 25-delta put carries -1.19 volatility points over the 25-delta call.

2026-09-29(7 days)ATM 19.09%±10.59skew -1.46
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
06$10.70$11.15—$391.0018.99%$0.90$1.026648
02$9.85$10.30—$392.0018.94%$1.08$1.203159
—————$393.0018.82%$1.27$1.4013011
12$8.30$8.75—$394.0018.75%$1.50$1.631010
562$7.55$7.90—$395.0018.73%$1.77$1.903729
1315$6.85$7.25—$396.0018.72%$2.06$2.223618
3229$6.20$6.60—$397.0018.71%$2.39$2.5716612
2656$5.65$5.90—$398.0018.68%$2.77$2.937016
4651$5.10$5.30—$399.0018.72%$3.15$3.4022115
66249$4.55$4.75—$400.0018.71%$3.65$3.807970
14012$4.05$4.2519.09%$401.00—$4.15$4.4540
319$3.60$3.8019.18%$402.00—$4.70$4.90146
180229$3.20$3.4019.33%$403.00—————
1590$2.84$3.0019.41%$404.00—$5.90$6.2540
31112$2.51$2.6419.50%$405.00—$6.55$6.9071
8113$2.21$2.3519.67%$406.00—$7.25$7.7060
32320$1.95$2.0819.85%$407.00—$8.00$8.4005
1162$1.71$1.8219.96%$408.00—————
6334$1.50$1.6320.20%$409.00—$9.50$10.0070
200125$1.32$1.4120.32%$410.00—$10.30$10.8001
84050$1.15$1.2620.55%$411.00—————

Forward $400.85. The 25-delta put carries -1.46 volatility points over the 25-delta call.

2026-09-30(8 days)ATM 19.61%±11.64skew -0.94
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
267$11.00$11.45—$391.0019.62%$1.16$1.2926222
6174$10.15$10.60—$392.0019.57%$1.36$1.4921585
9133$9.45$9.75—$393.0019.49%$1.58$1.7113861
19156$8.65$9.00—$394.0019.48%$1.83$1.9810655
811,166$8.00$8.25—$395.0019.43%$2.11$2.2643494
5844$7.25$7.60—$396.0019.44%$2.43$2.5918351
153183$6.65$6.95—$397.0019.41%$2.78$2.9311333
30130$6.10$6.45—$398.0019.44%$3.15$3.3531119
56261$5.50$5.75—$399.0019.47%$3.55$3.8030818
4062,943$5.00$5.20—$400.0019.55%$4.05$4.251,55373
83520$4.55$4.7019.60%$401.00—$4.55$4.7513121
102449$4.10$4.2519.71%$402.00—$5.10$5.40931
752279$3.65$3.8019.67%$403.00—$5.65$5.901191
32264$3.25$3.4519.82%$404.00—$6.25$6.601262
8666,312$2.91$3.0519.85%$405.00—$6.90$7.3088110
132174$2.60$2.7420.02%$406.00—$7.60$8.001,6871
2541,871$2.31$2.4520.14%$407.00—$8.30$8.75790
18188$2.06$2.1920.31%$408.00—$9.05$9.45542
6250$1.82$1.9520.43%$409.00—$9.80$10.251492
1581,228$1.62$1.7320.59%$410.00—$10.60$11.0570249
217182$1.44$1.5520.79%$411.00—$11.40$11.901500

Forward $400.97. The 25-delta put carries -0.94 volatility points over the 25-delta call.

2026-10-01(9 days)ATM 19.98%±12.58skew -1.01
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
04$11.20$11.65—$391.0019.93%$1.40$1.53631
01$10.40$10.85—$392.0019.87%$1.61$1.75160
061$9.75$10.10—$393.0019.90%$1.88$1.9928
062$8.95$9.35—$394.0019.84%$2.14$2.263125
1013$8.25$8.65—$395.0019.82%$2.44$2.561313
016$7.55$8.00—$396.0019.81%$2.76$2.9013
572$7.10$7.35—$397.0019.84%$3.10$3.30611
1632$6.50$6.75—$398.0019.86%$3.50$3.7011039
5921$5.95$6.15—$399.0019.96%$3.95$4.1539
14062$5.40$5.65—$400.0019.93%$4.40$4.6083
1812$4.90$5.15—$401.0019.97%$4.90$5.10113
7141$4.45$4.6519.99%$402.00—$5.45$5.6504
327$4.05$4.2520.17%$403.00—$6.05$6.2511
4473$3.65$3.8520.24%$404.00—$6.55$6.8510
14781$3.30$3.4520.29%$405.00—$7.20$7.5005
36$2.94$3.1520.41%$406.00—————
524$2.65$2.8120.47%$407.00—————
3118$2.39$2.5320.62%$408.00—————
68$2.13$2.2820.74%$409.00—————
1586$1.91$2.0620.91%$410.00—$10.80$11.20021
04$1.72$1.8621.11%$411.00—$11.60$12.0010

Forward $401.03. The 25-delta put carries -1.01 volatility points over the 25-delta call.

2026-10-02(10 days)ATM 20.99%±13.94skew -1.10
CallsStrikePuts
VolumeOpen intBidAskIV IVBidAskOpen intVolume
050$11.65$12.10—$391.0020.88%$1.75$1.8915047
259$10.90$11.35—$392.0020.88%$2.00$2.131,1351,035
286$10.20$10.60—$393.0020.81%$2.25$2.3936268
4885$9.50$9.90—$394.0020.80%$2.53$2.6911415
1,917789$8.80$9.20—$395.0020.76%$2.84$3.0068055
11595$8.15$8.55—$396.0020.90%$3.20$3.4010664
162462$7.55$7.90—$397.0020.80%$3.55$3.7520350
9270$7.05$7.30—$398.0020.79%$3.95$4.1517616
82166$6.60$6.75—$399.0020.87%$4.40$4.6024726
407661$6.00$6.20—$400.0020.93%$4.85$5.1028521
7089$5.55$5.70—$401.0020.98%$5.35$5.6012414
43391$5.05$5.2521.01%$402.00—$5.90$6.1577611
3198$4.60$4.8021.02%$403.00—$6.50$6.706371
53248$4.20$4.4021.12%$404.00—$7.05$7.301020
2362,440$3.85$4.0021.22%$405.00—$7.70$7.902081
8389$3.50$3.7021.40%$406.00—$8.35$8.601312
249270$3.15$3.3521.39%$407.00—$8.95$9.35891
54178$2.88$3.0521.55%$408.00—$9.65$10.10940
14126$2.60$2.7721.63%$409.00—$10.35$10.80220
1,219584$2.42$2.5021.86%$410.00—$11.15$11.6031736
11144$2.16$2.3021.98%$411.00—$11.90$12.35410

Forward $401.15. The 25-delta put carries -1.10 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.